Some years ago, my Father in Law left my wife and me with a box of coins -- almost all are proofs, proof sets, some in cellophane, some in presentation boxes, etc. I have no idea how to proceed with valuation, etc., and I am interested in converting these to bullion silver if possible. Can anyone give me some guidance? Thank you.
To get rough ideas, you can visit your local library and get a copy of the Red Book. This will give you retail coin prices. Of course, you cannot expect to get full retail when you sell. The price you get will depend on the venue. Selling directly to a dealer, you will only get a fraction (50-70%) of wholesale prices, which might be about half of Red Book prices. If you sell yourself (on eBay, for instance, not that I recommend that site), you can get higher prices. Of course, that route is more work, and you have to consider the fees involved, not to mention that if you're a new seller, you will not get many bids, as you will be untrusted. There are other online price guides, but the reliability of these is suspect. The best way may be to inventory what you have and post a list here, and let us offer an opinion of what it's worth. You can try posting what you have in the Open Forum here on CoinTalk and offering it for sale.
Thanks for the info. You can imagine, I'm afraid to make a mistake and lose a lot of value. So, if I posted a detailed list here, people would go to the trouble of looking at it and offering opinions of value? Would some people make offers for any of the coins or sets if they were worthwhile?
If you really are that worried about posting it here... how about this... Write down exactly what you have, or take pictures, and print them out. go to barnes and nobles, or Borders.... get to the shelf, pick out the Red Book, the Blue Book, and that will give you an idea of retail prices for mint conditions. Cut that price in half... and voila... what you can roughly expect to sell it. If you want to sell it, either ebay, or why not visit a local coin show? talk to the dealers. If you know how much it is worth, go from there... or if you want to trade it in for silver... see if you can work it out with a dealer to trade for silver american eagles.
Maksimfa -- Thanks. I didn't mean to imply that I'm worried about posting it here -- sorry if I gave that impression. I was just surprised that people would take time to help out that much. I will make a list and post it. Thanks again --
sorry, didnt want to come off rude. The guys here are world class. In the short time I have been here on these forums, everyone here is family. Alot of it, as to why people are helpful is that of curiosity and seeing other collections.
Billincolo, One thought-If a dealer is going to offer you 50-70%, and your commemoratives or proof sets are 90% silver, it might be worth keeping them rather than trading for bullion coins. Examples: My 1963 proof set is worth more in melt value today than when I bought it. I am new here too. There are some world class good guys on this forum .
An informed seller is a good seller. I think ya got good info from all here. So do all three!! First library or Borders. Get a coin book. If they are proof sets (in hard plastic holders or mint sets in flexable plastic) it should only take a few minutes to check value. This will give you the high end. Put you coins in a box and go to local dealer and say: Appraise but you will not sell them to him/her. But best of all - become a collector and keep 'em. I made a set for my daughter. Every year picked them up and put away. Now she is a collector too. Gives us something to talk about.
The easiest way to do that would be to open the cellophane, try to "clean" up any off color coins, etc. Don't change the originality of the packaging or coins. Welcome to the Forum! Jim
This can't be emphasized enough. DON'T CLEAN THE COINS. Even though it is counterintuitive to the beginner, cleaned coins sell at large discounts to coins in original condition. You can buy a Redbook at almost any bookstore. They aren't expensive. That will narrow down the list of coins that might have significant value.
if your afraid to make a mistake you probably will, Unless you have some really rare stuff don't worry about it. Heck it's only money but if your that tentative and cautious of making a mistake you probably will but that's okay to. Look around a little gather prices from so many online sources and go do the best you can. Yes there many wolfs in the waiting but arm yourself with some knowledge find a reputable dealer/buyer and it will go just fine. When we are buying at the show we sit there and show the grey-sheet to the seller and explain what this and that means and on some things they make money and some they don't such is the nature of the business. But we treat them fair and we buy to where we can make at least 10% sometimes a little more sometimes less. Please remember that dealers have to buy at a wholesale level and some modern stuff they just don't need it, they have a ton of it so why would they pay anymore than they can reasonably sell it for? Had a old man come in recently and he decided we were okay and started bringing it in a little at a time and it was all modern proof and mint set stuff - over all he made more money than he had spent on it primarily because he some gold commens, 99 silver sets and 2001 proof sets and they are all worth much more that he paid at the time for. But we paid him $240 for the 99's 10% over spot for the gold and I think about $65 for the 2001 proofs sets - that bump alone made up for the sets that were not worth as much, so there you have it, supply and demand. We treated him far and he parceled out all of his stuff over about three months - he must have been happy he kept coming back.
Thanks all for your information and assistance. I think the only thing I knew about coin collecting was that I shouldn't try to "improve" any of the coins by cleaning, so none have been touched. I'll go get a Red Book at the store and make a list. Went over everything today: My late Father-in-Law had purchasd regular proof sets (in hard plastic, not silver) from about 1977 to 1997, with a couple of gaps. There are a couple of silver proof sets in that mix, with the half, quarter and dime 90%(?) silver. Three Silver Eagle Proofs in presentation cases and plastic. Some Prestige Proof sets, Several Commemorative sets and some Presidental, LIberty, Centennial silver sets, etc. And a roll of really bad Buffalo nickels, all with 4 legs, before anyone asks. 2 indian head pennies (loose) with real good relief, and some loose silver dollars and 1960's era silver coins ...
Bill Make that detailed list of the mint packaged procucts and post it, and you will get answers of all types, but with the mint packaging, it should be pretty accurate. The gang here loves that assignment, lol. Anything like individual coins and the like will require detailed good photos of both sides of the coins, again, you'll get many opinions, some of them even accurate Welcome to the forum !!
Not that anything is wrong with bullion silver but you never know, once you study a certain coin it may even bring you more interest (personally) for that coin. For instance, I had not interest in collecting nickels until I learned about wartime nickels, or Ben Franklin Halves until I read about Ben Franklin... just saying, before you sell it all, you may find a real connection with some of them that will turn you on to different things. May even help you understand why he collected what he did. Just something to ponder. O yea, welcome to the forum !
You have exactly the kind of stuff dealers can't You have exactly the kind of stuff dealers can't pay very much for. Now don't take this wrong but from what you said expect 30 to 40% back of retail on a good day - it may be worse because you didn't even have one set a mentioned in the previous answer, sorry. You see, I hope, that the dealer you sell it to has no sentimental notion attached to it at all. He/or she is not going to give you $10 for something he knows he will have to sell for $9 - that's the whole enchilada.
