Discussion in 'US Coins Forum' started by Kevin Dore, Aug 7, 2018.
Log in or Sign up to hide this ad.
You don't need the newest edition, but you do need this book.
I do have an older version, but I do believe most of the up to date pricing can be found online.
Don't use the red book for up to date pricing.
Use eBay sold, HA.com, these are better indicators.
Don't use Red Book for pricing.
I'm familiar with using eBay sold listings for pricing. Not familiar with HA.com. will check that out
I have helped go through collections and I agree with this wholeheartedly. Organize it as best as possible and root out any common stuff as quickly as possible. Pull the best examples of a wheat cent bunch and throw it in a 2x2. Toss the rest into a pile to be looked at later. Put together a little notebook (three ring binder with 2x2s and pages if you wish) that has maybe one of each type of coin (assuming this is mostly US) that was in the collection. The family will love it.
Unlimited ride tickets at an amusement park. I like that. Will probably be about how I feel. Yes, the first step I always take is to go a preliminary sorting. I'm sure I will waste a lot of time along the way myself and I'll reach that point where I say screw it I need to get this done.
That's exactly how I have my own collection organized and I intend to do the same. I intend to come up with a plan then discuss it with her before proceeding. I don't want to do way more than they expect and end up giving them sticker shock at the end
The best advice that I can give you about this hoard is to be honest with yourself and with the owner. Tell them what they have, tell them what you want, and work out a fair value for the work that you do. You're Integrity will be rewarded. I had a friend once who took on a task like yours, and he was tempted by the valuable coins he found. He wound up stealing from the people he was trying to help... And it did not wind up well.
You are right about integrity. I know there will be that temptation. I'd be lying if I said otherwise. But I know myself will enough and she knows me well enough that there is trust there. And of course I would never violate that. What I'm thinking of doing is calculating cost of materials after I sort then and before I start to put things into flips and tubes. Then I'll offer a price probably slightly over blue book value for some coins I want. I have no interest in being compensated for my time. Knowing her she will probably tell me to take more than that, so yes I'm sure my integrity will be rewarded. I'll also try to offer to buy the whole lot at a fair price but I have to guess that there is enough sentimental value that they will probably refuse. But I have to try. To give you a little background here, this woman is disabled. Almost completely bed ridden. My wife takes care of her and I help with that at times. Occasionally when I have to do her shopping for groceries I will pay for them myself because I know she is on a very limited budget and she has caught me a couple times, so she has also been over generous with me which I usually have to kindly refuse.
Thanks for the sympathy. I blame myself for getting my hopes up so much. Even when she told me that somebody had gone through and taken all the "good stuff" I tried to convince myself that the average person looking through a collection like that wouldn't know much about what is worth something and what isn't. But in this instance I was wrong, and she did know exactly what to take. I'm upset for my friend. It was her aunt that took everything when the grandparents passed. She took all the jewelry and a lot of other valuable stuff too of course. I didn't get the whole story until today. It's not a total loss though. There was still a significant amount of wheat cents left. Maybe a few hundred. Not much value there. And about $40 FV of silver. Including $6 FV mercury dimes. A few of which seem VF or may be one or two EF. Nothing great I know but anything worth more than melt value is still good. Also 3 peace dollars, one of which in nice condition. And a single walking liberty half dollar. Even the buffalo nickels got taken except for a small handful. It really does suck because she told me there was some half cents and some 3 cent nickels in there, so I know there was some really really cool stuff at one time
I understand your frustration. Without going down a rabbit hole, my biological mother (who I last saw when I was 2) had passed in the 90s. Unbeknownst to me, she was a coin collector. At a family reunion, I was handed her collection that someone had been holding onto. That thing had been picked dry, which was sad, because there were cases in there labeled $2.50 and $5.00 gold. Even so, I organized what was left, put it all in 2x2s (writing the coin info on all 2x2s) and placed the coins into a binder and returned it to the family member. At least the collection still has some meaning as a sentimental piece that connects us to her. Silver linings.
Unfortunately, this seems to be a common experience for many. What is wrong with these people?
Blue book prices are closer to what you can expect a dealer to offer for your coins
Separate names with a comma.