Hope this is the correct section for this question: I have offered to give the executor of an estate an estimated value of a coin collection. I am just getting back into collecting and have purchased the 2007 Red Book. I think I can give a pretty accurate description of the condition of each coin using the information in the Red price guide. Are the $$ values listed in the guide what one could expect to receive when selling to a dealer or some percentage of the listed value? I want the executor to have a realistic expectation of what the estate could expect to get when selling the collection. Thanks, -Bob
Unless you're talking keys or top-pop or really rare varieties, the redbook is... inaccurate at best. For your average run-of-the-mill coin, expect to get a percentage of redbook. The more saleable the coin is, the higher the percentage will be. The more common the coin is, the lower the percentage will be. I'd say start with expecting maybe 50% at best, unless the values in the redbook are outdated already (say, for gold and silver). That's just my opinion, others will vary. Fish
Bob (LuckyShot) Any listing in the "Redbook" that says BV for gold and silver will still be BV but will have to be calculated by mulyiplyimg ASW or AGW times "spot". All silver dollars in grades G-VG at $7.00 or less will now be $10.60- $11.00 each because of silver price rises. Clinker
On bullion value, there is a chart in the back, but remember that is bullion value, and the amount that you will get is generally lower, there are profits and smelting costs involved. As far as the Guide Book, the prices are out of date and either use a value set by a dealer or get the current grey sheet, and use the bid prices less (about) 10 to 20% depending upon what the dealer may offer you.
LuckySHot, If you are just getting back into collecting, you probably shouldn't have offered to estimate the value for the estate. I know from experience that being an executor can be very tough, and beneficiaries can really get bent out of shape by relatively small amounts of money if they feel a distribution is not fair. Probably what you can do is use the Redbook and your personal grading standards to come up with a "value" for the collection; but clearly indicate to the executor that (1) this is a Redbook valuation, (2) grading is subjective, and (3) that your quote probably represents an amount significantly higher than what could be realized in a sale. Make sure the executor recognizes that coin values change daily, and that there are frequently enormous bid/ask spreads between what you get for a coin when it is sold and what you have to pay when you buy. If you don't do this, the exector may mistakenly use your number for a purpose it is not suited for, and someone will get hurt.
Cloudsweeper99, Thank you for the thoughtful response, I appreciate it. I will make a copy to remind me to state those qualifiers in my valuation.
