I am wondering what would be the best way to have a collections valued. We just received about a dozen almost completed books of dimes, nickels, quarters, halfs, and dollars, along with quite a few loose coins. I found one person that will charge so much and hour to evaluate or just give us a set amount for everything. Is there a rule of thumb to follow on this? Thanks
First, educate yourself and read the above thread, "Determing Value" as well as a whole host of links (right here on Coin Talk) that will help you with value and all. Second, go to the book store and buy the 2005 Red Book. This will cover all of the basics and give you a good ball-park value for your coins: After you get an idea of what you have, check out ebay's completed auctions to see what the market is bearing for a given coin. Condition (grade), rarity, market demand. Those determine the value of your coins.
With you knowing nothing about coins it will be difficult for you to make any determination by yourself. Having an experienced collector or a dealer do it for you is about the only way.
Thank you but I don't want to learn about them, just sell them. Wondering which is the best way to do that.
Len, don't take this the wrong way, but you have gotten some excellent advice, even though you apparently don't like it. Not only the "best" way to sell your coins, but the only way to sell them for anywhere near their true value, is to first find out exactly what you have for sale. Car for sale. Year undetermined make and model unknown mileage unspecified condition uncertain. Do you know anyone who would respond favorably to that classified ad? If you don't know what you are selling, you will have no basis to judge whether or not you are being ripped off. Since you don't want to take the time, or devote the effort, to learning something about them, your only realistic alternative is to find a dealer you will trust to be fair, and take whatever he offers you. Now that is much easier said than done, and if you don't find out what you have, you are likely to think you have been ripped off no matter how honest the person you deal with. Of course you can always put them up for sale on EBay with a disclaimer like "I found these in a dark alley and don't know what they are, so place your bids based on the pictures." Then include a small, fuzzy picture in your auction, charge $50 over the actual postage cost for "shipping and handling", and you will have joined the ranks of sellers who are avoided like the plague by knowledgeable buyers. If you truly want to sell this collection without taking any time to learn about the coins, you should definitely get it appraised. Paying a reasonable hourly fee to a qualified appraiser would the smartest way to go. To find a qualified appraiser I would suggset locating an attorney who specializes in probate matters, and getting a referral from him/her. (I'm sure you can find such an attorney who wouldn't charge you for that kind of referral.) Good luck my friend.
Len - perhaps I didn't answer your question clearly - you said - So my answer is yes - there is a rule of thumb. To do exactly what you said above - " I found one person that will charge so much and hour to evaluate or just give us a set amount for everything." That's what I meant by my first response - for you to do just that. Pay someone to appraise the collection and tell you how much it is worth.
Try to help a guy out...watch as he sells off these coins at face value plus 50%. I would have offered 200% of face value. Another reason why we all need to leave detailed instructions to our family and friends so that they know what we have. I don't want my sons coming here, stating, " I don't care about the coins, I don't want to learn about them...I just want to sell them."
Thanks for your advise guys. I think the hourly appraiser is where I will lead to. There is a little more to this story as there are other family members involved. No one has a real interest. Kinda of sad. Thanks again. Len
