Help! How to sell inherited coin collection for maximum value????

Hi all,

I looked in the FAQ section and didn't see a thread on this topic. I inherited a coin collection a few years ago and have finally gotten around to going through it and figuring out what's there. I am not a coin collector, what do folks think is the best way to sell it off? There are a LOT of coins, probably a thousand or so, but most are low value, like the $10-20 range. I've included a rough summary here below*.

My impression is that selling to a dealer can entail a really hefty fee like, say, 40-50% off retail value, when selling in lots. If I were to sell the entire collection to a dealer, I assume I could get a better price, but the problem is I don't know whether I would be getting a good price or not. I am inclined to try to consign the collection to an auction house, everything except the high value gold. My understanding is that there is no seller's fee for a place like Teletrade. But I am not sure if an auction house would be interested in all those relatively low value coins.

I plan to sell the high value domestic gold coins myself on ebay or the like. I think I can get the most value that way, but I may be wrong. I don't know about the foreign gold, whether there is a sufficient interest beyond bullion value. Otherwise, regarding the silver coins, I'm wondering if maybe there's a cut-off at which point it's not worth the bother. Like, say, if a coin is worth $300 retail, and a dealer would pay only $180 for it, then it's worth the $120 minus commission to sell it myself. But, if the coin is worth $50, then it's probably not worth the hassle.

Many thanks for anyone who takes the time for thoughtful, well-informed comments. I've been thinking about this sale for a long time and it's a toughie.

--Daniel

*Rough summary of the collection:

• 20 or so dime, nickel and quarter blue books, not complete; many coins in holders; 19th century coins double or tripled up in small envelopes; a dozen or so rolls of half dollars, quarters from mid-20th century. Two dozen or so proof sets from the 70s.
• Currency: 40 or so $2 bills; another two dozen silver certificates, low dollar; $50 gold certificate some confederate bills, not in good shape.
• Morgan dollars: probably 200 or so, some in rolls, some in holders, about half are BU or AU; several are high value, including CCs and key dates.
• Gold: $1, $5 and $10 from 19th and early 20th centuries, most are uncirculated or nearly so, seems to me.
• Foreign: Two rolls of Canadian half dollars; 6 or so French & German proof sets from the 70s; a dozen or so miscellaneous loose coins. Gold foreign: 20 or so uncirculated, various dates from 19th and 20th centuries.
• Franklin Mint: I think they can only be sold for bullion value—about 10 lbs of silver, 3 oz gold.

 

Log in or Sign up to hide this ad.

Wow... you have a major project on your hands, and advice is best left to the pros. They'll be along with their comments shortly, I'm sure of that. Welcome to CT!

 

What you are talking about is worth a lot of money. The gold and silver even at melt value is a lot. I would take it to an auction that you trust and have them market them. One that specializes in gold and silver coins. Don't just take it to a coin shop and ask them to buy them. You will do way better if it's consigned.

 

The way to get max value is to do the research and get some expertise in the coins you have.

Find out what each sells for on ebay (minus fees), how much a dealer would pay, how much they fetch at auction, and how much you could get selling through the coin and bullion forums. Then you will know where the best value is.

 

Can you post some pictures? Not of everything of course.

 

Absolutely, post pics! This has the potential of being a VERY long thread. The coins in holders, are they cardboard 2X2s or slabs? ( rectangular
airtight plastics w/an assigned grade) This is a headache many only dream of.

 

Welcome to CoinTalk.
:welcome:

There can be a huge difference in value between an uncirculated coin & one that is nearly so.

The value of a coin might be as much as double (or triple) based upon one point in the grading scale. We use a 70-point grading scale. What I'm trying to say is that a coin graded 65 might be valued at double the price of a coin graded 64. YOU NEED A NUMISMATIST THAT IS QUALIFIED TO GRADE YOUR COINS TO INSPECT THEM BEFORE YOU DECIDE WHERE & HOW TO SELL THEM. If you find a dealer that you trust, then he or she might help you sell them in batches on consignment.

I suspect that the coins in the blue folders are rather generic & could be sold to the coin dealer that gives you the highest offer. Some of the others you have listed (as noted above) really need to be inspected by a pro.

You can always post some photos here for everyone's comments. You can also send me a PM through CoinTalk if you have questions.

 

It sounds like you have some idea what you're talking about as far as coins go, so that's a big help. If you have time to sell them on eBay I think that would be your best route. I have been doing something similar to what you are, selling coins for a family friend. The ones I'm selling are mostly 20th century silver, but I still got above melt value for all of them and even after the fees I made more than if I'd sold them for silver value to a coin shop. If they are valuable single items, sell them separately. If they are less valuable, sell them in groups. For the folders full of coins, probably sell them all together, taking pictures of what's in them and identifying them in the listing. STart the auctions at a price you're prepared to accept. In other words, don't start at 99 cents and then worry about if you'll make money. That's how I'd do it.

 

Many thanks for the thoughtful, well-informed replies! I have read everyone's comments and will give a call to auction houses this afternoon to see what they charge--Heritage, Stack's & Bowers, Teletrade--any others I should call?

If the auction houses charge a sellers fee, I am inclined to stay with my original notion of holding back any coins that are valued above, say, $250, and trying to sell them myself. I'll let you all know what they say.

I'm not ready to post pics yet. Many of the coins are in cardboard 2 x 2s, seven are slabbed and graded and, as I said, I have hundreds that are doubled and tripled up in small envelopes. I don't think the latter are worth more than $5 a piece, but I may be wrong. I'll take a closer look.

Yes, it's a 'headache many can only dream of', but you only dream of it if you're a coin collector, which I'm not. And it's still a headache.

Again, thanks for taking the time to post. Some comments have been hugely helpful!

 

Yes, definitely have a numismatist take a closer look at all the coins. Some of my best & most valuable coins were at one time rattling around in a paper envelope. :smile

It might be worth having an expert appraise the collection before you begin selling it. It could be appraisal money well spent.

 

You may want to go multiple routes with this collection. Some of the low value or bullion value stuff could go right to a local dealer, provided he is offering a fair price. Right now today silver is rougly 21X face, so I would say you should be able to get 17-18X face. The notes might go that way too. The collectible gold could go auction, could go ebay, you could also advertise right here on cointalk in the appropriate section and sell it that way. Same with the morgan dollars, however if you have any legitimately rare or scarce pieces worth a considerable amount of money then someone like heritage or teletrade should be considered. Sometimes if the piece is rare enough or will bring a lot of bidders to the game they will waive the sellers fee. The only problem with the auction houses is the fact you usually wait 30-60 days after the auction to receive your money.

 

Always read the fine print when consigning to any auction. Some require you to buy back your own coins if you set the starting price & the coins do not sell. Just read the all terms carefully.

 

Welcome to the forum

I just went through this same thing about 10 months ago. This is 100% without a doubt the best place to learn and figure out what you have in front of you. The knowledge I obtained from here was overwhelming at times, but well worth it. There are some great people on this site and they are very helpful if you are in search of an answer.

You will receive a good amount of opinions on your coins, and you can only rely on a handful or less to be accurate...

Not everything you have will be "scrap" or "melt Value" so if you get that answer, and they PM you to buy it right away, steer clear till you know for 100% sure it is what they say it is..

Best of luck in your venture..

CPB614

 

:welcome:

The value you get will be directly related to the effort you wish to put into it. If you're looking to dispose of whole, you will find people willing to take the whole lot off your hands for a lot less than what it may actually be worth individually, simply because somewhere along the chain someone has to invest the time into cataloguing it and finding out the value of each piece or lot in there. If you're willing to take the time to go through it and want max help and value, start taking initial pics and post them here in threads, and you'll certainly get a wealth of information on potential value.

Some members on here may even be willing to assist you in person if the situation is right. I'm also sure especially here that should you want to sell it whole or piecemeal you will get decently fair value moreso than trying to sell on eBay or one shot to a dealer or estate auction place. One thing that's good here is that there's plenty of very knowledgeable folks willing to help.

 

Hello Daniel,

I just sent you some dealer contact info by PM. When you are logged-in at CT you just click the private messages tab to view your messages.

 

Thanks to everyone who took the time to weigh in (in troy ounces, no doubt...). It's all going into the hopper.

On my end, I talked with Stack's & Bowers and Teletrade. Turns out they're both owned by the same company, one takes the high end, one takes the lower end. S&B has a minimum of $500 per coin, so that leaves most of my coins out--and they usually charge a sellers fee too. Teletrade has no sellers fee, but all the coins have to be slabbed; it's only $9 per coin, but that's still a lot when the coin is only worth $50 or $70. Not only that, but I personally don't like the idea of slabbing. I know that's a big debate in these circles but personally I understand why some people don't like to see the coins encased in their little mausoleums. But, if that ultimately is the most cost-effective way to go, I will go there.

If people know of reputable auction houses that don't require professional grading and don't charge a seller's or buyback fee, please let me know. I may want to split up the collection.

The one impression I'm getting from the comments is: The more time I put into it, the more value I'll get in the sales. It's been a long day and I'm pretty pooped, so I'm going to sleep on it and go through everyone's comments again tomorrow. Stop all engines, repel boarders!...

 

post pictures of some coins!

 

I can't post pictures b/c I don't have a camera with me. (I'm out of town, at the moment.) But I've read through everyone's comments again and, as I said last night, I think I see where this is going. The more time I put into it, the more value I will get in the sales. I'm on the fence on this one, will have to cogitate on how much time I'm willing to spend on this. I especially appreciate the comments about what to expect with auctions. (This is the great thing about online forums--you get the consumer's point of view.)

In the meantime, I think I'm going to sell some of the low value copper coins and bullion locally. The low value coins would be a pain to sell on the internet. Per the suggestions here above I'm also going to have an expert at an auction house look over the entire collection to see if there are valuable coins that I haven't identified yet. I may also have a local coin dealer I trust look over a portion of the high value coins and make a bid, just to see what sort of discount they make vs retail value.

If anyone knows of a reputable auction house that would sell coins of lower value (below $300) and doesn't require slabbing them, please let me know. All engines ahead full!