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

Maybe you should read your own post again. You clearly stated "While there certainly are those who shouldn't be trusted, do you really think dealers who've worked their lives to earn a solid reputation are going to risk it to pocket what very well could be a bunch of low dollar junk?"

But carry on talking down to the other poster for bringing up a very valid point.

 

Log in or Sign up to hide this ad.

This thread popped up on my computer as one of "17 New Topics." I didn't go to the OP (my bad). I didn't realize the post was from 2013! I'll be more careful about notices of New Topics in the future. I wouldn't have bumped it if I had known it was that old. Jack

 

A good dealer continuously earns respect. If you're a new customer, how would you know who you're dealing with? And this doesn't even consider all the so-called dealers at flea markets or coin shows. I actually had both shops and tables like this in mind. I've ran into more sleazy dealers than I could count, and I wouldn't trust them as far as I could toss a couch.

 

Did I say that? No, I did not. You said one cannot trust a dealer to go through it on their own time. You didn't say some, most, or many, or in any way qualify the statement as implying anything but all. One should be so fortunate that any self-respecting dealer would waste his time, on his own or in front of the individual, particularly if with lower value/common dogs, but the fact is there are many dealers perfectly trustworthy with such coins, regardless of if you like it or not. Again, no one with a solid reputation is going to risk it to make off with a pocketful of dreck. This certainly isn't to say one should blindly trust any dealer, real or claimed, but to imply that none can be is simply ridiculous, particularly when we consider what you turned around and said about finding someone trusted and knowledgeable. Sounds fine on the surface, but have you any idea how many "knowledgeable" and trusted family/friends have turned around and jacked those stupid enough to have trusted them? This woman "entrusted" you with her coins, and I'm sure you did right by her, but it doesn't always work out so smoothly, and there are plenty of horror stories out there that can testify to this fact. Unfortunately, it's not always a solve-all answer. I never said nor suggested the blind trust of anyone, including dealers, but one would be wise to use the same caution no matter who they chose to deal with. Pretty simple really.

As for your red book, please... may I ask how many times you've personally dealt with someone wishing to sell their coins with only a redbook value education? I'm guessing not many or else you'd know why even the mere suggestion of it as a wise choice when wishing to determine a reasonable wholesale value is so foolish. It's called expectations, and allowing someone who doesn't know any better to develop unreasonable ones can do more harm than good. Again, if you're going to position yourself as one who knows what he's talking about and make a recommendation, at least have the decency to explain the realities behind it.

 

Regardless of the seller you go to and their credibility, I think the best bet is to find a collector who you know and trust, go over the coins with them, and then sell. Take notes or bring the collector with you when you sell and you'll do a lot better than on your own, with or without homework. There's too many questions that can arise by yourself, and you can't blame poor quality homework on a newb. We've all seen the bored look on a non collector's face, so I wouldn't expect them to be the best student. I got to keep some collectible silver coins, the friend made more than they ever expected - everyone's very happy except maybe the dealer who could've made a better deal and been a tad more pleased than his business as usual happy

 

So I'm talking him down, yet here you are arguing against things that were not said nor remotely implied. Apparently this is a habit with you as our first little run-in was you accusing me of saying things I never have. Is this deflection really the best you can do, or perhaps it's just part of your MO?

Now, yes.... that is exactly what I said, and I'm not sure what is so hard for you to understand here. His supposedly "very valid point", at least as written, comes off as being naive. He's certainly welcome to his feelings on the matter, but this does not make them fact. The man said, as a blanket statement, that one cannot trust a dealer to go through (appraise) coins on his own time, which is absolutely false and reeks of the same regretable anti-dealer paranoia spewed everywhere on this board. I never said ANY or ALL dealers, real or imagined, should blindly be trusted, or that one should pick a name out of the phone book or from some online ad and simply hand them the collection, yet here we are arguing as if I did. If you take issue with or disagree with what was said, fine, but at least try not to make such idiotic assumptions or moronic comparisons to allowing unknown contractors into one's home. Now, if you wish to make such comparisons, perhaps a better one would be not letting ANY (even professionals with reputations to uphold) contractors into one's home, and instead blindly trusting an idiot nephew, claiming he can do it all after watching an episode of This Old House.

Of course you also conveniently ignore what was said about how the listed potential pitfalls can also apply to dealing with so-called "trusted" and "knowledgeable" family/friends or the like, but that's okay and I do understand... acknowledging this reality wouldn't fit so well into your little narrative.

 

There is a third option now. Obviously most collections Heritage won't be interested in, but you can just send it off to GreatCollections and give them authority to decide what should and shouldn't be graded and how to list it. Only thing you'd have to worry about it packing it for shipping then wait for the check.

 

Sheesh! Come on guys. Valid points have been made from all perspectives. I'm pretty sure no one is going to suddenly cave and holler "You're right, I'm wrong." The points, both valid and otherwise, have been yelled to death. It's probably a good time for all of us to move on to another aspect of the hobby we all love.

There are occasions when the concept of "agree to disagree" is the wisest way to leave a heated discussion, and still be able to remain friends. There's wisdom to be gleaned from most of these posts. Maybe we could just leave it there. Jack (just my humble thought)

 

It will be a year or years before I even get to the point of thinking about selling them. I have a lot of work ahead of me in the meantime. I did get the book that someone had recommended about selling an inherited collection and do feel it was a good value and has provided some good direction so far.

As far as picking up the hobby, it's always been there under the surface. I sat at the kitchen table with my dad in the the 60s as he sorted coins so it's not completely foreign to me, and I've always kept an eye out for silver or older coins. I just don't know enough (yet) to know when a plain jane coin is actually valuable due to something like a missing mint mark. It's a steep learning curve.

But I do want to say thanks for all the great information that has been provided. I learn a little more every day.

 

Except for one major difference. The dealers financial incentive is to maximize the value before they resell it, but the auctions houses incentive is to have the value maximized to bring the highest prices when they sell which benefits the consignor as well.

 

But most collections that are passed down would not be coins that are gradable, let along actionable.
Those Auction houses would make offers to buy outright and then sell them outright just like any other dealer for most collections.

 

Hello! What a great site. I've already learned a lot just reading this thread.
My aging mother put me in charge of figuring out the value of her father's coin collection. I found out right away that it's not really a collection -- it's more of an accumulation. Coins were mostly in rolls. Many were in shoe boxes.

Lots of silver dated from around 1880 to 1965. After a preliminary check, it seems as though most of the coins are fairly common. There are a handful of exceptions, including some 1932s quarters and a few others that are worth somewhat more than the metal in them. The collection does include some lovely Morgan and Peace dollars in decent shape.

There are pennies, nickels, half dollars, even some currency. Plus a bunch of foreign coins and foreign currency.

My mother remembers her parents telling her that they'd had the collection valued by a professional in the early 1980s, and that the total value was about $1,700, but that "most of that was due to one coin." I have not found any coin that comes close to anything like that. I wonder if they either sold it or gave it away at some point, or they were mistaken.

I really appreciate the referral to Kevin Flynn's book "Appraising Your Coin Collection." After a quick look at it, I realized I need to get a stronger loupe and check for some of the special things that could make some coins more interesting.

As I catalogue these coins -- what's the best way to organize and store them? Any advice welcome.

At some point, I'll probably need a referral to a reputable coin dealer in the Los Angeles area. But I might reimburse my mother for the value of some of them and start my own collection. I can see how coins can become fascinating fun. They're beautiful.

Going through them makes me feel closer to my grandfather. The only coins he had stored in a traditional collecting format are pennies he put into Dansco albums. There are three, an Indian Penny album, a Lincoln Penny album 1909-1929, and a Lincoln Penny Album from 1930. He didn't finish any of them. I might try to finish them in his memory. Or at least try.

Thanks for all the great information.

 

We are always happy to help and to hear we were helpful. We'd be even happier if you shared a photo or two of any coins you found significant or interesting. Also, reimbursing your mother and starting your own collection sounds like the best idea!

 

Love the idea of finishing the cent albums, your Mom might enjoy that too. If you feel like you might be getting bitten by the collecting bug don't rush to sell anything.

Once you feel like you have things stored properly, perhaps go denomination and type. Maybe start with the Lincolns and do the reading/research--as much as it turns out you like-- on them. Keep any that belong in the albums and then sell/dispose/re-store the rest. If your Mom is trying to free up funds/storage space the selling makes sense. If the goal is organization and evaluation, well this is a good way to be slightly methodical and keep you from having to jump around topics.

 

You should also contact Silver City Auctions as they sell lower priced raw coins as well. For the lowest valued coins they usually group them into one lot. I've dealt with them before with positive results. As mentioned earlier, if you don't want to spend months of your time selling the coins go to several coin shops. You may not get as much money for the collection but it won't involve a lot of your time.

 

I'm still trying to figure out what constitutes an interesting coin.

He's a Morgan dollar that's in pretty good shape. Most of the Morgan and Peace dollars are pretty worn. Or at least a lot more worn than this one.

This one still has quite a bit of shine to it, but I think the filter used to take the photograph cut out a lot of it.