Newbie needs help

I have some coins from grandparents - I'm guessing 2,000 maybe??? Most are in what I believe you guys call "flips" but I suspect some / many aren't worthy of being stored that way. The collection fills up a plastic milk crate.

My questions for you guys:
- How do I do to get these coins valued? Should I get them valued?
- How do I store them / identify them / label them / organize them?
- Do I need insurance on the collection? How would I know?

Seems overwhelming.

Thanks

 

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Read. Research. Learn about grading. Get a book. Go through them.
You'll figure out soon which ones are valuable.
When you rely on other people, and they know you don't know anything,
it's possible to get taken advantage of. Knowledge is power.

 

First, welcome to the neighborhood @joeljoel !

My first question to you would be, "Do you plan to sell the collection?"

Chris

 

I'd probably sell some of them. Not really sure. Depends on value I guess.

 

Hi Joel,
The first thing you need is a red book. It's will describe to you some information that you'll need . This is the official guide to US coins. Now it does list prices....however pay that no mind as coin collecting is about mintage's and condition .
The prices in the book are just a guide.
As anything you own and wish to sell is only worth what another is willing to pay . Be a coin, a dog, a house,car....etc.
The official red book you can sometimes pick up cheaply by going to discount stores . Even a book that is 2015 or 16 will work as again you'll need to sort through the coins by type and years. Then research the dates and types to find the rarer ones.
Condition is another factor in coin a coin that's graded as good really isn't that good..... it's a lower end of a point system that grades coins 0-70 . And 70 being a perfect coin.
Then you'll need to decide what to do with the coins? You may spark an interest and start a collection with a jump start. Or maybe this is not your cup of tea and sell off the coins.
There are also Web sites on line about coins Google is your friend....as well as taking photos and posting here and asking questions . If you do so image the coin out of the holder both sides. Clear sharp images, post them here in full not small as you did above.
Have fun and enjoy learning about US history .
Welcome to the forum

 

Yes, it be work.

First, don't even think about cleaning any of them.
Cleaning destroys value.

Question 1 can best be handled by getting a Red Book.
This assumes the coins are US or mostly US.
Look up and get a Red Book on eBay.
It doesn't need to be current but at least recent (last 5 years).
You will use it to identify your coins, grade your coins and get an idea of value.
DO NOT TAKE THE RED BOOK PRICES AS GOSPEL.
But for a start you are looking for coins that seem to good value.

IF you find something that appears to have good value (your definition) post a large, in focus picture in here.
Plenty of people here to give you help.

Question 2:
-- Storage: From what I could see leave then in their current holders an put them in a cool, DRY place.
-- See Question 1
-- Write right on the holder if it will accept ink.
-- Organize by face value (cents, nickels, dimes, etc.)

Question 3:
Put this possibility aside until you get good answers to Questions 1 & 2.

 

Wow, this is almost overwhelming, even for someone who might be a coin "nut". Resign yourself to some time going over them to see if you have anything worthwhile. After separating out any really expensive coins (don't get your hopes up), you could take the remainder to a dealer (more than one ideally) to see what they would offer you. Deal with any valuable ones separately. Leave them in the flips and store them the way they have been stored. Any questions, don't hesitate to ask here.

 

Leave them in the 2x2s. Do not even think of cleaning them! The first thing you should do is to buy a copy of the Red Book. https://www.whitman.com/store/Inven...ed-Book-of-United-States-Coins---Spiral-Bound
You can look for the Red Book at Amazon and Barnes and Noble, also.

 

Kentucky,

... I think you mean 2,000 coins dropping in anyone's lap would be overwhelming. It's hard to even start.

I've noticed coins from all over the world but age is questionable for many. Also noticed many in flips that (I don't think) are worth the cost of the flip itself... newer pennies.

then again, some silver dollars are in what appear to be very good condition. I don't know. I'll start somewhere and post some pictures.

Is it best to just use this thread or is there a preferred other thread for this sort of thing?

thanks

 

I had to ask because it can make a difference how to answer your questions.

You've already gotten the first good answer. Buy a copy of the Red Book to help you identify the coins. Don't use the Red Book to estimate values. It's pointless, anyway, unless you understand how to grade coins.

The best source for numismatic insurance would be Hugh Wood through the American Numismatic Association, but I think it is too early to tell if the value of your coins requires insurance. Typical homeowners insurance policies do not cover coins without a specific rider, but they can be expensive.

Also, if you do have specific coins you want to post, please be sure to take clear photos of both sides from directly overhead. Try not to post "group images", and be sure to select "Full Image" rather than "Thumbnail".

Chris

 

Use a separate thread for each coin (date/mm/denomination). It's easier for you to locate the thread about a particular coin in a search.

Also, post each one in the appropriate forum....."US Coins", "World Coins", etc.

Chris

 

Wow... I feel overwhelmed just looking at those pictures. Wow.

The advice given so far is good, so I'll try not to repeat it.

To speed up your search for value, consider the 2 main reasons that give coins value and collector's worth: 1. rarity and 2. condition

Worn coins with common dates tend to have fairly low value. But a rare coin in an equally worn condition, a 1916-D Mercury dime or a 1916 Standing Liberty Quarter, for instance, can bring hundreds or thousands of dollars.

If I were you, and we both know that I'm not, I would first purchase a Red Book like others have already suggested and make lists of all of the rare dates per type. Then take those lists and search each type to see if you have any of the rare dates. Then you'll at least know where the collection stands.

Second, pick out all of the coins (or make a list) that look perfect. Shiny. Clear. Sparkling. Detailed. Then look those up in the closest grade you estimate. This just takes practice. This forum will also help you if you post pictures of coins you have questions about.

If you have no rare dates and the coins all look worn or so-so in condition, then you have a pretty standard collection that still has value, but probably not a retire immediately in obscene luxury type of value. This will at least give you a general idea of the value of the whole lot. Do this before you sell anything.

 

Yup, actually some of the recent cents can have value if they are specific error coins. Regarding the Red Book, you need not have the latest copy since the value in the publication is moderately worthless. What is important is the RELATIVE value of the coin vs another of a close date. A fairly recent Red Book will also clue you into most of the worthwhile error coins. Get one a couple of years old on e-bay...good enough.

 

Hi Joel,
I agree with you that it is overwhelming. I recently inherited a large amount of coins myself. I even had one 'freak out' day last month when I got severely overwhelmed. But, since that day I've decided to slow down and enjoy the ride. In the process I have learned to love the coins, and frankly have been acquiring more.

Bottom line- read and learn all you can. This site is very good for asking questions. The people here are quite knowledgeable.

Remember to have fun.

From a fellow newbie,
Diane

 

Hey Joel!

You have a great adventure ahead of you. Relax and have fun.

And welcome to CT!

 

Your Grand folks collected like I did back in my early days. Time piece. (Chambers Brothers? Pay no attention to that). Take the advice of worthy members here and remember........ya ain't gonna make a million. True collectors don't. Welcome to the forum dear fellow.

 

Use this forum to your advantage and don't be afraid of posting any pictures. There are plenty of experts here that are willing to help but I do agree with a lot of these guys that say invest in a Red Book, this book will help you out a lot! hope to see more posts from you in the future and welcome!

 

has a hole ... does it detract from value?

 

Yup....but it's still worth something to the right person. Damaged? Yes. But a multitude of historic value.

 

All of the above answers are fantastic and great advice. There's a different book that I'd recommend and even though the title states that it's for selling the rare coins you've inherited, what the book is really about is learning what the value of what you have, so that you don't get cheated when/if you decide to sell.

http://www.coinshowradio.com/cash-coins-selling-rare-coins-youve-inherited-beth-deisher/