So, my dad owns a coin and gold shop and over the past 12-16 months he’s been buying coins and hoarding them, I used to be engulfed with the smallest possibility of finding a coin worth money. Now he has like 20 monster boxes full of proof American eagles, MS, common Morgan’s , and then a lot of random valuable coins that should be graded. So to the question.. we have a full time job and no time to give the collection it’s necessary attention... any recommendations on what one could do? He likes the idea of just sitting on the coins forever and passing them down to his family, maybe selling all the junk gold and silver if it spikes. Thanks in advance
If you have mint state coins that have value, at the very least they should be put on holders to avoid any dinks or scratches or stuff
He's putting a lot of eggs in one basket, in my opinion. His business income is based on the coin market, and now he's adding some percentage (I have no idea what % that might be) of his investments and your inheritance are tied to the coin market. My thoughts go to diversification, though of course if he has a bajillion dollars in other assets already, then this might be diversification for him.
This Times 100...... I been buying rolls of Eagles for as long as I can remember. The sole purpose is so kids and grandkids can have something of mine that has some genuine value that won’t have to be eaten up by a probate court. Your pop knows what he is doing. He is a wise man.
If he's (Dad) ok with it, take a box of coins home, and slowly sift through it while you're watching tv or during free time. Sounds like there's no rush, and that way you'll feel better, and dad probably won't mind, as long as you don't sell them. But this way, you'll have a better idea of what's there. Maybe catalog it all.
I just went into a "we buy gold and silver" shop that had a bigger-than-usual display of coins. The proprietor said someone had cleaned them out to the tune of $600 last week, buying nearly all their silver dollars. I went through their 50-cent Buffalo and V-nick boxes, the kind of picked-over stuff you always see at a store or a show -- except these hadn't been picked over yet. I pulled 8 that should be worth in the neighborhood of $10 each -- a couple of nice 1883 no-cents, a near-XF 1908, a nicer 1914-P, worn but undamaged 1919-D, 1924-D, and one or two others. What do you suppose might have gone out in that $600 batch last week? It might have been all common-date, low-grade stuff; it might also have included treasures. But, as you say, a shop owner can't afford the time and attention to go through everything that comes in with a fine-toothed comb. That's why I'd make a lousy shop owner. I wouldn't be able to stand the thought of missing out.
I'd separate and catalog the MS common date Morgans. Then I would start checking them for VAM's. It's hard to give guidance on the random valuable coins unless you list what they are, but I'd make sure they are in airtites to keep them from getting damaged. I don't think the bullion coins hold much value over their PM content. Do you own a Red Book? This can help you with the sorting process and in determining if you have anything of real interest. The pricing in the Red Book should be used as a guide only. There are better places to get real time market prices; however, you can use the prices in the Red Book to help you determine whether a coin has great potential or not.
He could always open a coin and gold shop and sell the hoard. Oh wait ... Maybe he likes saving/hoarding all the coins. Let him do what he wants. at some point he'll either go through it, sell them or pass them down.
When anticipating an event , I would not pick such a prominent point, that was a mistake many made in the the last run up, but instead something like 28.75 and have a firm contract, as it may drop $$ before you can sell.
