Questions about preparing collection for evaluation

Discussion in 'Coin Chat' started by Bluemorpho, May 7, 2021.

  1. Bluemorpho

    Bluemorpho New Member

    I am executer of my deceased mother’s estate and the last thing on the list is to settle the coin collection, which is in multiple lockboxes 2,000 miles away. In response to my CoinTalk introduction, several members graciously suggested that I find a top shelf dealer to value the coin collection as a neutral 3rd party. I had planned to do that, but not being knowledgable about coins, (1) How do find a reputable one? I’ve inquired about dealers in the local area of the collection and none are deemed reputable.

    Before I continue, I want to preface the rest of this message by apologizing in advance if my questions are not appropriate for this site—they have to do with the processes of settling an estate coin collection. Not about the coins themselves. I trust you will let me know.

    So, it is likely I’ll be working with someone out of the area to value the coins. Once I have a whittled down list of reputable evaluators, these are my follow up questions: (2) What are important questions to ask them to help in my selection? (3) What can I expect once I do find someone—will they come to where the collection is or will I have to box everything up and send it? It’s a large collection. (4) Generally, how much does it cost to have a coin collection valued? I’m concerned about that because I understand that to have a single coin appraised can be expensive.

    If I have to send the collection to be valued, (5) how do I ensure the integrity of the collection when mailing and during the evaluation? (6) And shouldn’t it already be valued before mailing so it can be properly insured for mailing? My sister half jokingly suggested we rent an armored vehicle to transport the coins to an evaluator.

    I have done a cursory spreadsheet inventory of the coins. Cursory because I have little idea how to even describe coins or know what to look for, or know how to group them (though I did get some help from the red book). (7) Does it make any sense to find a knowledgable consultant who can look at my spreadsheet, guide me on what additional information I should include before sending it off for evaluation, and hold my hand on this journey? (8) Do such people exist?

    To prepare the coins for evaluation, I will be returning to where they are to (possibly) augment the spreadsheet and organize the coins. Some coins are in sets, some coins are in the plastic coin tubes, some in cardboard or plastic flip coin holders and many, many are loose. On my next trip, I want to consolidate loose coins, putting like coins (like silver lady liberties) in tubes and in pocket coin binder pages. (9) When putting coins in tubes, is it necessary to ensure that the coins are identical (i.e., do I need to make sure same date and mint, etc.).

    OK, that’s enough. I thank you in advance for your help and also apologize in advance if this is not appropriate use of this site.
     
    MIGuy likes this.
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  3. baseball21

    baseball21 Well-Known Member

    You really don't need to add any information to anything for an evaluation especially if some things are going to grading.

    I would be hesitant to mail it to someone whose just supposed to evaluate it and send it back. I'd honestly suggest spending a bit more time on it unless you think it's mostly melt type stuff. Anything of significant value I would hold back from a stranger shop getting it

    There should be some idea of the value before hand yea. Look at sales prices thats what insurance will go off of
     
  4. Cinco71

    Cinco71 Well-Known Member

    If you think the coins have really significant value, first thing I'd do is get them much closer to you. If the cost to ship it is cheaper than plane tickets back and forth, or the cost of renting a U-haul and driving them over to where you are, I'd do that. Then you can take your time sorting through it all with someone in your area to help you. I think the key thing is to buy yourself time to really go through it carefully to make sure you don't let truly valuable coins slip away for a fraction of what they're worth.
     
    spirityoda likes this.
  5. J.T. Parker

    J.T. Parker Well-Known Member

    Are you positive that you do not have a trusted friend that is also a coin collector?
    (There are more of us than you might think)
    If there are none, I would find out your areas largest Coin Collecting Club and contact the acting president for further suggestions.
    J.T.
     
    Last edited: May 7, 2021
    Petercoin likes this.
  6. spirityoda

    spirityoda Coin Junky

    I would not mail any coins to anyone for evaluation. I would go to your local coin shop and ask what their evaluation fee is.. Call to make an appointment with them. You could post photos of what you think might be the best coins for us to give you a grade and possible values here. You must also realize that when selling coins to a coin shop or dealer that they will pay 20-40% less on a coin because they have to make money selling coins. It might be better if you had a some really nice key dates/mint marks high grade coins will obviously get higher money. Remember do NOT clean any of these coins it will kill their value....leave them as is.
     
    Last edited: May 7, 2021
    AuldFartte likes this.
  7. Jim-P

    Jim-P Well-Known Member

    I think listing the items on a spreadsheet by country, denomination, year, and condition is a good start. I can only imagine how big of a task that is based on the number of coins. Sorry for sort-of volunteering someone, especially since I don't know anybody, but I suspect the webmaster(s) of a coin site like this one could probably steer you to someone in the group that they think could give you trustworthy advice on value. At least puts you in a good starting position before talking to anyone that stands to profit off the collection.
     
    Kentucky likes this.
  8. Mountain Man

    Mountain Man Supporter! Supporter

    Welcome back @Bluemorpho. Settling an estate is very time consuming, especially if the estate is large or complicated, I know from experience, so I hope you can find an agreeable solution.
    It sounds like no one in the family is a collector or has any plans to become one, so it appears you merely want to value the collection for liquidation and division to family. That being the case, I think the easiest solution would be to contact Heritage for an evaluation and possible liquidation. They are insured and trusted, and will provide a cost up front before you sign any agreement. You, being the executor of the estate, have final say in contracting this task to someone else, and you being some distance from the collection, it might be your easiest solution. No need to put the collection in order before hand, saving you much time and effort. Simply turn it all over to them and sit back to wait for their appraisal and then decide how to proceed from there.
    I have no idea what arrangements you may need to make to get the collection in Heritage's hands, but they may be able to help you with that. I, personally, would trust them to be honest and reliable beyond any coin shop or individual, and once you turn it over to them, you are finished with that aspect of the collection.
    Good luck and please let us know how it turns out. As it would be a good learning experience for others here.
     
    AuldFartte, eddiespin and MIGuy like this.
  9. Robert Ransom

    Robert Ransom Well-Known Member

    Assuming the liquidation of this collection is the end goal, as @Mountain Man supposed, I agree with his position. This direction would be my choice were I in your position. Good luck.
     
  10. Kentucky

    Kentucky Supporter! Supporter

    Post your spreadsheet
     
  11. Garlicus

    Garlicus Debt is dumb, cash is king.

    Sorry for your loss.

    Was there any familial significance to the collection or were they just ‘investments’?

    Coming at this from a non-monetary angle, divide the coins by the number of your mother’s surviving children, giving each the same, or close to same, face value. You could put them in brown bags and do a random drawing. Then each would do with them what they will. This could be a good legacy gift from your mother.
     
    Last edited: May 8, 2021
    Randy Abercrombie likes this.
  12. Valentinian

    Valentinian Well-Known Member

    We on CT do know know enough about the "collection" to know if it is a serious collection assembled with significant expertise and expense, or merely an "accumulation" assembled from circulation. For example, 1000 silver dollars can be worth close to 1000 times melt value, or they could be worth a fortune, if they were better types in high grades.

    Usually children know if their parents were very serious collectors (from the books they used and catalogs they got in the mail and the time they spent on the collection and the comments they made to their kids about how valuable the coins are). I'd wager the vast majority of "collections" in safe deposit boxes are worth barely above their melt value--the parents were setting aside silver and "old" coins and called it a "collection" when serious collectors would call it an "accumulation."

    I'd hold off on creating a spreadsheet until you know there are desirable numismatic coins. No one needs a spreadsheet for silver dollars to be sold to melt.

    What can you do from 2000 miles away? Presumably, you will go there to deal with the house, furniture, etc. Sometime when you plan to go there I would contact a local dealer and hire him (I expect it will be a man) at an hourly rate to go with you to the boxes and look it over with the intent to separate our the particularly valuable stuff (if any). Agree he will not be the one to buy it (Don't tempt him to undervalue or overlook good stuff by giving him hope he will be the one to buy it from you.)

    If you value all the "old" coins set aside by "collectors," I think the vast majority have little to no numismatic value. They may be silver or gold and have precious metal value, but that does not require a numismatist to value. If you find out there is some really good collectable stuff in there with a real numismatic premium, then you are on to stage 2, which requires a long answer in itself. But, there is a good chance stage 2 will not need to happen.
     
  13. eddiespin

    eddiespin Fast Eddie

    There we go. I was going down the replies to see if anyone said "Heritage." Then I hit this, and you went above and beyond, and even linked it. Well done. They'll put him in touch with someone who'll get him through it. Really, any auction business will. As the executor, it's important he does this right. I'll just "ditto" to your reply, let it at that.
     
  14. Bluemorpho

    Bluemorpho New Member

    I appreciate that you all took the time to reply to me. I replied to everyone’s post individually (not pm), and I saw that my replies did post at the time, but I’m not seeing my responses here. I don’t understand. Maybe there is some other view I’m missing. Someone, Please let me know you did get my response.
     
  15. eddiespin

    eddiespin Fast Eddie

    I see this one but not any others. PM a moderator, they'll figure it out.
     
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