If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
Evaluating Coin Collections
Hello,
I just found and joined this group hoping for some expert opinions on how to evaluate and sell a coin collection. My wife's parents just died and part of the estate is a coin collection her father had been working on for many years. She tells me the collection consists of "one of every coin minted in the US from 1900-2000". Not yet having seen it, we don't know how (or if) any are new, the condition of the coins or if there are any especially rare (like double-striked) coins in the collection. I would welcome any suggestions on the best way to have the collection evaluated and sold and what to look out for to avoid being taken advantage of. I'm obviously not a collector and so would appreciate any help I can get from the group. Many thanks, Buz Overbeck |
Ads |
#2
|
|||
|
|||
Subject: Evaluating Coin Collections
From: "Larry Louks" Date: 7/19/2003 11:49 AM Eastern I would encourage you to shell out ten bucks on a copy of "The Official RED BOOK -- A Guide Book of United States Coins 2003" ... Excellent recommendation! (With the warning that Red Book Prices are full retail. Dealers pay less than this always and collectors also pay less than this most often, as well. But, as you say correctly, the Red Book Prices do give a ballpark figure of approximate value. ---------------- Michael E. Marotta ANA R-162953 |
#3
|
|||
|
|||
Subject: Evaluating Coin Collections
From: Buz Overbeck Date: 7/19/2003 11:30 AM Eastern She tells me the collection consists of "one of every coin minted in the US from 1900-2000". we don't know how (or if) any are new, the condition of the coins or if there are any especially rare (like double-striked) coins in the collection. As Larry Louks recommended, The Red Book will be a big help. There are many ways to define "every coin struck in the US." Most collectors care a lot whether or not designer Victor David Brenner's initials appear on the first Lincoln cents from 1909. Most consider the Three Legged Buffalo to be the 1937-D. A collection without the VDBs is on the down side. A collection with the _other_ three-legged Buffalos is on the up side. Similarly, double-struck, double-died, etc., etc., coins of this or that series do or do not appear in the Red Book. For instance the 1955 Doubled Die is a "must" for a complete collection -- as is the 1909-S VDB Cent. On the other hand, most collectors feel that the 1942/1 Mercury Dime (and the 1916-D Mercury) are both required for completeness. It goes on and on and on. Good luck. ---------------- Michael E. Marotta ANA R-162953 |
#4
|
|||
|
|||
"South of Provemont" wrote
For instance the 1955 Doubled Die is a "must" for a complete collection Nope. Don't agree with this. Although I will aquire this coin, I consider it an error and not necessary to have to claim a complete Lincoln set. Apparently, Dansco and most of the other album manufacturers agree with this, not having a hole in the album for this coin. Oddly, they do have a hole for the 22 plain, another coin I consider an error and not a necessary part of a "complete" Lincoln set. -- John Visit the RCCers favorite coins web page http://mywebpages.comcast.net/jcarne...ns/rccers.html |
#5
|
|||
|
|||
Buz Overbeck wrote:
My wife's parents just died and part of the estate is a coin collection her father had been working on for many years. She tells me the collection consists of "one of every coin minted in the US from 1900-2000". Every one? I guess we've found the missing 1913 Liberty nickel then! (seriously, the other responses had some good ideas.) -- Bob |
#6
|
|||
|
|||
No disrespect intended, but if you truly have one of every coin minted
from 1900-2000, then it's worth a not so small fortune. It is unlikely that there is much gold in the collection and most of the coins prior to 1940 are very likely circulated (show at least some wear). I'm not trying to sound pompous, this is just my experience in seeing collections described the way you have described yours. Buying a Redbook=99 is indeed an excellent idea. As a *very* rough guideline, most of the dimes, quarters, and halves from 1940-1964 are probably going to be worth around 3.4 to 5 times their face value. Use the Redbook=99 to get a general idea of the collection's value and deduct about 40% (again, basing that number on experience). If the value is still over $500 after the deduction, take it to a dealer (if you tell us where you are, we may well know of a dealer to recommend) and ask for an appraisal wth the understanding you have no intention to sell (this reduces the chance of a dealer "lowballing" you- and most dealers won't and it's not always dishonest when they do; for example, a dealer may already have a lot of the coins you have and so will pay less than a dealer who's looking for the coins you have). You will be asked to pay for the appraisal (most dealers charge anywhere from $30 to $50 an hour and most will refund that charge if you wind up selling to them). If you have any individual coins worth over $30 each, you may do better selling those one at a time or as a group of "better" pieces- more work for you but likely better money too. The remainder or "junk" (don't be offended if you hear this used as it is usually not an insult- most lower grade US silver coins from the 1940's oward is often called "junk silver") you can sell on e-Bay as a bulk lot or to a dealer. These are all generalizations of course, but I hope you find at least some of them useful. Good luck. -Steve, not a dealer but someone who has worked in a coin shop both buying and selling |
#7
|
|||
|
|||
I, myself, would keep them and not get rid of them. My personal opinion
though. It probably took your father in law quite some time to collect all those coins. Like you said, you haven't seen them yet so you don't know what to expect. You could have a wide range of coins there with a wide range of prices. I definitely agree with the others, get the Red Book and take a look at it. It will give you an idea of what they are going for. Who knows, you may decide to keep the coins after you read the book. bob I wish someone had left me a collection. |
#8
|
|||
|
|||
Get a copy of the grading book PhotoGrade, so oyu have an idea of what
condition they are in Or the ANA Grading Book Of US Coins. On Sun, 20 Jul 2003 14:13:25 -0400 (EDT), wrote: I, myself, would keep them and not get rid of them. My personal opinion though. It probably took your father in law quite some time to collect all those coins. Like you said, you haven't seen them yet so you don't know what to expect. You could have a wide range of coins there with a wide range of prices. I definitely agree with the others, get the Red Book and take a look at it. It will give you an idea of what they are going for. Who knows, you may decide to keep the coins after you read the book. bob I wish someone had left me a collection. ---------------------- Mickey W ---------------------- |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Pr: Baltimore Coin and Currency Convention - July 9-11, 2004 | EdKuszmar | General | 0 | June 29th 04 05:16 AM |
PR: One week until the Baltimore Coin and Currency Convention | EdKuszmar | General | 0 | November 28th 03 04:42 PM |
CSI and Coin Collections | dendude | Coins | 1 | July 19th 03 03:05 AM |
What do those letters mean? and "Whats it worth"? Revised | George D | Coins | 2 | July 16th 03 11:03 PM |
Coin returns and a question about toning | Bill Krummel | Coins | 28 | July 11th 03 02:09 AM |