Coin collection value

[sengsational]

Since I first posted, Dad died and now I'm executor of the estate and have to sell this thing as a fiduciary.

If it's more of a chore for you, I'd pay to sit down with several experts and have them give you a value assessment. Then go to several dealers and get bids for the whole shebang. Since this field has the potential for some honesty-challenged people, I'd not let any part of the collection out of my sight when they had physical access to the collection.

 

[Car-Guy]

If it's more of a chore for you, I'd pay to sit down with several experts and have them give you a value assessment. Then go to several dealers and get bids for the whole shebang.

Almost any "dealer" at your local coins shows will give you free estimates. Pick out the key coins and shop them at a show. (You are very unlikely to have many from a pocket change collection, even one that was collected 50 years ago) Average coin show entry fees typically range from 3 to 5 dollars. Pretty quick and cheap way to get your coins valued. Any good dealer should be able to give you an estimate in ~5 minutes for a few (5 or 6) key coins. Of course they will probably lowball you on raw (un-certified) key coins to protect themselves. So I'd get my key coins graded by NGC or PCGS before "actually" selling.

Some examples of coin values that have been mentioned, a single genuine 16d Mercury dime can easily be worth $300 to $500+ even in some of the lower (AG to G) grades but can be worth ~10k to 40k in higher (60 to 65+) MS conditions. (Condition matters, a lot) By comparison, an entire set (dates and mint marks) of Franklin half dollars in average circulated condition (VF to XF) is going to be worth far under 1k and probably less than $500. (Rarity matters too, a lot)

 

[O2Bfree]

My mom has a safe full of the coins dad collected over the years. Many have value, but there's also a lot of coinage kitsch in there. For example, coins with the historical figures on them painted over in full color, such as the painted Sacagawea dollar, sold as a valuable collector's item, complete with a little beaded leather pouch to store it in. Or sets of gold-colored quarters presented in plastic cases shaped like gold bars. I think maybe his dementia was setting in when he started buying this stuff. Not sure how we'll get rid of it. Stores might be suspicious of funny looking coinage.

 

[jetpack]

Well, at least you can easily get a bottom number, the melt value.

U.S. Silver Coin Melt Value Calculator - Coinflation

 

[GalaxyBoy]

Well, at least you can easily get a bottom number, the melt value.

U.S. Silver Coin Melt Value Calculator - Coinflation

Thanks. There's 25 rolls of silver dimes alone that he either hadn't searched yet, or which he didn't think were good enough to catalog. Melt value of that alone is over $1600, although I don't know yet what fraction of that would be realized by me. OTOH, some of these rolls are full of almost uncirculated coins.

Thanks again for the help so far. Dad's only been gone about a month, and there's a huge amount of work involved just inventorying this collection so I can get someone to look at it. I'll be back.

 

[CaliKid]

Since I first posted, Dad died and now I'm executor of the estate and have to sell this thing as a fiduciary. At least now I have time since I'm stirred! (Edit: retired. Autocorrect)

I am sorry for your loss. Another option is just to get all the beneficiaries to agree (in writing) and divide it up in a fair way. As long as everybody agrees it's fair then it's fair. Then beneficiaries can sell if they want or keep if they want. In the big picture the coin collection is probably a lower value item than cash, stocks, real estate so focus on the big stuff would be my advice. You could get lost in the weeds spending time on the coins. Just my two cents... so to speak.

 

[ERD50]

I am sorry for your loss. Another option is just to get all the beneficiaries to agree (in writing) and divide it up in a fair way. As long as everybody agrees it's fair then it's fair. Then beneficiaries can sell if they want or keep if they want. In the big picture the coin collection is probably a lower value item than cash, stocks, real estate so focus on the big stuff would be my advice. You could get lost in the weeds spending time on the coins. Just my two cents... so to speak.

Sounds good to me. Sounds like a considerable number of coins. If you can get everyone together, maybe put them in a big container, let each take a turn at blindly scooping out 1/2 pound, or a cup-full (or whatever) at a time. Take turns until they are gone. Then it's everyone else's problem.

-ERD50

 

[GalaxyBoy]

Sounds good to me. Sounds like a considerable number of coins. If you can get everyone together, maybe put them in a big container, let each take a turn at blindly scooping out 1/2 pound, or a cup-full (or whatever) at a time. Take turns until they are gone. Then it's everyone else's problem.

-ERD50

Well, maybe. Since a few coins could be worth > $1k (the 1909-S-VDB penny or the 1916-D dime, as possible examples, depending on condition) while many others are worth melt or face value, not sure that would work equitably.

At least the bulk of the estate - the investments - was transfer on death and bypassed this whole probate process. I basically just have the house and the coin collection to worry about, along with the usual physical stuff like photographs and mementos. Those can be taken care of by having us stand around a table and having a cakewalk, which is scheduled for tomorrow afternoon in fact.

An idea to consider, though. But I have to bear in mind that I will answer to the county commissioner of accounts in the end, and show it was divided properly.

 

[coveredbridge]

I have used coinstudy.com to get an idea of values on collectible coins.

 

[ERD50]

Well, maybe. Since a few coins could be worth > $1k (the 1909-S-VDB penny or the 1916-D dime, as possible examples, depending on condition) while many others are worth melt or face value, not sure that would work equitably.

At least the bulk of the estate - the investments - was transfer on death and bypassed this whole probate process. I basically just have the house and the coin collection to worry about, along with the usual physical stuff like photographs and mementos. Those can be taken care of by having us stand around a table and having a cakewalk, which is scheduled for tomorrow afternoon in fact.

An idea to consider, though. But I have to bear in mind that I will answer to the county commissioner of accounts in the end, and show it was divided properly.

So the coins are under probate - OK, wasn't sure of that. I suppose that does complicate things, and as you say, with maybe a few high value coins in the mix, that might not work so well. But maybe still, if you can be pretty sure that some group of them may not be much more than melt value, just split those? It would at least let you focus on the smaller group of possible high value coins.

Not sure how probate works, but if the beneficiaries state they are OK with the split of those lesser coins, is that good enough?

-ERD50

 

[brucethebroker]

Best not to use ebay for non-valuable, "junk" silver type coins. The selling fees are going to be in the 15-20% range, likely more than an honest coin dealer will charge, plus your selling price will be dragged down by the cost of postage (regardless of who pays it).

ebay is useful for many hard to sell items, but silver/gold junk coins are not hard to sell. I agree with the advice to interview some dealers.

 

[FiveDriver]

I've followed your thread here, galaxy boy. You've put a lot of work into this. I must re-iterate........the Grading of these coins is key to the value. Whatever you do, do NOT handle them excessively, the least little mark, even fingerprints, can reduce the value. Don't try to "clean them up" either.

Some of the Dates you mentioned are indeed key dates. Your Dad knew what he was doing. I ask again....did you find any receipts or other paperwork with the collection ?? Any Dealer's Names come up ?? Dad must have worked with a few Dealers to put together a collection of this size.

I would suggest you contact 2 Dealers in the area, that can see and estimate the Grades of these coins. Make sure each guy knows there will be another dealer looking at the collection. Their written Grades will provides good comparisons. You're probably not going to go thru ebay or the coin shows when you start selling this off.

If any of the coins grade out to "melt value" you might consider just holding them while you watch the price of Silver. It's been on the rise recently.

This again points out the need for all of us Collectors to put together a provenance of everything you buy. A complete dossier would be so helpful in a case like this.