Selling coins -- what to expect

[Koolau]

I’m amused by this thread. I’ve always joked “by my bathroom scale, I have 27 pounds of 90% silver coins”. I move them around like record albums and books. I’ve gotten rid of the record albums and the books. I think this is going to be the year where I get rid of my 27 pounds of silver coins.
As a kid, I enjoyed collecting coins, it taught me history and the value of money. In hindsight, worst investment ever.

No kidding I have 27 pounds of 90% silver…. by my bathroom scale

I forgot to ask: Have you checked your coins for key dates? Having them since you were a kid (and assuming you collected them from change rather than buying them) you just might have some coins worth more than melt value. You can look up key dates on the internet and also get an idea of how to grade them (big difference between grades in some cases.)


Have fun and good luck.

 

[EvanC]

I forgot to ask: Have you checked your coins for key dates? Having them since you were a kid (and assuming you collected them from change rather than buying them) you just might have some coins worth more than melt value. You can look up key dates on the internet and also get an idea of how to grade them (big difference between grades in some cases.)


Have fun and good luck.

Back in 1988 I reduced my collection to only a few "special" graded coins. Kept the stuff that had sentimental value to me. The bulk of the silver collection was popped out of the coin books.


Silver was low then and I thought it best to keep it. The Hunt brothers got the price to $50per oz and we never saw that again. Today its a $24 I don't think I've seen it that high?


I wish I have invested the money in 1988 in some mutual fund. I would have been much better off. My kids don't want or even care about coins. I dont get it ...It is a piece history.


As I said collecting as a kid taught me a lot. Its time to try to get the best price I can and not look back or second guess.

And buy myself something nice.

I do wonder why its not a popular hobby anymore?

 

[Car-Guy]

I do wonder why its not a popular hobby anymore?

Well to start, since 1965 no more silver coins have been minted for circulation. Statehood and National Park quarters, Westward Ho nickels, no more copper pennies, etc have all flooded the market (and all worthless btw). TV coin shows (rip offs) and then PCGS, NGC and CAC certification services have made mess of the hobby. (IMO)... But that's just a start of why.

 

[Koolau]

Back in 1988 I reduced my collection to only a few "special" graded coins. Kept the stuff that had sentimental value to me. The bulk of the silver collection was popped out of the coin books.


Silver was low then and I thought it best to keep it. The Hunt brothers got the price to $50per oz and we never saw that again. Today its a $24 I don't think I've seen it that high?


I wish I have invested the money in 1988 in some mutual fund. I would have been much better off. My kids don't want or even care about coins. I dont get it ...It is a piece history.




As I said collecting as a kid taught me a lot. Its time to try to get the best price I can and not look back or second guess.

And buy myself something nice.

I do wonder why its not a popular hobby anymore?

Very interesting. I recall visiting DW's parents house probably about the third visit. DW's mom had a coin collection sitting on the kitchen table. She showed us what she had and even gave me a steel penny. She said it was worth a dollar (back when a dollar bought a whole meal for two at McDs.)

Well, she had her little red book and she was pricing everything as the very best condition and most of her coins were nothing close to the highest grade.

I sort of chuckled about the whole thing though I was no expert on coins. The biggest laugh (that I had to stifle) was when she showed me a "genuine" Confererate States of America $5 bill. Right on the back it said "facsimile." I used to "gamble" in 5th grade with this stuff. At recess, we'd throw dice or go odds/evens, etc.

So fast forward 40 years and DW's mom passed. DW got the coin collection. I went through it and checked for key dates - and found none worth more than melt value. I guess the good news is that the whole collection of coins added up to about half a bag of junk silver ($500 face.) As you mentioned, silver is around $24/ounce so, as I mentioned that's roughly 17 X Face. ($1.40 face is about 1.0 tOz of silver so $24/1.4 = $17) Silver is volatilve, so X-Face has varied a lot of late.

I agree that PMs are rarely a good "investment" vs equities. But PMs have been shown to smooth the total asset allocation over the big swings of the stock market. I noticed this - especially back in 2008. PMs are often uncorrelated to equities - which can be very good (but not promised.)

 

[EvanC]

Well to start, since 1965 no more silver coins have been minted for circulation. Statehood and National Park quarters, Westward Ho nickels, no more copper pennies, etc have all flooded the market (and all worthless btw). TV coin shows (rip offs) and then PCGS, NGC and CAC certification services have made mess of the hobby. (IMO)... But that's just a start of why.

I would agree with everything that you said, that’s why it’s no longer a hobby.

I guess I’ve also hung on to it because of the nostalgia. To hold a penny or quarter in your hand, when Thomas Jefferson was the president. Or those steel pennies learning that the change was because US needed metal for the war effort. A piece of national currency from a bank that could’ve been robbed by Bonnie and Clyde. Those obsolete coins like a half cent or a two cent piece and those twenty pieces. What was going on in history when those coins were circulated. What kind of America and who held them in their pocket. I find that stuff interesting no matter what condition the coins are in. You are connected to a time in history with a date on the coin.
To me its odd to see hard currency disappear. Granted life is easier now.
With coins or any collectable it’s important to have no notion of value, like with every antiques value “are you buying or are you selling?
I’m generally a saver it would be fitting for me to buy something frivolous, something I would see every single day and enjoy. For me its time to move on from coins. Get them out of the back of my closet.

Again, I want to thank this thread for letting me vent

 

[HawkOwl]

Well to start, since 1965 no more silver coins have been minted for circulation. Statehood and National Park quarters, Westward Ho nickels, no more copper pennies, etc have all flooded the market (and all worthless btw). TV coin shows (rip offs) and then PCGS, NGC and CAC certification services have made mess of the hobby. (IMO)... But that's just a start of why.

Actually, I believe that half dollars struck from 1965 to 1970 contain 40% silver. But I am not an expert, so you should research it yourself.

 

[Koolau]

I would agree with everything that you said, that’s why it’s no longer a hobby.

I guess I’ve also hung on to it because of the nostalgia. To hold a penny or quarter in your hand, when Thomas Jefferson was the president. Or those steel pennies learning that the change was because US needed metal for the war effort. A piece of national currency from a bank that could’ve been robbed by Bonnie and Clyde. Those obsolete coins like a half cent or a two cent piece and those twenty pieces. What was going on in history when those coins were circulated. What kind of America and who held them in their pocket. I find that stuff interesting no matter what condition the coins are in. You are connected to a time in history with a date on the coin.
To me its odd to see hard currency disappear. Granted life is easier now.
With coins or any collectable it’s important to have no notion of value, like with every antiques value “are you buying or are you selling?


One other

I’m generally a saver it would be fitting for me to buy something frivolous, something I would see every single day and enjoy. For me its time to move on from coins. Get them out of the back of my closet.

Again, I want to thank this thread for letting me vent

A couple of other kinda interesting (maybe cool things) that happened during WWII were the minting of "silver" nickels (35% AG) Turns out we had lots of silver, but not much nickel for the war. Also, IIRC, they melted down brass shell casings to make 1944 pennies. Cool.

 

[Car-Guy]

Actually, I believe that half dollars struck from 1965 to 1970 contain 40% silver. But I am not an expert, so you should research it yourself.

No need to research, the Kennedy half dollars minted in those years were 40% silver. (not 90% as pre 65 dimes/quarters/halves were). The 64 Kennedy half was 90% silver.

Since then (even today) they still mint silver coins "for collectors" in silver proof sets. You won't find them in circulation, unless someones kid took one from dads collection and spent it.

Example: I actually have a complete set of uncirculated Washington Statehood quarters (1999 thru 2009) "including" proofs "and" silver proofs. (Pic's on request) That makes a 200 coin set but only 50 are made of 90% silver.

 

[MichaelB]

Example: I actually have a complete set of uncirculated Washington Statehood quarters (1999 thru 2009) "including" proofs "and" silver proofs. (Pic's on request) That makes a 200 coin set but only 50 are made of 90% silver.

I have those sets. My dear mum collected mint proof sets and also gave them as gifts to her grandchildren. I have the sets she gave my children plus all the ones she collected. Probably >200 sets in total. Complete from ‘84 to ‘10 and some sets with earlier dates.

She also collected old coins, silver coins and silver dollars. She bought some of the Carson City silver dollars when they were discovered and sold. Other than the silver dollars, though, the collection isn’t worth much. A couple of years ago we contacted a couple of local dealers for the mint proof sets, but the offers were so low we decided to just hold. Maybe one of her great grandchildren may express an interest. Hard to sell, though, as so many were made.

 

[Car-Guy]

I have those sets. My dear mum collected mint proof sets and also gave them as gifts to her grandchildren. I have the sets she gave my children plus all the ones she collected. Probably >200 sets in total. Complete from ‘84 to ‘10 and some sets with earlier dates.

She also collected old coins, silver coins and silver dollars. She bought some of the Carson City silver dollars when they were discovered and sold. Other than the silver dollars, though, the collection isn’t worth much. A couple of years ago we contacted a couple of local dealers for the mint proof sets, but the offers were so low we decided to just hold. Maybe one of her great grandchildren may express an interest. Hard to sell, though, as so many were made.

Funny you mentioned the Carson City silver dollars. Those were absolutely my favorite of everything I collected in coins. I had the complete 13 coin set of Morgan CC dollars. All PCGS certified and all (well most) had pretty high grades. If those coins could only talk about where they have been what they bought, back in the day.

I could write a book on Morgan dollars (well a lengthy paper anyway). Example, did you know the reason they built a mint in Carson City was because of the nearby Comstock lode?

Check your Morgan CC's and see if you have the 1889... If you do and if it is a higher grade = $$$,$$$

 

[Koolau]

Funny you mentioned the Carson City silver dollars. Those were absolutely my favorite of everything I collected in coins. I had the complete 13 coin set of Morgan CC dollars. All PCGS certified and all (well most) had pretty high grades. If those coins could only talk about where they have been what they bought, back in the day.

I could write a book on Morgan dollars (well a lengthy paper anyway). Example, did you know the reason they built a mint in Carson City was because of the nearby Comstock lode?

Check your Morgan CC's and see if you have the 1889... If you do and if it is a higher grade = $$$,$$$

Heh, heh, I'll let you know if I have one. (I'll fly 1st class for sure!)


Fun looking, isn't it?

 

[prudent_one]

I would agree with everything that you said, that’s why it’s no longer a hobby.

From my observations, coin collecting is experiencing a resurgence of popularity. Instagram in particular is where a lot of younger/newer collectors are connecting with other collectors. I'm at a handful of coin shows a year and I've been seeing more sharp younger collectors (teens/twenties) coming out. Like so many hobbies, "knowledge is power" and the younger collectors who do their homework (and frequently have someone to help mentor them) seem to be doing OK.

One in particular I can think of first started showing up at coin shows about 5 years ago, would buy pretty low end stuff, maybe spending $20-$30 at our table. Now he's in the $100-$300 range. He has really put in the homework and can pick out an undergraded coin and/or unrecognized varieties to flip for a profit. And just from our conversations I can tell his knowledge has grown tenfold. And he hustles around to flea markets at the crack of dawn to get new material if there is any. Will also scoop up rare video games being sold by people who don't know the value and sell those off to buy coins.

He's also leveraging social media to buy from people who have inherited small collections, selling off the junk and moving up to better quality material.