COcheesehead
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Any income, no matter the source, should be reported. Many sources will now 1099 income over $600.
Selling coins -- what to expect
- Thread starter braumeister
- Start date
<mod note> Why don’t you 2 take your tax / IRS / Ebay argument elsewhere and let the thread get back on topic. Thank you.
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EastWest Gal
Thinks s/he gets paid by the post
My mom had a small coin collection. Most of the coins were in pretty bad shape. I sorted through the coins and entered them in a spreadsheet by type, year, and mint. There were a lot of silver dimes, some Mercury and some Roosevelt, for example.
I found a couple of websites that listed rare coins and their estimated value, as well as melt value. My mom had a couple of coins worth more than the melt value, nothing life changing.
I went to a coin dealer and got rid of the lot in 2019. A coin collection is useless. Cash is not useless. And they are the same thing.
I found a couple of websites that listed rare coins and their estimated value, as well as melt value. My mom had a couple of coins worth more than the melt value, nothing life changing.
I went to a coin dealer and got rid of the lot in 2019. A coin collection is useless. Cash is not useless. And they are the same thing.
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I was actually considering having some junk silver around the house for the infinitely small chance that an EMP would screw up commerce, and local sellers of essentials might be spooked on the modern currency. I can hear the guffaws, but is it "prepper" or "boy scout" (always be prepared). I'm not convinced enough to go out and buy junk silver, but...
When I saw the first post in this thread, I thought to myself that I'd probably sell only the coins that were priced significantly over melt value, and sit on the rest. Put a note in there "nothing here is worth more than melt value." When I'm dead, they can take them to the pawn shop as easily as I could now, and in the mean time, they're insurance against something. Yeah, it ain't gonna happen, but unless you need the money, why bother selling? It would be different if disposal wasn't so easy, or if you've got so much that loosing it in a burglary would be horrific.
OP
OP
Same as all the other stuff I'm trying to get rid of. Simple decluttering.
copyright1997reloaded
Thinks s/he gets paid by the post
If you have a more substantial stash, e.g. >10 ounces of gold or >500 ounces of Silver, here is an example of what you can get: (assuming no collector value)
Random year Silver Eagles spot + $2.50
90% Silver US coins (junk silver) Spot +$1.25
100 oz silver bar - spot
Random year Canadian Gold Maple Leaf - Spot +$10.00
https://sdbullion.com/sell
Random year Silver Eagles spot + $2.50
90% Silver US coins (junk silver) Spot +$1.25
100 oz silver bar - spot
Random year Canadian Gold Maple Leaf - Spot +$10.00
https://sdbullion.com/sell
DH has sold some of my departed father's silver coins and proof sets at gun shows, along with some of the display frames and cases. I researched them on eBay to decide on a price that would sell them fairly easily, with an eye to the current melt value. He liked having the shiny things on his table as they attracted extra attention.
Car-Guy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Yep, that's about what I got ~2 years ago when Silver "jumped" in the summer of 2020. I had ~35 rolls of SE from 1986 thru 2020 plus some singles... Some had numismatic value (ex 1995) so I got a good bit more for those. Made a nice chunk of change on that deal.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Not everyone would agree with this assessment.
I would agree that keeping a "coin collection" for numismatic value is probably only a hobby that just might pay off but probably won't. But allocating a small portion of your AA to PMs may be valuable in the long run (it may not.) But having some junk silver or a few bars of silver and maybe a few gold coins is the sort of thing that some of us view as a back-up within our plan. It's clearly not for everyone. It should be because your plan calls for that type of back up to make you feel comfortable. YMMV
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
This is kinda my philosophy as well. If anyone wants to scream (okay, whisper behind my back
) that Koolau is delusional and needs a "crutch" (made of a bag of old beat-up coins) to feel good about his stash - so be it. I plead guilty. I'm not ashamed, either. Both my mom and dad went hungry during the depression. My dad literally bummed around the country in an effort to feed his mom and sisters. SO, stuff can happen to upset your world. A bit of insurance - paranoid as it sounds to some - doesn't hurt anyone very much. And, hey! If it pays off, there will be a lot of folks wishing they'd done the same. I'm praying I'll die with my bag unused and unneeded. THEN my heirs can have fun going to the coin shop and cashing in. They'll drink to ol' Koolau. "Here's to that paranoid Koolau. Drinks are on him today."
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
...what to expect.
EastWest Gal
Thinks s/he gets paid by the post
SunGuy
Recycles dryer sheets
I buy a little bit of silver every few months, no more than a couple oz. There's coin shops and jewelry places all over that you can find to buy coins.
Just look up the spot price and don't get ripped off.
Just look up the spot price and don't get ripped off.
In about 1965 my mom got me started collecting coins, I was about 10. By the time I was 16 I was done collecting. I have dragged a 20 pound box of coins though 2 apartments and 5 houses, It has been in a closet now for 29 years and I have not looked at it. I kind of dread having to go through hundreds of coins trying to find which ones have value. All are after 1900, except for a few silver dollars. I also have 60 lbs of pre 1964 pennies, it's not getting any heavier, but it getting harder and harder for me to lift.
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The pennies really are clutter; no value in a zombie apocalypse. In my decluttering plans, I was going to get rid of my pennies by dumping them out in an unorganized pile and say "unsearched kid's wheat/indian collection" and give a number of grams weight (eBay auction). I'd probably get 3x what they'd get when they cleaned out my junk (if they even bothered to go to coinstar).
Coin me confused?
Why would anyone sell these things? Why not just hang on to them and pass them to next of kin? I get it if you don't have any children, nieces, nephews etc... but isn't the point of hoarding precious metals to pass them along with the family jewels to avoid taxes and what not. It's a great store of family wealth.
Why would anyone sell these things? Why not just hang on to them and pass them to next of kin? I get it if you don't have any children, nieces, nephews etc... but isn't the point of hoarding precious metals to pass them along with the family jewels to avoid taxes and what not. It's a great store of family wealth.
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^ I'm not sure we're talking any magnitude of wealth here. It is more like dad's abandoned hobby that never got cleaned up. I'm pretty sure in my case it would be a wash, financially, to my heirs if I sell the collection or let them sell it. But not a wash on the convenience front...I already know about the collection and how to get the most money for it... they'd be coming in cold, and probably would rather not be going through dad's old junk.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Like eating an elephant. You eat one bite at a time. Go through a few each time you get a change. Who know, you just might have a fortune hiding in there someplace.
ncbill
Thinks s/he gets paid by the post
Dad always mentioned his coin collection.
When his widow gave it to me it turned out to be heavily circulated silver dimes in one of those brown cardboard holders.
Most all have fallen out into the box that held the folder so I have to go through them all one-by-one & see if specific dates are worth anything.
I suspect all will be worth only their melt value, so I'll probably just keep them for sentimental value.
When his widow gave it to me it turned out to be heavily circulated silver dimes in one of those brown cardboard holders.
Most all have fallen out into the box that held the folder so I have to go through them all one-by-one & see if specific dates are worth anything.
I suspect all will be worth only their melt value, so I'll probably just keep them for sentimental value.
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Jeb-NY
Recycles dryer sheets
I put my collection through a coin auction. They sorted what would bring more than face value plus their commission and gave me back what wasn't worth selling. Been about 10 years now so I don't remember what I got but it was more than melt value overall at the time after commission. By the way wheat pennes brought more than face plus commission and were worth selling. Now I have my Dad's collection to do something with and I move 700 miles from the auction house.
Car-Guy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
If it's a Mercury dime collection, look for the 1916 D. It's the key coin in the collection. It's worth several $100's even well worn. And a couple of $1000's in much better condition. Many $1000's in mint state. Very few other Mercury dimes in heavily circulated condition have much value above melt.
If it a Roosevelt dime collection then there are none of any real value above above melt and even those need to be 1964 and earlier. After 1964 they are worth a dime.
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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
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
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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
Then, you have (very roughly,) $500 face value of coins (27/55) X $1000. Current sell price of junk silver is in the range of maybe $20+ for every dollar of face value. That would come out to roughly $10K+. Obviously, a dealer buys coins at less than s/he sells them, so expect to get maybe $1 or $2 less per dollar of face value. For $500 face value of coins, it's probably worth checking around (local coin shops) but also the big on-line dealers.
If you've had them this long. What's the hurry of getting rid of them? Silver prices are rather volatile right now. You might consider hanging on for the next jump in price (heh, heh, or hold on even longer when prices fall the next time.) IOW YMMV!
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