How to Sell an Estate Coin Collection & Keep Your Sanity
If you ’ ve been named as an executor of an estate, you are no doubt feeling overwhelmed with the province of determining what is valuable and what is merely sentimental. As the estate executor you are credibly dealing with trying to value and liquidate substantial estate, a home and its contents, jewelry, IRAs, investment accounts and more. It ’ second not uncommon to come across a coin collection when evaluating an estate ; particularly the estate of person who lived through the Depression Era. It was quite common during that era for people to save big amounts of U.S. silver dimes, quarters, half dollars and silver dollars for their own personal collections. While by no means rare, these coins are valuable today because of their 90 % silver medal contented, as U.S. coinage is nobelium longer comprised of silver. Coin collect was besides a popular hobby among “ The Greatest generation, ” so it ’ s not uncommon to find rare and numismatic coins in an erstwhile mint solicitation. In summation, many estate collections besides include amber, silver and platinum bullion coins. The value of bullion coins is derived from the underlying metal contented as opposed to any collectible or numismatic prize.
needle to say, being responsible for the sale and extermination of an estate coin collection, whether large or little, can seem like a very daunting job — particularly if you ’ re unfamiliar with the battlefield of numismatics. You no doubt have many questions swimming through your head : How long will it take to sort and inventory the coins ? How will I know which coins are valuable ? How can I avoid being taken advantage of when I sell the collection ? How do I find a reputable coin dealer ? We know that a coin collection is just a modest separate of the estate of the realm elimination you are creditworthy for. however, it is worth your time to do a bit of research, learn about the coins in the solicitation and have a roughly mind of the values to make sure you obtain the best price for the collection. We hope this article will answer most of your questions and provide you with the information that you need to sell an estate of the realm mint collection in the easiest and most profitable manner possible .
There are many factors that determine a coin ’ mho worth, and, unless you are an experience coin collector or professional numismatist yourself, you may not be conversant with these factors. Two coins that on the coat may appear to be precisely the lapp to a casual perceiver may have vastly different values when evaluated by an technical. Sometimes a minor dispute, such as the year, where the coin was produced and/or condition of a mint can mean the difference of hundreds of dollars .
Step One – Assess and Organize
Yes, you could precisely bring the hale voltaic pile ( or box, or cup of tea ) of disorderly coins to a mint trader and have them go through the coins and request an estimate. however, to avoid wasting your and the dealer ’ mho time, it helps to know if you ’ ra dealing with a coin solicitation from a serious collector, coins that were purchased primarily for investment purposes, or both. It ’ mho rare to find rare and valuable coins stored in mint tubes, bags, jars or boxes. typically, more valuable or rare coins are somehow denote or separated from common date coins. This may be in the human body of a mint album, individual cardboard coin holders or certifiable coins from a reputable third-party rate service. professionally graded or certified coins are sealed in unvoiced acrylic cases and assigned a letter and issue grade. It ’ s worthwhile to undertake the process of cautiously going through the entire collection to determine the type of collection you ’ ve been tasked with and which wall socket may be best to liquidate your collection. It ’ s important to remember to not clean your coins. This is a coarse error many non-collectors make when they inherit coins but cleaning a coin will permanently alter its coat and decrease its value. Regardless of the type of mint ( bullion, collectible, or numismatic ), you will always get more money when you sell coins that are unaltered .
How to Organize Your Coins
Organize the collection into alike coins, sets and wallpaper currency, such as United States coins and alien coins. generally, this is done by denomination and character of coin. then, for case, assemble all the informal dimes together, all the free quarters together, all the free dollars together, all the validation or mint sets together, etc. once you ’ ve separated the coins by denomination, far organize the coins by type for each denomination coin. For exemplar, for a collection of silver dollars, separate them into smaller groups of Trade silver dollars, Morgan silver medal dollars and Peace ash grey coins. Consider besides grouping together bullion ( gold, silver, platinum and palladium coins, bars and rounds ). Foreign coins composed of cherished metals should be separated from U.S. coins. Identify and organize any paper currency. Coins that are already housed in cases or albums should be left intact, as some of these coins may be lower coinage or samara date coins ; making it easier for your mint dealer to identify and individually price these coins. To keep the coins safe as you sort them, you can use plastic coin tubes for bombastic amounts of coins of the same denomination, coin folders or albums for organizing a prevail of consecutive date coins. Use individual coin holders for rare or valuable coins or a coin repositing box to keep them dependable. While 2×2 holders can help to keep your more valuable coins well preserved, be careful when using mylar coin flips. They can cause hairline scratches on the airfoil of your coins, which can reduce the coin ’ s value. It ’ south besides authoritative that the mint flips you ’ re using are made of inert materials as opposed to PVC, which can break down over clock time and cling to your coins. Coin tubes, 2×2 holders, coin albums, and other coin collecting supplies can be found at Amazon.com or at your local hobby store .
Step 2 – Evaluate the Collection
Before you contact a coin dealer for a quote, you ’ ll want to obtain a mint resource usher to give you an approximate estimate of what each mint is worth and which coins are particularly valuable. “ The Official Blue Book : A Handbook of U.S. Coins, ” is a popular resource and is wide used by mint dealers to help determine wholesale price on most U.S. coins. Another good resource is the “ Blue Sheet ” from Coin Dealer Newsletter. Expect to receive offers at a fair discount from these price guides. Wikipedia.com may besides be helpful to obtain the coinage of many of the U.S. minted coins in your collection. Our “ Rare Coin Guide ” is besides a full resource to identify lower mintage and potentially more valuable coins. last, our web log includes some valuable resources and helpful hints. While not set in stone, typically coins with mintages of one million or less have some collectible or numismatic rate. One quick note regarding price guides ; they provide a snapshot in time of estimated prices and may or may not accurately reflect the stream demand and value of your coins. next, using your price guides, go through each group of coins and identify any rare or potentially valuable coins. Once you ’ ve separated the more valuable coins, obtain an approximate consider, or in the encase of an extremely bombastic collection, the approximate weight of the remaining park date coins. A coin trader will need to know the general size and constitution of your collection to determine both the potential respect and the come of time it will require to evaluate your collection. It ’ second helpful when contacting coin dealers if you can provides some specifics on the coin solicitation. For case, “ I have an estate of the realm collection of about 600 coins which includes 80 buffalo nickels, 200 silver quarters, 300 silver dollars, 5 one ounce gold coins, 5 half ounce gold coins, 5 one snow leopard .999 silver rounds, 2 proofread silver mint sets, 3 commemorative silver dollar sets, and a handful of silver medal coins that I think might be truly valuable. ”
At the appointment, the mint trader will thoroughly evaluate your collection, itemize your coins and currentness and individually price any rare, key date or uncirculated coins. If you have an particularly large collection ( thousands of coins ) or don ’ t have the time or resources available to look up individual coins, consider at least grouping and setting aside the follow coins :
- Pennies minted in 1909 and earlier (including Indian Head pennies, Flying Eagle cents and Large cents)
- Nickels minted in 1938 and earlier (including Buffalo nickels, Liberty nickels and Shield nickels)
- Dimes minted in 1964 & earlier (these are 90% silver coins)
- Quarters minted in 1964 & earlier (these are 90% silver coins)
- Half dollars minted from 1965 – 1970 (these are 40% silver coins)
- Half dollars minted in 1964 & earlier (these are 90% silver coins)
- Silver dollars minted in 1935 & earlier (these are 90% silver and may have rare dates)
- Assembled albums, packages, folders and coin sets
- Any gold, silver, platinum or palladium coins, bars and rounds
- Any certified or professionally graded coins
- Old U.S. large notes, individual bank-issued, state-issued and Confederate bills or paper currency
If you suspect that a mint is particularly rare or valuable, you may want to consider having the coin professionally graded or certified. A coin ’ sulfur mintage and degree are primary factors that determine its prize, and most grade companies will charge you based on the estimated value of the coin. The expense to have coins authenticated, graded and certified ( placed in a sonically sealed plastic case ) is anywhere from $ 25 to $ 60 per coin. This doesn ’ deoxythymidine monophosphate include handling fees and ship and indemnity expenses to and from the third-party grading serve. The extra value derived from coin grade should be weighed against the expenses and the potential increase interest from the party who buys your coins. Keep in mind that most third-party scaling companies, such as PCGS and NGC normally require a subscription or membership, which can run upwards of $ 100. additionally, it may take several weeks to have your coin returned to you, which could add unnecessary time and expense to your job of liquidating the collection .
Step Three – Selling the Estate Collection
There are several ways to go about actually selling your mint collection. The best direction to sell a solicitation will be based on your circumstances and the time frame that you ’ re provided to complete the job. Oftentimes, court orders or pressure from the heirs will require you to liquidate the collection by a certain go steady, so your options may be limited. The most common and profitable ways to sell coins include :
- Selling to a coin dealer
- Using an auction house
- Selling coins online through an auction
Let’s examine each option in more detail…
If you want to sell the collection ampere cursorily as potential, and at competitive rates, your best choice may be to sell your collection to a local coin dealer or coin denounce. As mentioned above, you should expect to receive a fair volunteer proportional to published prices in the “ Blue Sheet ” or “ Blue Book ” for U.S. coins. however, you may want to consider obtaining estimates from two or more coin dealers to make certain you ’ re getting the best deal out there. Be certain to check the mint trader ’ s standing with the Better Business Bureau, their master designations or affiliations, and their online ratings to confirm that you ’ re dealing with a reputable individual or company. If you need to obtain multiple estimates from different dealers, but don ’ t have the time or ability to travel to each principal, consider emailing an itemize spreadsheet to coin dealers to obtain a cosmopolitan quotation. typically, an Excel or Google Sheet document works best. Most dealers will provide price information with the understand that adjustments may need to be made upon physical inspection of the coins. To make such a tilt, group the coins as listed above and then enter the quantity and general stipulate of each mint. For pennies, nickels, dimes, quarters, half dollars, and dollars, you don ’ t need to list every single coin unless you ’ ve identified it as a rare or key date coin. For example, all dimes minted in 1964 and earlier can be grouped together on the list without listing each person go steady. similarly, all quarters minted prior to 1965 can be grouped together, etc. For gold, silver, platinum and palladium coins, list each coin by the mint or producer, type, and the size or denomination, such as one snow leopard, stern ounce, etc ) .
auction houses may be a thoroughly option if you ’ re selling a large collection of rare and valuable coins. typically, auction houses require that the collection be valued at $ 10,000 or more. This choice may allow you to realize slightly higher prices for individual coins preferably than selling the collection to a coin trader. however, keep in mind that your final payout will be reduced after factoring in auction house fees, commissions, which are typically in the 20 % range, and the meter and expense to ship the solicitation to the auction house .
auction sites, such as eBay, are an option available when selling a coin collection. This allows you to expand your electric potential customer base ; however, taking individual pictures of the items and posting them online can be a seasonably summons. additionally, the number, final auction and PayPal fees can reduce the final examination sell price by 15 % or more. You besides need to take into circumstance your responsibility of packing and shipping the items, paying for transport and indemnity expenses, communicating with bidders, and possibly dealing with returns. Whether you are buying or sell, eBay is always a electric potential trap for high fees or questionable coins so make certain to use caution.
Regardless of which method you ultimately choose to sell an estate coin solicitation, do your best to learn about the coins beforehand, including identifying first gear coinage coins and estimating values. Organize the coins by character and year, research reputable dealers or auction houses and consider which is most significant to you ; realizing the highest likely price for the coins ( net income of fees ) or expediting the action, while silent realizing competitive prices. The experts at Atlanta Gold & Coin Buyers can assist you in evaluating and determining the value of your estate of the realm or inherited mint collection. Call us at 404-445-2644 when it ’ randomness time to sell your solicitation to schedule an appointee for a release, no-obligation appraisal, or contact us for a mail-in appraisal .