what do I do with the coin collection I inherited?

Question

My grandpa left his coin collection to me. He started his collection in 1925 all the way through 1990. Most of it is wrapped pennies, categorized by date and mint. There are probably a thousand rolls. There is also a small chest that stayed locked. Inside of it are pennies, nickles and dimes. These are wrapped individually with info written around the edges (that I don't understand) Some of them appear to be ones he wrapped, others appear to have perhaps been purchased already wrapped. For instance, one particular indian head cent dated 1863 sold for a bucket full of money on ebay, when one that seemed just like it sold for much less. How is this determined? I am getting ready to move and want to liquidate this collection as it's getting too hard for me to haul it around. Thank you

Answer 1

I can't say, based on this limited description, if you have anything of great value. It's too bad you don't have the larger coins, especially silver dollars. There are some key rarities amongst the pennies, nickels and dimes of the early 20th century, but pretty much everything after the 1930s is common. The rolled pennies, if each roll is all the exact same date and mint, might get you as much as 15 - 20 cents per coin - possibly more, if you have a whole roll of a really good date, but rolls made up by collectors tend to be 'extras', with their best coins in individual 2x 2 cardboard 'flips', which is what I'm guessing you mean by 'wrapped' - to only face value for anything after 1958. Dimes (up to 1964) and some nickels (1942-45) do have silver content, though, so there's value in even the common dates/mints. I don't know what you have that's older except for the 1863 cent.



In that case, value is dependent on the exact and very specific level of condition. To someone that does not know how to spot the very minor differences that can often mean hundreds of dollars or more in increased value, two coins on eBay may look alike but are nowhere close.



If you don't have the time or interest to teach yourself the ins and outs of coins, as every one of us that knows about coins has had to do, the best thing I can recommend is take the collection to at least three reputable dealers. Get their 'buy' price for the collection, and take the highest one. One dealer may pay a little more for one segment, another might pay more for something different, and if they break it down that way - say, one dealer says 'I'll pay you this much for all the penny rolls' and that's the best offer, and another says "I'll pay you this much for all the individual coins' and that's the best offer - then do that. My experience, though, is that it won't work. They want everything, and their offer for that one segment, if that's all you are going to sell them, may go down. They will pay a little extra for something, knowing they'll make it up on the rest.



I would be willing to give you a buy price but I would need to see everything, just as any dealer would. If I could learn a few more specifics, I could probably give you more detailed information on what to do. If you want to contact me through Yahoo so I can ask you a few questions on some specifics, feel free.

Answer 2

The three main things that determine value on a coin is, how scarce it is, what is its grade (condition) the better it is the more it is worth and how many people collect that series. In order to help and pin down values I would need to see the collection. To help in grading maybe there is a coin club in your area, they would be glad to help you in that. As was stated by another here try at least 3 coin dealers for their offer. Going blind to a coin dealer is not a good idea and to get the most for the collection you need to do some work, it is not a free ride. You can get a retail price guide to at least give you an idea of about, what the coins sell for. If you notice a coin is worth $100 in the low grade of good and a dealer offers you $5, you leave his store. The 1863 cent that sold for a lot was probably in mint state with no wear and mint luster. The ones worn sold for much less. Old coins in high grades are much scarcer than ones that were used in commerce. Coins magazine has a price guide and coin dealers have them also. Starting the collection in 1925 it is very possible you have some rare coins. Best I can do, you need to get a price guide and a grading guide and do some home work to get the most for the collection.

Answer 3

As a collector myself, I think you should either:



A) sell the collection at a local coin shop

B) sell the coins on eBay



I reccomend these because then, your grandfather's numismatic treasures will go into the hands of other collectors, as opposed to a heartless coin-hating corporation that wants to melt them (oh, the horror!).



You could also donate some of the older, rarer ones to a museum.