Author Topic: How can I price out a coin collection?  (Read 2888 times)

NestEggChick (formerly PFgal)

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How can I price out a coin collection?
« on: August 26, 2015, 02:35:17 PM »
My grandfather used to collect coins, and after he passed away I ended up with them. If they're anything like his other collections, most of them are worth a small amount and at least a few are worth something more. The problem is, I don't know how to figure out any of their values. I tried looking them up online, but I don't have enough (any) knowledge in this area. I posted on Facebook, but none of my friends know anything about coins either. What do you recommend?

Also, if anyone here has a lot of coin knowledge and is in the Boston area, I'd pay you for your time to check them out.

Frankies Girl

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Re: How can I price out a coin collection?
« Reply #1 on: August 26, 2015, 02:43:44 PM »
Look up your local coin collector club, and contact them regarding assessing your collection. The one in my city runs an annual coin show and will assess coins on site and should be able to tell me if they need more in depth assessment (I also inherited a collection from my father and there's lots of duplicates and none are rare, so I'll be hoping to sell off quite a bit of it).

Credaholic

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Re: How can I price out a coin collection?
« Reply #2 on: August 26, 2015, 02:46:45 PM »
My grandfather used to collect coins, and after he passed away I ended up with them. If they're anything like his other collections, most of them are worth a small amount and at least a few are worth something more. The problem is, I don't know how to figure out any of their values. I tried looking them up online, but I don't have enough (any) knowledge in this area. I posted on Facebook, but none of my friends know anything about coins either. What do you recommend?

Also, if anyone here has a lot of coin knowledge and is in the Boston area, I'd pay you for your time to check them out.

I bought a house and in it found a very small coin collection. I took the box to a local coin/gold buyer and they evaluated it then and there. I didn't sell it, but it gave me an idea of what it was worth and which pieces had a bit more value. And, of course, Google is your friend.

partgypsy

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Re: How can I price out a coin collection?
« Reply #3 on: August 26, 2015, 03:21:38 PM »
I want to add, do not sell to the first coin collector that offers you a price. Though exceedingly unlikely, my mother inherited a coin that she knew was worth a lot (grandfather told her it was a special coin, in the pricing book it just had triple asterix next to it for price). The coin shop she took it to, offered her something like 500-1000 for it, and was disgruntled when she said thanks no thanks. She ended up taking it to a coin show. The first couple people she showed it to, said that they didn't deal in that coin, but to show it to so and so who would be able to buy it. That gentleman was very nice. He explained that if she wanted full price, she needed to sell it at auction, and would get 45-50K for it, depending on interest. Or, he would buy it for 35K. She ended up selling it to him and was quite a bit worried that the check would bounce until it was safely deposited.

Long story short, though it may be unethical and sleazy, there is nothing illegal about offering a really low price for something that is worth a lot more. the first step would be identifying the coins. A coin book may help. Different dates are worth different amounts. The 2nd step is to go onto ebay and see what those coins recently sold for. That will at least give you a ballpark. 

Guses

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Re: How can I price out a coin collection?
« Reply #4 on: August 26, 2015, 03:36:54 PM »
I know it's kinda hard, but, coins usually have a number on them indicating their value. It is a bit tricky since the value is sometimes indicated in cents, and sometimes in dollars.

For instance, if a coin says 5 cents, it means that it is worth 0.05$.

What you have to do is to take a piece of paper and mark down all the value listed on each of the coins. You have to be careful here in that you have to mark how many of each coin you have.

Then, once you have the list all done, you have to add all of the numbers you wrote down. The number should be bigger than any single coin you have! If it is not, you probably missed a step.

Keep at it, and you will succeed!

:)

Frankies Girl

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Re: How can I price out a coin collection?
« Reply #5 on: August 26, 2015, 04:08:10 PM »
I know it's kinda hard, but, coins usually have a number on them indicating their value. It is a bit tricky since the value is sometimes indicated in cents, and sometimes in dollars.

For instance, if a coin says 5 cents, it means that it is worth 0.05$.

What you have to do is to take a piece of paper and mark down all the value listed on each of the coins. You have to be careful here in that you have to mark how many of each coin you have.

Then, once you have the list all done, you have to add all of the numbers you wrote down. The number should be bigger than any single coin you have! If it is not, you probably missed a step.

Keep at it, and you will succeed!

:)

I know you're being factious, but someday if you come across a collection of old coins and naively assume they're only worth face value, you'll make some unscrupulous dealer very, very happy.

:)

I have many $1 coins that are worth in the neighborhood of $30-60 due to the silver content and rarity. And I have nickels and dimes worth much, much more than face value in my own personal collection - one nickel is worth in the $20 range off the top of my head.

Appraising coins can be part of the fun, but it also can be very, very tedious looking up every single coin when you're not that into collecting, and/or there is a large amount of coins to go through.




OP - I forgot to mention - do not clean or polish ANY of the coins in the collection. Have them assessed "as is" and avoid any potential damage to patinas and age-related tarnishing. Coin collectors want this type of aging and can tell when a coin has been cleaned (and it makes them worth MUCH less or even worthless if they've been messed about too much) so don't do anything to remove the surface patina even if it looks bad to your own eye.




Poorman

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Re: How can I price out a coin collection?
« Reply #6 on: August 26, 2015, 06:24:03 PM »
I like reviewing the PCGS price guide for a ballpark figure of value.

http://www.pcgs.com/prices/

Their values are based on "slabbed" coins, meaning they are professionally graded and encased by their company, but it will give you an idea.

Also, I wouldn't go announcing your collection on Facebook or other venues for non-collectors.  It probably won't lead to any good advice and it could make you a target for thieves.  Usually, I won't talk about coin collecting unless it's to somebody that I know is trustworthy.

planman2014

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Re: How can I price out a coin collection?
« Reply #7 on: August 27, 2015, 12:44:51 AM »
My grandfather used to collect coins, and after he passed away I ended up with them. If they're anything like his other collections, most of them are worth a small amount and at least a few are worth something more. The problem is, I don't know how to figure out any of their values. I tried looking them up online, but I don't have enough (any) knowledge in this area. I posted on Facebook, but none of my friends know anything about coins either. What do you recommend?

Also, if anyone here has a lot of coin knowledge and is in the Boston area, I'd pay you for your time to check them out.

Can you give us some more detail on what the composition of this collection is?


NestEggChick (formerly PFgal)

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Re: How can I price out a coin collection?
« Reply #8 on: August 27, 2015, 11:37:32 AM »
Oh wow, you guys are awesome! It never would have occurred to me that cleaning the coins would lower their value! I like the idea of finding a local group of coin collectors... maybe I can find one on meetup.com.

As for the composition of the collection, there were some buffalo nickels and indian head pennies that I sold on ebay. Now I have some very old quarters, dimes, and nickels. A few are getting very worn down. Some look like today's coins but older, others are different. Then there are a bunch of coins from various countries in Europe and Israel. Knowing my grandfather, these could have worth, or they could just be coins that he had in his pocket after a trip, dumped in a jar, and forgot about for 30 years. I'm afraid I could spend months looks up each of these (there are a few dozen) and still have no clue what they're worth.

Guava

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Re: How can I price out a coin collection?
« Reply #9 on: August 28, 2015, 11:45:28 AM »
I have found it much easier to purchase a coin collecting book than search on google for the various coins. I picked one up for a few dollars from a coin collector at a flea market when I was deaing with a collection that is likely similar in age to yours. A good book will have some information about how to grade the coin and a rough estimate of what they are worth. I suspect that several of the dimes, nickels, and quarters were held onto due to the silver content.