Author Topic: Getting Rid of Coin Collection  (Read 5502 times)

brian313313

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Getting Rid of Coin Collection
« on: April 09, 2017, 05:42:10 PM »
I have a coin collection from my childhood. It's probably worth about $300 total and it's really just a burden. It's not worth the time to sell on Ebay since there are a lot of low-value coins. I tried selling some a few years back and lost money on shipping. (About 25 cents loss but still less than just spending them)

I took it to a coin show today and spoke with several dealers. None of them were interested. They said my best bet was to spend it and let some kid find the currency in pocket change and be excited. Before going that route, I was thinking of giving it to a charity that may know what to do with it. I did an Internet search and found a few charities but I've never heard of them and am generally not trusting. I know some of them give a very small percentage to charity and take the rest as a management fee. Does anyone here have a recommendation of a way to donate this charitably? Sorry, I'm not sending it to someone on here :).

Thanks.

plog

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Re: Getting Rid of Coin Collection
« Reply #1 on: April 09, 2017, 07:13:11 PM »
There's got to be a coin collecting forum.  I'd post over there and see if anyone would be willing to donate to a charity (possibly in your name) in exchange for your collection.  Perhaps even let them choose the charity.

Either that or send emails to charities and see if they have any volunteers who are also avid coin collectors and would be willing to except your collection and sell it off themselves to maximize the return. 


Heroes821

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Re: Getting Rid of Coin Collection
« Reply #2 on: April 10, 2017, 09:01:00 AM »
I have a family coin collection that's about three generations old and it can be a pain in the ass to haul around.

What is in your coin collection is it simply silver dimes and such from the early 60s? I know about 5 years ago just the silver value alone on coins was decent if you wanted to just get rid of them.

If people at a coin show weren't interested it's probably not that big of a deal to just spend it.  What's the face value? 

Le Barbu

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Re: Getting Rid of Coin Collection
« Reply #3 on: April 10, 2017, 09:04:25 AM »
I am in the same situation, difference is that the collection was build and gave to me from momy.

I decided the statu quo is the best while she lives. After, I will try to find a rookie collector and sell for face value + binders

Do not throw these coins all arround, somebody would be happy with your collection!

Forget the charity, they will have no clue handling that. Give "normal" money to charity, not specialized items.

brian313313

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Re: Getting Rid of Coin Collection
« Reply #4 on: April 10, 2017, 06:24:54 PM »
Thanks everyone. I had some coins from my grandmother but I sent them back to my mom. These are ones I collected. My mother has a lot of space and can give them away now or will them to someone. I may wind up with those back one day :). Most of what I have are old pennies. Worth multiple times face value but most are < $1 value. As far as spending, it's probably about $2-3.

I sent all my foreign currency to UNICEF. They have a program. That was not collectible. Just spare change I was saving from trips to various locations.

checkedoutat39

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Re: Getting Rid of Coin Collection
« Reply #5 on: April 10, 2017, 09:45:30 PM »
Circulated Wheat cents have a market-clearing price of one cent. Might as well just spend them. This includes worn or corroded 1943 steel cents.

If you have what's known as junk silver (common-date, circulated dimes/quarters/halves more recent than the Barber issues, Morgan dollars and Peace dollars), these always have melt value. Some dealer -- not necessarily in coins, maybe a jeweler or antique silverware dealer -- nearby should give you some fraction of melt for them.

I've known coin dealers who will hold auctions monthly or so. Often some of the items will be 20th century coins worth less than a dollar. You might be able to consign them to such an auction. You won't get much, but it's better than face and it will be to a grateful buyer.

Red_Gold

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Re: Getting Rid of Coin Collection
« Reply #6 on: April 10, 2017, 11:57:10 PM »

Do not throw these coins all around, somebody would be happy with your collection!


very happy :)


I sent all my foreign currency to UNICEF. They have a program. That was not collectible. Just spare change I was saving from trips to various locations.

It might not be valuable but it's collectable if there are people who collect it. And there are, myself included.

https://en.numista.com/

JAYSLOL

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Re: Getting Rid of Coin Collection
« Reply #7 on: April 11, 2017, 08:13:27 AM »
Don't spend anything worth more than face value, it will most likely end up at the bank and then get pulled from circulation and destroyed.  Some auction houses will sell coin collections and you only pay commission on the amount above face value.  For old silver coins, call around and find the guy paying the highest price for them (closer you can get to 10x face value the better). 

Smokystache

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Re: Getting Rid of Coin Collection
« Reply #8 on: April 11, 2017, 09:32:25 AM »
I'm not sure if you still go to coin shows or not, but why not take some along and just start handing out 1-3 coins per kid at coin shows. I could be wrong, but if you're just getting started, then a penny worth $1 is pretty cool - especially when someone gives it to you and tells you why it is worth more than face value.

Perhaps light the fire of coin collecting in some kids and you would get the joy/satisfaction of providing that spark. For me, that's worth more than $200-300 face value of the set. 

marion10

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Re: Getting Rid of Coin Collection
« Reply #9 on: April 11, 2017, 09:36:05 AM »
I donated my childhood stamp collection to Boys' Town. Maybe there is a similar organization that will take coin collections?

Car Jack

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Re: Getting Rid of Coin Collection
« Reply #10 on: April 11, 2017, 09:38:25 AM »
Depends what you have, what kind of dealers are near you and if you have enough to make it worthwhile to the big guys.

I have what I consider 3 kinds of coins.

1: Silver dollars like Morgans and Peace Dollars in good condition.  I like them and they always will have scrap value.

2: Other silver like mercury, barber dimes, some older dimes (1800's...don't know what they're called), quarters and silver halfs.  I have bags of them.  If I wanted to sell, I'd look at Apmex for price and either send to them or go to a local wholesaler or maybe first try a local coin dealer.  Know the spot price before going in.  Apmex is a good place to find that as you can always add shipping and send to them.  They require $1000 value minimum (so figure you need at least $100 face value).

3: Random other stuff like war nickles, wheat cents, older than wheat cents.  These are the hard ones because dealers don't want your 15 wheat cents, 4 war nickles and other random stuff.  They'd prefer a roll over steel pennies (have sold a few rolls of these) or $10 face of silver.  My dealer will buy wheat cents (for like 1.5 cents each) if you have rolls.  I had $20 face in rolls and it was easy to sell.  International coins are worth nothing unless they are silver or gold.  My local coin shop has a 1/2 55 gallon drum full of these for 1 cent each with a minimum of 100 bought. 

If coin show dealers said to spend them, then I guess go ahead and spend them.  I used to collect pre 1981 pennies because they're mostly copper and worth more in scrap value than 1 cent each.  But how do you get any more than 1 cent each?  I suppose you could hide them inside copper pipe that you bring to a scrap yard but boy....that's a lot of effort for the work involved and with scrap prices, you might barely get 1.1 cents each by the time you're done.  I had $20 in these copper pennies and dumped them in my credit union coin machine along with the Canadian pennies (they're also copper).  For reference, new pennies are mostly tin.

Most coin collections are worth far less than people think.  Inherited collections sometimes have inventory with values but someone pulled the values from a book and mistakenly thought that uncirculated values were close to their circulated coins.  If it's circulated, it's likely just scrap value.

Heroes821

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Re: Getting Rid of Coin Collection
« Reply #11 on: April 11, 2017, 09:56:04 AM »
I liked your Write up Car Jack.  This thread is definitely lighting some fire under my butt to get back to organizing my coin collection...

I had an idea as a kid that I only needed 1 penny for every person on the planet to be set for life financially. Like any good kid with $$$ in his eyes I hoarded every penny for over a decade.  I have like $100 in pennies and it's heavy and annoying when I move.  I started separating out all pennies earlier than 1983.  1982 was the last copper year.

I still don't know what I'll do with the copper ones, but the rest are going into Vanguard or debt payments once I take them to bank lol.

brian313313

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Re: Getting Rid of Coin Collection
« Reply #12 on: April 11, 2017, 09:58:51 AM »
I went Sunday and didn't see any kids there. Perhaps I went too early on a Sunday though. It will be back in a month.

I did already sell my non-valuable wheat pennies by the roll. I got .02 each for those. Some of the rolls were S mint or 20s but still just $1/roll. It's not really worth the effort to shop around on this. I have some extra wheats + Indian head cents in rough condition. I have some Ike dollars too. I think I can take them to the bank. Coinstar wouldn't take them. I also have some Indian head nickels & earlier + silver dimes & quarters but not much on those. Maybe 10 nickels & 10 silver coins.