Needing Help To understand what I have

[Olivia332-migration]

I have so many questions, and not even sure where to begin, so here it goes…..First, I inherited I feel a fairly large coin collection over 20 years ago, which I have done nothing with until now. When given this collection, I was told that maybe someday I could send my children to college, well now that I have two in college and another next fall, I thought I would check into exactly what I had. Having no knowledge of what I had, I went to the bank and took one safe deposit box full of coins to our local dealer. In the 10 minutes or so that I was there, he continued to tell me what a nice collection of coins I had and that if I was willing, he would give 2500.00 for my suitcase of coins. Not knowing what I had and how eager he was to buy them, I chose to bring them home and start my research… I’m not sure when this grading system started with MS series, but my aunt never had a single coin graded, and I’m thinking it would cost me a fortune to have them all graded….so, question 1: Which coins do you pick to have graded?

Here is a list of the first set of coins that I brought to the local coin dealer:

 

Lincoln Cents: 1909 – 1960-D ( 2 complete sets, with a piece of paper in there that states:

1909 – S – VDB – AU

1909 – S – VF

1914 – d – VF

1931 – S – VF

BU From 1934

 

( 3 completed sets) Peace Dollar Set 1921 – 1935 – S

 

Ex of 1 set

1921 – BU

2 – UNC

D – UNC

S – UNC

1923 – UNC

D – UNC

S – UNC

1924 – UNC

S – AU

1925 – BU

S – AU

1926 – AU

D – AU+

S – UNC

1927 – UNC

D – AU

S – AU

1928 – UNC

S – AU

1934 – UNC

D – AU

S – XF

1935 – AU+

S - Au

 

Franklin Haves 1948 – 1963

AU-BU

 

2 Sets of Washington Quarter 1932-1964

(no paper inside J )

 

Morgan Dollars 1878 – 1921

 

No paper, but missing

1903 S

1892 S

1893 O

1893 S

1895 Proof Only

1895 S

 

This is 1/5 of what I have…..and have know idea where to start. Help…..

 

[CHABSENTIA]

First of all you mention that the coins you listed are 1/5 of what you have but that the coin dealer offered you $2500.00 for the whole suitcase of coins which is ridiculously low.

 

On the Morgans you say that you are missing only six. Does this mean that you have every date and mintmark except those six? It would take 2 albums to accumualate each date of 48 apiece or 96 coins. This assumes that you don't have one each of the 1879 variations which are 8 TF 7/8 and 7 anf then there are different reverses. Lets just say you have one of each date which would be a total of 96 and then minus the 6 then this would be 90 Morgans. With Silver over $16.00 an ounce the Morgans if they were worth nothing would have a silver ot melt value of 90 times 16 or $1440.00 for the Morgans alone in Melt Value.

 

Some of the dates depending on the condition are worht a great deal more. A 1878 7/8 in MS62 has a value of $174.00 or more. A 1903 O which you seem to have is worth $300.00 in some grades and even some of the more common ones ar $150.00 in MS65.An 1894 S in just XF is $140.00. Lets say that they only averaged $100.00 each Times the 90 we are talking about $9000.00 for just tje Morgans. You have the 1893 which is a key date. So just for the Morgans the value runs $1440.00 to a conservative $9000.00

 

A coin dealer is not going to give you full value but I would really be concerned if I was only offered $2500.00 when just a portion of the 1/5 has a melt value of $1440.00

 

3 Completed sets of Peace dollars.? What are we talking about here?If there are only 45 for a complete set and you have three than just the melt value of the silver woulde be 135 times 16 so we are talking about $2200.00 here so just the Melt value of the Morgans and Peace Dollars would be $3600.00 if they were completely worthless.This is not the case as you have several of the Peace which you say are UNC. I don't remeber which but somw in the twenties are worth several hundred dollars eac. Cant remember if it is 1927 or 1928.Since tou are talking about 3 complete sets then you are talking over 2000.00 in those dates and this is probably conservative. I don't have my Price sources handy or I could give a more exact figure.

 

I don't remember which condition but the 1909 SVDB Penny is up there also.

 

Haven't even talked about the Franklin halves or the Wshington Quarters but I have seen ads for certain date quarters that are in the 30s for several hundred in a certain condition. This is not my area so I couldn't even begin to be accurate here but I know there is a demand for the earlier dates and good prices.

 

Even if you are not a paid member here you can get Numismedia values for coins up to MS60 if I am not mistaken.

 

This is a Travesty if a Coin Dealer only offered you $2500 for that 1/5 you mneton when just the Melt Value of the Morgans and Peace Dollars are over $3600.00 That means the rest would be free and there were none of any value.

 

 

 

[DC Dawg]

I only have a few moments, but if the grades are accurate, the 1909-S VDB and the 1914-D cents together should be just under $2500. A complete set of Peace Dollars given those grades, should bring in a bit more than $2000. Based on that alone, I am glad that you did not sell the lot for $2500!

 

You need to find a reputable dealer. Send me a PM with your location and maybe I can help you find a dealer who would offer more than that. In fact, if you have that much, maybe you want to contact an auction house!

 

Scott

[CHABSENTIA]

She said she had 3 Complete sets Peace dollars so that would be $6000.00 there and the Pennies another $2500 is just $8500.00 for the Peace and those two pennies.Haven't got into the Washington, Franklin or Morgans.

 

 

 

And she says this is just 1/5 of the lots.

 

Its good that you could recommend a Dealer.

 

The Auction house would be an Alternative but I wouod want to know an approximate value of them all.

 

 

I would think that some would need to be slabbed but probably not all. She would need somebody reputable to tell her which ones. An example would be the 1909 SVDB but not the later peenies etc.

[ibyandsellsmith]

Wow the only thing I'll be left is bills and here you've got enough coins to by a small house.

I would say call an auction house. The stuff you have is worth well over what a small time coin dealer is going to have on hand. There are some key date coins in your collection that alone could be worth more than he offered.

 

Congratulations, and welcome to the forums.

Richard

[Just Bob]

Welcome to the forum, Olivia!

 

 

[jgrinz]

I think I would take Scott up on his offer Olivia. He is a good man and he will look around for certified ANA member to help you. If it is local he may be able to come to you so you don thave to cart that very heavy case around

Good thinking on NOT taking the 'rip off's' offer - you have a substantial collection there and is worth your time to research and get a few peoples opinions before you do anything with it.

It seems like you are not a collector so ENJOY the little nest egg you inherited as I believe you will pleasantly surprised when all is said and done what that EGG will look like.

Welcome to the boards ...

 

Mike