Newly Inherited Collection – What first?

[BaronKeck-migration]

 

 

First, let me thank anyone who reads this for their time. I have already found your sticky on this topic and I am sure it will help. I came here because I frequent the Comics section and I feel very comfortable with the members of those boards.

 

Anyway, I now have what seems to be a very large collection. Only a few coins were singled out and identified. Everything else has been dumped into like-bags with a simple count and description. (example - 650 Buffalo Nickels).

 

I would guess that it would take someone months to identify and grade them all. What I would like to know is where best to start? Do I go through the silver Morgans or the silly amount of buffalo nickels?

 

Basic Inventory

 

Every type and variation of US coin I have ever heard of or seen from Pennies to Dollars.

 

U.S. Coins that I know are Silver

 

U.S. Coins that I know are Gold

 

Foreign coins from all over. Some I believe are silver.

 

Bills / Notes – US and Foreign

 

Ancient coins of unknown origin

 

 

 

Thanks again

[pendragon1998]

Try my article first:

What You Need To Know: Inherited Coin Collections

[cpm9ball]

Welcome to the neighborhood, BK!

 

If you've already read the WYNTK, then I can only stress how important it is not to clean any coins and make sure that they are stored in PVC-free holders.

 

It sounds like you've got quite a task ahead of you being that so many of the coins are batched together. Are they separated by type like the Buffs you mentioned?

If so, you might want to separate them further by those with the date/mm readable and those without. You might want to put any of the silver coins which have the date/mm worn completely away all into one group (dimes, quarters, halves & dollars) for melt value. If the gold coins are not already stored in individual holders (2x2's, flips, airtites, etc.), you might want to buy some sort of holders to protect them individually. The same goes for the Morgan $'s.

 

There are many very knowledgeable people, here, who will be glad to offer their advice. Listen to them! Don't be afraid to ask questions. If you can post photos of those coins for which you have specific questions, it would help. If you do post photos, make sure that the size is not too small or too big. 450x450 is okay, 600x600 is better, 800x800 is good for viewing smaller details, but anything larger than 900x900 is overkill.

 

It might be a good idea to invest in a book or two. If that isn't feasible, maybe you can find some in your local library. One like the Red Book is helpful, but I should stress that you should not put much stock in the pricing. It is only a guide. Although you won't become a grading wizard overnight, you may also want to get the ANA Grading Standards just to give you a general idea of how coins should look in varying states of condition.

 

If you have a coin club in your area, you might be able to get help from some of the members. It makes a big difference viewing a coin in-hand as opposed to seeing photos.

 

Good luck and let us know if you find a 1933 St. Gaudens.

 

Chris

[James_OldeTowne]

First of all, Welcome to our friendly little neighborhood!

 

The question I would ask up front is whether you want to sell or continue the collection. If you want to sell it, naturally you'll need multiple appraisals. If you choose to continue the collection, it sounds so eclectic at this point that I think you'll need to decide where you want to focus your energies, and that will then determine what avenue to take selling of the coins you don't want to collect.

[MarkFeld]

Welcome.

 

It sounds like more of an accumulation than a collection. It is my guess is that if someone went to the trouble to identify only a small number of items and placed the rest in bags, the former are the ones that you might consider focusing on first. Also, as a starting point, I'd suggest you get a copy of the "Red Book" as a good general guide about coin types and values.

[ctrl-migration]

I have done the exact same thing recently. It might take some time, but organizing and looking carefully at every coin makes a huge difference if you're tasked with selling some of the collection. If you have the time and desire (it took me months), you can greatly increase what you make if you have to sell by doing this.

 

Your categories that you have listed are a good starting point. If you were needing to sell, you should break most of those categories down into further refinements such as common/junk silver, silver with more-than-bullion value, breaking down certain type series by dates, etc. (For example, if you have bags and bags of wheat cents, after separating the nicer or rarer examples, breaking them down into 1909-1919/1920-1929/1930- will usually earn more if you sell them bulk than lumping them all together.)

 

And of course, don't be afraid to ask questions about multiple or single coins. Most people around here are very helpful.

[PCcoins]

I'd suggest separating into uncirculated and circulated groups. Then purchase a photo-grade book to help you with grading. Then take pics and post them here for opinions. Sounds like a great Inheritance! Hope you have fun with your collecting!

[MTHead-migration]

Foreign coins from all over. Some I believe are silver.

 

Hi

 

Before you start on these a trip to your library is in order.

 

If they have them borrow copies of the Krause Standard Catalog of World Coins rather than buying them.

Each is several inches thick and retail for $50+.

 

SCWC's are by century. You'll probably need a 20th (1901 - 2000) and maybe a 19th (1801 - 1900) Century for what you have.

 

Take you time, enjoy the experience and good luck! (thumbs u

[MarkFeld]

If there is a trustworthy dealer or friend in your area, they might be able to save you all sorts of time by taking a quick look for you.

 

Again, with quantities like have been mentioned and stored in bags, my guess that the value is quite low. I know I might be thought of as a kill-joy, but I'm simply going by the strong odds here.

[BaronKeck-migration]

Here is a little more on the situation

 

It is not a single collection, but multiple collections that have been mixed up. My mother-in-law inherited them from her mother who was an investor in all things. Her mother had better-than-average knowledge of coins and purchased the collections from various estate sales, etc. At one time all or most of these coins were properly packaged/stored, identified and many were appraised.

 

My mother-in-law, for some odd reason (her mind was going) thought it best to open everything up and throw everything in bags. The coins still packaged are just the ones she didn't get to.

 

 

Supposedly, the collection is worth a lot more than I care to have stored in plastic bags any lying about in my office. My guess is that the bulk of the value probably only makes for a small fraction of the collection.

 

My only plan and priority right now is to cherry-pick the most valuable coins so I can properly store and secure them.

 

I have no thoughts either way about selling them. However, I really like the look of the ancient coins and I have a feeling they will be kept. I also always wanted a collection of war-time coins and I am sure I can pull that from the mess.

 

[kryptonitecomics]

This would be a great opportunity to pick up a 2008 Redbook and just go to town identifing the rarere US coins. Grade isn't as important right now....just separating out the better dates and then you can get someone local to help give you a crash course in grading. The ancients will be much more tricky to attribute....and you will need a separate guide for that process...

[cpm9ball]

I'd suggest separating into uncirculated and circulated groups. Then purchase a photo-grade book to help you with grading. Then take pics and post them here for opinions. Sounds like a great Inheritance! Hope you have fun with your collecting!

 

The only drawback to Photograde is that it does not have typical photos of all levels of grade where the ANA Grading Standards does. I have both books, and I prefer the ANA book. That's just my opinion, and that plus 50c still won't get you a telephone call from a phone booth.

 

Chris

[cpm9ball]

If there is a trustworthy dealer or friend in your area, they might be able to save you all sorts of time by taking a quick look for you.

 

Again, with quantities like have been mentioned and stored in bags, my guess that the value is quite low. I know I might be thought of as a kill-joy, but I'm simply going by the strong odds here.

 

Noted! Shall we now call you Mark "Melt Value" Feld?

 

Chris

[cpm9ball]

Here is a little more on the situation

 

It is not a single collection, but multiple collections that have been mixed up. My mother-in-law inherited them from her mother who was an investor in all things. Her mother had better-than-average knowledge of coins and purchased the collections from various estate sales, etc. At one time all or most of these coins were properly packaged/stored, identified and many were appraised.

 

My mother-in-law, for some odd reason (her mind was going) thought it best to open everything up and throw everything in bags. The coins still packaged are just the ones she didn't get to.

 

 

Supposedly, the collection is worth a lot more than I care to have stored in plastic bags any lying about in my office. My guess is that the bulk of the value probably only makes for a small fraction of the collection.

 

My only plan and priority right now is to cherry-pick the most valuable coins so I can properly store and secure them.

 

I have no thoughts either way about selling them. However, I really like the look of the ancient coins and I have a feeling they will be kept. I also always wanted a collection of war-time coins and I am sure I can pull that from the mess.

 

It sounds like it will be a fun endeavor. One thing is for sure. Estate sales 50 years ago were much different from estate sales today. Now, anything bigger than an outhouse qualifies as an estate sale.

 

Chris

[WinstonWare]

We'd love to see some pics if you have any...

[JKK]

I've been through this. Here is what helped me.

 

First, I'd grab a copy of Coin Values off the newsstand. That will tell you the minimum grade a coin has to have to carry a numismatic premium, and the minimum value of one that does. For example: you have a sack of Buffs. (Wish I did...wanna sell some?) Anyway, my copy tells me that there is no such thing as a Buff in G-4 or better condition that's worth less than $1.50, and most are worth more than that. It also tells me that there's a significant premium if any Buff can grade EF-40 or better. That's good information, and the magazine has it for every coin. Just look at the tables and see where the value goes up by a greater percentage.

 

Next, I'd get a copy of The Official ANA Grading Standards for U.S. Coins. The advantage there is that each grade of each coin is fully described. That helps in sorting, because let's take the Buff example again. You have 650 nickels to evaluate. To ring the bell for EF-40, you have to be able to see the horn and the end of the tail on the reverse. They need not be sharp but they need to be visible. Now, those are not all the standards for EF-40, but they are ones that are easy to evaluate at a glance. I'd then start looking at the nickels according to the pic in the book (so you can see what is meant by the words), and sifting out any that might be EF-40 or better. Those you can single out for a full evaluation. Everything else can wait.

 

The advantage of this method is that you'll quickly find a criterion that will help you decide what is worth holdering and what can wait until later. This is true for each type of coin. (For example, in Indian head pennies, I want to see the full word LIBERTY on the headband.) You will also become pretty knowledgeable at grading coins doing it this way.

 

If it were me I would start with the lowest denomination, oldest type first, and work upward. If you just start with the Morgans and gold you'll run out of steam by the time you hit the dimes. If you start at the bottom you are likely to finish, spurred by the eagerness to see just what glories lie at the next level up.

 

One strong suggestion: keep an eye out for uncirculated or nearly uncirculated coins. When my wife arrived with our share of her dad's collection, I was stunned to find some of those unprotected. For gods' sake don't mess those up, obviously. A fingermark is a tragedy on full mint luster.

 

Good luck and welcome. I hope you'll make a hobby of it. It's fascinating and rewarding.

[CarlWohlforth]

It is always fun for me, and probably others here in this forum and lurkers, to imagine what we would do if a large accumulation of coins fell into our laps. Since most of us already have decided we want to spend lots of time with coins we assume you do too. So hence the advice to buy books, study and so on.

 

Since you have already read pendragon1998's excellent post on the subject you are off to a great start!

 

These days precious metals are valuable and in my opinion they will increase in value in future years. Silver and gold coins are at least worth what you could sell the metal content for if melted. They are easy to put a minimum value on.

 

Any PCGS or NGC coins have potential. Be careful of the bagged coins. If someone put a high quality coin into a bag it could turn into a much lower value coin in short order.

 

If you only buy one book buy the Redbook.

 

If you live in or near San Jose, CA PM me and I'll give you a quick assesment and take some photos for the gang here.

[EZ_E]

First thing: Using the Red Book as a reference, separate any better date coins like the 1923 S Buffalo. Then, get some cheap Whitman Buffalo albums and try to fill up two or three of them with the coins you have. This should be a fun, learning experience for you.

 

And DO NOT CLEAN A SINGLE COIN!

[BaronKeck-migration]

Thanks to all for the help.

 

My uncle ran a coin/stamp shop when I was a kid. I was a stamp collector so that is what we spent our time talking about when I paid him a visit. However, I did pick up on a few things from being in his shop. The main thing that stuck was “don't clean the coin!”.

 

Being a collector of other items like comics, I too dream of finding that hidden stash that puts the collector community in envy. That great find that lets you take an early retirement! Luckily, I have already been through enough situations like this one to know not to quit my day job just yet.

 

So...

 

I picked up a Red Book and spent my first night just going over everything. There were some bags I still hadn't opened, but I still don't see what justifies what they claimed it is worth. The wife is a tad upset that I think my in laws were a tad overoptimistic.

 

The Bad News – 95% of it is low grade (from my limited experience), heavily worn and...gasp...”pre cleaned”. I don't know the term you guys use, but I would call them “fillers”. Stuff to plug an empty hole in your collection till you can get better.

 

The Good News – There is a ton of it. Good thing I am wearing gloves because after sorting a few bags silver quarters, my hands would probably look like a slot machine repairman's

 

Other Good – There is a bag of odds and ends like commemoratives, advertisements, travel tokens, etc. I got a good laugh out of some of it and you just can put a price tag on that.

 

 

Ill post some pics and updates after I get things sorted out. I have already found a couple of items I would like opinions on.

 

Thanks again

[WinstonWare]

 

Ill post some pics and updates after I get things sorted out. I have already found a couple of items I would like opinions on.

 

Cool thanks. I look forward to it (thumbs u

[James_OldeTowne]

Other Good – There is a bag of odds and ends like commemoratives, advertisements, travel tokens, etc. I got a good laugh out of some of it and you just can put a price tag on that.

Don't underestimate what could be in that bag. I once bought a big pile of junk, and there was a baggie with a bunch of tax tokens and other laughable items - until I got to the two nice Fugio coppers.... then I stopped laughing!

 

I'm in St. Louis, and if you are near the area, I'd gladly help you appraise the collection for no charge. There are numerous other folks on the boards who would do the same. Friends are easily your most valuable asset in this hobby!

[Bruceswar]

Other Good – There is a bag of odds and ends like commemoratives, advertisements, travel tokens, etc. I got a good laugh out of some of it and you just can put a price tag on that.

Don't underestimate what could be in that bag. I once bought a big pile of junk, and there was a baggie with a bunch of tax tokens and other laughable items - until I got to the two nice Fugio coppers.... then I stopped laughing!

 

I'm in St. Louis, and if you are near the area, I'd gladly help you appraise the collection for no charge. There are numerous other folks on the boards who would do the same. Friends are easily your most valuable asset in this hobby!

 

First off Welcome! There are many here that are willing to help! Have fun going thru it all!

[Oldtrader3]

Baron Keck, welcome to the boards. I would sort by denomination, date, estimated grade and then sort keys or high grade coins. You may want, at that point, to pay a dealer to help you finally sort and appraise the total collection. If you know a dealer that you trust, this could be cheap insurance against being taken later on by a dealer with no ethics.

[ctrl-migration]

You could always make a big pile and dive into it...