donating coins...determining value

[RI AL]

After saving out a couple hundred coins for the kids at the high and middle school, I really need to get rid of my years and years of acumulatuion of foreign coins, including pieces that catalog for $5, $10+ as well as a lot of "junk box" material. I found a charity that would be thrilled to have the coins, and I think I will pack them up and ship them out in the hopes that they will benefit someone somewhere. The problem is that I have to determine a value for the collection. I am wondering how to do this without looking in "World Coins" for each piece.

 

Generally speaking, what do "junk box" foreign sell for, for those of you that maintain a junk box at shows. I guess I'll have to flip through to find better stuff but generally speaking, how would one evaluate a collection of about 1000 world coins, mainly from the early to mid 1900's? I want to determine a fair value though they sent me the form and I can determine any value I want. Would prefer to be really colse to actual value.

 

Thanks Alan RI AL

[MunkyMan95]

My local shop sells junk foreign coins for like 6 for a quarter.

 

On eBay, you can buy 'unsearched' lots of foreign coins by the pound. Not sure what the current going rate is per pound, though.

 

I'd either weigh them or count them up and use the rates outlined above to determine a value.

[physics-fan3.14]

I bought a lot on ebay that was about a thousand coins for $125, but it was mostly 70's and 80's stuff. An earlier group will be worth more, probably a lot more.

[World Colonial]

I assume you are asking this question for the value of the tax deduction.

 

If this is correct, then I believe you would be better off using the catalog value because the prices are higher for most cheap material than what they actually sell for especially if they are not in high grades.

 

I'm not sure if the IRS would accept it or not. A catalogue price is form an independent source but of course you would be assigning the grades yourself. The typical procedure for more valuable collections is to get an appraisal, but it would hardly be worh doing that in this case unless it was free.

 

You could also take them to a dealer and they could tell you the price they would buy them from you, but it will be much lower than catalogue.

[jtryka]

I would go with the catalog value myself for tax purposes, as other values can vary widely. Chad's coin shop sells them in the junk box 6 for a quarter, at my local shop they are 5 for $1! Certainly, if you are audited, pointing to a catalog that is recognized as an authority like the Krause catalog, would be helpful in maintaining the deduction.

[bartlesvilleok]

I assume you are asking this question for the value of the tax deduction.

 

If this is correct, then I believe you would be better off using the catalog value because the prices are higher for most cheap material than what they actually sell for especially if they are not in high grades.

 

I'm not sure if the IRS would accept it or not. A catalogue price is form an independent source but of course you would be assigning the grades yourself. The typical procedure for more valuable collections is to get an appraisal, but it would hardly be worh doing that in this case unless it was free.

 

You could also take them to a dealer and they could tell you the price they would buy them from you, but it will be much lower than catalogue.

 

I agree with him. Might search the IRS website and check to see if there is any information on this. If there is no rush then just take your time and help out the taxes. Also depending on the limit and how much you have then you might only want to split up and only send so many coins per year.

[Schatzy]

Hey RI Al,

 

I was going to insert a clipart and seen that NGC made a icon for you!!

 

 

 

 

 

 

 

 

J/K

[gbsten]

As a prior posting mentioned "fair market vale" determines the amount of your deduction. As with any charitable contribution, the charity will provide you with a form of the value of the contribution, and that is what determines your deduction allowance. A properly completed form is rarely challenged by the IRS unless it is absurd. In this instance they do not have the knowledge to provide this value, and are asking for your opinion of the value. Go heavy on the value, as long as it's not silly. It would be impossible for them to contest it as there will not be a detailed breakdown of the coins.

I applaud your generosity to help them, you deserve a high valuation!! People often take advantage of this with junk and damaged vehicles, getting a value two or three times the actual value. Keep in mind your actual tax savings will only be 15% to maybe 28% of the declared value depending on your tax bracket. In other words, put the thumb on the scale a bit!

[RI AL]

Many good points here. I will send in small lots to donate, maybe a hundred dollars worth at a time, and will use catalog value and deduct maybe 25%. There is a lot of work ahead of me on this and fortunately there is no hurry, other than the fact that I want it OUT. Sounds like a good summer project. I was hoping to start a coin club at the schools where I sub (off today) and I have about 12 really interested kids in the foreign stuff I keep bringing in for them and I have saved a bunch for them for next year if I decide to sub again. (Actually it's good getting out of the house and I really like the kids...especially the high schoolers...I think they get a bum wrap...and I felt that way for the 24 years I taught high school in MA before I had to retire (kidney transplant thing)). It's good to see teen types interested in coins! I'll tell, ya' ...the hobby got me through some really tough times growing up. I could tell the story but it'a all past history now.

 

Hope everyone is well. Ri AL

[RI AL]

Hey there, Shatzy! Nice ICON! The only problem...I don't have a beard but everything else matches up pretty well!!

 

RI AL