• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Archived

This topic is now archived and is closed to further replies.

Inherited Collection

23 posts in this topic

My wife inherited a "coin collection" from her father almost 20 years ago. It consists of a few sets of coins in clear plastic, a number of sets in blue "books" holding 20 coins or so, some of pennies, some of nickels, dimes and quarters. Maybe some of 50 cent pieces. Can't be sure about the latter as it's been a long time since I've looked at the entire collection. There are also a good number of loose coins, most especially pennies. There must be 50 pounds or more of loose pennies, a large portion of which were stored in boxes he kept in the attic.

 

We finally decided to do something with the collection because we are getting old and tired of moving the heavy collection from one spot to the other for various reasons. The best way to reduce the weight is to dispose of the loose pennies first. My wife wants to let our 12 year old grandson wittle the collection down to a reasonable amount/weight (especially the pennies) and reward him by paying him for his time and/or giving him part of the proceeds.

 

My father-in-law was an accountant for an oil company refinery. No college degree and not given to analytical thinking but he was still a pretty sharp guy. I don't think he bought any of the coins he collected as collectors coins except for those in the clear plastic crystals. He collected the rest due to the large number of coins that went throught his hands.

 

Do you think having our grandson sort through the coins is a good idea? Irregardless of who does it, what's the best way to do this task? With the pennies should we first sort by decade and then use the Red Book to determine there value. By the way, does this book tell you how to determine the condition of the coins, i.e., if they or in good, fine or extra fine condition, for example? What would you suggest?

Link to comment
Share on other sites

Are you able to take a couple of rough pictures of the lot and the holders you are referencing? Although we wouldn't be able to grade the coins from rough photos, we could tell you where to look which may depend on what you have to sell. Do not clean or otherwise mishandle the collection (or you will destroy its value). If you have specific questions, feel free to post them here or send me a PM.

Link to comment
Share on other sites

Sounds like a great chance to hang out with the young man and have some fun.

The Red Book is a great tool to learn from. It gives you a rough idea of how to grade. Be careful with each coin. There are several Lincoln cents that bring good money. Have fun with it.

Link to comment
Share on other sites

At this point, we're not really looking for someone to do the job for us, just some tips about how to get organized and, with our grandson's help, come up with a realistic estimate of the coins value.

 

For now, our biggest problem is how to deal with the 50+ pounds of pennies. I'm tempted to put all of them into rolls and take to the bank. I think that the odds of all but a very small fraction of them being worth anything is quite low.

Link to comment
Share on other sites

My first advice would be to separate the wheat pennies if you are looking at all lincoln cents.

 

The ones that aren't wheat cents you are pretty safe to roll and cash in.

 

From there look for key dates in the series that hold value in virtually any condition.

 

For grading check out this link.

 

photo grading link

 

Like previously mentioned I would recommend picking up a Red Book, it will help you identify any key dates or semi-key dates.

 

Very basic information.

 

Good luck and enjoy the time with your grandson. You could give him a penny folder to fill in and maybe he will catch the bug. (thumbs u

 

 

Link to comment
Share on other sites

First thing to do would be go to purchase a "Red Book"

 

See this link for an example of one you can buy on Amazon.

 

And, here is what the book looks like (comes in hardbound as well as spiral...since you are wanting to "whittle the coins down", the spiral may well be the best idea):

 

51Y5vVWHU7L._SL500_AA300_.jpg

 

 

So, have your grandson go through and set aside any special dates. Condition (grade) does come into play, so DO NOT CLEAN the coins.....NO NO NO NO!

For any that look expensive, make sure it isn't just for the higher grades when you are looking at a lower grade. Many wheat pennies are only worth a few cents apiece themselves, while some (1909svdb, 1955DDO, etc) are worth quite a bit, even in low grade.

 

The Red Book can help.

 

Take some pics of coins you think are worth something and/or have questions about, and post here. Folks are helpful.

Link to comment
Share on other sites

First thing to do would be go to purchase a "Red Book"

 

And, here is what the book looks like (comes in hardbound as well as spiral...since you are wanting to "whittle the coins down", the spiral may well be the best idea):

 

So, have your grandson go through and set aside any special dates. Condition (grade) does come into play, so DO NOT CLEAN the coins.....NO NO NO NO!

For any that look expensive, make sure it isn't just for the higher grades when you are looking at a lower grade. Many wheat pennies are only worth a few cents apiece themselves, while some (1909svdb, 1955DDO, etc) are worth quite a bit, even in low grade.

 

The Red Book can help.

 

Take some pics of coins you think are worth something and/or have questions about, and post here. Folks are helpful.

 

I agree.

Link to comment
Share on other sites

At this point, we're not really looking for someone to do the job for us, just some tips about how to get organized and, with our grandson's help, come up with a realistic estimate of the coins value.

 

For now, our biggest problem is how to deal with the 50+ pounds of pennies. I'm tempted to put all of them into rolls and take to the bank. I think that the odds of all but a very small fraction of them being worth anything is quite low.

 

Taking them to the bank may be a bad idea. I think if you go through them sorting them into teens, 20's, 30's etc and look for key dates, you may find some worth quite a bit. I have gone through 50,000 a day before. Once you get used to it and know what to look for you should get the hang of it and it goes quick.

 

Also you could post them on ebay, they will bring a lot more than the bank will give you

Link to comment
Share on other sites

Thanks for the suggestions. The one about cashing in all the pennies that are not wheat pennies is a real time saver. I've ordered the Red Book from Amazon. Should have ordered the spiral bound but didn't know at the time.

 

Couple of questions. Is the photagrade site free of charge? Are all the coins shown either the only ones thought to be in circulation (I didn't see any indian head pennies) or the the only type thought to be of value? Also the photos I looked at were exceptionally clear. However, many of the pennies we have seem to have a black coating of some kind on them. Without removing this buildup, I can't see how we will be able to grade them in terms of wear.

Link to comment
Share on other sites

Thanks for the suggestions. The one about cashing in all the pennies that are not wheat pennies is a real time saver. I've ordered the Red Book from Amazon. Should have ordered the spiral bound but didn't know at the time.

 

Couple of questions. Is the photagrade site free of charge? Are all the coins shown either the only ones thought to be in circulation (I didn't see any indian head pennies) or the the only type thought to be of value? Also the photos I looked at were exceptionally clear. However, many of the pennies we have seem to have a black coating of some kind on them. Without removing this buildup, I can't see how we will be able to grade them in terms of wear.

 

As long as you can identify the date, the grade is really not a major factor in value for Lincoln cents until you get into the uncirculated range or are referring to key and semi-key dates in the series.

 

If you want a quick reference (it's not perfect, but it's a decent start) go here: http://dakotacoin.com/keydates.html Aside from the keys listed on that site, in the Lincoln cent series you should also set aside 1910-S, 1911-S, 1912-S, 1913-S, 1914-S, 1915-S, 1922-D, 1924-D, and decent looking 1926-S's (it's not really a semi-key, but it tends to bring a few dollars for nicer coins, as opposed to a few cents for more common dates in the 30's, 40's, and 50's).

 

As others have previously mentioned...DO NOT CLEAN YOUR COINS! Just felt the need to restate it. If you find any better date Lincolns make sure to set them aside! If you don't have plastic flips (a few dollars from a local coin shop or online) then put each better date in a separate plastic baggie as interim storage.

Link to comment
Share on other sites

Any suggestions as to what type of magnifier to buy? Somewhere (not on this forum), I think I saw a recommendation for one that is 16X. Other than that, the possibilities seem pretty numerous I used to think that when the Red Book said that for a condition of "very fine" for wheat pennies, "there should be no worn spots on the wheat heads", I knew what I was looking at/doing. Now I'm not even sure what the wheat "heads" are, much less if what I am seeing is worn or not.

Link to comment
Share on other sites

Any suggestions as to what type of magnifier to buy? Somewhere (not on this forum), I think I saw a recommendation for one that is 16X. Other than that, the possibilities seem pretty numerous I used to think that when the Red Book said that for a condition of "very fine" for wheat pennies, "there should be no worn spots on the wheat heads", I knew what I was looking at/doing. Now I'm not even sure what the wheat "heads" are, much less if what I am seeing is worn or not.

 

Bausch and Lomb 10x loupe.

 

Here's an example of one on Ebay

 

http://www.ebay.com/itm/10X-BAUSCH-AND-LOMB-TRIPLET-MAGNIFIER-EYE-LOUPE-15-8-MM-NEW-/261063700755?pt=LH_DefaultDomain_0&hash=item3cc89bf113

 

Link to comment
Share on other sites

For general grading and getting a closer look, a 5-6x glass would be fine. The 16x one you are looking at probably looks like it's nice and big, but the optics are pretty bad -- only sharp exactly in the center. Do not buy it.

Link to comment
Share on other sites

Something just occured to me that I had not thought of before with regard to the pennies. Let's say my wife inherited 5000 pennies in the collection. Just a guess. And let say that there are none of the key dates listed above but instead that there are 2000 pennies minted before 1942 which we determine are in very fine condition(assuming a knowledgeable buyer would agree). And let's say that with what what we believe to be @$200($.10 or more per coin according to theRed Book) worth of collectable coins, we go to Ebay or whereever you suggest we could get the best price. What do you think we might be offered for them assuming anyone interested would want to make a reasonable profit? If they offered 6 cents apiece, that would add up to $120.00 (and less through ebay due to the cost of shipping (2000 pennies would be pretty heavy). And that assumes the buyer agreed that they were in very fine condition. I'm wondering if it is worth the effort unless there actually are with some of the key dates you have mentioned. And perhaps that is what you were trying to tell me.

Link to comment
Share on other sites

Bulk, common date wheat cents go for 3-5¢ each. Given an average of ~145 coins per pound, you generally sell by the pound or given a known quantity, can sell as a #. That quantity (2000) would be worth around $80 as bulk, with an average value of $2/roll of 50 coins.

Link to comment
Share on other sites

Just list them on ebay as unsearched wheat pennies. Tell approximately how many there are, and include a photo to show the general condition, and start the auction at face value. Be sure to check out the USPS Flat rate boxes - they're probably the best shipping deal for heavy items. The bidders will compete to get them, and some might even go nuts and bid too high, he he (my evil snicker). Oh ya, make sure you include the estimated shipping cost in your listing and that it will be paid by the buyer. Also, don't make any statements as to the grades or dates included, and tell potential bidders that they are sold as a lot "as-is" and no returns will be accepted due to potential swap-outs. You should be set to get a very reasonable price for these "junk" pennies. Heck, I might even bid on them.

Link to comment
Share on other sites