Where to start valuing coins

[wireless2u-migration]

I was recently given one hundred 1885 Silver Dollars as a gift from a distant relative and know little about determining their worth. I did veiw eBay and saw that there are graded coins but do not know if the cost is worth the additional value. They are suppose to be uncirculated and have been stored loose in a bag, in a box, for 40 years, but I have not actually seen them yet.

 

What would be the first step in determining their current worth? Should I take them to a dealer and ask? Do those that grade coins give volume discounts? How do I know I will get my coins back? If I wanted to sell some is there a better place than eBay?

 

Just wanted to have some information before I started dealing with anyone about protecting, grading or selling the coins.

 

Thanks for any advise,

 

JohnV

[spy88]

John,

 

When you get them, the first thing to do would be to carefully go thru them one by one and separate them according to their mint mark. These Morgans were minted at four different mints.

 

On the back of each coin below the eagle, there will be either a "CC", "O", "S", or nothing. Once you get them in groups of the same mms, value for each coin will be determined by the condition of the coin itself. As you say they are stored "loose in a bag", be careful pulling them out one at a time and handling by the edges only! Some/all may be toned from so long in that bag and this could be good or bad for the value of each depending on the "eye appeal" the toning has taken.

 

Depending on the mint mark and condition, your coins could be worth from $5 to $5000+. If you should happen to find any proofs (no mint mark), could double that! The CC mint mark carries the highest value for circulated of 1885.

 

And although the possibility is extremely rare, they could be trade dollars in which case, they are ALL proofs and worth---well, can you say "rich" without fainting? Get them in hand first and put up pictures here in the coin forum for other members to see.

 

Remember---the key will be in handling when you get them. The less the coins in the bag rub/hit/scrape each other when unloading, the better for you.

 

An extremely rare opportunity for any individual, be they a collector or not, and we all are very envious! Welcome to the world of numismatics and the forums! Hope to see pics as soon as you can post them!

 

David

 

[gmarguli]

1885 is a common date. However, if they have a mint mark on the reverse (below the wreath) they could be worth a lot more.

 

If they are uncircualted, but beat up, expect to get around $15 from a dealer for them. If they are nice, but still a little beat up, then expect around $20 each. Only if they look really nice could you expect more.

 

If you live near a major coin show, take a few and ask some dealers for opinions. See if ANACS (a grading company) is at the show and they will give you a free opinion on a few of the coins.

 

For 100 coins, I think that you can get them graded for around $7 each - so it might not be worth it.

[airplanenut]

Also, whatever you do... DO NOT CLEAN THEM WITH ANYTHING

[topsman]

DO NOT CLEAN THEM WITH ANYTHING

 

DOHHHH!!!! That was my biggest mistake when I was handed down a coin collection from my late grandfather. Wish I could go back to when I was 10 and slap myself in the face! Ended up wrecking a ton of beautiful morgans, peace dollars, franklins, and mercs. I might have trashed their numismatic value, but they still got the history, and they look really great too!

 

^ Trying to hide the sarcasim ^. I know, I know, I'm a idot!

[Oldtrader3]

Get some non-PVC flips or Polypropylene roll holders to put them in. That way, once you have sorted them, you can protect them from further bag mark damage.

[Bruceswar]

I would suggest that if you want to keep them hit free get the 2x2 flips and then get trays... so you stack them without them getting hit...

[topsman]

Don't forget to show us some pictures!!!!!