Selling your collection

[CSdot]

I heard a story the other night about a collector who passed away. The collector had two adult children. One was at sea on a sub for 6 months. When his tour ended, he learned about his father's passing and headed straight home. His brother greeted him upon arrival and explained that he liquidated the assets and gave him $3,000 for his half of the value of the coin collection. The sailor, knowing his father's collection contained a number of Saint Gardens double eagles, was furious. When asked what the Saints sold for, the stateside brother responded that the Dealer paid him $20 for each. You see, the will said the collection was to be distributed in kind 50/50, but the brother thought he was doing the seagoing brother a favor by converting the antiquated currency to usable cash.

 

While this apocryphal story is surely told to play on our fears, it is true that our collection efforts are truly only worth what that final Dealer agrees to pay.

 

Understanding that Dealers (a coin shop, jewelry store, or pawn shop) pay their bills by buying low and selling high (selling coins for a profit), what motivation does a Dealer have for giving a seller a fair price for his coin or collection?

 

(1) reputation;

(2) fear that the party might sell to someone else;

(3) hope that the seller might have more to sell;

(4) immediate need for inventory.

 

Do you think that Dealers, consciously or unconsciously, offer less to Sellers who they view as naive (widows, non-collectors, the dimwitted), or do they treat all Sellers the same?

 

Is there a way to solve this imbalance so that your heirs don't get ripped off when it's time to sell?

[wdrob]

That, to me, is where the registry is an invaluable tool. I have current reports on my computer and I print a copy and put in the safe with the coins.

 

Shouldn't be to hard for my wife to match xxxxxx-xxx to the list and then have a ball park figure that the $10 Gold Indian is not a great deal at $20.00

 

 

[oih82w8]

Ditto. I have an inventory with s/n and trend values printed and placed in the case my collection is in.

 

[MarkFeld]

I heard a story the other night about a collector who passed away. The collector had two adult children. One was at sea on a sub for 6 months. When his tour ended, he learned about his father's passing and headed straight home. His brother greeted him upon arrival and explained that he liquidated the assets and gave him $3,000 for his half of the value of the coin collection. The sailor, knowing his father's collection contained a number of Saint Gardens double eagles, was furious. When asked what the Saints sold for, the stateside brother responded that the Dealer paid him $20 for each. You see, the will said the collection was to be distributed in kind 50/50, but the brother thought he was doing the seagoing brother a favor by converting the antiquated currency to usable cash.

 

While this apocryphal story is surely told to play on our fears, it is true that our collection efforts are truly only worth what that final Dealer agrees to pay.

 

Understanding that Dealers (a coin shop, jewelry store, or pawn shop) pay their bills by buying low and selling high (selling coins for a profit), what motivation does a Dealer have for giving a seller a fair price for his coin or collection?

 

(1) reputation;

(2) fear that the party might sell to someone else;

(3) hope that the seller might have more to sell;

(4) immediate need for inventory.

 

Do you think that Dealers, consciously or unconsciously, offer less to Sellers who they view as naive (widows, non-collectors, the dimwitted), or do they treat all Sellers the same?

 

Is there a way to solve this imbalance so that your heirs don't get ripped off when it's time to sell?

 

I disagree with "..it is true that our collection efforts are truly only worth what that final Dealer agrees to pay."

 

There can certainly be legitimate differences of opinion regarding the value of Saint Gaudens Double Eagles. But I don't think it's reasonable to claim that they were worth only $20 each, just because that's what they were sold for.

 

Many (though certainly not all) dealers base their offers on what they perceive to be the knowledge level of the seller.

 

The best means to address the imbalance you asked about is to arm sellers with information and knowledge such as:

 

What the coins are...

 

Possible avenues for offering/selling them...

 

Contact names, instructions and information regarding individuals and/or companies to consult before and/or for help with selling...

[Matt_dac]

I think as with any transaction it will boil down to the dealer.

 

I would adjust your premise slightly, our collections are only worth what 'someone' will pay. Dealers by the nature of their business will pay less than a collector of course. I want dealers to make money, but you definitely need to have a sense of the market selling prices to protect your hard earned collection value from dealers who offer ridiculously low prices. I've been listing my Mantle baseball card collection on Craigslist for example and some of the offers from supposed dealers has been comical. If I were selling with no idea of the value....

[bsshog40]

This is another reason why I use software to track my collection. Although the price guide used (pcgs), is mostly not realistic, it will give whoever it passes too an idea of what is there and potential value. As long as I update it with every aquisition, it will be a good guide as to the contents of my collection.

[Raisethis2]

Every collector has an economic responsibility to created a managers list or something similar indicating what they paid for an item and when. Record serial numbers on slabs or create you own inventory code for raw coins etc. with a clear explanation of your particular code with a value set in the code.

 

Mine is 4567 6879. The only numbers with meaning are the 3rd and 4th with the blank spot available for coins over $100. I don't own any coins in the thousands of dollars.

 

Your heirs should have all this info available with the coins along with AN ANNUAL update of what every coin is worth on every update.

 

Finally, a trusted Dealer or a good, well attended auction should be recommended for your heirs at which your posessions should be sold OVER TIME. This is the biggest downfall affecting the hobby.

 

If your records indicate that you bought an item @ $25 and it went up a few bucks each year for 40 years it should be worth say $125. If your heirs don't get anywhere near that amount there's a clear problem that they have some time to address if they don't sell everything in bulk.

 

 

[CSdot]

Every collector has an economic responsibility to created a managers list or something similar indicating what they paid for an item and when. Record serial numbers on slabs or create you own inventory code for raw coins etc. with a clear explanation of your particular code with a value set in the code.

 

Mine is 4567 6879. The only numbers with meaning are the 3rd and 4th with the blank spot available for coins over $100. I don't own any coins in the thousands of dollars.

 

Your heirs should have all this info available with the coins along with AN ANNUAL update of what every coin is worth on every update.

 

Finally, a trusted Dealer or a good, well attended auction should be recommended for your heirs at which your posessions should be sold OVER TIME. This is the biggest downfall affecting the hobby.

 

If your records indicate that you bought an item @ $25 and it went up a few bucks each year for 40 years it should be worth say $125. If your heirs don't get anywhere near that amount there's a clear problem that they have some time to address if they don't sell everything in bulk.

 

 

Good advice.

[asdfgh]

I find the sad thing about the original story, is that one son did not know anything about coins or coin collecting. I know you can not make people want to have an interest in your hobby. I do believe you can raise your children to have an understanding of what coin collecting is and about being very careful when selling coins. I go out of my way to talk about collecting with my wife and children, they are probably ignoring me, but some of it sinks in.

[CSdot]

The suggestion to create a managers list or report is a good one, and one that is easily created using the Host's registry software. However, I have one problem I am trying to overcome.

 

When I am generating Reports on the Registry, how can I create a list that will automatically give a total on the last page of the report? When I generate reports now, I get totals at the bottom of each page of the report, but not a total of all coins in the report. For example, my collection contains over 100 coins so my reports are 6 pages long. I don't get a total of all six pages on page six, rather I get six separate totals which is not what I want.

 

Can someone help me figure out how to fix this?

[Crohnos01]

I have 4 adult kids; none of them have an interest in coins. My wife looks over my shoulder as I am examining a SLQ and says "so, I could spend that like a quarter, right?" (yeah.. I shuddered too)

 

As luck would have it, I have a relatively serious chronic disease which there is no cure for. Chances are one of these days I will just not be posting here anymore... One of the things I have done is to contact a buddy of mine who is also a collector and got him to pinky swear he will help my wife with disposal of my collection. He was a friend of hers before he was a friend of mine and we all went through high school together, so there is a bit of a history there to work with. I also have Mark Feld's contact information along with Pinnacle Coins stored in my collection... (Mark knock of this heart attack garbage will you? You are part of my exit strategy dude!)

 

I like the idea of including a copy of the registry stored with the coins.... gotta do that.

[wdrob]

When I am generating Reports on the Registry, how can I create a list that will automatically give a total on the last page of the report? When I generate reports now, I get totals at the bottom of each page of the report, but not a total of all coins in the report. For example, my collection contains over 100 coins so my reports are 6 pages long. I don't get a total of all six pages on page six, rather I get six separate totals which is not what I want.

 

Can someone help me figure out how to fix this?

 

 

I overcome this by downloading the report in xls format instead of the default pdf. I then open it with Open Office, Excell, etc... and the total is there. All I have to do then is remove about 3 colums that I do not use and format the cells for currency.

 

I then can take and choose to print the spreadsheet but print to a html file instead of the printer. You can print to pdf too if that is what you want.

 

An example of a generated html file out of Open Office

 

Located Here

 

 

[CSdot]

When I am generating Reports on the Registry, how can I create a list that will automatically give a total on the last page of the report? When I generate reports now, I get totals at the bottom of each page of the report, but not a total of all coins in the report. For example, my collection contains over 100 coins so my reports are 6 pages long. I don't get a total of all six pages on page six, rather I get six separate totals which is not what I want.

 

Can someone help me figure out how to fix this?

 

 

I overcome this by downloading the report in xls format instead of the default pdf. I then open it with Open Office, Excell, etc... and the total is there. All I have to do then is remove about 3 colums that I do not use and format the cells for currency.

 

I then can take and choose to print the spreadsheet but print to a html file instead of the printer. You can print to pdf too if that is what you want.

 

An example of a generated html file out of Open Office

 

Located Here

 

 

Thanks for the helpful hint. Seems odd that they would create their software with such an obvious flaw. Maybe their software designer left the job undone when he landed the bid for the Obamacare website a few years back? Ha, ha!!!

[jpcienkus]

I created a spreadsheet in excel that lists the coins, TPG registration number, the date I bought it, price I paid and from who I purchased the coin. If the coin is raw, the same info is input into the spreadsheet less the TPG registration.

 

I'm confidant my heirs will use this spreadsheet and the price guides to get fair market value for my collection.

 

Secretly, I hope they view the coins and decide to keep most of them because they think they're cool.

[cmorg-migration]

When I am generating Reports on the Registry, how can I create a list that will automatically give a total on the last page of the report? When I generate reports now, I get totals at the bottom of each page of the report, but not a total of all coins in the report. For example, my collection contains over 100 coins so my reports are 6 pages long. I don't get a total of all six pages on page six, rather I get six separate totals which is not what I want.

 

Can someone help me figure out how to fix this?

 

 

I overcome this by downloading the report in xls format instead of the default pdf. I then open it with Open Office, Excell, etc... and the total is there. All I have to do then is remove about 3 colums that I do not use and format the cells for currency.

 

I then can take and choose to print the spreadsheet but print to a html file instead of the printer. You can print to pdf too if that is what you want.

 

An example of a generated html file out of Open Office

 

Located Here

 

 

This is a great idea! Thank you for sharing the example of how an inventory should look. Mine is still on 3X5 cards. Can a report like this be generated in a program like Excel? Is the Total Value the price listed on the NGC and PCGS websites for each graded coin and is 60% (the 40% deduction) the best valuation for heirs to anticipate and accept when selling?

[cmorg-migration]

I created a spreadsheet in excel that lists the coins, TPG registration number, the date I bought it, price I paid and from who I purchased the coin. If the coin is raw, the same info is input into the spreadsheet less the TPG registration.

 

I'm confidant my heirs will use this spreadsheet and the price guides to get fair market value for my collection.

 

Secretly, I hope they view the coins and decide to keep most of them because they think they're cool.

 

That answers part of my previous question regarding excel. Now to learn the program. I've also kept a list of where purchases were made.

 

I'm with you, hoping some coins will be passed on to eventual grandchildren.

[wdrob]

Is the Total Value the price listed on the NGC and PCGS websites for each graded coin and is 60% (the 40% deduction) the best valuation for heirs to anticipate and accept when selling?

 

Yes it is the price that NGC lists the item at.

 

No, I would imagine it should be a little higher as I hear dealers quite often voicing that they have "Very Slim Profit Margins". That was an example of a "I want to get rid of this stuff fast and I don't want to haggle".

 

At 40% any real dealer should want to jump on that opportunity( in my opinion ) if the coins are movable in any shape, form, or fashion. Esoteric items may be harder to get rid of. But I am not a dealer and do not know what profit margin they really expect from a sale. Maybe a current or former dealer will chime in and fill in that blank for us.

[GoldFinger1969]

I manually input my very small collection (<50 coins, mostly bullion) into Excel.

 

As I increase the numbers, I may want to get into a downloadable program or this registry thing you guys keep referencing.

[bsshog40]

I have found the NGC's price guide is more realistic with market/auction prices. Of course, I don't fall in to the PCGS collectors that think of their slabs and coins as being superior to NGC. I can look at the same coin, grade, and condition in a PCGS and NGC holder and get a better value in an NGC holder because of the PCGS following. Good for me!!!!

[bsshog40]

I manually input my very small collection (<50 coins, mostly bullion) into Excel.

 

As I increase the numbers, I may want to get into a downloadable program or this registry thing you guys keep referencing.

I like the registry as a collection software also but you actually only have records of slabbed coins. A lot of people, I would think, have more raw coins than slabbed. This is where something optional is needed to keep track of this part of your collection.

[wdrob]

I like the registry as a collection software also but you actually only have records of slabbed coins. A lot of people, I would think, have more raw coins than slabbed. This is where something optional is needed to keep track of this part of your collection.

 

Bobby, I was recently under that same assumption until someone here made me aware of the fact that you can enter in your raw coins as well. The one flaw in their coding is that if you want to make them available for others to view you have to list them under the category of 'Want' instead of 'Owned'.

 

But you are able to attache the pictures, place a value on them which will print out in report form, and essentially everything you can do with slabbed coins.

 

Just create a Custom Set.

 

 

[jpcienkus]

I like the registry as a collection software also but you actually only have records of slabbed coins. A lot of people, I would think, have more raw coins than slabbed. This is where something optional is needed to keep track of this part of your collection.

 

Bobby, I was recently under that same assumption until someone here made me aware of the fact that you can enter in your raw coins as well. The one flaw in their coding is that if you want to make them available for others to view you have to list them under the category of 'Want' instead of 'Owned'.

 

But you are able to attache the pictures, place a value on them which will print out in report form, and essentially everything you can do with slabbed coins.

 

Just create a Custom Set.

 

 

Thanks Bill. I forgot about that as I read it in another thread as well. For me, I have individual tabs for each coin series in my spreadsheet. While documenting my purchases, it also serves as a ready reference for the dates/mint marks I already own. I use the NGC registry for coins that I put into my registry sets. I like to collect one or two coins from a series in which I like the coins design, but have no intention of collecting the entire series. The excel works for me.

 

 

[rrantique]

The suggestion to create a managers list or report is a good one, and one that is easily created using the Host's registry software. However, I have one problem I am trying to overcome.

 

When I am generating Reports on the Registry, how can I create a list that will automatically give a total on the last page of the report? When I generate reports now, I get totals at the bottom of each page of the report, but not a total of all coins in the report. For example, my collection contains over 100 coins so my reports are 6 pages long. I don't get a total of all six pages on page six, rather I get six separate totals which is not what I want.

 

Can someone help me figure out how to fix this?

_________________________

 

 

 

 

 

 

 

 

 

 

I thought in MY Collection (collection manager)by our host it gave you the total at the bottom of page. (thumbs u

[bsshog40]

I like the registry as a collection software also but you actually only have records of slabbed coins. A lot of people, I would think, have more raw coins than slabbed. This is where something optional is needed to keep track of this part of your collection.

 

Bobby, I was recently under that same assumption until someone here made me aware of the fact that you can enter in your raw coins as well. The one flaw in their coding is that if you want to make them available for others to view you have to list them under the category of 'Want' instead of 'Owned'.

 

But you are able to attache the pictures, place a value on them which will print out in report form, and essentially everything you can do with slabbed coins.

 

Just create a Custom Set.

 

I did not know that! Thanks!!!

[Mainer020648]

I use Excel to record my transactions. It is very flexible and can generate different reports.

I have a tab labeled Purchases where I enter all the purchase information. I then re-sort the list by denomination.

I then extract information from this list into several other lists according to denomination by themselves. Excel does all the work.

On each denomination list I also enter data I get from the different price guides; Coin World, NGC, PCGS & Numismedia.

I also check for current market prices from different dealers, E-Bay, HA, etc.

Using both the price lists and current market prices indicates a truer value for my heirs to estimate what they should approximately get.

Another feature I use with Excel, my heirs can also determine if they want to just sell some now or later. If the Price List for a particular coin is currently listed at a lower price than I paid for it, the price I paid turns red. If the price I paid is less, the price turns green.

I figure the more information I have for them the easier it will be for them to decide what to do.

 

[Raisethis2]

This is actually a great discussion to have because the things suggested are the most responsible thing we can do for our survivors.

 

To me it's a privilege to be able to spend household funds on what to others in my family is simply a hobby. By taking care of my heirs interests I'm doing everything I can while I have the chance.

 

I never lose sight of the fact that I'm only a caretaker of my posessions and they will one day belong to someone else.

[mailman1959]

I haven't researched any myself, but some charities will take coins as a donation. With an appraisal they would get full value as a write-off.....MAILMAN

[rrantique]

I haven't researched any myself, but some charities will take coins as a donation. With an appraisal they would get full value as a write-off.....MAILMAN

 

Yes that is exactly what the Dupont Collection did as a tax write off. (thumbs u