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First Post, Question on Proof Sets...

15 posts in this topic

First off, many thanks to all the kind posts, chock filled with great information. The reason for my first post here is that I just inherited a rather large coin collection, the bulk of which is ungraded. All sorts of eagles, double eagles, morgan silver, gsa packaged morgan silvers, US Mint commeratives, foreign gold and many proof sets. As an example, I now have 23 1958 US Mint proof sets. In short, a lot of stuff to go through.

 

My question pertains to the cracking of proof sets for grading certification. I understand it takes a keen eye to try and pick what should be submitted for grading, and what should stay at home. Is it a common practice to break open these sets in hopes of hitting a homerun with one or two of the coins in the set?

 

Opinions are much welcomed, thank you everyone, Craig

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Leave all the coins alone, no cleaning, no cracking, no nothing, until a knowledgeable coin person or business had appraised the collection for value and grade. I highly recommend you get a PAID appraisal from a respected coin dealer for grades and value. The appraisal should be about $50 an hour. If you ask for a free appraisal at a coin shop, you will get a lowball offer. Once you know what you have, then you can begin to separate the value from the junk. Post the city where you live and the forum can recommend a local trustworthy dealer.

 

 

 

TRUTH

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Hi, Craig! Welcome to the boards!

 

I'm afraid I'll have to accede to the hail.gif veterans on your questions. I'm just a hoarder. The problem is that it may take some time for them to get their old bones limbered and the Geritol to take effect. 27_laughing.gif Excluding Truth , that is!

 

Chris

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Craig, Have you got a lot of time on your hands? It would take a lot of it to really help you correctly. But, first do not be in any hurry to do anything. These coins and sets have cost you nothing. Be patient. Secondly, go buy a couple coin books so that you can get an "idea" of at least what you have----whether it is rare or not. Get the dates and mints figured out and check some prices. Are you keeping these coins or selling them? It makes a great deal of difference as to what to do. Thirdly, if you are a novice, you cannot possibly figure out the grading of coins in a couple of days or even weeks. But, you can buy a grading book and check the coins out. You can start to get a feel for it. Handle any coin on its edge----not on its face. For now---do not crack anything out of any holder [mint set or proof set]. Fourthly---sell nothing to a dealer or anybody else until you are sure that you know what you have inherited. Pick some fairly valuable coins [5 or less]----coins the books say are worth a couple hundred or more. Send them to NGC for grading and see how you do. Buy a set of Greysheets off of Ebay and when you get the coins back from NGC you can then tell about what they are worth from the grade that NGC gives each coin. There is so much more to say----ask some more questions. Bob [supertooth]

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Craig, As an example----If you had a greysheet [about 14 bucks off of ebay]----and if you sent 5 of your GSA Morgans to NGC for grading, when they came back you would know that they are mint state 63 or 64 or 65 or whatever. Then, if you checked the values, you could get an idea of what they are worth.

As for a 58 proof sets----you could not tell whether you had a set with low grade proofs in it or one with Cameo Proofs. One set could be worth 25-50 bucks while another could be worth several hundreds. So sit back and do a little learning and take one step at a time.

If you could find an "honest" and knowledgable person that might help. But keep in mind that most charge for their services and they want to buy low and then sell high leaving you with the low price. Do not sell to anyone until you are sure 100%. Bob [supertooth]

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As others have suggested, get some books on coins. The Redbook is a good place to start. The prices listed in it aren't necessarily realistic, but it is a start and will help you separate the common stuff from the rarer stuff.

 

Do NOT take these coins to a dealer until you have an idea of their value. You will get screwed. Flat out screwed.

 

Do NOT expect to hit a home run by cracking proof sets. Professional dealers will have a difficult time doing that. You'll most likely end up with a bunch of slabbed coins that are worth less than the slabbing fees. Slabbing isn't cheap.

 

After you have figured out what coins are the most valuable, only then consider slabbing those.

 

Make a list of what you have. For the common stuff check eBay for current prices. Figure a dealer will offer you 10%-30% less. For the rarer stuff, post the list here and many members will help you out.

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I will send you a set of recent Grey Sheets for free. Just PM me and give me your name and mailing address at work or someplace where I can send them. I do not want your home address. The advice from the others will help keep you from getting ripped off until you know more about what you have. From your description, you could have a number of valuable coins. Just the Eagles and Double-eagles may be worth a great deal of money. However grade is all, where value is concerned. Particularly with gold and Morgans, single grade differences can mean big value changes.

 

Let me know if you want the Grey Sheets.

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Hello and welcome. hi.gif Here are some links that others gave to me. They were a big help as I waited to receive my first books.

 

Grading Morgans

 

James Halperin's grading site

 

grading buffalo's

 

NGC's nograde .

 

The books really are the key. You will have so much fun going through the books with each coin to see what you have. Reading this forum is also a tremendous learning experience. yay.gifyay.gifyay.gif

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Thank you all so very much. I am not doing anything in a hurry, there is so much to deal with, it is slightly overwhelming.

 

Where would I obtain a copy of the ANA Grading book - what is the latest edition?

 

Thanks again everyone for the friendly advice. I own and operate a retail store in Baltimore with my father, if anyone is nearby, perhaps we can set up some time to review some of what I've got.

 

Craig

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Craig,

 

First of all, welcome to our friendly little neighborhood!

 

I have had the pleasure of helping appraise a collection similar to what you are describing. It takes a lot of work and concentration, so if you are not up to speed, I'd encourage you to take it slowly and not crack any proof sets just yet.

 

If any of the coins are in PVC flips, the very first thing you might want to do is to move them to safe-flips, but indicate on each such safe-flip that the coin enclosed may have PVC contamination and require curating later on. PVC contamination is easily the number one problem I've encountered with inherited coins.

 

Search on the internet for more information about PVC. I have a small article here on my website to get you started.

 

If you aren't comfortable with your own numismatic skills, your next step should probably be to get some expert help. I hope you can find someone in your area with the requisite expertise.

 

Good luck! Sounds you are in for a whale of a time with those coins!

 

James

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Craig, I am on the Eastern Shore----St. Michaels to be exact. Be glad to talk to you or help in any way that I can. Been collecting 50 years and although I still consider myself to be learning, I can keep you on the right track. Either drop me a PM here on the boards or send me a message through my handle on Ebay [supertooth]. I help people on Ebay all the time. I do it for the fun and for the good of the coins themselves. I want no money and no coins for the help. Otherwise---just keep asking questions on the boards. As you can see, most all of us are really out to help and we will do our best for you. Bob [supertooth]

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Craig, I am on the Eastern Shore----St. Michaels to be exact. Be glad to talk to you or help in any way that I can. Been collecting 50 years and although I still consider myself to be learning, I can keep you on the right track. Either drop me a PM here on the boards or send me a message through my handle on Ebay [supertooth]. I help people on Ebay all the time. I do it for the fun and for the good of the coins themselves. I want no money and no coins for the help. Otherwise---just keep asking questions on the boards. As you can see, most all of us are really out to help and we will do our best for you. Bob [supertooth]

 

Good for you, Bob! Us Chesapeakeans got to stick together. thumbsup2.gif893applaud-thumb.gif

 

Chris

 

PS. Please send me some soft shell crabs when I get back from Reno on May 8. 27_laughing.gif

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Chris and Craig, Yep, been eating those crabs all my life. Maybe that"s my problem?? I practiced Dentistry----hence the supertooth----for 31 years in this little rural area [not so rural anymore]. Got spare time now and have been putting most of it into coins. Chris----where are you here abouts?

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I've been living in Southwest Florida since 1978, but I'm originally from Rockville, MD. Our family had summer homes in Ocean City and we spent every summer on the Eastern Shore from 1952 until we finally sold the homes in the late 70's.

 

Spending so much time on the peninsula, I got to know many of the old families that dated back to colonial times..............that's why James Michener's Chesapeake has always been one of my favorite books.

 

Chris

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