Newbie confused on coin values 0

[Kimm]

I apologize in advance for the size of the screen shot. I’m hoping someone can help clarify my confusion. I am very new to coins so please don’t be mean if my question seems unreasonable. I signed up to receive emails from Heritage. The photo is a screen shot of a recent auction.  To me, the coins that  sell for so much money seem like any old average coin, especially considering I have a lot of them in my recently inherited collection.  While I somewhat understand the value depends on grading and everything else value it entails, how would a person like me know if any of my coins are as valuable or valuable at all?  What would be the most standout things to look for when going through my collection? I’m still trying to figure out where to start in getting a better grasp on what I’ve inherited. 

[JKK]

If they hammer for stupid money, there's something about them. Either they are rare in that particular grade, or they don't show up very often, or there's some other reason. I can't read the pic so I can't tell specifics, but what people actually pay for a coin is the coin's best value data point.

[JT2]

First thing to do is to get a RED BOOK.  Second is to get a Grading guide.  something like PhotoGrade  or some other grading guide.  There are plenty online with pictures.  Be very carful of the areas that are of most important for that coin.  then have fun looking through the lot.  Sort the ones you think are the best and ask a reputable coin dealer.

[VKurtB]

1 hour ago, Kimm said:

I apologize in advance for the size of the screen shot. I’m hoping someone can help clarify my confusion. I am very new to coins so please don’t be mean if my question seems unreasonable. I signed up to receive emails from Heritage. The photo is a screen shot of a recent auction.  To me, the coins that  sell for so much money seem like any old average coin, especially considering I have a lot of them in my recently inherited collection.  While I somewhat understand the value depends on grading and everything else value it entails, how would a person like me know if any of my coins are as valuable or valuable at all?  What would be the most standout things to look for when going through my collection? I’m still trying to figure out where to start in getting a better grasp on what I’ve inherited. 

Kimm,

I am able to read that page. What you need to know is that all of those coins listed are in EXTRAORDINARILY fantastic condition, of the type even many collectors never even see in their lifetimes. It is highly unlikely you have coins in anything close to these grades. Not impossible, but highly unlikely.

[Just Bob]

Checking auction prices realized is one of the best ways to determine a coins actual value, as JKK said, but be aware that what you posted is actually an inventory sheet. It contains coins that Heritage has listed for sale. While they will not rip you off, they are in business to make money, so don't expect to receive those same prices if you decide to sell your coins to a dealer.

JT's advice to buy a "red book," A Guidebook of United States Coins, is also sound. Don't pay too much attention to the prices in there, either. They are usually high retail. They can be used, though, to compare the value of one coin to another, and determine which are the better dates.

Don't clean the coins, even though you may think they need it. You will remove most of the value if you do.

Feel free to post clear close up pictures of any you may have questions about. We will be happy to help.

Edited to add: Kurt posted while I was typing, so let me second what he said. A coin's condition can make a huge difference in the price, especially when you get in the upper grades. If your grades match those listed, you will have an amazing collection.

Edited October 16, 2020 by Just Bob

[Kimm]

I can’t thank everyone enough for the quick, detailed replies.  All of them help to provide insight and make a lot of sense.  I have purchased the latest Red Book.  I’m studying that and reputable internet information but not 100% confident I’ll ever fully understand the ins and outs. Before this, I did not realize how much intricacy coins involved.  It’s very interesting but completely over my head (just for now hopefully).  If I find anything that I think may be of value I’d like to share.  Do you recommend I do that in this thread or is there a specific thread already in place where people do that? 

[VKurtB]

19 minutes ago, Kimm said:

not 100% confident I’ll ever fully understand the ins and outs

Fear ye not, for when you feel you have, your "cheese will have slipped from your cracker", if you catch my drift. For now, just realize that those coins on that Heritage page are coins in such high condition that they are several columns to the right of the rightmost one in the standard Red Book. There is a Red Book version for the ridiculous coins. It's called Mega Red, and you may want to hire a "book carrier" for it. It is truly massive, and costs serious money.

Edited October 16, 2020 by VKurtB