Inherited Coin Collection 0

[kamipoppins]

I inherited my grandparents’ collection of coins after their passing. I am unsure what to do with them, whether that be keep them or sell them. To list a brief summary, there are: 1923-1928 Peace Dollars, 1971-1978 Eisenhower Dollars, 1881-1921 Morgan Dollars, 1922 Peace Dollars, 1949-1963 Franklin Half Dollars, 1964 Kennedy Half Dollars, 1929-1945 Liberty Walking Half Dollars, an 1858 Liberty Seated Half Dollar, and tons of old Pennies, Nickles, Dimes and Quarters. Some random coins from other countries are also in the mix. Any advice is GREATLY appreciated. Thank you in advance! 

[GoldFinger1969]

I'll leave it to the Small U.S. Denomination experts here, but at a minimum you should read the other threads in this section on what to do with a newly inherited coin collection.  It starts with getting the latest edition of A Guide Book To U.S. Coins, aka The Red Book.  It has prices for most of the coins if not all of them that are in the ballpark of fair/market value.

Silver coins... it's easy to figure out the metallic or bullion value based on the price of silver.  If they are in top-notch condition, they may or may not have numsimatic value, too.

Are you looking to sell all of them or maybe just sell some/most and start collecting yourself ?

[GoldFinger1969]

One thing you'll want to do immediately....separate ALL the coins and put them in their own containers or velvet pouches, but don't have multiple coins clinking around together in a plastic bag.  More wear-and-tear and more scratches and damage.

[kamipoppins]

I am looking to sell most, if not all of them. I have been researching them but they just don’t interest me enough to want to keep collecting them. 

[EagleRJO]

If you are just looking to sell them bring the entire collection to several local coin shops for estimates.  Be prepared for lower than expected numbers as it seems like most are not graded, if the pics are representative of the collection, as they will likely go low on grades.  Also, they need to buy them at a price where they can turn around and sell them at market prices at a profit.

[Zebo]

   Like many of the younger generations that inherit collections, a good many want to sell them right away and be done with it. I suggest that you pick out a few of the nicest and keep them to remember your grandparents. You will be happy that you did as you age. Set them aside or better yet, read about them and learn something about their history. Knowledge is never wasted.

[GoldFinger1969]

On 2/26/2023 at 1:22 AM, kamipoppins said:

I am looking to sell most, if not all of them. I have been researching them but they just don’t interest me enough to want to keep collecting them. 

Not everyone is into coin collecting, I get where you are coming from.

Far be it for me to toot my own horn, but you might find OTHER coins interesting in the U.S.Coin, World, Ancient threads.  For instance, many of us here (myself included) are into the larger Morgan silver dollars and Saint-Gaudens gold coins, each of which has fascinating histories.   They're a jump up from the $20-$50 small denomination prices that you can find for the others, but if you like American history they might be of more interest while also letting you double-up by accumulating silver and/or gold. 

Plenty of threads on each if you decide to go that way. 

[GoldFinger1969]

To my fellow NGC veterans......is it just me or have we REALLY seen a big surge of newcomers here who have either found a single coin they think is worth something and/or inherited or come into collections ?  I can't remember this many people coming in asking about a coin or two....or folks who have a bunch of coins that were dropped into their lap. 

Edited February 26, 2023 by GoldFinger1969

[Sandon]

   Welcome to the NGC chat board.

   Based on what you've described and shown us, your grandparents were casual collectors who had low to moderately valued coins, which they improperly stored in soft plastic flips, some of which can eventually leach polyvinyl chloride, a chemical that can corrode them.  The 1827 large cent appears to be in what we call Good or Very Good (worn) condition, with a current retail list value of $35-50.  I can't determine the values of the Buffalo nickels without seeing the reverses, as there are 2 different reverse types for the 1913, and the mint marks are on the reverses.  The 1913's value would vary widely depending on these factors but is probably a Philadelphia mint of either reverse worth $17 or so retail, while the 1937 is probably worth only a few dollars regardless of its mint. Dealers generally pay 50-60% of retail for such coins. Circulated (worn) Franklin and 1964 Kennedy half dollars are generally only worth silver value, which currently at about $21 per troy ounce would be about $7.50 to $8 per coin. Common date circulated dimes and quarters dated 1964 or before are also currently worth about 16 times face value. The silver dollars if common dates and grades are likely worth $35-40 each at retail.

   If your pertinent grandparent's estate went through probate as usually required, there should have been a retail appraisal of these coins as of the date of death. Such an appraisal would be useful.  If there is none, I would obtain a current or recent edition of the Whitman Guide Book of United States Coins, a.k.a. the Red Book, available from its publisher at Whitman.com, and other online and store booksellers. The 2024 edition should appear in April. You can use it to check for any rarer dates and mints.  For more current retail pricing you can refer to the Price Guides, (U.S., World and Coin "Melt" Value) under the "Resources" tab of the NGC home page. Bear in mind that dealers do not pay retail prices. To sell the coins, you can look for coin shows and shops in your area. NGC has a dealer directory ("Locate Dealers") under the Resources tab, as do the American Numismatic Association (money.org) and Coin World (coinworld.com).

  I hope this helps.

   

[EagleRJO]

On 2/26/2023 at 7:35 AM, Zebo said:

I suggest that you pick out a few of the nicest and keep them to remember your grandparents.

I think that's a good suggestion

[kamipoppins]

1943 steel wheat penny

[Sandon]

   A rusty, circulated 1943 zinc coated steel cent (over 684 million minted) is worth perhaps 15 cents. This is why you need to get a current or recent "Redbook". Without it, you'll have no idea what does and doesn't have value.

[Rod D.]

Good luck with your new collection. I think you received some really good advice from everyone. Just out of curiosity, could you post a picture of the 1858 seated half?  Maybe the reverse of the 1913 buffalo nickel too. 

[powermad5000]

If the OP has no real interest in these coins, at all, I mean like total zero, assuming the coins are all around low end values and there is nothing outstanding in the collection, he may not want to spend any time trying to evaluate the collection (even though some of us would drool just to go through the whole thing one coin at a time). At least from the few provided photos there does not seem to be any high dollar coins involved. If zero interest in these coins is the OP's decision, I would take them in to a reputable dealer and let them do the work on sorting and inspecting and giving a value to the collection. 

I have reservations about my own collection and where it is going to go when I pass. I basically have nobody to pass them down to, at least nobody with interest in coins and one who would sell the whole thing off immediately and buy a stupidly expensive fast car only to wreck the car.

[kamipoppins]

On 2/26/2023 at 11:10 AM, Rod D. said:

Good luck with your new collection. I think you received some really good advice from everyone. Just out of curiosity, could you post a picture of the 1858 seated half?  Maybe the reverse of the 1913 buffalo nickel too. 

Yes I will take pictures of them for you when I get back home in a little bit. 

[GoldFinger1969]

Separate out the pure silver and/or gold (if any) coins. 

[kamipoppins]

On 2/26/2023 at 11:10 AM, Rod D. said:

Good luck with your new collection. I think you received some really good advice from everyone. Just out of curiosity, could you post a picture of the 1858 seated half?  Maybe the reverse of the 1913 buffalo nickel too. 

 

[Sandon]

   First of all, never hold collectible coins in your bare hands. The oils from your skin may cause them to deteriorate. If you must touch them, hold them only by the edges!

   Your 1913 "Buffalo" nickel is a Type 1, made only in 1913, featuring the bison standing on a mound instead of a plain. As I expected, it is a Philadelphia (no mint mark) coin grading Choice Very Fine to Extremely Fine, with a retail list value of about $18 to $23.

   Your 1858-O (the "O" mint mark beneath the eagle indicates the coin was made at the New Orleans mint) Liberty Seated half dollar has Extremely Fine or better detail but appears to have been improperly "cleaned". I'd roughly value it at $75-$125 retail.

[Rod D.]

First, thank you for posting the additional pics. It’s always a good idea to only hold the coins by the edges. I know there are members here that will better advise you, but again, thanks for sharing your new collection with us. 

[EagleRJO]

On 2/26/2023 at 7:47 PM, kamipoppins said:

 

Something similar from that era may be a good pick to set aside for yourself.  I would briefly dip the coin in acetone to get rid of fingerprints and oils from your hand, and then put it in a slab holder similar to what's discussed here for protection.

https://boards.ngccoin.com/topic/429835-i-found-some-nice-professional-coin-slabs-on-amazon/

Did you inherit any gold coins?  They are of course more valuable and I think look nicer.

Edited February 27, 2023 by EagleRJO

[kamipoppins]

On 2/26/2023 at 7:35 PM, EagleRJO said:

Something similar from that era may be a good pick to set aside for yourself.  I would briefly dip the coin in acetone to get rid of fingerprints and oils from your hand, and then put it in a slab holder similar to what's discussed here for protection.

https://boards.ngccoin.com/topic/429835-i-found-some-nice-professional-coin-slabs-on-amazon/#comment-9833520

Did you inherit any gold coins?  They are of course more valuable and I think look nicer.

There are some Sacagawea coins but I’m not sure if they are actually gold or just gold colored. 

[EagleRJO]

On 2/27/2023 at 1:19 AM, kamipoppins said:

There are some Sacagawea coins but I’m not sure if they are actually gold or just gold colored. 

The Sacagawea dollar is not gold.  It is mostly copper with several other alloys to give it the dullish golden color.  I would look for some of the oldest coins in the collection that are still in good condition as a possibility for some to keep.

Also Morgan dollars with a "CC" mint mark (located at the bottom of the coin back) can be valuable.  You can check the following webpage for some ballpark values of Morgans, which are what a dealer may list a coin for and not what a dealer may pay for a coin which would likely be significantly less.

https://www.usacoinbook.com/coins/dollars/morgan/

Edited February 28, 2023 by EagleRJO

[JKK]

Obtain: a Red Book.

Safeguard: protect loose coins from damage where they might lose value.

Segregate: by country, denomination, then type is the usual way. A red book helps you know when a change is not obvious, such as the dropping of silver from most US coins in 1965.

Summarize: count up the overall numbers.

Document: make a spreadsheet. Consider simply totaling up types of common coins (typically bulk silver). List separately coins to be looked up, individually graded, or researched.

Divide: for those that have retail premiums rather than just bullion value, take about 50% of the premium and figure that's what a dealer gives you. A private collector, more like 70% is fair. For bullion value coins, take about 90% of melt.

Total it up. You now have a pretty good idea what you could expect to realize, with ID errors or grading newbism your main variables.

[EagleRJO]

On 2/27/2023 at 10:33 AM, JKK said:

Obtain: a Red Book.

Safeguard: protect loose coins from damage where they might lose value.

Segregate: by country, denomination, then type is the usual way. A red book helps you know when a change is not obvious, such as the dropping of silver from most US coins in 1965.

Summarize: count up the overall numbers.

Document: make a spreadsheet. Consider simply totaling up types of common coins (typically bulk silver). List separately coins to be looked up, individually graded, or researched.

Divide: for those that have retail premiums rather than just bullion value, take about 50% of the premium and figure that's what a dealer gives you. A private collector, more like 70% is fair. For bullion value coins, take about 90% of melt.

Total it up. You now have a pretty good idea what you could expect to realize, with ID errors or grading newbism your main variables.

Good overall approach to get a better handle on the coins they have.  It will also make it easier for dealers to give them an estimate.  However, values from the Red Book or other sources is an issue with the collection being mostly raw coins without grades.