Pare Down & Transfer Coins 1 1

[whitebonus]

My sister & I just inherited a sizable amateur coin, bill & stamp collection.

Coins include:

    hundreds of pennies (wheat, steel, most pre 1940s) & at least one Liberty Head large cent.
    Many nickels (including Buffalo) & one Liberty Head V nickel.
    Many dimes
    Many quarters, including a few complete 50-states, & older Franklin.
    Some 1930s & 40s half dollars, & many Kennedy.
    At least 6 Sacagawea dollars
    Eisenhower & other silver dollars dating back to the late 1800s.
    Some labelled "Special?" Some labelled "Foreign."

Most coins are in zip lock plastic bags where they can slide around & potentially damage each other.

I'm only in town for 5 more days.

Is there a quick way with inexpensive materials that I can transfer the coins to better protect them in the short term – like for a year or so?

I'm considering getting some acid-free archival paper from an art supply store to wrap the coins in. Do you think that would work?

Also, is there also a quick way to pare down the number of coins which may never be of any more than their face value? How do I choose which coins to remove from the collection?

I would greatly appreciate any quick timely advice you can provide.

Thank you very much.

whitebonus

[powermad5000]

Hello and welcome!

There is no simple answer to your question, being you are trying to accomplish the sifting of hundreds if not thousands of coins in a very short time. Since the coins are already stored improperly in bags, if speed is of the necessity, I would obtain plastic coin tubes from anywhere locally you can get them (or order them online with next day shipping from a place called wizardcoinsupply.com) in each denomination of pennies, nickels, dimes, etc. and get enough tubes to house all of the coins you need to. In the tubes, at least the coins will be sitting rim to rim and not sliding around across each other. 

The best I can tell you as far a paring down a large number of coins as you put them into the tubes, is to pull out those specimens that look the least worn and in the best of shape and also order or obtain some 2 X 2 cardboard flips for these. I am assuming neither of you have any knowledge of worth or of checking for key dates, so in your time constraints do not have time to research and pull key dates (if there are any), so I would just separate the best looking coins to put into the cardboard flips. Later on, you can then take the time to go through one tube at a time and look for key dates and anything you think might have some value.

As far as the paper currency goes, a simple envelope will suffice for fast storage, but do not put more than 10-15 bills in the envelope so the corners don't bend. If you want to go as far as buying currency holders (clear plastic sleeves), you can do that but I don't think it is absolutely necessary.

I would keep the stamps flat in between two pieces of cardboard with some plastic between the different sheets. You can take a sandwich or large ziploc bag and cut it in half to do this. Then I would keep the stamps inside the cardboard inside its own plastic bag. You don't want the stamps to get wet, or exposed to external humidity.

These are some of the simplest ways I can think of for you to be able to at least store these items quickly and most inexpensively until you have time to sit down and research and assess the collection.

Good luck and welcome to the hobby!

[EagleRJO]

On 10/3/2023 at 11:42 AM, whitebonus said:

Is there a quick way with inexpensive materials that I can transfer the coins to better protect them in the short term – like for a year or so?

For the coins you can put them in tubes as suggested, with a piece of foam packing at the top to keep them from jostling around in transit, or for ones that appear to be in decent condition use archival quality Mylar coin flips, like a 2.5" x 2.5" Saflip,  to separate and protect them.

Just handle the coins by the edges or with gloves, and carefully put them in tubes or place them in the flips without bumping coins together or sliding the coins on the flips which can cause something called "flip rub".  Once in the flips leave them there as excessive handling can cause cracks in the flips or rub marks.

Edited October 4, 2023 by EagleRJO

[Fenntucky Mike]

On 10/3/2023 at 11:42 AM, whitebonus said:

My sister & I just inherited a sizable amateur coin, bill & stamp collection.

Coins include:

    hundreds of pennies (wheat, steel, most pre 1940s) & at least one Liberty Head large cent.
    Many nickels (including Buffalo) & one Liberty Head V nickel.
    Many dimes
    Many quarters, including a few complete 50-states, & older Franklin.
    Some 1930s & 40s half dollars, & many Kennedy.
    At least 6 Sacagawea dollars
    Eisenhower & other silver dollars dating back to the late 1800s.
    Some labelled "Special?" Some labelled "Foreign."

Most coins are in zip lock plastic bags where they can slide around & potentially damage each other.

I'm only in town for 5 more days.

Is there a quick way with inexpensive materials that I can transfer the coins to better protect them in the short term – like for a year or so?

I'm considering getting some acid-free archival paper from an art supply store to wrap the coins in. Do you think that would work?

Also, is there also a quick way to pare down the number of coins which may never be of any more than their face value? How do I choose which coins to remove from the collection?

I would greatly appreciate any quick timely advice you can provide.

Thank you very much.

whitebonus

First things first, can you post a few pictures of the collection, along with images of maybe one or two of the nicer or special coins? People will be better able to advise you if we have a better idea of what the collection consists of. 

My guess is that most if not the entire collection was pulled from circulation, coins, notes, stamps, all of it. If that's the case then you don't need to be overly cautious with the sacks of wheat cents, buffs, state quarters, etc.. If there are some really nice looking pieces, or pieces labeled "special?" then absolutely, you should take some extra care with those, but if it is a bag of dirt brown cents that look like they came straight off the dashboard of my truck I'd leave them in the sandwich bags and haul them on home for sorting. You can individually store each coin in a flip, or 2 x 2, or put them in tubes as suggested above, and this might be the best approach if no additional information can be provided, but it's hard to provide much more advice than that until we know what is in the collection. I don't know how much there is but be prepared to spend a few hundred $'s to individually house each item in the collection, maybe more, if that's the way you decide to go. 

Notes, if they are not already stored in individual sleeves then stacking them in piles of 10 or 20 notes and placing them in an envelope, carefully,  probably isn't going to hurt them. If you post pictures of those over on the PMG forums I can take a look and probably tell you what you have there. https://boards.pmgnotes.com/ 

Stamps, I'd be a little surprised if these weren't already in some sort of album, holder, or still on the envelope they were adhered to. You can get a stamp album pretty cheap, might be worth it if you have a lot of them. 

Other option would be to take a few of the nicer pieces, or all of it, to a local coin shop, if there is one around, and see what they say.

[The Neophyte Numismatist]

All great suggestions.  I agree with @Fenntucky Mike.  Unless there is something extra special, I would just take them home as is and sort at my leisure.  Feel free to drop some photos of the coins, and you will get some feedback on those pieces.

[whitebonus]

Thank you all for the informative & quick responses to my post!

Regarding my question about using acid-free archival paper to hold the coins, I found a few comments online that support that approach, so I went out & bought that paper. Because I'm under a time crunch & I'm anxious to see if my prototype idea for storage using the paper will work, I may not be able to post many photos. I'll start with these four photos today and see what time will allow.

I was guessing that an abundant coin like the 1918 Lincoln Wheat Penny (from the Philadelphia mint) which is very worn, like the one we have & I'm posting, is only worth face value. Is that a good general rule of thumb — abundant & very worn = face value (at best)?

(Note: 'Not sure why the "straight on" photos ended up so much redder than the slight angle shots.)

Thanks again for your feedback to my post.

 

[Sandon]

   Welcome to the NGC chat board. 

   I assume that there was no estate appraisal of the coins, notes and other collectibles to which you could refer to determine their value. 

   The 1918 cent you posted is common and worth less than ten cents retail due to wear and surface damage, but nowadays wheat reverse Lincoln cents (1909-1958) are almost always saleable for at least a few cents each, with some being worth much more. A 1909-S V.D.B. would be worth several hundred dollars even in the condition of the 1918 you show. 

   Bear in mind that any U.S. dimes, quarters and half dollars dated through 1964 are composed of 90% silver and at today's silver price of $21.14 per troy ounce are worth 15.4 times their face value in silver alone.  Traditional silver dollars, last minted and issued in 1935, are also composed of 90% silver and were struck on a heavier weight standard and contain $16.45 each in silver at today's price. Five cent pieces dated from 1942 through 1945 with the large P, D, or S mintmark above Monticello and half dollars dated from 1965 through 1970 also contain some silver, $1.20 worth per five cent piece and $3.15 worth per half dollar. See U.S. Silver Coin Melt Values | Silver Dollar Melt Value | NGC (ngccoin.com) for daily silver values of each of these coins.

   Without knowing how the coins are currently stored, I can't venture an opinion as to whether they should be transferred to other holders or containers to avoid deterioration over the next year or so.  The mylar flips you were shown may now cost $15 or more per pack of 50--30 cents per flip--and would cost more than some of the coins are worth. If the coins are worn, they should be safe stored together in clean plastic food storage bags for that time. Uncirculated or higher value coins would best be in individual, mylar or hard plastic holders. Avoid touching all but the edges of the coins with your bare hands. This is particularly important for uncirculated copper coins with original "red" mint color, which skin oils can easily cause to spot or discolor.

   It will be difficult for you to evaluate the individual coins fully without knowledge of how to identify them by date, mint, major variety and grade. I recommend that if you do not wish to obtain professional assistance you obtain a current (2024) or recent edition of A Guide Book of United States Coins, also known as the "Redbook", to obtain some basic knowledge in these regards.  The first post in the following topic describes these and other basic print and online coin resources and how to obtain them:

   

[EagleRJO]

On 10/3/2023 at 6:12 PM, Fenntucky Mike said:

Other option would be to take a few of the nicer pieces, or all of it, to a local coin shop, if there is one around, and see what they say.

Some good advice, particularly the option of bringing the coins to one or two local shops if the intent is simply to sell the coins.  Keep in mind dealers will likely want to cherry pick better coins or ones with silver content, so if you want to sell the entire collection that needs to be clear.

Also keep in mind it's typical to be offered below market value by a shop so there is room for them to make a bit on the coins.

On 10/3/2023 at 6:49 PM, whitebonus said:

Regarding my question about using acid-free archival paper to hold the coins, I found a few comments online that support that approach, so I went out & bought that paper.

There is no reason to try and reinvent the wheel, and there is considerable misinformation about coins and thier handling and storage on the web which can result in damaging what may otherwise be somewhat valuable coins.

Stick with information available on either the NGC or PCGS websites, and available from well known coin supply outlets such as wizardcoinsupply.com as suggested.

[cobymordet]

If you are looking to sell the collection of coins/stamps outright, 5 days may not be adequate to accomplish your task.  Chances are the collection won't net retirement money, but if you are looking to maximize profit, you would not want to rush.  I would consider reaching out to trusted friends and family to see if you have a collector in your circle already.  Although many collectors are not high-level, someone you trust may have enough knowledge and experience be able to help out and ease your mind.  I would not dismiss any coin immediately.  Unfortunately, each coin has some potential for value, unless it is either corroded beyond visual identification or so worn down and not gold or silver.  If you find yourself being bitten by the collector bug, The previously mentioned "Red Book" is your first purchase.  For Newbies, it is the best immediate source of information for US coins.  Hobby Lobby, if you have one near you, has the Red Book for about $15, as well as overpriced coin tubes.  Also, this site is not only a veritable cornucopia of colorful campers, but most importantly a tremendous source of sometimes too truthful information and advice. 

[whitebonus]

Hi Cobymordet.

No, not looking to sell any time soon. I/we want to get a better understanding of what it is we have, which as you point out, will take some time. The main goal right now is to "stop the bleeding" (in terms of damaging through continued poor storage choices), & do that in a very inexpensive way.

We'll check out the "Red Book."

Yes, this site with all the quick & informative comments I've received has been very impressive! I can't help comparing it to some "tech" sites I've waded into & gotten so much less & often disappointing results.

To everyone who has responded to my post & who I haven't replied back directly to, I have read each of your responses & found value in every one. Thank you. I'm fortunate to have found your collective.  

–whitebonus

[JKK]

The Red Book adds a lot. What matters not so much is the prices, which will have fluctuated since printing, but the relative pricing. Here's a good example. I was helping a friend go through a collection like this last weekend, and we were looking at an old Whitman album of Peace dollars. I showed him the mintage figures, and there was one with very low mintage but also pretty worn. It was a great chance to show him how common examples of that particular issue actually didn't get a premium, but really high-grade ones got a very very large one. Contrast this with the 09-S VDB penny, which there is no such thing as an authentic readable example for less than three figures.

So when you're in the situation you're in, what the RB tells you is relative premium. Once you get them sorted by type, a quick look at the book will tell you which issues are premium and what conditions that requires. You'll know immediately which at least deserve further consideration (to segregate) and which don't really stand out. It will also tell you pretty much an idea of the high retail for basic pieces in low grade, and how much silver is in those that contain it.

[Moxie15]

There is much GOOD advice here and I mean no disrespect to anyone but these type of hoards or accumulations seldom hold anything of great value.

The stamps I have no knowledge of so I would say store them so they are flat and remove any rubber bands keep them in a dry place and do not move them around a lot until you are ready to go through them. Modern stamps, although quite beautiful are seldom worth more than face value

 

The bills store as others have said, do not fold spindle or mutilate. Most circulated bills saved by the average Joe are worth little or nothing above face value, but there are many minor things that can make them valuable so these deserve some time spent on them

 

The coins... I think you mentioned state quarter sets, if so spend them. You will look long to find anyone who will pay a premium for them. Quarters, dimes, and nickels 1965 and onward are spenders. Lincoln cents 1959 forward are spenders

The wheat cents have minor value  on the whole with a few dates that are valuable. Sort them by decades and put them in rolls or tubes for later inspection

Sort the Buffalos by date and no date. The date was a high place on the coin and wore off fast. Most dateless buffs are worth about 6 cents but there are a few special dates that can be identified even if the date is long gone because there is something else on the coin that tells the experts what it is and those still have value.

Pre 1964 are silver and have value so keep them together.

I envy you, I love sorting through such collections even though they seldom hold much. I have sorted through large collections like these for others four time, two were of almost no value above face , one was pretty good with lots of silver and a few early 1800 coins and one left me breathless and sweating. When the family wanted to sell them I recommended a trustworthy dealer who paid them over half again what I thought they would get,