Coin collection appraisals

[russau]

I have my fathers coin collection that we put together over the years. Id like to get a appraisal or sell it but im reluctant to leave it ! how can I expect to get a fair honest appraisal and not the the person slip a coin or two from it or replace some coins with a coin of lesser value? theres over $600. in coins and im sure its going to take some time going through it. OR do they just weigh it and go from there on silver content ? I have the coins counted and the dates of them recorded , but some could be valuable and I wouldn't know they were replaced. what advice would you give?

 

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[Chizzy]

If you are not in a hurry, take the collection to the appraiser piecemeal............easier to keep track of what goes out and comes back.
Also, list the coins.....take pictures....document all that is possible.............

 

[flyadive]

Don't rush it. I would say you have to look at each coin individually and very carefully. You can post the best coins here for a appraisal and ask any questions , you have to look at mint marks, error coins, silver - gold , rare, American or foreign ,condition , slabbed and graded coins to name a fewsome ...... Etc you can also check eBay for going prices. Make sure you know exactly what you have!

 

[russau]

Ive had this collection for 30 years myself. so you see im in no hurry! its boxed up out in my shop , so it would take a little effort on my part to get it out and take some pictures of it. all are American coins . Thanks for all the responses!

 

[huntsman53]

Get you a current copy of "The Official American Numismatic Association Grading Standards for United States Coins", learn how to grade coins, then catalog each and every coin in the collection along with their' grades. Once done, research the values and sold prices of each coin based on their' grade using PCGS' Price Guide PCGS Coin Price Guide: The Industry Standard for US Coin Values, Numismedia's Price Guide NumisMedia Online FMV Rare Coin Price Guide Index - Retail Fair Market Value Prices for U.S. Rare Coins and sold prices on eBay 1878-CC Morgan | eBay (sold prices for 1878-CC Morgan Silver Dollars as an example). You could also get the latest copy of "Coin World's - Coin Values" from a local Book or Magazine Store for somewhat up-to-date pricing.

Most often, you will not get an appraisal from a Coin Dealer that truly reflects the value of each coin nor the entire collection! I state this because they are business men or business women and it is in their very nature to note or quote prices that they would pay for the collection or certain individual coins even though you state that the coins are not for sale and you only want an appraisal. If the collection is left with them, you have to worry as to whether the Coin Dealer is honest and trustworthy and will not switch some coins on you. However and as stated with this latter point, one can protect themselves and their' collection by cataloging each and every coin, taking really good pics of each and noting anything on each coin that stands out and would help identify them (i.e. small scratch from "P" in PLURIBUS to Miss Liberty's nose on a Morgan Silver Dollar Obverse or a Die Crack from "S" In STATES through Olive Branch/Leaves to "C" in CENT on an 1800 Draped Bust Large Cent Reverse).

I will also point out that any written appraisal whether accurate or not or fair or not, is not cheap. With a small investment in guides (books and magazines) and your own research, you will save a lot of money. If you catalog each and every coin in the collection in a Spread Sheet, it can be updated periodically as prices/values change.


Frank

 

[Mackaydon]

Good advise from 'huntsman53'
And here are two online grading source:
I View Grading Menu
PCGS Coin Price Guide: The Industry Standard for US Coin Values
Don...

 

[russau]

That's a lot of great info for me to go over! THANKYOU!

 

[Chizzy]

Nice response, huntsman53.
I have a very good relationship with the owner of my local LCS and she gave me exactly the same information when I inquired about her grading my collection..............
My entire collection is on spreadsheets.............graded and valued (Red Book) accordingly.
My suggestion was if the OP was determined to have the valuation done by a third party.................

 

[Pistareen]

Consider a quick question about the collection: Was it put together from circulation over the years, or did your family pay more than face value back in the day it was assembled? If it was accumulated from circulation probably few coins will be worth a formal appraisal. If you paid more than face for them back then, chances are they are in individual holders with information from the source. If they show high original sales prices, or were bought through a major coin auction (evidenced by auction catalogs and not merely a few coin price guides or magazines), then yes they ought to be looked at by an appraiser. Are they all US? Are they all mostly 20th century? Start with "A Guide Book of United States Coins 2016" the "Red Book" and pick out any that seem to be candidates for special attention. Common circulated wheat back cents (most since 1934 - 1958) go for a few cents each. Silver is currently near $11.00 per troy ounce and you must know that a dollar in silver (pre-1964 US) dimes, quarters, half dollars would have 0.715 troy ounces of pure silver, so you can figure the bullion value. Silver dollars had 0.78 troy ounces. Old designs with Miss Liberty may bring a numismatic premium over "dead presidents." Clad coins are usually worth face value. Post anything odd or which you think needs a specialist here for a spot opinion about value and to check your hunches. I think you will be able to estimate pretty well the magnitude of what you have with just that amount of work. Starting with $600 face value we know that is the minimum the collection is worth. Add bullion value and if all are common then 90% of that is what a wholesale buyer might be willing to offer. Red Book uncommon dates and mints need individual attention and grading. I'll keep my fingers crossed that you have something of value beyond the ordinary.

 

[russau]

Thanks for the advice! yes this collection of U.S. coins is all American and my father and I sorted through our pocket change each night after we got home from work . this collection is tucked away in my shop and (for me) is hard to get to. I have my shop packed with "stuff" to make it hard for anyone to get to by "snooping". actually I had stored this for years I forgot about it since I wasn't actively searching my change anymore , but still if I saw a old / odd coin id save it to my dresser drawer. to get to this collection for me means I need to move a lot of "stuff' out of my garage and then put it back, but im working my way to it. I don't think theres any record breaking coins there , but what do I know! I really like the tips I got here and want to follow up on Pistareens suggestion of getting that guide book out and start recording what I have. Heck im so sore from being "rode hard and hung up wet" over the years that this maybe my new "recreational past time" for me!