Coins newbie question

Some years back I inherited my aunt's coin collection. Collection is
probably a complimentary term in that there were lots and lots of coins, but
organization had only been applied to about 15% of them. Anyway, I did some
due diligence and learned about grading, bought some software to manage the
list/values, etc., etc..

OK, jump forward to '04. My aunt left me many other nice treasures, and
while I like the coins, the scope of what I have is overwhelming so they
simply sit in my safe. Much as I think I'd like to, I really don't have the
time or patience to "play" much with this hobby.

I'm thinking that what I'd like to do is take the entire collection to a
dealer and look at selling all but about 6-10 coins, not necessarily the
most valuable ones, but keep about 6-10 nice ones to mount and display.

So, what is the reality of taking a collection (or a list of a collection)
to a dealer and getting an appraisal / offer? I have this inherent fear
that dropping off a thousand or so coins (about 40% U.S. and the balance
foreign) is neither a smart or productive thing to do.

And given that I don't want to eBay myself to death on this, what are my
real options?

Sorry, I realize this question probably comes up often in this NG, but I
read through all the old posts first and didn't see anything that really
discussed this. Any advice will be greatly appreciated.

--Jim

PS: Oh, and if it helps, I'm in central Ohio if there is a reputable
resource local someone would like to point me to.

"Jim Wyant" wrote in message
...
Some years back I inherited my aunt's coin collection. Collection is
probably a complimentary term in that there were lots and lots of coins,
but
organization had only been applied to about 15% of them. Anyway, I did
some
due diligence and learned about grading, bought some software to manage
the
list/values, etc., etc..

OK, jump forward to '04. My aunt left me many other nice treasures, and
while I like the coins, the scope of what I have is overwhelming so they
simply sit in my safe. Much as I think I'd like to, I really don't have
the
time or patience to "play" much with this hobby.

I'm thinking that what I'd like to do is take the entire collection to a
dealer and look at selling all but about 6-10 coins, not necessarily the
most valuable ones, but keep about 6-10 nice ones to mount and display.

So, what is the reality of taking a collection (or a list of a collection)
to a dealer and getting an appraisal / offer?


It's tough to answer your question without knowing the
approximate value or marketibility of the collection. If your aunt
purchased coins as a hobby, and it is evident to you from the grades and
price guides that there are coins worth considerably more than a buck or two
each (e.g., a thousand coins or so that you think has a price guide value of
$25,000, or multiples of that), then you should go ahead and get 2 or 3
appraisals from coin dealers. If the appraisals vary in extreme, it may
warrant another appraisal.

If, otoh, if the coins are generally coins your aunt pulled from circulation
and are valued at 25 cents, 50 cents, or a buck each ( a collection of a
thousand coins or so that you think has a book value of $1,000, or close),
you would likely only get a quick scan of the collection from a dealer and
an low offer of maybe 10 cents on the dollar, since that low a price
indicates a very common coin and the price guide really just reflects
necessary minimum dealer markup more than a collector demand. .

In the latter case, perhaps a better return would be a few images and one
auction on eBay, low or no reserve, a half way adequate description, and
take what comes your way.

If you can locate a nearby coin club, you might want to attend one meeting
and ask the group for help. A friend who is a collector may be interested
in making the purchase cheaper than if he paid a dealer, but getting you a
better premium than if sold to a dealer.

HTH, Bill













I have this inherent fear
that dropping off a thousand or so coins (about 40% U.S. and the balance
foreign) is neither a smart or productive thing to do.

And given that I don't want to eBay myself to death on this, what are my
real options?

Sorry, I realize this question probably comes up often in this NG, but I
read through all the old posts first and didn't see anything that really
discussed this. Any advice will be greatly appreciated.

--Jim

PS: Oh, and if it helps, I'm in central Ohio if there is a reputable
resource local someone would like to point me to.

Thanks for your thoughtful reply, Bill. I didn't know if it was appropriate
to discuss the contents but maybe if I generalize a bit that may help. My
aunt traveled the world and as a result, 60% of about a 1500 coin collection
are foreign. Just taking the US coins into account, I put them into Coin
Keeper, grading probably more on the negative side unless I was absolutely
sure (e.g. - feather details clear, braids in hair clear, etc.). The
approximate value (when I did this in '98) was about $5000.

This includes a couple dozen proof sets and commemoratives sealed in
plastic. There are probably a couple of dozen that valued out from a low of
$75 to high of $350 - average probably $100 across that group.

The foreign coins go back to 1600 William & Mary, but other than Great
Britain coins, not many of the other foreign coins are outside of the 20th
century.

I do have two unique, unable to categorize items. One of them is a Venice
15th Century Soldino, authenticated by a firm out of NY. I believe it is
called a Widow's Mite. The other (according to her notes) was from Africa.
It is a piece of metal, very dark brown, about 12" long with somewhat of a
leaf shaped head at one end a T at the other with tiny hooks that supposedly
were used to allow this to "hang" from garment. I don't know how real this
info is, I gleaned it looking at notes from her trip there in the 70's.

During her life she visited every continent except Antarctica and brought
back coins or currency from every visit except where they would not allow
her to take money from the country.

I have no idea if the foreign stuff is worth $50 or $50,000 (oh, wouldn't it
be nice it that were so ~grin~).

Part of me wants to save 4-10 nice coins that may comprise an interesting
set and possibly use some of the funds to fill in that set, then get them
mounted for display in my office. As such, I don't want the mounted set to
be a multi-thousand dollar temptation for a snatch and grab (I still have
teenagers and they have friends).

Is finding someone with both U.S. And foreign coin expertise reasonable? My
guess is 98% of the foreign coins we're pulled out of circulation, but I do
know I have a number of foreign coins that were purchased. EG - in one case
I have an GB coin that looks like the front and back were struck separately
and then heated to join the flat back surfaces. It's very thick and the two
pieces are somewhat offset. I just can't imagine that was still in
circulation.

--Jim



On 1/12/04 12:51 AM, in article , "Bill Krummel"
wrote:


"Jim Wyant" wrote in message
...
Some years back I inherited my aunt's coin collection. Collection is
probably a complimentary term in that there were lots and lots of coins,
but
organization had only been applied to about 15% of them. Anyway, I did
some
due diligence and learned about grading, bought some software to manage
the
list/values, etc., etc..

OK, jump forward to '04. My aunt left me many other nice treasures, and
while I like the coins, the scope of what I have is overwhelming so they
simply sit in my safe. Much as I think I'd like to, I really don't have
the
time or patience to "play" much with this hobby.

I'm thinking that what I'd like to do is take the entire collection to a
dealer and look at selling all but about 6-10 coins, not necessarily the
most valuable ones, but keep about 6-10 nice ones to mount and display.

So, what is the reality of taking a collection (or a list of a collection)
to a dealer and getting an appraisal / offer?


It's tough to answer your question without knowing the
approximate value or marketibility of the collection. If your aunt
purchased coins as a hobby, and it is evident to you from the grades and
price guides that there are coins worth considerably more than a buck or two
each (e.g., a thousand coins or so that you think has a price guide value of
$25,000, or multiples of that), then you should go ahead and get 2 or 3
appraisals from coin dealers. If the appraisals vary in extreme, it may
warrant another appraisal.

If, otoh, if the coins are generally coins your aunt pulled from circulation
and are valued at 25 cents, 50 cents, or a buck each ( a collection of a
thousand coins or so that you think has a book value of $1,000, or close),
you would likely only get a quick scan of the collection from a dealer and
an low offer of maybe 10 cents on the dollar, since that low a price
indicates a very common coin and the price guide really just reflects
necessary minimum dealer markup more than a collector demand. .

In the latter case, perhaps a better return would be a few images and one
auction on eBay, low or no reserve, a half way adequate description, and
take what comes your way.

If you can locate a nearby coin club, you might want to attend one meeting
and ask the group for help. A friend who is a collector may be interested
in making the purchase cheaper than if he paid a dealer, but getting you a
better premium than if sold to a dealer.

HTH, Bill













I have this inherent fear
that dropping off a thousand or so coins (about 40% U.S. and the balance
foreign) is neither a smart or productive thing to do.

And given that I don't want to eBay myself to death on this, what are my
real options?

Sorry, I realize this question probably comes up often in this NG, but I
read through all the old posts first and didn't see anything that really
discussed this. Any advice will be greatly appreciated.

--Jim

PS: Oh, and if it helps, I'm in central Ohio if there is a reputable
resource local someone would like to point me to.

What are your 'real' options?

Not trying to insult you, but, did your aunt give you the coins after
spending all the time she did collecting them so you could sell them?
Why don't you enjoy them, learn what you can about them and pass them
on to someone in your family who may develop an interest in foreign
coins?

You have a collection that she appreciated and was probably hoping you
would too. To me it would be a shame to get rid of them one by one so
you can have a few extra dollars in your pocket. What do you think
she would say about your plans? I think it's selfish. Again, my
intent is not to insult you.

Steve M wrote:

What are your 'real' options?

Not trying to insult you, but, did your aunt give you the coins after
spending all the time she did collecting them so you could sell them?
Why don't you enjoy them, learn what you can about them and pass them
on to someone in your family who may develop an interest in foreign
coins?

You have a collection that she appreciated and was probably hoping you
would too. To me it would be a shame to get rid of them one by one so
you can have a few extra dollars in your pocket. What do you think
she would say about your plans? I think it's selfish. Again, my
intent is not to insult you.


It may not have been your intent to insult but I find it pretty
insulting. These are his coins to do with as he pleases and nobody
should ever tell anybody else what to or what not to collect.


--
Jason Craton ---- CONECA N-3407 --- WINS #5
---------------------------
Interested in error coins?
http://www.error-coins.com - A work in progress (lack of progress really).

Nick is a DICK!

On 1/13/04 1:01 PM, in article , "J.
Craton" wrote:

Steve M wrote:

What are your 'real' options?

Not trying to insult you, but, did your aunt give you the coins after
spending all the time she did collecting them so you could sell them?
Why don't you enjoy them, learn what you can about them and pass them
on to someone in your family who may develop an interest in foreign
coins?

You have a collection that she appreciated and was probably hoping you
would too. To me it would be a shame to get rid of them one by one so
you can have a few extra dollars in your pocket. What do you think
she would say about your plans? I think it's selfish. Again, my
intent is not to insult you.


It may not have been your intent to insult but I find it pretty
insulting. These are his coins to do with as he pleases and nobody
should ever tell anybody else what to or what not to collect.

First off Jason, I'm not that insulted. I'm 50 years old and while my aunt
and I did enjoy this hobby together when I was young, the hobby was an
excuse for spending time with her. I also was a bell ringer for the church
choir and was completely tone deaf. She was also heavy into genealogy and
her later years I did significant work to capture her knowledge and make it
available to others.

Steve - if you read my notes, you'll see that my intent was to keep a small
subset of nice coins, perhaps use the money from the ones I sold to buy a
few more to round out the subset, and put them on display - both for me and
for her.

The bottom line is, I don't get off on coin collecting the way you do. This
is not meant to be an insult, probably just reality. I am an avid pool
player, but these are not about settling some gambling debt - I probably
haven't wagered more than $400 on pool in the last 4 years. I don't get off
on collecting fancy custom cues, I just am a serious student of the game,
just as you appear to be a serious student of coin collecting.

Right now, I have a cadre of a couple of thousand coins in my safe. No one
is really getting any enjoyment out of them. I've had them for 6 years and
am just not motivated to spend the countless hours doing something with them
- I'd rather be playing pool, spending time with the family, etc.. So,
rather than have the coins age till I die then have someone dispose of them
at an auction, I figured I would convert the memories into something
palpable. My kids knew my aunt, I have a 50+ year old picture of her as a
young woman that is nicely displayed in our home. I also have a 60+ year
old Buck Rogers print from a WWII Ovaltine promotion that I got from her
that was her brothers (perfectly restored, brilliant colors, and occupies
the main wall in my office.

My aunt lived 76 years, was a wonderful woman and died never having
loved/married. Her coins collection started collecting dust 20 years ago -
and I had to dig it out of the closet after she died. I think she saw it as
a bonding hobby as I did.

However, I do somewhat resent your implication of a few dollars in my
pocket. Nor did I ever say I was going to dispose of them one by one.

--Jim

I agree Jason. A gift given with strings attached is not a gift, but an
obligation. I would think most people that leave behind something of
value realize that it may be sold by the recipient.

"Jim Wyant" wrote in message
...
On 1/13/04 1:01 PM, in article , "J.
Craton" wrote:

Steve M wrote:

What are your 'real' options?

Not trying to insult you, but, did your aunt give you the coins after
spending all the time she did collecting them so you could sell them?
Why don't you enjoy them, learn what you can about them and pass them
on to someone in your family who may develop an interest in foreign
coins?

You have a collection that she appreciated and was probably hoping you
would too. To me it would be a shame to get rid of them one by one so
you can have a few extra dollars in your pocket. What do you think
she would say about your plans? I think it's selfish. Again, my
intent is not to insult you.


It may not have been your intent to insult but I find it pretty
insulting. These are his coins to do with as he pleases and nobody
should ever tell anybody else what to or what not to collect.

First off Jason, I'm not that insulted. I'm 50 years old and while my
aunt
and I did enjoy this hobby together when I was young, the hobby was an
excuse for spending time with her. I also was a bell ringer for the
church
choir and was completely tone deaf. She was also heavy into genealogy and
her later years I did significant work to capture her knowledge and make
it
available to others.

Steve - if you read my notes, you'll see that my intent was to keep a
small
subset of nice coins, perhaps use the money from the ones I sold to buy a
few more to round out the subset, and put them on display - both for me
and
for her.

The bottom line is, I don't get off on coin collecting the way you do.
This
is not meant to be an insult, probably just reality. I am an avid pool
player, but these are not about settling some gambling debt - I probably
haven't wagered more than $400 on pool in the last 4 years. I don't get
off
on collecting fancy custom cues, I just am a serious student of the game,
just as you appear to be a serious student of coin collecting.

Right now, I have a cadre of a couple of thousand coins in my safe. No
one
is really getting any enjoyment out of them. I've had them for 6 years
and
am just not motivated to spend the countless hours doing something with
them
- I'd rather be playing pool, spending time with the family, etc.. So,
rather than have the coins age till I die then have someone dispose of
them
at an auction, I figured I would convert the memories into something
palpable. My kids knew my aunt, I have a 50+ year old picture of her as a
young woman that is nicely displayed in our home. I also have a 60+ year
old Buck Rogers print from a WWII Ovaltine promotion that I got from her
that was her brothers (perfectly restored, brilliant colors, and occupies
the main wall in my office.

My aunt lived 76 years, was a wonderful woman and died never having
loved/married. Her coins collection started collecting dust 20 years
ago -
and I had to dig it out of the closet after she died. I think she saw it
as
a bonding hobby as I did.

However, I do somewhat resent your implication of a few dollars in my
pocket. Nor did I ever say I was going to dispose of them one by one.

--Jim

Could be Steve's become a candidate for one of those airline "Wanna get
away?" embarassing moments commercials. My favorite is that one with the
prim secretary seated at a desk next to her young boss, the boss facing the
other way is saying something romantic, the secretary blushes and says she
always found him attractive too, the boss removes a small mike and earpiece
he had been speaking into and turns to her saying something like "excuse me,
what was that you said?" Wanna get away....??

Bruce

The foreign coins go back to 1600 William & Mary, but other than Great
Britain coins, not many of the other foreign coins are outside of the 20th
century.


Just out of interest here...what coin would this William III and Mary
II happen to be? Gold/silver/copper or tin? Any idea on the
denomination/condition?

That's if you know at all?

Just out of interest that is...

Sylvester.


(please note my email on here no longer works)