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Anyone collect coins?

post #1 of 10
Thread Starter 
I pretty much inherited a fairly large coin collection. Some of them are very old, and some are solid gold boulion (SP?). I was wondering where a good place to research this stuff would be. I see alot of sites, but I really dont know squat. I would love to sell some and get a new pair of cans, being broke as hell and all.
post #2 of 10
Search Ebay for closed and running auctions. This will give you an idea of interest and value. Find some local coin shops and browse and ask questions.

This is a very different market then headphones- condition is everything. It’d be wise to know and understand what you have before trying to sell them.

Gold is currently at an 18-year high- something like $475 an ounce. Bullion coins that have no specific collectors value say a Krugerrand or Canadian Maple leaf should sell for a few dollars below the spot price of gold.


I sold a Maple leaf once- 1 ounce pure gold. A jewelry store offered me $180 and a coin dealer \ gold buyer paid $10 (or something along those) below spot gold = $240 when it was at $250. Know what you have and what it’s worth before selling- there’s a lot of sharks out there just waiting for an ignorant newbie to wander in and ask how much they can sell something for. If they offered $400 you might jump on it but it might be worth $460 or $4600. This is why so many shops offer free appraisals- what a better way to get to see what people have and see who’s ignorant of the real value. Also understand that a dealer has to sell an item for a profit- he knows the market and where to sell it so that’s how he makes money. Don’t expect to sell a coin that sells for $100 for $100- the dealer is taking some risk, investing his money and needs to make a profit.


But Heck Ya Gold is Up!!!

Mitch
post #3 of 10

I agree completely!

Quote:
Originally Posted by braillediver
Search Ebay for closed and running auctions. This will give you an idea of interest and value. Find some local coin shops and browse and ask questions.

This is a very different market then headphones- condition is everything. It’d be wise to know and understand what you have before trying to sell them.

Gold is currently at an 18-year high- something like $475 an ounce. Bullion coins that have no specific collectors value say a Krugerrand or Canadian Maple leaf should sell for a few dollars below the spot price of gold.


I sold a Maple leaf once- 1 ounce pure gold. A jewelry store offered me $180 and a coin dealer \ gold buyer paid $10 (or something along those) below spot gold = $240 when it was at $250. Know what you have and what it’s worth before selling- there’s a lot of sharks out there just waiting for an ignorant newbie to wander in and ask how much they can sell something for. If they offered $400 you might jump on it but it might be worth $460 or $4600. This is why so many shops offer free appraisals- what a better way to get to see what people have and see who’s ignorant of the real value. Also understand that a dealer has to sell an item for a profit- he knows the market and where to sell it so that’s how he makes money. Don’t expect to sell a coin that sells for $100 for $100- the dealer is taking some risk, investing his money and needs to make a profit.


But Heck Ya Gold is Up!!!

Mitch
Too many dealers will skin you alive if they can. The standard technique is to bad-mouth your coin, state that it is not the grade another (or the same!) dealer told you when you bought it, and then offer you a pittance for it, all with the feigned attitude that they are doing you a favor. Such people are the reason I lost interest in the hobby years ago. Get your hands on one of the standard coin books, and make sure it is up to date. Offer to several dealers before you sell. Oh, and good luck! Hang on to the gold as long as possible, as it is going to keep going up for a long time, IMO...

Laz
post #4 of 10
Ive bought a $25 Gold Eagle every year for the past 10 years ot so....just cause I thought it would be fun to invest in metals ....needless to say its gone up quite a bit
post #5 of 10
Thread Starter 
Thats all very helpfull and I do have a bit of gold and alot of certain things that I noticed the price varies alot. Like mercury dimes. I have about 3000 from what I can see and they are in various conditions. I looked on ebay and the price ranges are enormous. I will just have to do alot more research. Problem is, its not a hobby I am really interested in, so it would be purely for financial benefit which makes it that much harder to learn.

The other things I have that I cant find anywhere are 3 Ingots from the race horse Secritariate when he won the triple crown. 1 ingot for each race engraved and each one 1 oz gold. They must be rare. I havent found squat and I dont want to part them out for weight.
post #6 of 10
You may want to contact trust companies in your area and companies that specialize in the liquidation of estates. Ask them if there's anyone they would recommend who specializes in coins and would be willing to help you sell the collection for a percentage commission of total sales. You'll likely end up with a greater amount of money in the end if you get some help. Trust companies use these kinds of experts all the time when disposing of estates, since they have a fiduciary obligation to get an appropriate amount of money for the estate. Be sure to check references carefully though.
post #7 of 10
AlanY said it right...that's the way I'd go.

Looks like an Orpheus is in your future, Nandro...
post #8 of 10
Thread Starter 
Quote:
Orpheus is in your future
Are you the Oracle?

lol.... Well, I would have to part some of them out on ebay for the time being because I am dead broke and even if I lost money on some of them I would save money in the long run with the debt that I have right now. I will do some research and see if I can find one of those places. I did learn that you dont clean old coins for whatever reason. I would have been scrubbing away to make em good and shiny!
post #9 of 10
I agree with what AlanY said but….. You’re going in blind and need some oversight to understand and make sure the prices are reasonable. Who else besides You will put your best interests first? Otherwise it’s a tremendous leap of faith to accept the values offered from a stranger regardless of their credentials. You could probably double your return by learning more or at least finding out which are the important pieces in the collection- so it’s worth your investment of time.


I’ve dealt with valuable antique bottles- $200 to $1000+ types of old glass. What a snake will do is look at the pile of stuff, maybe ridicule and down grade a specific piece, then work their way through the collection being more honest and giving you some information, then make an offer while on the sly slipping in the ridiculed piece (which was the one they wanted all along).


Some dealers came to my apartment once to appraise the bottles I found scuba diving. One guy put together a pile and asked how much I wanted for them. Since I did some research I roughed out a priced and gave him a number- he paused and said “give me a moment to think about it” BINGO!!! My price was spot on- too low and he would have jumped on it immediately- too high and it would have been an easy No.

The other guy put together a couple of bottles and offered me $600 cash, he said “it’s all he had on him” and showed me the money and pulled out his pockets to show me he was being sincere. I said “you didn’t bring enough to buy those bottles” and I listed off my general price knowledge and what I figured each piece was worth (the prices I related were wholesale value since he was a dealer and has to resell to make a profit). I was aware one similar bottle sold at auction for $700. I came to a total of $800. He really wanted them so he reaches into his shorts and pulls out $400 more dollars (Yuk but it’s money and can be washed). The old “it’s all I have on me” trick, and waive it around a little so I can see the money.

They left me with $1200 cash and they went home with some exotic antique bottles. They never appraised any other bottles; they just bought the best I had. That’s why they came in the first place.

I was really happy since I found all the bottles scuba diving. Both times they tried to snake me but I was aware of the situation and each time I responded correctly. Sure they made a profit- but they took the additional risk and they knew the market better than me and would take the time to get top dollar. I think we all made out well.


It’s just interesting and being aware is the best part.

Good Luck Mitch
post #10 of 10
Thread Starter 
Wow... that story kind of motivates me to learn a bit. As I look at these coins a bit, there are just so many of them, and dates and mints and conditions. Jesh, it hurts my brain. Like you said though. It will probably pay off.
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