How can I get 500 lbs. of old coins appraised?

Question

My aunt passed away recently and left us with about 500 lbs. of old coins she collected during her lifetime from 1925-2007 The coins range from the late 1800's to 1970's, with most of them being in the 40's. It would take us years to inventory every coin, and I was wondering if there was a way to expedite this with a reputable expert? Thank you, kindly. John.

Answer 1

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You can be your own appraiser for the vast majority of these coins, and you won't be paying anyone $40+ per hour. The previous answer was pretty good - organize your coins by date and denomination, and buy a copy of "Coin Prices" magazine at the bookstore; it will contain 98% of what you have. I think your goal should be to separate out the very common items and get rid of them early, then as you gain experience, concentrate on the valuable items.

The common bulk silver coins are bringing in the general range of 12 to 14 times face value; the key here is to know which should NOT be sold as bulk silver. Similarly, wheat cents are trading at so much per roll for a general run of common dates starting in the 1920s, but you should retain for further research any in extra nice condition, even as late as the 1950s material. And yes, DO NOT clean any of them, period. I personally think that gold and silver are near a peak, at least in the near term; I plan to sell my own gold when we reach $1,050 per ounce spot price. You will be much less perplexed after you have sold off the bulk-common items and can focus on the rarities, if any. A "Coin Prices" magazine is an inexpensive way to begin sorting, although you will not necessarily achieve the "book" prices when you sell. You can also buy a copy or two of "Coin World" weekly newspaper, as well as wander around local coin shows and see what's happening in the trade. I strongly advise you NOT to tell the dealers that you have 500 pounds of inherited coins, or they will pester you to death for a quick look. Finally, if you are not willing to spend a little money and considerable time up front, you will probably not achieve very good results in the end. If you spend a year studying the market and working with coins, your final net may be as much as 1/3 higher. Good luck.

Answer 2

Why don't you sort them by type and then by year. Further sort by uncirrculated, cirrculated.There are only so many coins of key date and types really worth having appraised. Buy a price guide and look for the years and types with the most value. Take only those to a dealer and ask if he will make an appraisal. Don't sell them to him unless you know waht it is you are doing. Dealers are out to make money. Money off you. Sell them on Ebay in lots for the common coins. You will get a good value if you offer good photos and dates with mint marks. If you find a coin you believe is of really high value take it to a coin dealer and ask about having it sent to PCGS and slabbed. I do not know if there is such a thing as a reputable expert! I would rather trust novice friends to look through and sort out rare finds. I have had much dealings with "coin dealers" and too many are bad news. I had a penny "stuck die" and a dealer pointed out an "expert" who promply told me it was a "broad struck" worth $4.00. I took it around the coin show floor and finally found one who offered $100 for it. The moral is: know what you have. Take it to more than one dealer and get an offer/appraisal. Select a few coins and do this a couple of times. Find a your reputable man and then ask his advise on any balance you might want appraised.

DO NOTclean a single coin. If you do you have destroyed its value.

Answer 3

First of all most coins from the 1940 have little value unless they are silver. Then most of the time it is just the silver value. No dealer will go through 500 pounds of coins. he will weigh them out and make an offer without looking through them or if he does just a handful. There is no free lunch, if there is any rare coins there then you must take the time and look yourself. I sure would. Go get a Coinage or Coins magazine, they have retail price guides in them on most U.S. coins. You will not get the value listed but it will give you an idea of value. Say you find a 1914-D cent and it lit it at $200 in grade good you know you got something there. If it is a 1917-D cent at $1.50 in grade good you know you may get .25-.50 cents for it unless it is in a top grade. Worry about grade after you get the money coins out. The 1940's cents only sell for .05 to .10 so you know you wont get much there but put all them aside and sell as one lot. Hope this helps.

Source(s):

48 years a numismatist. Lots of books.