Need Help Selling Coins

[Deacon303]

Hi all. I need a little help. I'm not a collector, but my father is. We are in need of selling a few of his coins to help cover his medical care as he has a major illness that requires his placement in an assisted living facility. After reading through this forum, I am a little nervous now. I need some advice on getting grading done on the coins, and then how to go about selling some of them. I know absolutely nothing about coin collecting. I have seen his coins maybe once in my life, but he never sat down and really showed me any of them. He claims at least some of them are valuable, but I don't know. In the next few weeks I am going to be bringing them home a few at a time to try to grade via a book (and to identify them since I've not really seen them before), but I'd like a professional opinion as well, especially after some of the things I have read on this forum about the place he bought at least most of them from. I live in North Carolina and would be willing to drive to a reputable person willing to sit with me. We were recommended at a coin show to talk to someone, but he runs an auction house. I used to sell antique firearms, and after some of the screaming deals my boss got from auction houses, I do not trust them even slightly. Any help would be greatly appreciated. Thank you!

[coinman_23885]

My advice is to buy a Redbook and identify the better stuff, and PM me with a list of the rest. I can help guide you. What part of NC are you in?

[Deacon303]

Got the redbook at the show, and some other book that is supposed to make self grading easier. I'm up in Durham.

[coinman_23885]

http://www.amazon.com/Guide-Book-United-States-Coins/dp/0794842151

 

PM sent. Chat with me before selling to make sure that you are not being taken advantage of. Many (but not all) brick and mortar coin dealers are no better than glorified coin sharks that will low ball you if they sense fresh meat (I.e. Unknowledgeable seller).

[Deacon303]

Will do. Thanks!

[coinman_23885]

Here is a decent pictorial grading guide online (for free):

 

http://www.pcgs.com/photograde/

[coinman_23885]

Once we have a better idea of what you have, we can better advise you on how to liquidate the coins.

[supertooth]

Deacon--- My advice first is PATIENCE. Don't try to go too fast in selling. Think of it this way. You get 10 bucks for a coin today---only to find out tomorrow that it's worth 20 or more. Take the time to really go through your dad's coins---learn a little about grading them. Please, like coinman said, tell us here on the chat boards what you have that you think might be good. Give us pictures if you can. Many folks here will try to help you.

 

It is important for you to keep your healthy mistrust. Don't ever TRUST until that trust has been warranted.

 

As a non coin person, you CANNOT be expected to pick up what you really need to know---in a short period of time. But, if you use some just common sense, you will likely do OK.

 

Just as an example---I've seen MANY folks take just a decent picture of a coin and put it on Ebay. That picture alone will get the seller---most of the time---about what the current market value of that coin might be. The important thing is to put the stuff out there to acquire a possibilty of MULTIPLE bidders.Let the competition decide the coin's selling price.

 

For some coins that you have that may be very valuable---going to either NGC or PCGS for certification and grading MIGHT be an option. Another good reason for being PATIENT.

 

All of us here will mostly just try to help you if you but just ask. Bob [supertooth]

 

[Raisethis2]

I agree with the patience comment above but understand time might not be your friend. Value really always boils down to what you have. If you have $1,000 coins they are handled differently from $50 coins in many situations.

 

As was stated, determine which coins are tougher dates first, pictures would be of great help. The really tough dates or high grades should probably be encapsulated. Doing so takes a lot of the mystery (and argument) away from actual value.

 

If you're really in a rush just consign some coins to a well attended local auction. You should be able to negotiate a Sellers premium of 10% to 15% at most. Normally a room full of people will keep each other honest and you'll realize something approaching actual value unless there's more value in what's being sold than available dollars from the bidders.

 

You indicated that your antique firearms experience makes you not trust auctions. That may be true for firearms or that particular auction house but coins are a bit different. Everyone knows what the coin is and it's approximate grade. The key is whether it's an auction attended by enough people who want what you have to sell. That's why I advocate a well attended auction.

 

As always, never clean any coin in any way.

 

Welcome to the board, sorry your being here is in such a sad circumstance.

 

 

[Deacon303]

I appreciate the help. I will try to photograph some of them. I know he has mentioned seated Liberties, maybe walking Liberties (?), and morgans. Some of the other ones he actually showed me were extremely old. I know a few need new cases, but they are all kept in plastic cases, as far as I know. And I do know not to handle the coins or how to handle them if I have to. I even have the proper gloves.

 

My mom seems to be more concerned with me upgrading his computer and getting it out of the house first. I was going to bring some coins home this week, but she stopped me. I think she is tentative about doing this, which I fully understand. My father doesn't realize he's as sick as he is and believes he has been cured and is now fine. It is evident he is not fine to everyone but him. So we're not sure how he is going to take it when we have to approach him about selling off some of his coins for his medical care. But long term care facilities are amazingly expensive, so we might not have a choice.

 

Anyway. It could be a week or more before we bring any of the coins to the house. I might not even bring them home and just do the work where they are. But if I can, I'll try to take pictures of some of them.

 

Thanks!

[supertooth]

Deacon----Whatever you do---don't make your dad feel that his stuff is being taken right out from under him. That could go very badly. It's got to be a tough time for your folks. Handle things GENTLY.

 

Certainly better to look at his coins in his presence. That way you can learn from him if he is able enough to help you. You might be surprised at what he knows and remembers. Good luck in any event. Bob [supertooth]

[copper toning]

My advice is to buy a Redbook and identify the better stuff, and PM me with a list of the rest. I can help guide you. What part of NC are you in?

 

I believe Kenny would be very helpful to you and what he can't help with he will guide you to the right person.

 

If you have any wheat cents I may be able to help. Just so you know I recently sold off my entire collection and I am not actively buying so I would only try to give sound advice.

 

I hope all goes well for your family

[wdrob]

 

My mom seems to be more concerned with me upgrading his computer and getting it out of the house first.

 

This has me puzzled. If you don't mind me asking - why would separating him from his computer be a priority to anyone?