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How to find a buyer for large world coin collection

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Could anyone point me in the right direction to begin the process of finding a buyer for a large world collection? We have about 11,000 coins from a relative - spent 18 months documenting all (in original cardboard flips) using NGC and other sources for values - just as a guide. Relative was an expert numismatist.

Thank you in advance.

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9 minutes ago, TetonJoe said:

Could anyone point me in the right direction to begin the process of finding a buyer for a large world collection? We have about 11,000 coins from a relative - spent 18 months documenting all (in original cardboard flips) using NGC and other sources for values - just as a guide. Relative was an expert numismatist.

Thank you in advance.

Welcome to the boards! If possible, it would be very helpful to post pictures of some of the more valuable pieces according to his interpretation. This would allow us to better gauge the level and depth of the collection and make more useful suggestions. In general, you have several options, including auction houses, selling them here within the forum, eBay, a local coin dealer. Depending on the level and depth of the collection some suggestions may be more useful than others. 

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Can you give us some examples of your nicer pieces? It sounds like you've put a lot of time and effort into cataloging this collection, which is great. But our advice will be very different if you have pieces worth $1 or $250 or $1000. 

Is the collection focused on a couple of areas? (Colonial coinage of an empire, Indian coinage, etc) Or is it a wide ranging collection? Are there a lot of old pieces (before WWII), or is it stuff they got while in the military, or during travels? There's a big difference between a collection of 19th century silver and circulating coinage from the last 75 years. 

If you give us some more detail, we can help you better. 

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Thank you both for such a quick reply. Here are some pics of some pieces from France and Greece. We have these valued between $100-$700+ (retail) each. 

The collection ranges from $1 pieces - common Great Britain, South American countries, etc to lots of silver pieces from all over the world, Asia, Europe, Russia, Gr Brit.  I counted 175 countries, graded mostly F to Unc. Dates range mostly from 1600’s  to early 1900’s, but scattered with 1200- 1500’s. I have a separate batch of ancients that I posted in another chat and got some great help on because I didn’t know how to value them as there was no recoded grade on them. (I don’t know how to link to that post but pics there as well). 

He collected all over the country & may have started during WWII when he was in Belgium. He marked date purchased for and dealer/location on every coin. He went to select shows (FUN) as he lived in Miami, and had reputable friends & dealers all over the country. 

 

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It appears the labeled prices on the coins are not necessarily indicative of current market value. For instance, the 1834 Greece 2 Lepta marked as UNC is exceedingly scarce in uncirculated grades. The holder that coin is in is marked $0.75; however, the catalog prices it at $1,750 in MS-60. This should be somewhat encouraging, but there is also some slightly less pleasant information I feel obligated to share. These coins are raw and as such the grading will be subjective, they would need to be graded to maximize selling price (this can get very expensive). Additionally, just because of the book prices it at $1,750 does not mean it will sell for that. Like everything else in this world, the prices are driven by demand. Historically speaking, and not entirely based on current trends, the demand for world coins is relatively weak compared to that of US coins. For example, an 1833 Greece 2 lepta coin certified as MS-63 (higher grade than 60 and professionally graded) sold for $204.50 despite the book value of $800 in MS-60. All this to say that the best way to judge value is based off prior realized prices (i.e. not asking prices but actual prices for sold coins).  There are several specialists on these forums that could likely lend a helping hand to determine actual market values of some of the coins. For instance, I focus on Irish and English copper coinage and I would be happy to assist in that area as well as any other areas in which I have experience.

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1 hour ago, TetonJoe said:

Thank you both for such a quick reply. Here are some pics of some pieces from France and Greece. We have these valued between $100-$700+ (retail) each. 

The collection ranges from $1 pieces - common Great Britain, South American countries, etc to lots of silver pieces from all over the world, Asia, Europe, Russia, Gr Brit.  I counted 175 countries, graded mostly F to Unc. Dates range mostly from 1600’s  to early 1900’s, but scattered with 1200- 1500’s. I have a separate batch of ancients that I posted in another chat and got some great help on because I didn’t know how to value them as there was no recoded grade on them. (I don’t know how to link to that post but pics there as well). 

He collected all over the country & may have started during WWII when he was in Belgium. He marked date purchased for and dealer/location on every coin. He went to select shows (FUN) as he lived in Miami, and had reputable friends & dealers all over the country. 

 

 

Where did you obtain your estimates?  If from Krause, you might as well know that the prices are not accurate, frequently wildly inaccurate and when it is, more often than not over valued.

As mentioned by others, you can list it on eBay but otherwise, to maximize the proceeds you will need to find the right outlet which will depend upon the coin.

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2 minutes ago, World Colonial said:

Where did you obtain your estimates?  If from Krause, you might as well know that the prices are not accurate, frequently wildly inaccurate and when it is, more often than not over valued.

As mentioned by others, you can list it on eBay but otherwise, to maximize the proceeds you will need to find the right outlet which will depend upon the coin.

I would suspect these estimates came from Krause. I tried to dispel some of inaccuracy in my post using the 2 Lepta coin as an example. 

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I understand. Thank you both so much for your insights- very helpful. Yes I agree - the flip prices were what was paid for the coin, all in the 60’s or 70’s. The values are completely different now and since I got to this chat thru the NGC site, I used the NGC values for my log but occasionally checked different sources for some higher value ones. I used a few auction sites, Heritage, Stacks Bowers, eBay and several others. But not for all of the coins. 

I guess the challenge I have is that we want to keep the entire collection together. In your opinion, what would be the best way to approach selling this- it seems quite difficult. 

Many thanks again. 

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10 minutes ago, TetonJoe said:

I guess the challenge I have is that we want to keep the entire collection together.

Is there any particular reason for this? You are going to have an *exceedingly* difficult time finding a buyer who wants to buy the entire collection all at once. Especially for this type of material. You might find a dealer that will buy the whole thing at once for a strong discount, but he will IMMEDIATELY break it up into ten thousand pieces to sell it. 

If you were talking about a *truly* WORLD CLASS collection (the kind that people will be reading about a hundred years from now), this sort of thing makes sense. Supremely rich collectors looking to expand the depth or breadth of their collection will buy a collection which can further their goals. These sorts of collections are usually *highly* focused or have *extremely high* quality. For a collection of random circulated world coins like you have, this is extremely unrealistic. 

Unless there is a Really, REALLY good reason to keep the whole thing together, I HIGHLY suggest you abandon that idea. You just don't seem to have the type of material that makes this a realistic goal. 

 

If, however, you really want to just sell the collection all at once, I'd suggest finding a willing dealer in foreign coins. I'm sure some members here can suggest options. Understand, of course, that these dealers will not keep the collection together, they'll sell it piecemeal. 

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I see. Yes - aware that it’s not a high value collection with gold and rare pieces etc. Value right now is estimated at about $250k. It doesn’t matter to us how the buyer sells it after they buy it. 

If we split it up, it seems that we’ll be left with the low value coins, and never sell them. However, that may just be the reality. While it’s been quite interesting to work with, no one has the interest or experience to make it a hobby. We’d rather let it all go together and let the experts and collectors work it out in their own way. 

Your recommendation for dealers sounds good - would greatly appreciate any reputable names and/or additional advice. 

If, however, we go the other route and split it up, so we just sell it off by country? 

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Many people who acquire coins begin with the idea they will not split it up and will only sell complete, but this almost never happens.  No one wants all the coins - they want specific coins of interest based on their collection goals, etc.  Selling coins and getting a reasonably fair price requires A LOT of time and effort, and you will contend with scammers/flippers who offer you a fraction of the value, etc.  As others have noted delicately, price guides are nonsense and almost totally useless because they are always inflated beyond actual selling prices in a given period of time AND they are all based on agreed grades.  If I'm not mistaken, your collection is entirely raw with notes made by the original collector as to condition, which may or may not be accurate.  It will cost money to have your higher end coins professionally graded and encapsulated but it will make it easier for you to determine actual value and to sell them.  For example, a price guide may list a coin "worth" $2000 in a given grade but realized sold prices over the past year will show you something like $1300-1500 (the real value).  Determining a fair selling price takes time and then ultimately finding an interested buyer.

In some respects it sounds like you have a good problem though, something interesting of value left to you.  Best of luck with the process.

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16 hours ago, TetonJoe said:

The values are completely different now and since I got to this chat thru the NGC site, I used the NGC values for my log but occasionally checked different sources for some higher value ones. I used a few auction sites, Heritage, Stacks Bowers, eBay and several others. But not for all of the coins. 

NGC is (or at least recently was) powered by Krause.  At risk of sounding like a Debbie Downer the trick with the auctions is whether or not your conditions are realistic and whether or not there is unseen issues like PVC, things which might be tough as a neophyte (and the basic XF, AU, UNC designations leave a lot of room for interpretation). 

A dealer buying the whole collection or even parts of it would give you a small percentage of what a book value is...they have to do a lot of work to sell this kind of material.  What might actually be a fair offer might seem insulting at first if you have based your calculations on retail.  Shoot, even with the best photos and everything graded, selling yourself on eBay takes a significant chunk of your profit.  That said, there will be those less honest that will hope to get a 'rip'.

I guess my point is that you might be disappointed if you've been using the Krause/NGC/auctions as a guide.  You could take the collection inventory to a local dealer with some examples and get an estimate.  You can send the list to various online dealers that carry broad selections.  I'll PM you a couple I trust and that I know of that still keep significant raw inventory.  If you get 5 quotes with at least three within spitting distance of each other that might give you a more realistic idea of a wholesale value to a dealer.

If you have any sense of interest and are willing to invest in photo skills you could open your own eBay store.  Get slabbed a selection of those you feel are most worthy value-wise to get a sense of how close you are on the grades.  Take your time and have fun with it.  Lower value items can be sold as lots too.

Now, that all said, I personally am especially interested in Albanian coins and Japanese coins.  If you have a selection of either of those I would render an opinion, but understand that opinion will be informed by the photo quality.

Shoot, that collection would be a dream for me an would keep me happily entertained in retirement for a long time :).

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16 hours ago, TetonJoe said:

If, however, we go the other route and split it up, so we just sell it off by country?

I would not start that way.  To help maximize value I suggest that you send the most valuable ($100+) coins to a third party grader for grading and encapsulation.  That portion will be much easier to sell as separate items.  Also separate at the low value end -- that set is probably best sold as a bulk lot or donated to your relative's favorite coin club.  The in between group could be separated by country, century, silver/non-silver or whatever makes sense.

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I don't have a dog anywhere in this hunt, but I find this thread very interesting ,fun to read, and kind of exciting to think about. I agree with Star City Homer: I could have a ball with an inherited collection like this for years.

My only advice: whichever route(s) you choose to take, do your best to properly honor the memory of the numismatist who spent their life putting this collection together.

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23 minutes ago, Just Bob said:

My only advice: whichever route(s) you choose to take, do your best to properly honor the memory of the numismatist who spent their life putting this collection together.

That is a sound piece of advice that I think is too often overlooked. Not to say the OP would not have done this be default. 

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On ‎1‎/‎16‎/‎2019 at 6:23 PM, coinsandmedals said:

I would suspect these estimates came from Krause. I tried to dispel some of inaccuracy in my post using the 2 Lepta coin as an example. 

I saw your post but was typing it as you posted it.  You beat me to it.

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Not sure I have a lot of advice to offer, other than the amount of money you realize will be strongly correlated to the effort you put in to the sale.  11,000 coins is a lot of research to do on eBay.  If you're able to make several OFEC (one from each country) lots of 100-150 inexpensive coins, those should be easy to move.  If you have contact to one of his trusted dealers, that he did a lot of business with, they might be able to help.  If that's the case, then I hope you don't find out he or she shouldn't have been trusted.

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Ok - I have digested all of the posts - so very helpful and thanks go out to everyone for honest feedback. I should clarify, FWIW, that my uncle (the collector) did not personally grade 11,000 coins - he bought them with grading on them from hundreds of dealers but certainly marked some on his own and was well known in his circles as an expert. Unfortunately the immediate reaction of the local dealers so far has been to just not believe that he was just as much, if not more, an expert as they were. So they devalue the entire idea of this collection before even taking a look. Kind of stunning, but understandable. So the good news is that you all here "get it." We want the honest feedback - good or bad - and want to honor the man who knew his stuff by getting this to the right people who shared his passion. That's the buyer we're looking for. I did check my prices against ebay FWIW. We understand that the value now is what someone wants to pay for it. However, what's the point of using NGC (which the local dealers pointed me to when I started valuing the collection) if they then dispel any of it? Dealers seem to use it to sell, but when you discuss it to buy, they squawk? It's a starting point and we get that anyone would discount off the prices as a buyer. When there was no grading on the coins, I used the lowest grade value - like a G, just to get something down - because he did not own anything less than that grade - most in the XF-AU range. Certainly being a bit defensive on this, but will adjust our expectations accordingly without giving away the store. And yes, I stand by the valuation at $250,000.00 retail value.  I like the batching idea on eBay. Could any one tell me if the dealers that advertise in Coin World magazine, who say "we buy the whole collection" are reputable? They seem to say it, but when I talk with them, it's not the case.

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And Star City Homer - I will keep a list of all options open - I only have 2 Albanian, 103 Japanese.

Thank you all again - my uncle would have loved being part of this but technology was just starting as he was aging a bit.

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2 hours ago, TetonJoe said:

Could any one tell me if the dealers that advertise in Coin World magazine, who say "we buy the whole collection" are reputable?

Again, we know you want to take the easy way out and sell it all at once, but no-one is going to take the risk of buying an uncertified lot at anywhere near your expected evaluation.  That has nothing to do with being reputable, that's just the way the business works when dealing with big lots.  It's kinda like the folks that advertise that they will buy your house for cash -- whatever they offer will include a deduction for the risk that your house has lots of hidden problems.

Since this is becoming a popular thread let me jump on my soapbox for a moment -- if you are a passionate collector, please realize that your heirs will most likely not have the same passion for your hobby.  Do everyone a favor and make a plan to sell off your collection so that you won't burden your heirs with this responsibility.

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3 hours ago, TetonJoe said:

Ok - I have digested all of the posts - so very helpful and thanks go out to everyone for honest feedback. I should clarify, FWIW, that my uncle (the collector) did not personally grade 11,000 coins - he bought them with grading on them from hundreds of dealers but certainly marked some on his own and was well known in his circles as an expert. Unfortunately the immediate reaction of the local dealers so far has been to just not believe that he was just as much, if not more, an expert as they were. So they devalue the entire idea of this collection before even taking a look. Kind of stunning, but understandable. So the good news is that you all here "get it." We want the honest feedback - good or bad - and want to honor the man who knew his stuff by getting this to the right people who shared his passion. That's the buyer we're looking for. I did check my prices against ebay FWIW. We understand that the value now is what someone wants to pay for it. However, what's the point of using NGC (which the local dealers pointed me to when I started valuing the collection) if they then dispel any of it? Dealers seem to use it to sell, but when you discuss it to buy, they squawk? It's a starting point and we get that anyone would discount off the prices as a buyer. When there was no grading on the coins, I used the lowest grade value - like a G, just to get something down - because he did not own anything less than that grade - most in the XF-AU range. Certainly being a bit defensive on this, but will adjust our expectations accordingly without giving away the store. And yes, I stand by the valuation at $250,000.00 retail value.  I like the batching idea on eBay. Could any one tell me if the dealers that advertise in Coin World magazine, who say "we buy the whole collection" are reputable? They seem to say it, but when I talk with them, it's not the case.

You seem to be confusing the catalog value with actual retail prices.

Yes, coin dealers will frequently use the Krause (NGC Price Guide) value IF it suits their purposes.  In other words, they will sell at this price if it is much higher than actual market (usually the case) and will certainly use it to make offers if they know it is substantially below it.

However, this is different than what you seem to believe.  You only include a few examples in your images.  However, if your collection consists of 11,000 coins and has a catalog value of $250,000, this is going to mean that it's overwhelmingly composed of low to very moderately priced coinage.  If it is substantially composed of (very) high quality examples from a series (country, design and denomination) which is in demand, it will be much easier to sell near or even above catalog.

On the other hand, if it is mostly average to lower quality coins or even decent examples which aren't in demand, actual retail is going to be a low or even minimal fraction.  To give you a few examples, I collect Bolivian coinage.  The 1942 50c is listed at $8 in "UNC".  I  don't visit coin shops but this is probably how much a dealer will ask though the coin isn't remotely really worth this amount even in somewhat higher mint state grades (above a 60).  In a true auction on eBay, with a starting price of 99c, it might sell for 99c, it might sell for $2 or it might not sell AT ALL because it is an extremely common coin and most collectors would rather buy a better example or something else.

Another one is the 1973 Soviet 15 kopek which I discussed on this site previously.  It is listed @ $220 in MS-63.  Going by eBay listings where I saw multiple full sets in much better quality sitting unsold for months at only slightly higher ask prices, the actual value in grade is probably $25 or even less.  Yes, a full set of eight or nine coins which looked maybe MS-66 (better or a lot better) offered for only slightly more than this one coin is listed in Krause sat on eBay for months.  Some might still be there now.

Not trying to discourage you but to get the value you seem to believe you have, you aren't going to be able to get it by taking any short cuts.  The less effort you put in yourself, the less money you are almost certainly going to receive.  As others have implied, no dealer is going to both have an established customer base for your entire collection and be willing to put in the time to sell it except by offering you a "fire sale" price.  The selling of a large number of low value coins is a time consuming activity and sellers need to expect that a dealer will expect sufficient compensation for it.  The catalog price you see which many collectors think is actual retail, it incorporates what I am describing to you and in many instances going by eBay results, it's probably most of the supposed value.  There is also an opportunity cost if it takes a long time to move the coin and the dealer will want to be paid for that as well.

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Ok I see- excellent information and realistic feedback.

Just got back from a small coin show - took samples- same questions etc as here. Wonderful people - very positive response to the coins, methods and some info I shared from all of you. We now have a better plan for the next steps, along with some reliable names. Also going to a larger show in a month or so. 

Can’t thank you enough. Hope to call on you all again if needed. I will post again when we get closer to the sale(s) if anyone interested. 

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