Best advice for handling/selling large inherited collection 0

[aztransplant]

I am inventorying coins in a recently inherited collection...already more than 2000 coins/proof sets and at least that many yet to document, although I think I have left the lower value coins in that undocumented group.  With such a large collection (primarily in stapled paper coin holders, but some graded and some in books/rolls/loose), and I am thinking a total value of ~$50K, what would be the recommended path for selling most of the coins.  I haven't looked into the auction process, if anyone has any do/don'ts/suggestions on that path.

[Matt_dac]

Establish a market value based on recently sold auction prices (not asking prices) for the graded coins and proof coins as a first step. For this exercise you will get a range to show you what is fair. The info is available from a few sources.

No one will buy the entire set as a single transaction btw, unless you offer it to a dealer for a fraction of the value. To maximize the return will take time and effort.

Good luck with the process.

[Crawtomatic]

To build on Matt_dac's good suggestions I would focus on the items of higher liquidity first, graded coins, sets, etc...  That would allow you to reduce the inventory and move things that shouldn't take long to market.  If you're going the eBay route then a lot of your time will be spent doing the market research, taking pictures, reviewing sold listings to determine the best format, and mailing....lots and lots of mailing, etc... - and if you don't have an established seller profile you may not get all the bids/sales you expect immediately.  If you have truly high value graded items consigning to an auction would be one route to save yourself the marketing aspect but at the expense of some profit (could still be worthwhile to get the coins in front of the right buyers).

After the easier sold items are reduced you'll be left with the others considering what to do there.  Selling as lots for a reduced cost to simply get rid of them is an option.  Selling to a dealer for less than full value.  Perhaps getting the opinion of some dealers regarding the ungraded items and whether or not it would be beneficial to take some of those earlier proceeds to reinvest for grading a select few to increase value and liquidity.

Many different ways to go about it but if you take your time you'll learn a little bit about the coins along the way and better appreciate what the end collector may be looking for.  Good luck!

[aztransplant]

Thanks for the advice so far.....and both are confirming what I thought after living and breathing this for the past two months.  To truly get a good value, it will take a lot of time and effort.  Can easily sell if willing to take a deep discount, but I hate to do that for something my dad spent of lot of time on.  It is a very interesting hobby, but so very subjective.  

[Edthelorax]

I am sorry for your loss.

As far as the coins go, joining this forum is a big step. There are many experienced people here willing to share their knowledge, that is the key to this sport/  If you aren't sure about a coin, It's grade or potential variety, just ask. Don't forget good pictures! 

There are many more valuable varieties then there were 20+ years ago when many of these collections were assembled. Learn about doubled dies, re-punched mint marks. Get a general idea how to grade. 

I would start with the proof and mint sets. They are easy to check for errors, take up a lot of space, are pretty standard in pricing and can be done as a lot. It would let you try different ways of marketing your stuff. 

I would consider trying The Coin Marketplace here on this forum, there are no fees. 

 

[Just Bob]

Here is an article written by a member years ago on the subject of inherited collections:

Link to WYNK article

It gives helpful info on handling, storage, evaluating, etc.

[Jason Abshier]

I was in your shoes many years ago when my grandfather died and my father passed away they left both their collections to me ... of course I was dumb and young I sold off 400-500 coins at local dealer shop he gave $150 for all of it mostly (standing quarters ,mercury dimes, Morgan dollars , V nickels , Buffalo nickels , peace dollars mostly Fine-AU few minty)... 

years later I felt Guilty in doing it ! It started me collecting coins ! I now collect high grade Walking liberty halves , mercury dimes even gold coins , just recently started collecting world gold coins , I educate my kids when I pass on I want them to have the collection if they can take a little of their time , add to the collection and don’t be dumb like I was sold off my gradfather’s and my father’s collection ... god only know I probably sold off some Key-dates coins to that dealer made him a nice profit !

i hope you take wise advice on here when selling coins 

Just remember it takes a man a lifetime to build up his coin collection no matter what coins look like ! He still took time to buy and add coins to his collection a lot of heart and soul went into that collection 

Edited April 20, 2019 by Jason Abshier

[jgrinz]

On 4/16/2019 at 9:43 PM, Just Bob said:

Here is an article written by a member years ago on the subject of inherited collections:

Link to WYNK article

It gives helpful info on handling, storage, evaluating, etc.

Good man - I could not remember who wrote it :-)

[aztransplant]

On 4/20/2019 at 3:37 PM, Jason Abshier said:

I was in your shoes many years ago when my grandfather died and my father passed away they left both their collections to me ... of course I was dumb and young I sold off 400-500 coins at local dealer shop he gave $150 for all of it mostly (standing quarters ,mercury dimes, Morgan dollars , V nickels , Buffalo nickels , peace dollars mostly Fine-AU few minty)... 

years later I felt Guilty in doing it ! It started me collecting coins ! I now collect high grade Walking liberty halves , mercury dimes even gold coins , just recently started collecting world gold coins , I educate my kids when I pass on I want them to have the collection if they can take a little of their time , add to the collection and don’t be dumb like I was sold off my gradfather’s and my father’s collection ... god only know I probably sold off some Key-dates coins to that dealer made him a nice profit !

i hope you take wise advice on here when selling coins 

Just remember it takes a man a lifetime to build up his coin collection no matter what coins look like ! He still took time to buy and add coins to his collection a lot of heart and soul went into that collection 

Just seeing this, thank you for the response.  I totally agree with your post....I would love to save some of the collection and probably will, but the collection was not just left to me, but to my siblings and our children.  Most of this group of seven individuals do not want the coins, nor do I to the volume that he has (since many are not great quality or value).  So, I will be selling a lot, and maybe some through the marketplace on this site as suggested above.