Inherited a coin shop
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14 posts

Hello All, 

Maybe this isn't the right place to ask. So please send me to the right place, if you know where I should go. 

I have inherited a coin shop. The business itself was sold. As for the inventory, they had an interest in consignment but that has not worked out. So, I have on my hands a lot of coins. I know I can easily sell the nice coins. But how do I deal with boxes and boxes of proof sets, and the more common coins? Do I simply get multiple bids from random local shops? Is there a better resource out for dealing with this volume? 

Thanks!

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428 posts

It's kinda hard to answer without knowing how much you know about the coin business and how much of your own time you want to invest to get the best value out of your inheritance and how quickly you want or need to sell.  Did the coin shop keep any books or an inventory on paper or in a digital spreadsheet?  If not, then first place to start is to generate that catalog.  If you don't know how to estimate the value of what you have, you should probably start by hiring a professional to do the estimate.  With an estimate in hand, you can then start talking with coin dealers about buying bulk lots. 

 

 

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I understand completely, it’s just I’m an CPA business major & have helped and have friends that have helped with these issues. Just thought I’d try to help is all. I hope all works out for you and blessings on your dealings.

 

Travis

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On 7/21/2019 at 9:25 PM, AccidentalCollector said:

Hello All, 

Maybe this isn't the right place to ask. So please send me to the right place, if you know where I should go. 

I have inherited a coin shop. The business itself was sold. As for the inventory, they had an interest in consignment but that has not worked out. So, I have on my hands a lot of coins. I know I can easily sell the nice coins. But how do I deal with boxes and boxes of proof sets, and the more common coins? Do I simply get multiple bids from random local shops? Is there a better resource out for dealing with this volume? 

Thanks!

Just a thought, to get rid of large numbers of modern proof sets, try contacting a company like Littleton to see if they will take all of them off your hands at once.  I doubt if most small coin shops or even most mail order companies have much desire to take bulk quantities of proof sets off your hands but Littleton seems like the type of company that might be able to do something with them.  As for the relatively common coins, if they're silver, maybe sell them in bulk on Ebay or even Craigslist?   I hope it works out for you.

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Thanks for the responses. I'll look into Littleton and see if I can make some sort of catalog/(more detailed inventory). 

Answers to Questions: I'm not in a hurry. It's hard to say how much I know about coins really. I was always around them growing up, so I know more than many people but I'm sure far less than you all. 

Most of the coins are not graded by a place like NGC, a few are. When my father passed we did an inventory, but given the volume we did not do a terribly detailed one. 

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You might consider a visit to local coin shows to talk to dealers or look at setting up a table to sell your inventory.  If you are near any of the cities that host the bigger coin shows, that would be a way to meet dealers that might buy large lots.

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