What You Need To Know: Inherited Coin Collections
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While every book suggested so far is great for the inherited U.S. collection they leave much to be desired when it comes to world coins. May I suggest a trip to your local library for copies of the Krause Standard Catalog of World Coins? Rather than buying these large and expensive volumes (one per each century of coverage) it makes sense to borrow at least early on in your investigations. If you later decide you wish to continue collecting then having books close at hand might dictate owning SCWC's. But in the beginning you are trying to identify what you've got so an older edition works just as well.

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Agreed: The Krause series is a good research aid if you inherit a world coin collection.

 

There is also a DVD-ROM set of the Krause guides from 1800-date. Just search your favorite book seller for 'Krause Standard Catalog of World Coins'

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I just want to say thank you Pendragon for posting this. I am a comic/comic art guy who just inherited a stamp and coin collection started by my great-grandfather, carried on by my grandmother, passed on to my mother and now to me. Your article, even though probably very basic to you, was extremely helpful to me because I've never done any coin grading or even perused coin-displaying goods.

 

Even though I understand the inventorying/grading/valuing aspects of collecting as it relates to comic books, coins are a whole different animal. Thanks for writing an excellent article.

 

Now, it's time to inventory and grade some coins. :banana:

 

OT: Anybody know a good site or recommend a grading/pricing guide for non-US stamps? I've got stuff from the late 1800s and early 1900s, including lots of international stamps. Most of the guides I saw focus only on US, US territories, and Canada and in fact I picked up one of those, but the collection has lots of turn of the century stamps from all over the world, including pre and post Soviet Russia and pre and post Depression Germany. The Heritage archive is a great source for some things, and I've seen some items on ebay, but the local Borders and B&N didn't have anything for international stamps. I don't want to buy a guide for those sight-unseen. If there are any philatelists on the boards I could use some advice.

 

Thanks,

Steve

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Hi Steve,

 

I would advise you to visit your local library for some of the Scott's catalogs. Typically they will have a 6 -8 volume set that will cover the world. Pick a volume that covers some of your oldest world-wides and prepare for a disappointment, there is very little value to most world-wide collections. For this reason I recommend the library. It's kind of amazing that there is little value, even for collections spanning two hundred years! At least this gives you the chance to check out some of the issues without making a large investment. Hope you find something nice!

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This is a great thread. I too am a comic book/ comic book art collector who inherited some coins and stamps some years ago. I already found out from a few stamp dealers that I will be mailing out X-Mas cards with stamps from the 60's on them for the next few years lol But I would like to find out some info from some of the coin guys here on Canadian and British coins.

Thanks,

Bob

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Fantastic Information...for someone in this situation and I find myself in this situation with no previous knowledge. About 10 years ago I was given the family coins, not much, not many, nothing OUTSTANDING, but all kinds of things that are interesting. I forgot about these coins until about a month ago and started looking for information.

 

I will admit my first thought was: SELL, SELL, SELL. Thank goodness for all the information out there and the fact that the auction house I called on a late Friday afternoon didn't have anyone to answer the phone :-)

 

So in a month, here's what I've done...

 

1) I didn't clean or rub any coins...I DID store all of them in at least a ziploc bag until I got my supplies of 2x2.

 

2) I purchased a Red Book and realized I don't have anything spectacular...but I do have coins that have been in my family for 3-4 generations and I've taken means to make them last for at least another 2-3 generations.

 

3) It seems like everyone out there I talk to in person wants to rip me off, not listen to me or, most importantly, listen to and try to answer my questions.

 

My first 3 questions:

For the coins that have been made into jewelry...is it worth it to take the coins out of the jewelry holders?

 

Stop wearing the jewelry (I have occasionally: for now I answer this yes)?

 

I was recently told of coins that were polished to be made into jewlery pieces...is this a true thing or just another way to scam me to sell my coins?

 

jewleryexample.jpg

 

I just scanned this with the my home scanner, no fancy cameras...

 

Thanks for your time and helping a newby...and if this fits in a different place better please feel free to move it.

 

 

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Hey Erika,

 

Welcome to the boards. You can post this in the U.S. coins section – just note that you already read the “What You Need To Know: Inherited Coin Collections.” You’ll get more responses in that forum. I’m not very knowledgeable about coin jewelry but if I had to guess at the questions:

1) Wouldn’t be worth removing the coins unless they are key dates

2) If the coins have been worn for years I don’t know that it will matter all that much if you stop wearing them now.

3) It’s certainly possible that the coins were polished but it’s also possible that someone was trying to get a better deal on your coins. I think that most coins that are in jewelry have already been damaged (from a collectors point of view) to some extent.

Like I said, go ahead and post this in the U.S. coins forum and maybe some folks with more knowledge on the subject will weigh in…

 

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I'm also very new to coin collecting, recently inheriting coins from a family member who had inherited his Fathers collection. None of the coins have been "slabbed", as I believe it is called. I have tried to give myself a crash course in collecting, even signing up for the NGC membership where you get 5 gradings. But now the more I read, the more concerned I get. It appears to me from my reading, that unless a coin in MS-60 or above, NGC will likely send it back not graded, but charge for the grading. It appears to me they want you to spend more money by sending to NCS to have it "cleaned" and then pay again for them to grade it. I'm fairly sure none of the collection I inherited will be a Mint State coin, so have I wasted my money even signing up? If NGC sends coins back "BB" for having a scratch across it and say it is wheel marks, which I don't even know what that is, I figure my coins don't have a prayer. Do the third party graders not grade coins if they are less than mint state? I'm truly confused by this, and hope someone can give me some guidance.

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Welcome to the forum, greatsmag.

 

The third party graders, NGC included, grade circulated coins regularly. The question is: are your coins worth the grading fees, which in your case would be the cost of your membership. The best way to determine that would be to have a knowledgable person look them over for you. If you have access to a digital camera, you can post pics in the U.S. Coins forum, or the "Buddy Can You Spare a Grade?" forum, and get the opinions of quite a few folks with many years of coin collecting and/or dealing under their belts. If that isn't an option, I would suggest taking them to a local dealer, or a nearby coin show, for an opinion.

 

Feel free to send me a private message if you have any questions.

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Thanks for helping out. I do understand that I need to have some idea what the coin is worth before sending it off. It makes perfect sense not to send a coin for grading that is worth less than the cost of grading. My concern is all the posts I read about people sending coins off for grading and getting them back not graded. One post I read inparticular the guy states he received his coin back because of what he describes as 'Wheel Marks'? If that is simply some type of scratch on the surface of the coin, why would the coin not be graded in a lower state? Why would they send it back as not graded? I do truly appreciate the help & advice.

 

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Hello All , I am new to this board and have read a lot of great information here.Thanks to all for that.

I had recieved a coin collection from my Fathers estate a few years back and all are in bank bags and most all are silver , in all types, dollars quarters dimes and halfs. I used to do a lot of metal detecting with my Dad 30 years ago as well.

We still have not divided all of the coins that he has in folders that he had picked up at random shows over the years, but I dont believ any of them are professionally graded just in the flips and cardboard covers with dates and guesses about the grades on them . We have been trying to figure out over the past 3 years on how to split those coins between the 5 kids.

I am going to start collecting again and keep this going with what my Father left to me.

We are having a hard time between us all in trying to figure out how to divide these coins up..It is going to be a tough one because of the amount of books of coins he has. The regular silver was just divided into 5 piles of all coins and put back into a bag for us to get..

I am going to sell a few pieces of gold that I have had for 25 years now to add other coins to my set as well. But I am still waiting on my NGC submit number to come back because the St Gaudens that I have is in a flip and was graded MS 64 by the shop that I had bought it from , BUT when I take it to a local gold dealer around here they say its not in MS64 condition so I want to spend the $30 to send it to get graded..Well sorry about the book I just wrote but its tough to expain everything with the way I ramble..

Thanks For the info on these boards

Gary in Florida

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One other thing to consider is when you inherit a coin collection your basis from a tax standpoint is the fair market value at the time of inheriting the coins.. If you grand mother gives you the coins while she is still alive tour tax basis in the coins is what hers was, most likely the face value of the coin. An example if you are given a 1916 D Mercury dime by your grand mother and she got it out of pocket change your basis is 10 cents. If your inherit it after she passes away your tax basis is is the fair market value when you inherited it. Hopefully you have some expensive coins and if sold this will save you a significant amount of money.

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One thing I feel is forth mentioning is the tax aspect. If you are given a rare coin by say a grandparent prior to their death your cost basis is what they paid for it. If you inherit the coin then your tax basis is the fair market value of the coin upon the death of the person you got the coin from.

 

An example - Your grand father paid $100 for a Mercury 1916 D dime. If given to you prior to his death your cost basis is $100. If you inherited the coin and at the time of death the coin was worth $700 your cost basis is $700. If you opt to sell the coin for $700 you would pay no tax on the sale if inherited whereas if the coin was given to you a $600 capital gain would be created and you would pay tax on the $600 gain.

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I'm going to leave a copy of this with my collection should my death precede the dispersement of my collection.

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Great article.  I am very new at this and although I did not inherit an actual coin collection, my grandfather gave me a tobacco can fiIled with what I think is still called, "junk silver coins".  I've carried the can of coins with me for a very long time and have looked at each coin twice now.  I'm trying to pick out the best of each coin and or year now.  My grandfather simply threw his pocket change into the can everyday, and that's what this "collection" is.  I have no idea if any of it is worth anything, but I want to find out, because I think all the coins are really cool.  It seems the grading companies want a steep price for each coin.  I have about 50 to 75+ of them.  The budget article - yes I'm concerned.  I understand the Red and Blue books are out of date the minute they are printed, so I'm not sure really how to deal with all these coins.  I can tell you though, I have not cleaned any of them...so I guess I have that going for me.  I don't know the right way to clean them.  I have put them in paper coin holders and do have some in flips now.  Suggestions?

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