Jeff Garrett: When an Inheritance Arrives in Coins

What should you do when you inherit a coin collection? If you are a novice who might not know what the collection is or its value, there are likely plenty of questions on your mind as you undertake what may seem to be a daunting task.

First, it is time to do your homework, since being prepared before trying to sell your collection is important. You should determine what kind of collector your family member was. We see collections everyday, and most were formed in one of the following ways:

Accumulator

This is a group of coins that were acquired through random means. Often, they are coins picked up on travels or saved when someone was going through pocket change. This was very popular in the 1960s, when silver was taken out of circulating coinage. Accumulations of coins often contain Wheat Cents, Buffalo Nickels, Silver Dollars, Proofs, and Mint sets. This is one of the most frequent types of coin collections we encounter. The good news is that even the most common silver coins have become valuable because of silver prices.

Mass market collections

These are groups of coins purchased through mass media, such as cable TV shows, magazines, and online. These collections often contain US Silver Eagles, which are one of the most heavily promoted coins in the market. I bought my first coin from Littleton Coin Company in the 1960s through a magazine offer.

Beginner or novice collectors

The majority of the actual coin collections we see have been assembled by casual collectors. These are collectors who may have started with a Whitman folder and spent years filling the blank holes of the binders. They are collectors who never devoted significant funds and usually only bought the most common coins for their collection. They also buy Proof and Mint sets every year. The collections are usually random, with little thought of ever creating an inventory.

Serious collectors

These are individuals who became interested enough to become a "numismatist." They have spent years assembling a collection, often with a focus on one or two series. They will have probably invested in numismatic books and have learned about what they were buying. These kinds of collectors will often have created inventory lists of what they own. Most advanced collectors will also have coins graded by a third-party service such as NGC. In general, these are the most valuable types of coins that you might inherit. These types of collections often require the most work to ensure the best price realized.

Investors

These are groups of coins that have been sold to someone as an investment. The person buying these coins may have little or no knowledge about what they were buying. Many investors bought silver and gold coins as a hedge against inflation. With today’s bullion prices, these groups of coins can be very valuable. A couple of years ago, we handled an inherited group of investor coins that netted the family more than $10 million.

How to Get Started

Tip #1: Consider getting help from a book

If you have inherited coins that clearly came from an accumulator, mass market buyer, or novice collector, you probably do not need to create an inventory. This can be a huge and tedious job that will add little value to the collection. Instead, first buy a Blue Book or Red Book. These books are geared to beginner collectors.

The Blue Book prices are what you can expect to get for your coins from knowledgeable buyers. The Red Book is for retail prices and what you may have to pay for coins. Attempt to look up what you think may be the most valuable coins. Remember that grading is crucial to values. Do NOT just look at the far-right column. The 2026 Red Book has a section on grading in the introduction.

Tip #2: There is a lot of misinformation about coins online

A simple Google search for a common coin can sometimes lead to very misleading price information. A printed price guide is probably the best place to start. For accumulator, mass market buyer, or novice collections, you can start by trying to find a trusted dealer to make you offers. These types of collections can generally be sold without some of the efforts that will be required for advance collections or investor lots. Look for a dealer near you who belongs to the Professional Numismatists Guild (PNG) or the American Numismatic Association (ANA). These dealers are bound by codes of ethics, and you will have recourse in case there is an issue.

Start by getting offers on a smaller portion of what you have by taking the best coins to two or more dealers for offers. This will let you know who is the most professional and who pays the most. Make it clear you are getting more than one offer. If the dealer has an issue with this — move on. Just remember that some offers are based on that particular day’s bullion prices. Have that information included with the offer.

Tip #3: Ask if any of your coins should be graded before selling

Reputable dealers will help you with this process and save you a lot of money by not sending coins to the grading services that are not worth the fees. Most beginner collections do not have coins worth sending in for grading, but you should ask anyway. Once you have picked a dealer you feel you can trust, have them make an offer for the collection. This can be a very time-consuming process, and many dealers will not make the effort unless they feel they will be buying coins.

We sometimes ask to make offers on portions and then move on if a deal can be consummated. Be sure to be conscious of the dealer’s time. Getting multiple offers on large groups can sometimes be difficult (coins can be heavy). It is better to establish that you can trust the dealer by offering smaller portions.

Tip #4: Selling coins yourself online can be difficult and not worth the fees, time, and trouble

Selling coins online is actually a business with lots of pitfalls and issues. Leave this to the professionals. If you inherited a serious collection of coins that was assembled by an actual numismatist, you will need to invest more time to realize the highest prices possible. You should start by having the collection appraised by a professional numismatist who is a member of the PNG or the ANA.

Sometimes, legal circumstances require appraisals by a "certified appraiser." This can be an issue, as most coin dealers are not certified. Many dealers will make free “offers to purchase” and this can be used as an appraisal. Make sure to ask about fees before having a collection appraised. Auction companies will also often give free estimates of what coins may bring.

Tip #5: Have coins worth the grading fees certified and graded by NGC

Certified coins are the most valuable when it is time to sell. It is very important to have someone knowledgeable screen your coins before sending them in for grading. We have people waste a LOT of money doing this themselves. Expert dealers can also help with conservation if that is required.

If you have inherited a specialized collection, such as Morgan Silver Dollars, search online for dealers who are experts in that field. They can give advice on how to liquidate the collection for the most money. Sometimes your local dealers may be earnest but lack the expertise for a specialized collection. As mentioned above, start by getting offers on what you think may be the most valuable coins. This will help you narrow down whom to deal with.

When you have established dealers whom you can trust, it is time to negotiate. Get offers and ask for the best cash price and what they may pay if the coins are taken on consignment. You may be surprised that you can get more if the dealer has no risk.

Tip #6: Attend a large regional or national coin show

There are large coin shows around the country nearly every week. You can meet dealers who are experts in many series, and you can get multiple offers in one place.

You should also consider rare coin auctions. Many major coin collections are sold by national auction houses. Collections over the years have sold for tens of millions of dollars. This business is highly competitive, and you should be sure to get multiple proposals. You may be best served by engaging an agent who is an expert numismatist to assist you. Not all collections are ideal for auction, especially those with coins closely tied to bullion prices.

Tip #7: Get expert tax advice when selling your inherited coins

This can be a complicated issue, and most coin dealers cannot help with tax advice. Additional issues to consider include shipping, security, the challenges of multiple heirs, and navigating the selling process. This includes knowing about auction schedules and the ups and downs of the precious metals markets.

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