3 Things You Should Know Before You Donate Coins or a Coin Collection
It’s only mid-November and everyone is already in the holiday spirit. I remember growing up and waiting until after Thanksgiving to pull out the Christmas decorations. These days, you begin to see Christmas-related paraphernalia even before Halloween. I don’t typically equate Halloween costumes with Santa Claus, but I guess it’s in the best interests of the retailers. It’s a bit strange to see a Christmas tree already up in our living room, but I personally don’t mind getting into the holiday spirit a bit early.
Considering that the holiday season is upon us sooner every year, it’s not surprising that individuals are also thinking about year end gifts, tithes and donations to their churches and favorite charities.
We recently received a phone call from a gentleman who is interested in donating gold coins to a charity – specifically an orphanage. He was planning on shipping the coins to the orphanage out West, but we had some other suggestions and options that he was unaware of, which we’ll share with you in this article.
This got us to thinking that there are probably a number of people in the same boat. While the current economic environment may be resulting in most folks tightening their belts and fewer overall donations, the fact of the matter is that we’re all grateful for something and want to give back a portion of what we’ve been blessed with.
We thought we would take this opportunity to share with you our recent phone conversation and some other thoughts and recommendations in the event you have plans to donate your coins or coin collection this holiday season.
Drop off Your Coin Collection at Your Charity
The most comfortable approach for most people, especially if they live near their charity, is to drop off their coins or coin collection at their local church or charity location. Most charities and churches staff up over the holidays, as they plan for special events, concerts, holiday meals, so you may have a better chance of finding a staff member than at other times of the year.
However, we recommend that you contact your charity before making a drive over, as many charities (especially churches) have a skeleton crew during the week. You may find yourself hauling in a large collection only to find yourself lugging it back to your vehicle.
While most traditional donations or gifts are in the form of cash, checks, real estate, stocks or cryptocurrency, these days, most, if not all charities will gladly accept coins and coin collections – especially coins and bars composed of precious metals such as gold, silver, platinum or palladium. That being said, when you call your charity to confirm that someone will be available to meet with you, it’s probably not a bad idea to also ask if they accept coin collections.
Ship Your Coin Collection to a Charity
The individual that we mentioned above lives on the East Coast and was interested in shipping his gold coins out West. He was planning on shipping three or four registered mail packages due to insurance limitations through the United States Postal Service. Shipping items via registered mail with insurance can be quite expensive, and especially for a charity who probably operates on a shoestring budget, if they in turn need to ship the coins upon receipt.
We explained to the gentleman that it may be in his and his charity’s best interest if he ships the coins directly to us.
We’re able to issue payment to the individual donating the collection or directly to the charitable organization. Not only does the charity receive the proceeds that much sooner, but they also avoid costly shipping and insurance expenses. Not to mention, while most of the shipping companies are fairly reliable, you always run the risk of the items becoming lost or stolen in transit.
Upon hearing this and being told that we can process the order and have the charity paid in 24 hours, he is leaning toward shipping the items directly to us. Of course, the earlier in the holiday season you ship items, the better, as all of the major carriers tend to experience shipping delays as we approach Christmas.
Documentation for Donating Coins to a Charity
Another misconception by the general public is that they need to ship or drop off their items directly with the charity to receive documentation for charitable deductions. Fortunately, that’s not the case, as we itemize all coin collections that we evaluate and provide detailed documentation to the donor or charity, as needed.
This can help to alleviate time and stress for the charity as they approach year-end, which is typically their busiest time of year. Our goal is to reduce and to the extent possible, eliminate any burdens associated with the donation of coin collections. It should be a seamless process for the donor and recipient.
In the past, we’ve had individuals drop off their collections with the intent of having the proceeds donated to their church or charity. We also regularly receive visits from church staff dropping off collections and to the extent possible, will even make house calls to the charity or church to pick up and process coin collections. We try and be as flexible as possible to meet your needs.
If you’ve already dropped the collection off and the charity staff member appears to be confused with what to do next, suggest that they reach out directly to a full-service coin dealer, such as Atlanta Gold & Coin Buyers, to assist with the process. We try to make the process as simple as possible and even have a page of our website dedicated to non-profit organizations to walk you or your charity through the process.
In conclusion, we’ve shared with you a few ways that you can donate to your favorite charity. Some individuals prefer to drop off their coin collections with their charity of choice, while others choose to meet with us. We understand that there’s an element of trust involved and provide individuals with the option of dropping off the collection or sitting in with us during the evaluation.
In some cases, your charity may be located out of town or out of state. Shipping your coins or coin collection directly to the charity may result in unnecessary delays with your charity receiving the funding that they need. It may help to expedite the process by shipping the coins directly to a coin dealer that has familiarity working with non-profits. Not only is payment processed faster, but you avoid the unnecessary risk of the collection being lost or stolen by having it shipped multiple times.
You may or may not need documentation for tax purposes. If you don’t plan on claiming a tax deduction, then this is a non-issue. However, most individuals try to reduce their tax burden by deducting charitable donations. In this case, we can provide you or your charity with all the necessary information for this purpose.
We hope that this helps to shed some light on the charitable donation of coin collections and welcome you or your charity to contact Atlanta Gold & Coin Buyers if we can be of any assistance.