Selling an Estate Coin Collection? Avoid These Four Common Mistakes

Over many years, Atlanta Gold & Coin met with thousands of people responsible for liquidating coins and coin collections from estates. For people with little or no previous coin experience, that responsibility could sometimes feel overwhelming.

Even people with a general familiarity with coins and the numismatic field can become overwhelmed when facing the task of selling a large estate collection.

Over the years, Atlanta Gold & Coin evaluated collections ranging from a shoebox of coins to several large storage bins that filled an office. In almost every instance, owners or estate executors had made one of four recurring mistakes. This article identifies those four mistakes and, as originally published, provided guidelines and resources intended to help readers prepare for an appointment.

Overwhelmed

Often, customers felt overwhelmed by the prospect of selling an estate coin collection. Facing a collection with thousands of different items could create a sense of paralysis. The question Atlanta Gold & Coin frequently received was “where should I begin?” There is no single right or wrong way to start sorting and listing a coin collection; taking the first step is often the main challenge.

When Atlanta Gold & Coin evaluated and appraised a collection, the usual process was to remove the contents from each box or container, group similar pieces, and assess coins by category. During that review, lower-mintage, key-date, and better-condition coins were identified and set aside for additional research. More often than not, a collection contained many common-date coins in average condition, for which standard rates would have applied.

At the time of publication, the article explained that the most useful approach was often to bring a collection to a coin dealer in the form in which it had been acquired. The prior owner may have arranged it in a manner that could assist the appraiser.

Over-Researching

Some people preferred to hand a collection to a dealer exactly as it had been acquired, while others felt more comfortable researching every coin in an effort to estimate values. Atlanta Gold & Coin considered some research before selling helpful, but frequently met customers who had researched a collection too extensively. Over-researching generally meant conducting an in-depth review of every individual coin. That was not necessary when a rare-coin guide could first help identify coins that might be more valuable.

Atlanta Gold & Coin had published and posted such a resource, which the original article said could be found on the homepage of its website. When researching prices, readers would likely encounter a broad range of figures from different sources, many of which did not accurately indicate what you can expect to receive when you sell your coins. The article was not suggesting that readers enter an appointment without preparation, but it did suggest avoiding excessive time researching values unless they followed ideas highlighted in a previous article.

Spending Too Much Time

Putting too much time into organizing a collection can resemble over-researching, although the two are not always identical, so this article addressed them separately. The article identified several time-consuming practices: sorting every coin by type and year, placing each one in an individual case or holder, and recording every coin from the collection in a spreadsheet.

Although this work could certainly help a coin dealer, it might also consume a substantial amount of time, particularly when many of the coins were worth no more than face value.

For instance, most Eisenhower silver dollars, Presidential one-dollar coins, Susan B. Anthony silver dollars, Sacagawea silver dollars, post-1970 Kennedy half dollars, Jefferson nickels, and modern-issued pennies, among other examples, were face-value coins. In addition, most foreign coins had limited value and traded in the wholesale market for only a few dollars per pound. Atlanta Gold & Coin had met people who spent as long as six months organizing and documenting a collection before learning that fewer than half the coins had any value.

For someone intrigued by coins, with significant discretionary time and an interest in research, documenting a collection to this degree could be enjoyable. Still, the original article suggested that spending more than a few hours on organization and research would probably become counterproductive.

Selecting the Wrong Coin Dealer

Atlanta Gold & Coin acknowledged that it might be biased, but believed customers often spent too much time researching individual coins and too little time researching coin dealers, where the effort could be more useful. A previous post outlined its approach to evaluating dealers and, when this article was published, was available here.

A reputable, experienced coin dealer should take time to discuss a collection, point out lower-mintage or high-end coins that could merit a premium, and make a fair offer. The article noted that dealers belonging to third-party coin organizations, including the American Numismatic Association and Better Business Bureau, valued their reputations and generally would not want to jeopardize their standing by treating customers unfairly.

As coin dealers can attest, developing a solid industry reputation is difficult, and it can be damaged easily without an ongoing commitment to fair treatment. The article advised readers not to assume the nearest dealer would be the best choice. Instead, it suggested researching dealers throughout the general area and selecting the one thought most likely to produce a successful outcome. The article noted that driving a few additional miles might potentially make a difference of hundreds or thousands of dollars.

Summary

In summary, the article identified four recurring mistakes by people selling estate coin collections.

At the time of original publication, the article described the following: First, the article urged readers not to panic. If organizing a collection felt overwhelming, readers were invited at publication to contact a coin dealer to learn what preparation might be needed. They might have been surprised that little or no sorting was required and that the collection could already be arranged in a way useful to an appraiser.

Second, the article advised against over-researching coins in a collection. Looking at five or six different sources would likely reveal five or six prices, often with substantial differences among them.

Third, readers were advised not to spend time arranging coins in a way that might offer little help to a dealer. Over the years, Atlanta Gold & Coin had seen people devote countless hours to organizing collections in ways that did not aid its evaluation process.

Finally, the article considered research into coin dealers the most productive use of time. It cautioned against assuming the nearest dealer was the best option. Instead, it suggested considering dealers within a reasonable distance to determine which might be most likely to provide the best payout.

At the time this article was published, readers who liked it were invited to share it through Atlanta Gold & Coin’s social media!

At the time of publication, people seeking to sell a coin collection or ask questions were invited to call Atlanta Gold & Coin at 678-922-4909!