The Do’s and Don’ts for Selling an Inherited Coin Collection
For someone who had recently received a coin collection and was considering a sale, the original article outlined several important points. Selling through an auction or eBay may have appeared straightforward, but the article said additional preparation was necessary to maximize the coins’ value at sale. It encouraged readers, at the time of publication, to review these do’s and don’ts before taking a collection to an appraiser.
Do’s:
Learn About Coins in the Collection
For those unfamiliar with rare-coin and bullion buying and selling, the article advised taking time to understand both the field and the individual coins in a collection. It identified these features as factors that can influence coin value:
- Mintage, or original quantity made, and survivorship, or quantity remaining
- Grade: a coin’s condition
- The underlying metal content, including gold, silver, platinum, and more
- Demand: Market changes can cause certain coins to gain or lose value as their popularity shifts
Organize the CoinsAt the time of original publication, the article described the following:
Before submitting collection items for appraisal, the article also advised sellers to organize your coins and make an inventory. Its recommendation was to separate and sort coins by their type and denomination. It also suggested compiling an inventory of the coins, bullion, and currency in the collection, then having photographs ready for the coin buyer selected to handle the collection’s disposition.
Choose an Appropriate Coin Buyer
An auction house may complete most of the work, but the original article noted that it could retain approximately 20-30% of the selling price as commission. Where a collection contained inherited a large collection, that expense could total tens of thousands of dollars. The article said working with a dependable coin dealer could reduce costs and improve net sale proceeds. It advised readers at publication to review Better Business Bureau ratings and customer reviews before selecting a dealer.
Don’ts:
Do Not Clean Coins
Another recommendation was to avoid cleaning your coins. Cleaning can remove original patina or mint luster, cause damage, and substantially reduce an item’s value. The article explained that coins cleaned, polished, whizzed, or otherwise altered commonly sold for about two grades below what the unaltered coin might have brought. For example, a cleaned extremely fine, or XF, coin would likely sell closer to the rate of a Fine, or F, coin. For protection, it suggested specially made albums, mylar flips, holders, or folders instead.
Do Not Sell to a Pawnshop
The article cautioned that pawnshops, “we buy gold” shops, and general gold buyers often lacked the expertise to recognize coins whose value exceeded their underlying metal. It said they were generally unfamiliar with rare or key-date coins, which mint produced the coin and its effect on value, the Sheldon 70 point grading system, coins appropriate for third-party grading, and distinctions between a proof and uncirculated coin. The article said that gap could cost sellers thousands of dollars. Privately produced bullion bars and rounds might make this less important, but it stressed that coins called for a coin expert.
When originally published, this article asked whether readers were ready to sell a collection left by a loved one in a will. It described Atlanta Gold & Coin Buyers as a dealer authorized by Numismatic Guaranty Corporation and Professional Coin Grading Service, two widely respected third-party numismatic organizations. Alongside its reported A+ Better Business Bureau rating, the article stated that it was the only Atlanta-area coin dealer then posting our rates for buying coins online. The stated aim was for everyone working with the dealer to feel comfortable with the decision.
At the time of publication, readers who wanted an appraisal of collection coins were invited to use fill out our form to arrange an appointment or give us a call today at 678-922-4909!
