Sell Us Your Collection
Do you have a collection you inherited or are looking to sell? Selling a collection can feel overwhelming, let us help you with solid advice !
Where To Start On Inherited Collections
Sorting Collections
Chances are you might not be a coin collector. Now that you have this collection of unknown metal what do you do? The best place to start is to sort by denomination. Separate the collection by type. Sort the collection by Pennies, Nickels, Dimes, Quarters, Half Dollars and then Dollars.
This will give you an idea of what denomination of coins are in the collection. Any albums or proof sets should be set to the side.
Silver or Not?
Once you have the coins sorted by denomination, the next step is to take a silver inventory. Coins get their value by numismatic value (collecting), silver content, and then condition of the coin. Determining silver value is an easy step to start to gauge the worth of a collection without getting into the coin’s numismatic value.
Quarters dated 1964 and earlier will be silver. Earlier dated quarters, pre 1932, are a bit tricker and some will have numismatic value. We’ll explain this later.
Dimes dated 1964 and earlier will be silver. Dimes dated earlier than 1916 may be valued more depending on the type and date.
Half Dollars dated between 1965 and 1970 are 40% silver, Half Dollars pre 1965 are 90% silver.
Dollar coins dated from 1935 and earlier are silver. There are some Dollar coins post 1935 that are silver but for the purpose of valuing a collection, this is not as important during this phase.
Nickels will not contain silver that would be valued, even if you have “War Nickels”. For the purpose of valuing the collection based on silver price, exclude nickels.
Albums and Proof Sets
Chances are your collection will have some sort of “album”. There are two main types of albums. The first is a “board type”. These are typically blue and made by Whitman. Collectors use these to work on “sets” of coins. Most of the time if coins are in these albums, they will be lower grade. Keep the album together as it will make it easy for someone to assess the collection. Do not “sell” pieces out of the album unless you are sure you know what you are selling. Individuals will buy certain coins ( the valuable ones) and leave the rest. If you sell your collection, you need to sell it as a whole or you risk devaluing the entire sales process.
The second type of album is a nicer version which will be book like and bound. The album will either be a “Dansco” or a “Whitman” version. These albums will have leather “skins” as well as plastic “sleeves” in the book. If you have this type of album, most likely (not always) your coins would be in higher grade as these albums are more expensive than the “board types” and show signs of a value collector.
Proof Sets are normally plastic hard encased sets of coins from a specific date. There are also Mint Sets which are normally in a plastic “wrapper” from a specific date. These sets will be valued based on the date of the set and most Proof or Mint sets will be worth a little over the face value of the coin during a collection sale.
Slabs
Slabs are coins that are graded and will fetch more value than “raw” coins. A slabbed coin will have a set value if graded by the following three grading companies: PCGS, NGC or Anacs. A graded coin will have a grade associated with it and will be specifically labeled. The coin will also have an identification number on the slab that can be verified at the grading companies website. The value given by the grading company is never correct (normally higher), however it will give a set indication of that coins price. Dealers use “Greysheet” to determine a coins price. Further below we will talk about pricing coins.
Valuing Coins Numismatically
Numismatic means the collectibility and rarity of a coin. Coins get their value from the silver content, the condition and the rarity of the coin. This will be extremely difficult for non collectors to gauge and is also where you can be “fooled”. The best way to determine if your collection has numismatic value is to utilize free tools such as USACOINBOOK.com. You can pull up a denomination and type of a coin and get a general “book” price of what a coin sells retail. The easiest way to review this information is to skim through the data and look at prices in “G” or good, grade. You will easily be able to identify dates that are worth more. Set these coins to the side. The value of these coins will be largely based on condition. Even seasoned collectors get condition wrong, so do not attempt to determine the “grade” of your coin. You just want to identify these coins.
So How Much Can I Expect?
I’m not going to lie, most collections are not worth a ton unless you knew the collector was “really good”. Most collections we encounter were “hobbyist” and the coins are of little value. Do not expect to get “spot” pricing (current price of an ounce of a type of metal) for non numismatic coins. Coins such as Half Dollars will sell under the price of silver. Most dealers will give you a price on buying silver such as 17 x face value. So if you have a Mercury silver dime, it would be 17 x .10 = $1.70. This price fluctuates based on the price of silver.
A dealer will never pay you close to retail on a coin, as there is a cost to resell the collection. Expect anywhere between 50-65% the value of retail. For “wheat pennies”, most dealers will pay .02-.03 per wheat cent, unless it is a Key Date. Non numismatic Silver coins will be paid a face X value.
Key Date coins, are coins that have a high numismatic value. An example would be a 1916-D Mercury Dime or a 1909 – SVDB Wheat Penny.
A good “buyer” will be able to explain your collection. The important part is for you to have some knowledge on the collection. You are trying to sell something, spend the time to learn a bit about the coins you are in possession of.
To Split or Not to Split?
We would recommend never to “split sell” your collection. A split sell occurs when someone buys a partial of your collection, but not the full collection. This typically happens when a buyer first comes in, and the seller gets excited over an offer. This offer typically will be for the valuable coins, and leave the rest. The rest of the collection will be worth a fraction if it were sold together. Splitting a collection for sales purpose can make sense if the collection is of high grade and value. You should know the status of the collection based on the individual who collected the coins. If it is simply “grandpa’s collection” you will have a general idea that is is of low value. If you knew “grandpa collected really nice coins and was big into coins”, the collection tends to be on the higher side. Knowing “who” collected the coins, and being subjective on it, will help you assess the value of the collection.
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