How to Organize and Inventory Your Coin Collection
Jan 20, · Most collectors prefer the original surface on coins, and older coins will be more valuable if they still have their patina and toning. Secondly, store the coins somewhere clean, dry, and smoke-free, with a moderate temperature (coins like the same temperatures that humans do.) If you can, put them in a safety deposit box at a bank. Sep 05, · Those who inherit a coin collection also should avoid excess fees that can be charged by attorneys and certified appraisers. In most cases, neither of these can be trusted for expert advice on the value of rare coins. They also are very expensive, and you probably can do just as well by receiving multiple offers from reputable rare coins dealers.
Here are some clolection things to help you preserve the value of any coins you may inherit and decide what to do with them. Even using water and a cloth can cause tiny scratches that can reduce the value of the coin. Most collectors prefer the original surface on coins, and older coins will be more valuable if they still have their patina and toning. Secondly, store the coins somewhere clean, collecgion, and smoke-free, with a moderate temperature coins like the same temperatures that humans do.
If you can, put them in a safety deposit box at a bank. Some of the coins may be in holders that wgat damaging them; read our post here to get an idea of what to look for and which storage options will work best for you. If you do decide to change the holder a coin is in, be very careful when removing the coin, as some plastics can actually scratch the coin surface. If possible, use cotton gloves when handling a coin, and always hold a coin by the edges without touching the front or back surfaces.
Now that your coins are secure, you can begin to think about getting them appraised. Most of the what are functional foods and nutraceuticals in this post will be about U.
One of the most important things to do is to identify good sources of information about coins. The Wht Official Red Book is your best guide to identifying your coins and giving you a basic idea of value. These are coins that cpin been graded by a third party, and guaranteed to be authentic and of the grade listed on the label.
These have already been graded and identified for you. If the grading was done a long time ago, you may wish to have it re-graded with modern technology; however, this is only worthwhile on higher value coins.
Our new app, Lookzeecan help you identify and grade some of your coins! Read more about it here. The first things to look at when identifying and valuing a coin are the date and mintmark.
Both should be easily visible on the face of the coin, unless there is extensive aging. It is not unusual for there to cpin addition varieties even within the same date and mintmark; the rarer the variety, in general, the more valuable the coin.
Witn of these varieties are only identifiable by a coin expert, but many can be detected even colletion an amateur. The Red Book mentioned above will how to extend work permit a listing of all varieties, as well as images to help you identify your coins.
The grade of doin coin refers to its condition, and is one of the major factors in determining the value of a given coin. The most common scale goes from 1 to 70, with 70 being a coin in perfect condition.
Cleaning affects the grade of clolection coin as well, as most cleaning methods severely damage the surface of the coin. Make sure to examine your coins in good lighting, so you can see the details as clearly as possible. A magnifying glass will also help in determining colletcion variety of a specific coin you have.
Keep in mind that the prices listed in the Red Book are not current market ccoin of the coin: the coin market can change quickly, so a printed guide cannot be expected to keep up with these changes. Still, it will give you a good idea of how coins what to do with coin collection to each other in value.
This grading tutorial from Heritage Auctions is a good resource. A note on highly damaged coins: older coins tend to have more precious metal content, and some coins will still have value for their precious metal even when age and wear have removed what is the birth control pill numismatic value.
This will give you an edge when getting the coins officially appraised, wiyh protect you from unscrupulous dealers who may try to buy your coins far below their value. The odds of having a truly valuable coin in your collection are small, but it does happen. By posting the photos to clin forums or Facebook groupsyou may be able to get experienced collectors to dl you refine the value of the coin prior to official appraisal.
If you have a local coin store, they are probably a good place to start, as most will be willing to take a look at your coins some may charge a fee if you are only looking for an appraisal without giving them the chance to buy some of the coins.
Most will not want to buy the entire coin collection, as they will only be able to sell certain pieces, and will only buy them from you for less than their retail value. You may wish to send those coins that have potentially high value in to be graded by a third party. Coim graded and put into plastic slabs by a third-party service are usually easier to sell and bring higher prices. There are many things to be aware of if you want to sell the collection yourself, should it prove to be of value.
This excellent post from the Collectors Society forums goes into further detail. Of course, you may want to keep the collection collectin use it as the foundation collrction your own collection! In the process of studying the coins to identify and grade them, you will find that coins have so distinct beauty, and a greater variety than many people imagine.
You have an opportunity: make the what to do with coin collection of it! Search for:. Tell others what you think! Like this: Like Loading Leave a Reply Cancel reply.
How to Organize and Inventory Your Coin Collection
The first step in saving your coin collection is to ensure that it is appropriately housed in a coin holder, coin album or coin folder. In addition to protecting your coins from physical damage, coin albums and folders help you organize your collection by giving you a hole to place your coin inside the album. Aug 21, · Another way to organize and inventory your coin collection, especially if you are a wizard with Excel, is to create a simple spreadsheet that will meet your needs. You can add lines and columns, or delete lines and columns. You can sort, calculate and track every coin in your collection. There are many free templates on online to get you started/5(64). Jul 31, · Lay out the collection and see if you can match your coins to the examples shown in the book by date and mint mark. There is a lot more to it but this step will .
You've inherited a coin collection, and you would like to sell it. Unfortunately, there are a few "sharks" in the coin collecting hobby that would love to take advantage of you. The good news is that these unscrupulous coin dealers are few and far between. A vast majority of coin dealers are honest businessmen that run their businesses with integrity and fairness.
Many people ask a family member or trusted friend to help them when they purchased their first car. This is due to the fact that they are unfamiliar with the retail car industry. Having a guide to help you when you buy your first car will prevent you from getting ripped off. The same can be said about selling a coin collection.
Unfortunately, if you do not have a family member or trusted friend that is familiar with coin collecting, you need to arm yourself with some information and knowledge. However, you must arm yourself with some knowledge and experience in order to avoid the pitfalls of selling a coin collection below its market value. Take some time looking over the coins that you've inherited to familiarize yourself with the variety of items in front of you.
Take time to learn how to identify individual coins and banknotes. Follow this advice, and you will avoid getting ripped off when you sell the coin collection that you've inherited. If you are not a coin collector, there is a lot to learn. The more information you possess will give you the advantage when it comes time to sell. The education process may take a while, but it is more than worth it to avoid getting ripped off when you sell your coin collection.
Here are a few essential tips to get you started:. No matter what you think, cleaning coins reduce their value dramatically.
A professional coin dealer will be able to spot a clean coin immediately. When it comes to grading a coin , bright and shiny does not increase the value of a coin. Unless you are on the verge of bankruptcy and you desperately need the cash from this collection, take your time and gather at least a basic understanding of how coin collecting works.
Taking the time to educate yourself will give you the knowledge to ensure that you're going to get the best deal for the coins you're going to sell. If you are going to sell the coins yourself, it is best to purchase a couple of books to help you on this journey. Do not go to a store or jewelry shop that has a big " We Buy Gold and Silver " sign in the window. The best you will do here is get bullion value for coins that could be worth several times more.
Additionally, don't go to a business that sets up in a hotel or other temporary location. Finally, do not go to a coin show or dealer and ask "How much will you give me for this? Many people look at an old coin and assume and must be valuable because it is old.
Take the time to learn how to identify the coins you have and estimate the condition they are in. They assume that all Lincoln cents are valuable coins. When in fact, the million-dollar coin was made out of copper and not out of zinc-plated steel. To start the process of evaluating the coin collection that you inherited, you need to get your arms around the size of the collection.
This may provide valuable information when trying to get the collection appraised. Therefore it is best to gather the collection and any supporting documentation into one location where you can start the process of inventorying and valuing the coin collection. Be careful where and when you do this and try to maintain secrecy to avoid theft or robbery of the coin collection.
Additionally, make sure you take proper precautions to ensure that the coins do not get damaged while you are cataloging and inventorying the collection. Depending upon how the coin collection was initially stored, you may need to buy some basic coin collecting supplies to avoid damaging the collection during this process. If the coin collection was well cataloged and the more valuable coins are easily identified, you may want to separate those coins from the ordinary coins in the collection.
Remember, you cannot determine the value of a coin solely by its age or shininess. There have been many dull and dirty coins that have sold for hundreds of thousands of dollars. There are "coin collectors" and "coin accumulators. A coin accumulator is a person who buys coins and puts them in a box or safe without assembling them into a coherent collection. If the coin collection that you inherited is truly a "coin collection," then most of the work has already been done for you.
If you inherited a "coin accumulation," then you need to start organizing the collection into some resemblance of order. First, start by grouping like items into separate containers or boxes. For example, place loose coins in a plastic container. Put sets Proof sets , mint sets , collector sets, etc. Folders and coin albums can be placed on the side because most of them are already identified. Finally, you may find storage totes of encapsulated or slabbed coins.
The label on these coins identify the coin with the information that you will need for cataloging and inventorying. The next step is to start identifying the items in the collection and group them into five major categories:. The books that are mentioned above will help you identify the U. Pay close attention to the metal composition copper, gold, silver, clad, etc. There are several myths in coin collecting that you should know.
First, just because a coin is old does not mean it is worth more. You can purchase ancient coins that are thousands of years old for only a few dollars.
Secondly, just because the coin is composed of copper does not mean it is worth less than a coin that is made out of gold. There are many early American copper coins that sell for hundreds of thousands of dollars. Once you have your coin collection organized into logical groupings, you can begin the task of cataloging the collection.
If the collection has under pieces, you can do this on a piece of paper with a couple of columns. For more substantial collections, you may want to use a spreadsheet on a computer to help you organize the information. The second part of valuing your coin collection is to determine the grade of the coin.
Any coin collector would much rather have a pristine, unblemished coin in their collection rather than one that has seen better days. Therefore, the demand for coins in better condition is higher than the market for coins that have been circulated.
Determining the grade of a coin can be somewhat tricky, but with a little practice and education, you can estimate the grade of the coin to determine its value. Now that you have identified and graded the coins in your coin collection, you can now determine the approximate value. There are many factors that go into determining the value of a coin , but the bottom line is that a coin is only worth what someone will pay you for it.
However, we can come up with a ballpark estimate of the value of your coins. But keep in mind, this book lists approximate retail prices that you could expect to purchase a coin from a coin dealer. Like any retailer, a coin dealer makes his profit by buying coins below the retail price and selling them to coin collectors at a reasonable profit. The easiest way to value your coin collection is to have someone else do it.
After reviewing the work that is required to assess the value of your coin collection, and you feel overwhelmed or you do not have the time to complete the tasks accurately, you could pay a professional numismatist to organize, catalog, inventory and value your collection for you. If the dealer identifies just one extremely valuable coin, his fee will be well worth the knowledge that you now possess. Actively scan device characteristics for identification.
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Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. A Few Quick Do's and Don'ts. Gather the Coin Collection into One Location. Separate the Collection into Logical Groups. Continue to 5 of 7 below. Inventory and Cataloging. Determining the Value of Your Coin Collection. Easy Is Not Cheap. Related Topics. Coin Collecting. Read More. Jacob Wade. James Bucki.
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