So you’ve inherited a coin collection. Sure it may not seem like the most exciting thing to come you’re your hands, but don’t underestimate the investment potential that comes with it. These aren’t you’re your ordinary quarters; in some instances, it could be worth $500,000.
Regardless of the value, years of effort and memories are stored in those boxes in the form of shiny coins. If you don’t have the time to invest and continue coin collecting, selling may be your only option, but where do you start?
First, make sure that the coins are stored properly. Without proper storage, the coins might lose value. To do this:
1. Make sure each of your coins is in a proper holder, free of dust, acids and oils.
2. If it’s a large collection, a coin folder will allow you to better group everything together.
If you need supplies, Whitman Publishing offers a great variety of coin collecting supplies for your every need including coin holders, albums, and books.
As you review them, prepare a comprehensive inventory of the coins. To help categorize the coins, you can use CoinManage2011, 4-out-of-5 CNET reviewed coin inventory software. It includes a database of more than 25,000 United States, Canadian and English coins, pictures, values and want/sell lists for future reference.
After you’ve come up with an inventory process, use the World Coin Gallery to identify any international coins in your collection. With country sections and current values on certain metals, you will quickly learn more about each of your coins. You’ll also want to know the value of each coin you have. Purchase the U.S. Coins Red Book for accurate price listings and correct grading of your coins – from Perfect Uncirculated to Fair Poor. When you start sourcing out sellers, you’ll likely come across people offering you different prices, so having a guide to go off will make sure you get the best deal.
Once you know what you have and are still thinking of parting with your collection, it’s time to get it on the market! Research dealers before contacting them and, once you find a trusty one, contact him/her and speak about your inventory before sending anything. As always, review the offers and stay on top of current values and prices. CoinWeek offers a directory of dealers around the world, expert columns, and breaking news on coin value.
While this hobby might not be for you, you can still reap rewards from coin collecting by effectively researching and taking the time to study your small treasure so it lands in the right hands instead of just gathering dust in the attic.