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Coin collection appraisal

Merlin

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#1
My Edward Jones financial advisor has an 83 year old client who wants help liquidating her deceased husbands collection of old silver coins. Where to go for a fair and honest appraisal? Someone who won't choose to overlook a truly valuable coin (if one exists.) I don't do numismatics, so have no one to recommend other than Apmex. Isn't that sad. Looking for suggestions/referrals.

Edit to add: my local coin dealer always makes mistakes in his own favor. When I come back immediately, he'll fix his "mistake." But he never makes errors, it seems, in my favor. Can't recommend him to a stranger.
 

hoarder

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#2
My 87 year old mother wanted to have her jewelry appraised, thinking it might be one less thing for her heirs to worry about. As it turned out, jewelry stores don't want to do appraisals so they avoid them. Why? because they know damned well that the markup is ridiculous and that jewelry is generally a piss poor investment. If they estimated it at what they would retail it, they would not buy it if it was offered them at half the price. If they estimated it at what they would buy it for, the customer might tell them she bought it from them at 8 times that price. It's an awkward situation for them.

Numismatics is a suckers game too. Not so much as jewelry of course, but still a suckers game. I don't know the answer to your question.
 

Merlin

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#4
Or you could grade them yourself.
And that would be an really bad mistake. The only experience I have grading numismatic coins was the Brilliant Uncirculated Walking Liberty Half that I bought for $550 only to find out that the right grade for the coin was Almost Uncirculated -- worth $50. Don't want to play that game.
 

Krag

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#5
I'd go on coin forums; PCGS forum, NGC forum, Coin Talk;; there people can't con the potential seller as a pawn shop and many coin shops would. I'm a PCGS, NGC, and CAC authorized dealer, but am currently more or less maxed on on inventory.
 

Krag

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#7
Chances are they are not numismatic coins; in which case Apmex is a good buyer of 90% and they post their buy/sell spreads, but have minimums.
 
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#8
Did the collector take good care of the coins? You could figure this out if they are carefully encased and in nice condition. If not taken care of probably a bunch of junk 90%.
 

hammerhead

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#11
Appraisals can be misleading. I would go to lcs's and ask what they would give for the lot. Collectors such as the lady's husband may have been interested only in what he had. Not all people share the same interests.
 

D-FENZ

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#12
Get a couple of appraisals, but only from those who are willing to buy the collection at their appraised value. Otherwise it's a worthless assessment. And make sure the appraisers know there are others having a look but do not tell them who they are. Some of these guys are pissing in the same urinal if you know what I mean... And like michael says, sit through the appraisals to keep an eye on them. Shouldn't take very long for those who know what they're doing.
 

Merlin

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#13
Come on Merlin.
Let us look at them coins.
Lots of savvy people here.
All the best.
I haven't seen the damn coins. I don't want to see the damn coins. I don't know the old woman and don't want to know the old woman. But the financial advisor called me because he knew I was "into" gold and silver. I told him I would give him a couple of telephone numbers to call. It seems though that I only have a couple to give, LOL.
 

michael59

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#14
I haven't seen the damn coins. I don't want to see the damn coins. I don't know the old woman and don't want to know the old woman. But the financial advisor called me because he knew I was "into" gold and silver. I told him I would give him a couple of telephone numbers to call. It seems though that I only have a couple to give, LOL.
Then send him a link to this page or a better page like this one: https://www.google.com/search?sourc...j33i22i29i30k1j33i160k1j33i21k1.0.fvYxlOMQnyI
 

southfork

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#15
If american coins tell them to buy the blue book of coins, if both buy the world coin book. Odds are most are not rare but circulate
 

Ragnarok

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#16
That PCGS Photograde app might help them.
Does PCGS grade collections?

R.
 

BigJim#1-8

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#17
This is a good example of what not to do. If you have collections of any kind, coin (bullion is easier), gun, etc & you haven't liquidated it,leave a guide or instructions with someone you trust, it will make things a lot easier on the survivors.
 

oldgaranddad

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#18
Rule of thumb. Assuming the coins are graded, take the PCGS price guide and assume 60% of the quoted value (optimistic) or 50% (more realistic). Certain coins of course will violate the rule but as I stated... rule of thumb.
 

Krag

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#19
Just don't sell on ebay; even with top quality pictures in a pure auction, you will at best get firesale prices with a couple exceptions. Numismatics are not doing well now except for the top tier.
 

^updated^

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#20
Sell them at the local auction house if they'er not all top tier. Locally we occasionally have coins included with estate auctions. The auctioneer admits he doesn't know anything about coins but he knows how to sell. Sometimes they have coin only auctions if the have enough coins. I seldom get anything bought as prices are generally too high (higher than I can buy them on ebay). He charges 10%, advertises well, and has a good following of coin buyers.
 

birddog

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#21
Sell them at the local auction house if they'er not all top tier. Locally we occasionally have coins included with estate auctions. The auctioneer admits he doesn't know anything about coins but he knows how to sell. Sometimes they have coin only auctions if the have enough coins. I seldom get anything bought as prices are generally too high (higher than I can buy them on ebay). He charges 10%, advertises well, and has a good following of coin buyers.
Or find a good coin dealer that does auctions. The one near me does auctions a couple times a year and seems to get good dollar. I know they deal with out of state folks wanting to sell. https://www.scoins.com/default.aspx
 

oldgaranddad

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#22
If you do go with a dealer or auction house make sure they are a member of PNG. (https://pngdealers.org/) It is sort of the Better Business Bureau for numismatic and precious metals dealers. I'm not saying it is any guarantee but it helps to eliminate the fly by night guys and is a good starting point for finding someone to buy the coins.

@birddog recommended Scotsman Auction. I remember them when they were starting out. I think the NYC 2002 ANA show I was involved with was one of their first big shows. I've never heard anything bad about them but then I've been out of the numismatic loop lately too.
 

Merlin

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#23
If you do go with a dealer or auction house make sure they are a member of PNG. (https://pngdealers.org/) It is sort of the Better Business Bureau for numismatic and precious metals dealers. I'm not saying it is any guarantee but it helps to eliminate the fly by night guys and is a good starting point for finding someone to buy the coins.

@birddog recommended Scotsman Auction. I remember them when they were starting out. I think the NYC 2002 ANA show I was involved with was one of their first big shows. I've never heard anything bad about them but then I've been out of the numismatic loop lately too.
I'm thankful to all of you for your responses, even though I have not liked each individual post. I'm going to forward this thread URL to my advisor friend. I'm sure he'll find it useful.
 

michael59

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#24
My 87 year old mother wanted to have her jewelry appraised
So I had to do this marriage thingy after 20 years I faced the inevitable. I went/was taken to the coin dealer shop and previewed the assortment of rings. Luckily she had already picked one out so I was not there long, this is what they told me:

We pay for just the gold and silver in the rings. We don't care about the settings or stones because we don't deal or sell them unless they are attached to a ring.

So her wedding ring cost $125USD and has some fiery opals in it. I know I am a cheep scape but really is a ring worth $800 or so when it only has $75 to $100 worth of amalgamated gold in it?
 

Bottom Feeder

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#25
Think of it this way michael —

Vincent.jpg

Would you pay $80 million for a few flecks of paint on a piece of canvas?

BF