You’ve inherited a coin collection, and you want to know the value. Whether you want to keep the coin collection, or sell it, here are a few things to consider.
The passing of a loved one is a difficult part of life. Nothing can replace the companionship and love of a relative or long-time friend, but an inheritance can give you solace in knowing they’re looking after you after they’re gone.
While many inheritors receive land, property, or money, another popular item is an inherited coin collection.
Unless you’re a numismatist, this can often lead to confusion on how to handle, take care of, and value the collection. Fortunately, there are ways to maintain a coin collection for future generations or get top value for it.
At London Coin Galleries, we’ve helped hundreds of trustees value their estate coin collection, and make them an offer if they choose to sell some or the entire collection.
Over the 30 year span we’ve been serving the Orange County community we have bought and sold millions of dollars worth of coins.
Here are some tips and suggestions to help you retain the value of your inherited coin collection and what to do if you wish to sell it.
Don’t Clean Your Inherited Coin Collection Ever!
One of the biggest mistakes that many people make with an inherited coin collection is to clean them.
While it may make the coins bright and shiny, it immediately destroys their value.
A grading system determines the value of a coin, and although cleaning them seems like a reasonable venture, it actually diminishes the collectibility and value of the coin.
Even if you’re a neat freak, resist the urge to clean or polish any of the coins.
Safely Store Your Inherited Coin Collection
Coins have several enemies that can destroy their value. Humidity, heat and cold, air pollution, chlorine, acids, and improper handling can all harm a coin’s value. Therefore, it’s crucial to safely store the coins.
Location is an integral part of maintaining your coin collection. The rule is that if the location is comfortable enough for you, that’s where you should put your coins.
Don’t ever put coins in an attic or a basement. You should also avoid storing them in wooden furniture that can emit harmful chemicals that could ruin the finish of a coin.
The best places to store your coin collection depend on your budget. A safe-deposit box at a bank is the most expensive, yet most secure and favorable place to keep coins.
If you don’t have the budget for a safe-deposit box, purchase a coin folder, coin holder, or coin album.
These protect your coins from the elements and keep them in pristine condition.
Research Your Coin Collection
Knowledge is power when it comes to valuing your coin collection, so research is a necessity.
Do your own research if you can, just to get an idea of what you have.
Now that you have an idea of the coin collection you have, the next step is deciding where to sell them.
Avoid pawn shops and jewelry stores, as they generally focus on the metal of the coins instead of its true numismatic value.
Getting the Best Value
The best value is when you sell to a collector directly, but that’s not something you have readily available to you. As an Orange County coin dealer we have a following of hundreds of collectors that may specifically be looking for the coins you have to offer.
You may consider selling them at an estate sale, but since you will share a percentage of the earnings with the estate sale professionals, you’re not getting the full value.
Not all estate sale professionals are experienced with numismatic value, therefore you may not be getting what you expect.
Selling Estate Coins
Sure, you will be offered a lower amount than the retail value, but it’s the best price you will get for your inherited coin collection without having to share the proceeds with anyone.
With proper care and attention to detail, a coin collection is a valuable asset that can only grow in value. Armed with these tips, you can ensure the integrity and value of the collection and enjoy a gift that was meant to bring you happiness.
When a loved one leaves you with a coin collection, it is something they want you to value and appreciate as much as they did.
Respect their wishes and keep the coin collection, but if you choose not to, we at London Coin Galleries are here to make you the best offer you can possibly get for one or an entire coin collection.
We ask you to schedule an appointment with us before you come in. We want to ensure you get the ample time required to evaluate, discuss, and get answers to all your questions.