The loss of a loved one is a traumatic event. Yet even in the event of loss, the assets of the individual provide a silver lining to their passing. While this will never replace your family member or friend, it does provide some financial compensation to manage the deceased’s affairs.
However, not all of the assets of the person are as liquid as cash. Some assets require careful appraisals or the help of a professional. One such asset is a coin collection. Find out how to get the most value for an estate liquidation of coins, and what to avoid.
What to Avoid in an Estate Liquidation of Coins
In many cases, the executor or the estate or family members enjoy convenience over price or safety. To exacerbate the problem, these same individuals often have other issues to deal with regarding the death. This leads to a lack of proper research as to the value of the collection.
When the aspects of convenience and time constraints combine, the recipe for disaster is complete. In most scenarios, family members end up taking the collection to the most obvious choices, including:
- Pawn shop
- Jewelry store
- Garage sale
- Estate sale
If at all possible, executors and family members should avoid these businesses to liquidate a coin collection and rely on an experienced numismatic coin dealer. This isn’t calling into question the honesty of such businesses; rather, these businesses must buy and sell the collection to make a profit. The nature of these transactions not only limits the amount they’re willing to pay, but low-ball offers may also plague the liquidation.
What to Do and Where to Sell a Coin Collection During an Estate Liquidation
In a pinch, the aforementioned businesses can provide cash for emergency expenses or burial costs. But if the executor has the financial stability to hold onto the coins for a longer period of time, the payoff could be exponential.
Yet before you find a dealer, take some time to educate yourself on what you have. These are some tips that should help you retain the value of the coin and maximize the sale price:
- NEVER, EVER clean any coins
- Purchase a coin-collecting book such as “A Guide Book of United States Coins: The Official Red Book”
- Identify the coins
- Separate, catalog, and sort the coins into like groups
Just following these tips can make a huge difference in the money you earn. At London Coin Galleries of Newport Beach, we work with each customer on an individual basis. Through our appraisal process, we educate the customer on the value of items they have and always give the highest possible offer for a few coins or an entire collection. The executor gets the entire amount without having to pay a commission to a consigner or estate sale company.
If you choose to keep the coin collection, we help you understand the value of the coin collection. We work with hundreds of coin collectors worldwide and serve as a liaison between sellers and buyers of coins.
Although the value of coin collections is highly volatile, selling to an actual numismatics expert or another collector only serves to maximize your return.
So, make certain to take the extra effort to find a reputable collector or numismatist. At the very least, you’ll make your loved one happy that you could turn their investment into a financial gain that makes your life easier.
Whether you have a single coin, a few coins or an entire collection. Contact us to book an appointment with our expert numismatic coin dealer in Newport Beach CA.