Novice Frets About Getting Fair Deal
Question: I have recently received a sizable collection of gold and silver coins, many of which are more than 100 years old. They appear to be in good condition. I am a total novice and wholly without skills in either selling or evaluating the worth of these coins. I assumed I could just go to a reputable coin dealer, have the coins valued and sell them. Friends have advised that the coin market works much like the used-car or snake-oil market and that I would get fleeced. Could you suggest where a novice might begin to determine value and then sell coins at a fair price? --P.G.B.
Answer: The analogy between coin dealers and used-car salesmen is a perception that probably neither fully deserves but unfortunately is difficult to shake. Both deal in merchandise that is hard to price and harder yet to evaluate. Has the car been abused? Has the coin been damaged? Has the speedometer been set back? Has the coin been doctored?
As you can see, similarities abound. But just as the used-car customer can protect himself by learning as much as possible about the auto maker, so too can the coin collector, whether he’s buying or selling.
In your case, selling is the problem. If you have the time and inclination, then it’s not too difficult to catalogue your coins by date and denomination. There are many reference guides that will give you the broad range of prices for each coin listed. But since pricing is dependent to a great extent on condition, knowledge of grading is also important.
Not everyone wants to devote the time necessary for such a project. The next best step is to take your coins to several coin dealers. Ask them to price the coins individually and collectively. If you’re still not satisfied, check with several more dealers.
Coin prices are often negotiable, but after a dealer makes an offer you may find that it’s also his best and only offer. Still, it shouldn’t take too long to determine what you can get in the coin market.
Still not satisfied? There are always coin shows, where many dealers are present in one location. And if that isn’t good enough, you can try the auction route. But just remember that the auctioneer gets a commission, so you may not do as well as you would in a direct sale.
It’s too bad that the image of the coin dealer leads to such distrust. Many are legitimate businessmen. But the more you know, the better your chances are of getting what you deserve.
Q: I have a $1 gold piece--1851. I would appreciate it if you would tell me its value. --M.E.G.
A: The value of your gold piece depends upon its condition. If it is very fine, it’s worth about $150. If it is uncirculated (Mint State 60), it’s worth about $400. Truly nice specimens are worth considerably more.
Q: Recently I ran across a coin in my husband’s effects. I have made a few inquiries locally, which is limited--very limited. We are at the end of the world here at Havasu Lake. The coin is silver, weighing similar to a silver dollar. --M.L.M.
A: Sorry, but I can’t identify your coin from the drawing you furnished. I suspect that it’s a medal rather than a coin. It’s unlikely that it has great value.
Coin News
Piefort mint sets (coins that have a double thickness) are being issued again by Israel in a series that began in 1981. The 1989 designs are based on ancient Judean coins and also have the Star of David, a six-pointed star that never appeared on ancient Jewish coins and has rarely been used in modern Israeli coins. Among the coins in the five-piece set is the piefort new half shekel (pictured) with a lyre design from the time of Simon Bar Kochba. The sets are $16 (with a mintage of only 15,000) from Intergold Israel Coins and Medals, 23326 Hawthorne Blvd., Skypark 10, Suite 150, Torrance 90505; phone (800) 962-0333.
The fall/winter edition of the Collectors’ Journal of Ancient Art is now available, offering classical coins and artifacts. Coins include ancient Greek and Roman pieces with a maritime theme, along with coins from Roman Egypt plus Byzantine coins and a Syracusan silver decadrachm. The journal is $6 from Joel L. Malter, P.O. Box 777, Encino 91316; phone (818) 784-7772.
Two more price guides, both by Charles F. French, are currently available. The “1990 American Guide to U.S. Gold Coins” ($5.95) and the “1990 American Guide to U.S. Coins” ($6.95) serve as basic pricing tools. But, as with all such books, remember that prices are often rather fluid while books are rigid. The guides are fine for reference, but to expect that these are actual market prices is unrealistic. Both guides are published by Simon & Schuster.
The Gilbert Steinberg Collection of Early American Colonial Coins, Hard Times Tokens and Early Store Cards is featured in an auction by Stack’s on Oct. 17 in New York. More than 600 pieces are featured, including some interesting Washingtonia. The sale will be followed Oct. 18 and 19 with an auction of United States gold, silver and copper coins featuring the E. Richard Collection. For catalogues, contact Stack’s, 123 W. 57th St., New York, N.Y. 10019; phone (212) 582-2580.
Coin Calendar
Today, Friday, Saturday and Sunday--The massive 12th annual Long Beach Numismatic & Philatelic Fall Exposition opens today with a special section set aside for baseball cards. In addition there will be two auctions, special forums, ancient and foreign coin sections and a United States Mint booth for purchasing U.S. proof and mint sets and the new congressional coinage. Hours are 10 a.m. to 7 p.m. today, Friday and Saturday; 10 a.m. to 3 p.m. Sunday at the Long Beach Convention Center.
