It Pays to Study Your Inheritance

Question: I inherited a large coin collection along with some dollar bills about five years ago. The collection involves probably 30,000 coins including some junk silver, a lot of rolls of uncirculated pennies from the ‘60s and many fairly rare pieces, including American and foreign gold and silver dollars. The collection is much too large and valuable to just load up and take to a dealer for evaluation. I am wondering how one would go about liquidating such a collection. It is located in a small community in the Midwest. Frankly, I am worried about getting ripped off, as I have no idea who can be trusted. --T.B.

Answer: The first rule in a situation such as yours is: Trust no one. The second rule is: Learn as much about coins and coin pricing as you can. Simply stated, coins are priced on the basis of rarity and condition. Rarity is determined by the date, mint mark and denomination of a coin. Condition is determined subjectively, with experts often finding themselves in honest disagreement.

Obviously, your hoard has some value. To determine a fair market price, you should separate the gold from the silver and then sort the coins by denomination and date. Prepare an inventory. Do the same with the bills and the foreign pieces, separating them by country. After you have a pretty good idea of what you own, use some standard pricing guides to get a very rough idea as to what they might be worth.

Then, check with some dealers. You might want to show them a sampling of your coins. Dealers will travel anywhere if they think it’s worthwhile. Have an idea as to what you want for your coins and be prepared to sell if the dealer comes close to your estimate.

One of the coins could well be worth more than the rest of the 30,000 in your collection. But there’s only one way to find out. If you do your homework, you’ll be able to trust your better judgment.

Coin News

Canada’s 15th annual gold $100 coin is commemorating the International Literacy Year proclaimed by the U.N. General Assembly. The reverse (pictured) shows an Inuk mother writing Inuit syllabics with her child. The inscription above the design refers to literacy in Inukitut, the language of the Inuit. The 1990 coin contains one-quarter ounce of fine gold alloyed with silver and is limited to a mintage of 60,000. It is priced at $210. To order, write the Royal Canadian Mint, Box 457, Station A, Ottawa, Ont. K1N 9H3; telephone (800) 267-1871.

Superior Galleries of Beverly Hills has sent out an announcement about its auction May 27-30, just before the Long Beach Coin Show. On sale will be the Father Flanagan’s Boys Home Collection, featuring the King of Siam proof set, owned by an investment fund. All innocent enough, except that the set, originally graded by the Guaranty Corp. of America, has been re-graded by the Professional Coin Grading Service. And guess what? Several coins in the set have gone up a grade, which should make them all the more valuable. This should add fuel to the ongoing controversy over coin grading.

Coin Calendar

Sunday: The 25th annual coin show will be presented by the Verdugo Hills Coin Club featuring bourse tables, exhibits and door prizes. Hours are 10 a.m. to 5 p.m. at Sterling’s restaurant, 8737 Fenwick Ave., Sunland. An admission donation of 50 cents is requested.