Treasure found?

CDCoin · Joined: 02 Nov 2009 Posts: 4

I'm in the process of cleaning out the in-laws home and have found a couple of boxes of coins.
Should I take them to a dealer or should I try to determine the value myself first?
For example there is a 1893 USA Indian Head penny with very little wear, a 1929 CDN George V nickel clean details, and a 1919 CDN George V dime with a very thick edge.
Any input would be appreciated.

omahaorange · Joined: 16 Jun 2009 Posts: 579

That depends on how much time and patience you have. Are you interested in selling them all? A dealer will give you a fair price based on the wholesale value of the coins. He is, after all, in it to make a profit, so you won't get retail price that way. Depending on what you have, finding an auctioneer willing to sell your lot may be a better option, keeping in mind that you will pay him a percentage of the sale, and unless you place reserves on the coins, are pretty much at the mercy of the bidders. You could sell them yourself via some sort of classified ad or eBay. But you do all the work this way, and there will still be fees involved.

You could take them to a local, trusted dealer for an appraisal. It will probably take several days, you will have to leave them with the dealer, and you will more than likely pay a fee for the service.

Interested in doing it yourself? I recommend you pick up both books listed below:

The Red Book- http://www.whitmanbooks.com/Default.aspx?Page=81&ProductID=0794827667

The Blue Book- http://www.whitmanbooks.com/Default.aspx?Page=81&ProductID=0794827764

Both are inexpensive. The Red Book will give you general information about the coins, grading guidelines, and RETAIL prices (what you expect to pay if you were buying the coins) in the various grades. The Blue Book provides a little less information, but will give you the WHOLESALE prices for the various grades. Pick up both, one for the information and to determine the value of the coins, and the other to give you reasonable expectations on what you can get as the seller of those coins. Also get yourself a good magnifying glass of at least 6x. Keep in mind this will be time consuming, but if you think you'll like it, give a shot.

This is exactly how I got started in coin collecting. My mother-in-law passed away a little over a year ago, and left us several boxes of old coins. I opted to go through them and see what was there. I decided the money to be made wasn't worth the hassle of trying to sell them, so I saved them, sorted them, and have added to the collection since.

Note the books above cover only US coins. there are also several similar books about foreign coins. These will get you started. The web sites above are the publishers: they can be found other places on line and even in your local bookstores.

No matter what you decide, good luck with your adventure.

CDCoin · Joined: 02 Nov 2009 Posts: 4

Thank you for your reply.
My mother-in-law is gone now and we are in the process of moving my father-in-law into a care facility and i wanted to use the coins as an activity that he and I can enjoy together. Can you suggest any books that look mainly at Canadian coins?

azbarnhill · Joined: 28 Aug 2009 Posts: 87

I just have one suggestion that is to take an inventory of the coins if you decide to let someone hold on to it for awile to give you a value. Todays economy someone who was trustworthy in the past may not be today I hate to say.

CDCoin · Joined: 02 Nov 2009 Posts: 4

I have started to make a spread sheet to list the contents divided by country and value. Some of the coins look like gold and have higher, ie. $20, $100 value.
How can I tell if they are 14kt or 22kt?

azbarnhill · Joined: 28 Aug 2009 Posts: 87

I dont know anything about gold but from reading a few things way back, the foundries couldnt get all the impurities out so a gold coin waasnt all gold. I would think your best bet is if you think you have a gold coin do extensive research on it to find out. I know us gold coins for the most part you can find out the wieght and such easily. As far as forien or old coins that will take a little more. If you have gold and silver you may want to pick up a scale. I bought one on ebay for $10 and it works really well. Even for some US coins such as telling if you have a zink penny it comes in handy ( there are other ways but a scale is good). If you have any questions on any coins Im sure we all would try to anser them.

omahaorange · Joined: 16 Jun 2009 Posts: 579

To get you started, try this web site:

http://www.canadiancoin.com

This Book looks good, but is pricey:

http://www.amazon.com/Canadian-Coins-62nd-Catalogue-Charltons/dp/088968328X

Also check out this site:

http://www.collectorscorner.org/supplies_009.html

As far as the gold content, it is hard to say. Keep in mind very few coins are minted from "pure" metal planchets. Other metals are added to the base metal to form alloys strong enough to withstand the stiking process. I don't know much about gold, but "silver" coins contain from anywhere 35% (US War nickels) to 90% silver. Your best course of action is to identify the coin in question, then use either the internet or one of the books to research the specifications of the coin. Those statistics will tell you the actual metal content of the coin.

What a great idea! I for one do not collect for the investment value, but for the joy of seeing the different stikings and the history behind each coin, and the satisfaction of being another step closer to completing a set. I have many foreign cions in my collection. I am glad to see you are keeping the coins and using them to keep a "young" mind active, along with spending some quality time with him. I see far too many older folks put into nursing or personal care facilities and then become forgotten by their families. Kudos to you for this. My granddaughter likes to sit with me as I look over coins. She is only 2 years old at this point, but I hope I sparked an interest that will keep on through the years.

CDCoin · Joined: 02 Nov 2009 Posts: 4

Thank you for the links, Alex and I have enjoyed checking out the info.
The women that let's me live with her, aka. the wife, thinks that I have become infatuated with the value of the coins but I'm trying to explain to her that we all need to know the list of what is contained in the collection and what the value is for insurance and division in the will. The last thing that families need at a time of loss is a disagreement about the inheritence.
Just a few hours ago I was told about another hiding place for more coins.
The adventure, as descriped before, has just started.

omahaorange · Joined: 16 Jun 2009 Posts: 579

I lucked out in the fact that the coins and currency we got were specifically left to my wife. She was mildly interested untill she saw the value of some of the things in the boxes, then her interest peaked. She has since tempered her interest, but always askes about my latest finds when I come home from a search (and doesn't complain when go on one). I have fun with my grandaughter helping me, and hope when she is old enough to understand what I'm doing, she remains interested.

Above all, keep your father in law involved as much as possible. Not only does it keep him (and the rest of the family) informed about what you're doing, it keeps him active. I was blessed with great in-laws, and would have done anything for them while they were alive.

As a side note, please post pictures of any interesting finds. Good luck with the adventure.