Any coin collectors here?

[iloveskating]

I am getting my father's coin collection and am considering selling much of it. I'd be interested in tips to getting it appraised and selling it at a fair price. He has many american eagle silver dollar proofs and lots of the folders in which coins of each year and mint are collected. Thanks.

[Rick In San Jose]

I am getting my father's coin collection and am considering selling much of it. I'd be interested in tips to getting it appraised and selling it at a fair price. He has many american eagle silver dollar proofs and lots of the folders in which coins of each year and mint are collected. Thanks.

The first step I would recommend is that you obtain the following two books:

o The Guide Book of United States Coins 2009: The Official Redbook, by R.S. Yeoman and Kenneth Bressett.

o Handbook of United States Coins 2009: The Official Bluebook, by R.S. Yeoman and Kenneth Bressett.

The Redbook has long been considered the definitive guide to retail coin prices -- that is, the prices a coin dealer would sell your coins for.

The Bluebook, a companion work, includes the prices you could expect a coin dealer to purchase your coins from you for.

These books also contain much additional valuable information, such as grading the conditions of coins, a critical element in determining a coin's value. The books are available in major bookstores and on amazon.com, and you will find them of major help.

I would also recommend that you contact the American Numismatic Association (http://www.money.org) for guidance. Specifically, I would seek their assistance in locating reputable coin dealers in your area who could honestly appraise your collection.

I would strongly recommend against selling your collection to gold and silver dealers, as they might purchase your coins based strictly on their gold and silver content, not according to numismatic value -- even though these dealers would be well aware of the values of any rarities.

If it turns out that your father's collection contains significant rarities -- e.g., "key date" coins, such as the 1909-S VDB Lincoln Cent or the 1932-D Washington Quarter, as two examples -- you might consider keeping them, as such coins often skyrocket in value over the years.

The bottom line is that, before you sell anything, know exactly what coins you have and what they are worth.

[scootie12]

I used to collect coins, and might start collecting again.

I would actually suggest NOT selling the proofs, especially since the American Eagle proofs get harder to buy based on their age. Depending on what you have, I'm sure you might have a sizable amount of value in the coins.

I feel bad because many of mine are sitting in storage boxes, and I have some of the American Eagle proofs and the US Treasury commemorative proofs. My mom came up with a great suggestion of taking my favorite ones to a person we know that does framing for well-known museums. I think it might be a cool idea to have them placed in some type of shadow box frame that I can hang somewhere either at my place or in my office.

Anyway, if you want to get some info on the coin values, I'm sure there's a place online that can give you a general appraisal. Otherwise, I guess your next best option is to take them to a coin dealer if there are any where you live.

[iloveskating]

Great suggestions, and thanks for the book references. I will definitely need to educate myself in this area. I did some coin & stamp collecting as a child with my Dad, that's probably why he told my sister he wanted me to have his collection. But it was mostly the penny, nickel, dime folders & current issue stamps. I do like the idea of perhaps framing a few of the most memorable, and I will probably do something similar with certain other household items as well. We will be moving in a couple of years and I am thinking about decluttering, not collecting, at this time! Thanks again for your advice.