Category: Coin Collections

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What to do when you have some old coins

If you find, inherit, or are given some old coins, especially if there are a lot of them, you will want to find out their value, as metal and collectible or sentimental value.

Bringing the coins to the local coin shop, actually more than one, would be a good idea to get the price they would pay for any of the coins that might be valuable or desirable. Do not clean the coins, as this may change their value significantly.

I would go one more step, if you have the time and desire; Get a magnifying glass and examine the coins; look some up on-line, or buy a coin book to see what you have. The coins are most likely circulated and not in pristine condition (like proof coins) but they still may have value to collectors, if you are looking to sell them.

600-Pocket Coin Collection Holder Book Album for Collectors Coin Collection Organizer Storage Box Case Supplies
600-Pocket Coin Collection Holder Book Album for Collectors Coin Collection Organizer Storage Box Case Supplies

Resist the temptation to sell to the first person you show them to. Do not sell them by weight. Consider getting flips and an album to preserve and present the seemingly most valuable ones.

And lastly, consider keeping some as a memento or giving a few away as gifts.  There are Jewelry holders for coins, as well as displays and gift boxes.  Coins are an enduring piece of history that you can hold in your hand.  If you keep them, consider getting a basic coin collecting kit to store the coins safely.

 

Here are some articles that may give you some additional insight:

Appraising Coin Collections, Consumer Reports

Evaluating old coins, Pratt Library.org

Found a Hoard of old Coins? Here’s how to proceed. Dr. Sol Taylor

 

Coin Collecting for Beginners 2023: The New Updated Guide to Easily Start Your Coin Collection and Learn How to Identify, Value, Preserve and Profit From Your Hobby
Coin Collecting for Beginners 2023: The New Updated Guide to Easily Start Your Coin Collection and Learn How to Identify, Value, Preserve and Profit From Your Hobby

I hope this will help guide you in evaluating your coins and what to do with them!  Underlined links are to Amazon, and help support my coin collecting habit!  Thanks for reading my Blog!

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My Favorite Casino Bonus!

Display cabinet for silver strikes

My favorite Bonus is the Silver Strike collectible casino coin.

This is one from my collection

They come from Silver Strike slot machines, that look like this:

Most modern casinos don’t have these machines (anymore) because they are mechanical machines, not digital, and the souvenir coins cost more than many casino’s are willing to pay for a “give-a-way”.  Paper chits are less expensive, because they have to inventory strikes and reload the machines frequently.  The mechanical machines have more moving parts, and tend to need maintenance more often than electronic (digital)machines.

Personally, I love them, they are a cool souvenir! There is even a “Silver Strikers Club” that has meets at the 4Queens Casino on Fremont Street in Las Vegas every year (the 4 Queens has several machines still in service, and mints event and seasonal coins throughout the year).  Most of the newer strikes have silver clad center disks (older ones are usually marked .999 silver).  the 4Queens also has a lot of colorized strikes, which are visually exciting, even if they don’t have the silver value of the strikes with solid centers.  Newer strikes usually are $10 casino tokens, worth $10 at the cashiers cage in the casino.  eBay and amazon prices are usually higher, since there is no risk of losing your money when buying a coin directly.

Silver Strike coins from closed, sold, and re-named casinos are available on Ebay and Amazon. It’s an inexpensive way to have a unique and historical souvenir from Old Las Vegas.  With higher silver prices and solid Silver centers (.8 of an ounce of silver) these older .999 silver strikes have both the value of the base metal and collectible value!

A Silver Strike Comeback

Silver Strikes – what to do with them

silver strike tokens | Pocket Change Riches

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Is it worth having a coin collection?

If you get some pleasure from it, yes! Otherwise, you need to question why you have a coin collection.  Many people inherit coins, save them as souvenirs, or keep them as lucky talismans, or are given them by relatives and friends.  If your collection has meaning or sentimental value, then it most definitely will be “worth it” to keep.

Strike It Rich with Pocket Change: Error Coins Bring Big Money
Books on Coin collecting, from Amazon

Some collections will appreciate in value, especially if you add to them. (like owning every coin in a series, as opposed to owning one or two). Other coins may be common and not have much value-at the present time, but possibly in the future.

Coin Collecting: Learn How to Start Your Very Own Coin Collection Including Gold, Silver and Rare Coins
Another Title on How to Collect Coins, From Amazon Books.

If your goal is to profit from your coin collection, that takes some research into the coin values of your coins, and the hope that they may increase in value over time.

Coin collections can also be a part of your retirement plan and your estate, and can be left to your heirs as part of your legacy.

There are several books on the subject, if you are planning on leaving your coins to your heirs, It might be smart to leave a copy of this book with it. (Book from Amazon)

You can get display cases for your coins, and hang them on the wall or on a tabletop.

Coins can be real conversation pieces, so enjoy them (if you have not sold them or used them to buy your hatpin collection or Pez dispensers).

Thanks for the Question!

You can get Coin collecting supplies on eBay, and Amazon!

 

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How do you find out how much old coins are worth without getting ripped off?

If you have a substantial amount of coins, you should get them appraised. Some coin dealers routinely do this, for estates and insurance valuation/verification. since they are there to set the market value, and not purchase the coins, you should get a legitimate value.

Flips and coin collecting supplies are Available on Amazon and eBay.

Once you have an appraisal (or 2), you have to understand the market. Many people and dealers are looking to buy coins BELOW MARKET VALUE. Their business model is based on being able to sell their coins at a profit, and absorb minimal loss if the base metal prices drop or the market for specific coins changes. For example, if a coin dealer offers you $60 for a coin appraised at $100, he is factoring in the risk of losing money on the coin, if he cannot resell it at an attractive price between cost and appraised value. No coin dealer will give you market value for your coins; many may only be worth the base metal price, if they are silver or gold. Circulated and damaged coins are considered “culls”, and are worth base metal value, at best. They are usually too worn or damaged to have a premium to a collector. One caveat is if you have a unique or rare coin; a coin dealer may make a higher offer for it – especially if he wants to inventory it until it comes up in value.

Your fear is that you will be taken advantage of by a sharp dealer who will offer you a price that is (10–20%) of the actual value, based on your lack of knowledge. This is often done with Gold buyers, who often give very low valuations on gold to people who “just want to turn it into cash”.

Unless you have a collection of old and desirable coins, like Morgan Silver Dollars, Silver and Gold coins, and others – your collection may be a lot of circulated pocket change with some old or unique coins in the mix. Circulated coins do not carry the value of mint state or proof coins; Coins are graded based on wear, appearance, and overall condition. See How are coins graded? Graded coins have verifiable value and are usually sealed by the grading organization, PGS or NGC.

If you don’t want to be bothered, you could put the collection up for auction, but auctioneers take a portion of the profit to promote their auctions and get your coins sold. Same with eBay, etsy, and Craigslist sellers. The Auctioneers and other sellers need to appraise the coins as well; that cost is included in their fee, as they need to set the minimum value for auction or resale.

There are books on how to sell your coins, on Amazon and eBay.

If you have a teenager in the family, you could offer him/her a stipend or commission to sort and estimate the value of the coins, based on eBay and internet values, from sites like Coin Trackers. They will learn a valuable skill, and you will have a much better idea what the coins are actually worth. You will also keep the costs in the family.

To recap:

  • Get an appraisal (especially if you have a lot of coins you suspect are valuable/collectible)
  • Determine actual price, as a negotiating tool with buyers or coin dealers making offers.
  • Consider engaging an auction house, eBay seller, or etsy coin shop to market your coins. Since they make a set commission, they are motivated to get you the maximum price

Thanks for the A2A! (this question originally appeared on Quora.

Disclaimer: I write about coins on my blog, Pocket Change Riches,  and collect coins I find interesting. I am also an eBay top rated seller, although most of my sales are not coins or bullion.

Best of Luck with selling your collection!

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Should I consider coin collecting as part of my retirement strategy?

In my opinion, collectible coins and bullion coins (Silver and Gold) can have a place in your retirement strategy, if you want physical wealth that has to be managed.  The collectible value is frequently much more than just collecting bullion (bulk precious metal).

For example, I like US Morgan Dollars, each one is one ounce of silver, which is   US Currency and (at a minimum) worth the value of the base metal, silver. If you have highly graded coins, they will be worth much more then the value of the the silver. and It can be fun collecting an entire set (years and mintages) of Morgans, or just a few for your modest collection.

 

Higher grades command higher values. Morgan Dollar (1878-1921) Value – PCGS Price Guide  , Comprehensive Grading Guide for U.S. Coins (from Amazon)

Another personal favorite of mine to collect are Silver Strike casino coins, which are a $10 casino chips with a silver center (about .6 ounce of silver). Collecting casino memorabilia is fun to me, since I have been to many of the casinos and enjoy displaying the strikes I have won/collected.

Most casinos are not using Silver Strike slot machines, as they are mechanical machines, making them harder to find. I frequently buy them on ebay and Amazon. You can also visit the Silver Strikers Club, which has the latest news on Silver Strikes.

Some coins have no silver or gold (or any precious metal) in them; They may only have collectible value.  Some may have no value at all,  making them good for jewelry or as a memento of your visit to a foreign country.  If you have some bona fide collectibles, WONDERFUL!  If not, well, hold on to them if you enjoy owning them.  Your kids may find pleasure in owning Great grandad’s coins from his trip to Havana.

Another favorite of mine is the Silver Eagle (and Gold Eagle) US Coins. Each are 1 ounce of the base metal and are beautifully minted coins! Here again, I frequently buy them on ebay and Amazon. You may also find them at swap meets, flea markets, and yard sales. Coin dealers usually have many in stock, although they buy at wholesale and sell to you at retail. Learn values and grades, and soon you will become a shrewd buyer!

 

2016 silver and Gold Eagle coins, are available online from  eBay and Amazon.

If you enjoy collecting coins, You will need a safe place to  keep them. Some people keep them in a safe deposit box at their bank, others in a  gun safe, if they have one. Thieves don’t like to run around with hundreds of pounds of metal coins – unless you have rare or extremely valuable coins, crooks may pass them by (or just take the shiny ones).

As a hedge on retirement, coins can be readily converted into cash.  You can easily sell most coins to a dealer or on Ebay. Pawn shops will give you a better value on gold coins (usually smelt or base metal value) than on most jewelry. This means you can use your coins like a retirement plan, cashing them out over your anticipated retirement, or saving them as a reserve fund for unexpected bills.

How To Buy And Sell Gold & Silver PRIVATELY: Must Know Strategies To Keep Your Portfolio Private, Stay In The IRS’s Good Graces, Know Your Tax Requirements, … File The Right Reports, Buy The Right Metal

You can give your coins to your heirs while you are still alive, sharing in your enjoyment and teaching the next generation about coin collecting.  Why wait until the end?  You can even get your children (and Grandchildren) coin collecting sets, and get them in the habit of looking at their pocket change, and putting old and potentially valuable coins in “flips”. I bought my grandson this collecting set on Amazon.

Coin collecting set

To recap:

  • Coins can be part of your retirement strategy. (if you don’t like coins, consider a collectible that you will like).
  • Consider the value of the coin, Base metal and collectible value.
  • You will need to track your purchases and store your coins securely.  Anticipate taxes.
  • Coins can be readily exchanged for cash from multiple sources.
  • You can pass them to your heirs without being deceased (or paying taxes, up to $14,000 in the US). (talk to your accountant).
  • Most important – you can enjoy them while you are alive!

I can’t tell you what to do, but I can tell you what I do – a small portion of my retirement is in coins that I enjoy. some are listed above (Morgans, strikes, Silver Eagles, etc.) and some are pocket change and circulated coins that have a value – above face value – with the possibility of appreciation over time. I have a modest budget for my eclectic coin collection.

If you are seriously thinking about coin collecting as a retirement option, Talk to your financial advisor, attorney, and accountant – and guys like me – to determine if  adding coins to your personal financial assets makes sense. Or you can just start collecting pocket change and the occasional coins you like. That is an easy way to start.

Consider all your options, and enjoy your retirement!

Niue coins also available on eBay – note the Star Wars coins! (link opens in new window)

Nuie entry in wikipedia

I hope you found my point of view enlightening and informative.  Please share it with your retiring friends.  What’s in your Pocket?
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Where can I get my coin collection converted into cash?

By Alan Chenkin, Novice coin collector and hobbyist
Converting coin collections into cash is a sometimes necessary event that requires some caution, to get more than the face value of the coins.
Collectible coins have a smelt value, a face value, and a collectible value.
You have several options. I would recommend calling in a coin dealer to estimate the value of your coins. some may be valuable, some common, and some just worth their “Smelt”[1] value.
Where to Sell Your Coins – Cointrackers

Several caveats;  Don’t clean the coins, Keep them together in some boxes and handle them with white gloves or a sweat sock to keep finger oils off the coins.  Take pictures of them to send to a remote appraiser and to establish that you had them (proof of ownership).  If you are going to keep them, organize them into coin flips and tubes, and make notations on the contents, condition, and dates.  Consider getting a safe, to keep them together and secure.  (coins can weigh a lot, too – keep that in mind).

Selling to a reputable dealer, collector, (or pawn shop) is the fasted route to liquidating your collection for cash. Keep in mind that these buyers are looking for values below market, to reduce their risk and make a profit on the eventual sale; you may be offered between 10 and 70% of the retail value of your coins.

 

If you have the time and ambition, you can use the internet for valuing your coins, and sell them on your own. Craigslist, EBay, and some of the popular coin sites (forums and for sale sections) are your best options.

 

There are even books on this topic:
Many public libraries have books on coins and periodicals on prices, that you can access for free.
I buy and sell coins on EBay and from individuals, at estate and yard sales. It’s a fun hobby for me, especially when both parties feel they got a good price!
You will need to understand coin grading, as there are many valuations for coins based on condition (grade).  Circulated coins (pocket change) are not worth as much as graded and certified “Mint-State” coins.
If you have the time, and enjoy coins, sort through them and get the valuation of each coin – so you can have a good idea of what the collection is worth.
I use eBay for that a lot, especially with older coins.
Best of luck – Please post a response and let me know how you fared!
Thank you for reading my blog! Feel free to share!
Footnotes