Coin collection inspection and grading advice

[riptides]

I have a pretty large collection of coins to go through. I have noted on a quick peek that some are really old. I'd like to id them and set them aside. The key is volume and time. Inspecting and identifying a possible value is very time consuming.

Anybody have advice on getting through a large coin collection and getting a decent grade or value out of each individual coin?

 

[5030]

Wish I did as well. I have a 5 gallon Absopure jug at least 2/3rds full of change I've been accumulating for over 40 years now. It's so heavy I cannot move it any more. Lots of copper pennies as well as quarters, dimes, and nickles. Half dollars won't fit through the neck opening so they are in a drawer. I'd like to have it valued but I don't trust and commercial coin dealer so don't know what to do myself.

 

[square1]

I have a close friend that is world class when it comes to coins. They go to invitation only coin shows.
Their standard response is: If it shows any wear at all from having been in circulation, it's worth it's weight in "whatever material it's made from".

 

[RjCorazza]

I collect Morgan silver dollars, and use a coin grading app to estimate the grade. While it's true that condition is everything, there are plenty of well worn coins with SIGNIFICANT value over melt value.
Step one is to get an idea of the coin type, date, and mint location value. There are online resources, or books to assess the value.

Step two is more subjective, but grading the coin is easier with picture examples like in the app that I use from PCGS.
A grading service like PCGS is the only grade number that means anything though, and the coin is then encapsulated.

There is really no "fast" way to assess a coin collection, short of paying someone to do it (that is not purchasing the collection!)

 

[LittleBittyBigJohn]

I have a close friend that is world class when it comes to coins. They go to invitation only coin shows.
Their standard response is: If it shows any wear at all from having been in circulation, it's worth it's weight in "whatever material it's made from".

This has been my experience as well. To the point that I quit even trying to find better coins in a lot or deal in numismatics. Just melt value for currency and bullion. My dad and I bought and sold a bunch of gold and silver of all types back in the '08 era of inflating precious metals. It was fun but there is risk since there is a fair amount of jewelry that is marked as gold but it's a flat out lie. Lots of plated and clad that is marked as the real deal. I sold most all I had except for some silver.

This link is as good as any place to start, if you have silver or gold currency. It provides melt value for most any common currency.

https://www.coinflation.com/silver_coin_values.html

 

[5030]

One thing for sure for me at least is I have quite an amount in solid gold bars and nuggets. Had a jeweler friend appraise my nuggets, one of which weighs 9 ounces Troy a while ago so I track that value on the spot market. One thing about bars is don't believe the hype about investing in them and plan on making money in the short term. Investing in gold is a very long term deal and entirely dependent on market fluctuations. Same applies to Platinum. I see copper is trading at around 5 bucks a pound presently. Time to start stripping insulation off solid copper or stranded wire... Got quite a bit of that out in the shop as well as brass shell casings that don't make the grade for my reloading regimen.

I've always maintained that a person or entity that possessed steel is also a good investment and considering the wholesale cost of steel today, I wasn't far off on the presumption.

My wife teases me about the gold in as much as it isn't legal tender to which I reply, if times get really bad it could very well be legal tender. So far it hasn't come to that but it could very easily.

 

[plowhog]

Your question reminds me of the melt value of nickels sometimes being above the 5 cent face value of the coin.

This person bought a million dollars worth of nickels based on that ...

The Nickel-Hoarding Billionaire

By Al Doyle for CoinWeek ......... Imagine being very wealthy - possibly a billionaire according to some accounts. If a person had that kind of capital,

coinweek.com

 

[riptides]

My grind, when I have time is using an app called coinfacts. It offers info on grading/value and has links into eBay for current and past auction values.

So far after a few hours I have found 3 steel 1943 pennies out of approximately 500 or so wheat backs.

I am sorting piles of coins, then sorting dates and pulling any from certain years that have mint marks. At this point in time I have only started on the wheat back pennies.

Is time consuming and I will need a better magnifying glass and lighting.

This will take a while. I guess selling bulk is an option/

 

[Quaffer]

3 steel 1943 pennies

How much are those worth?

 

[riptides]

How much are those worth?

Based on the grading, anywhere from $1 to $35,000 dollars.

eBay averaging $100.00 this year.

Also of interest, that year some struck as bronze.

I need to find out how to tell the difference, steel is easy. Bronze and Copper, look the same to me. LOL.