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.

 

[riptides]

....

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

Use a magnet!

 

[Shenandoah MF1760]

... I will need a better magnifying glass and lighting.

My eyes have never been particularly good and now that I'm old... well, they're worse.

I frequently use my phones camera function to zoom in on small details. Mine will do 16x, the wife's will do 40x (it's much newer).

If I'm working on something that requires extended time or two hands I set up my digital camera to feed through a monitor.

This stuff works amazingly well. As a kid I had a microscope that I could barely use on the highest setting due to the light requirements. Nowadays your typical cell phone far outperforms what I had back then.

And, they take pictures & video!

 

[Shenandoah MF1760]

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".

I'd say that is the least that it's worth.

This sounds like that group is comprised of specialized collector/dealers that only want/deal in uncirculated coinage.

If there was only value in uncirculated coins there would be no reason for the NGC Coin Grading Scale.

Some coins are so rare that they have value in any condition. For example, the 1909 S V.D.B. Lincoln penny can sell for a lot of money even if the condition of the coin is horrible. Certainly more than the $0.02 of copper therein.

 

[square1]

I'd say that is the least that it's worth.

This sounds like that group is comprised of specialized collector/dealers that only want/deal in uncirculated coinage.

If there was only value in uncirculated coins there would be no reason for the NGC Coin Grading Scale.

Some coins are so rare that they have value in any condition. For example, the 1909 S V.D.B. Lincoln penny can sell for a lot of money even if the condition of the coin is horrible. Certainly more than the $0.02 of copper therein.

It has more to do with the value of their time. Handling piles of worn coins doesn't usually return any big payouts.
On a smaller scale I'm the same way. My time is worith $$$ / hour. If the venture doesn't cover that figure on average, I'm taking the (melt) money & moving on.
I already have enough hobbies that don't pass muster in that regard

 

[ericm979]

When my mom passed I had to deal with her coin collection. I found there's a coin value book that's printed annually. There's probably an on line equivalent. I used the book to get a rough idea of the worth so the dealer didn't completely take advantage of me.

BTW she had records of the purchase price on many of the coins. They were not a good investment.

 

[Quaffer]

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.

That is amazing, $100 average? wow!

 

[Shenandoah MF1760]

When my mom passed I had to deal with her coin collection. I found there's a coin value book that's printed annually. There's probably an on line equivalent. I used the book to get a rough idea of the worth so the dealer didn't completely take advantage of me.

BTW she had records of the purchase price on many of the coins. They were not a good investment.

Collections are more for the enjoyment of the collector.

The only folks that make money off them are typically the reseller who buys cheap at estate sales or auctions and understands the market.

My brother always claimed his book collection was his retirement fund. He died at 71 without ever selling a book, although he continued to collect. My sister and I were confronted with over 18 bookcases, several closets and other places full of books.

Two years on my sister still has a storage locker full of books and is trying to get a decent bulk price from resellers. Some of the signed limited editions we kept.

 

[ericm979]

Collections are more for the enjoyment of the collector.

That's how it ought to be, but Mom was sold the coins as investments. She wasn't a collector. She thought she was buying "gold". It was a long time before I realized she wasn't trading futures or buying bars.

 

[ultrarunner]

Use a magnet!

Some coin shops run auction boards…

As a kid I took $50 I earned and exchanged it for $50 sacks of pennies and go through a sack each week… I was 8 when I started.

The bags probably sat at the BofA vault in Oakland for decades and yielded lots of wartime steel and even some Indian Head plus S mint mark for San Francisco mint fairly common…

Dad said it kept me out of trouble…

4 years in High School I was cafeteria cashier and picked up silver dimes and quarters regularly.

Most just bullion value and all circulated but it was fun filling the coin books.

I started saving the 40% 1965-70 half dollars but it was a lot to put away for a kid earning $50 a week.

I found selling it’s the exception to get anything over bullion…

My one $20 gold coin was worth $400 when I gave it to my uncle who would not take anything helping me build the cabin… I gave him the coin and he was really impressed at the gesture…

Picked up some Carson City Dollars and Silver and Gold certificates plus wartime Hawaii Bills over the years.

The bank teller thought it cute I was collecting and would set aside special notes that came in.

The Branch President always called me Mr. and said one day I would own the bank starting so young… that BofA now a church with outreach ministries..

For years I gave US $5 gold coins to the nephew and nieces until their parents told me to stop saying it was too much of a burden on the parents… go figure… I was buying at $37 when I started and just couldn’t see the value of another Barbie Dream House or Ken Corvette…

 

[ultrarunner]

Collections are more for the enjoyment of the collector.

The only folks that make money off them are typically the reseller who buys cheap at estate sales or auctions and understands the market.

My brother always claimed his book collection was his retirement fund. He died at 71 without ever selling a book, although he continued to collect. My sister and I were confronted with over 18 bookcases, several closets and other places full of books.

Two years on my sister still has a storage locker full of books and is trying to get a decent bulk price from resellers. Some of the signed limited editions we kept.

A friend’s mom collected dolls… all kinds saying it was for the grandkids…

When she passed the family was overwhelmed but contacted an eBay seller and split 50/50 the proceeds… the kids realized 12k from the grandmas dolls… who knows how much grandma spent and the girls teens then wished they would have kept a few for their kids.