Inheriting a Coin Collection Video: Ancient and World Coins

Hello again, this is Rod Gillis from the American Numismatic Association. I ‘m the Education Director. And earlier I spent some time talking about what to do if you have a collection that you ‘ve inherited and you ‘re very not conversant with numismatics. We spent some time talking about what to do if you had an ancient coin solicitation or a world coin collection.

Right nowadays, I ‘d like to spend some time talking about the most park collections that people have and that is United States coins. so much we ‘ll get a phone visit from person who has a lost a love one and they ‘ve inherited their collection, and they want to know what to do with it. And after we have determined that it is a United States coin collection we ‘re then able to steer them in the correctly commission. The very first thing that they might be interested in doing is putting their collection into authoritative parts. In early words, they would want to organize their silver dollars into one character, and their buffalo nickels for exercise, into another depart so that they know that it is that they have. We often ask them if they ‘re up to researching their collection and if they want to do that, using the Guidebook of the United States Coins, otherwise known as the Red Book, is a great source to help them to find out if they have any coins that are particularly valuable.

We then ask them what is it that they plan to do with the collection. sometimes people tell us that they equitable need for tax purposes for the coins to be appraised. And if that ‘s the case, we advise them to go to an ANA affiliated trader that ‘s near to them, and the trader will, in fact, be able to appraise their collection. now, there broadly is a tip tied to that, and the fee can vary from dealer to dealer, but they are providing a professional service, and we advise the person that they will need to pay for this appraisal.

Sometimes the person is barely interested in selling the collection. And if they are matter to in selling the solicitation, then they have respective options based on the type of collection they have. so if they have a small collection that is a very humble value, there are a couple of options, they can decide to sell the coins to a coin principal, or they can sell their coins privately. In that site we often say that it might be a big idea to find out the local coin club in the area and then make contact with that mint baseball club and speak to person about the handiness of their solicitation. You decidedly do n’t want to make it known to the general public that you have a mint collection to sell for obvious reasons.

If your collection has more value to it, and specially if there are coins within the collection that are of higher value, then there a match of other avenues. Again, you could sell the coins to a dealer, you could contact your local anesthetic mint golf club, another option would be to be able to contact an auction organization that specializes in numismatics. now, there are pluses and minuses to each. If you should decide to sell to a dealer, it ‘s a very direct and a identical immediate transaction. If you should decide to sell to person privately, that may involve a little bit more work on your part. The advantage of taking identical valuable coins and submitting them to an auction family is that you reach a wide count of collectors, and so the prize or the price that you ‘re able to get for your coins can be substantial. The downside of course is that you wo n’t be able to get your money right away because you ‘ll need to wait until that auction takes place, and then there ‘s the paperwork involved once the auction happens. sol if you ‘re not in motivation of money right off, an auction firm for a identical valuable coin or a very valuable solicitation might be the best way to go.

It ‘s important to understand that there ‘s always the option of learning about numismatics yourself and getting in truth involved or getting actually interest in the avocation, and we always make that suggestion equally well. If you should have any future questions about your collection, we ‘ll be happy to talk with you about it at headquarters, at the American Numismatic Association.

This is Rod Gillis, Education Director, and hoping that you enjoy your solicitation.

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