Inheriting A Coin Collection: Top Tips

One common item people frequently leave to their heirs is a coin collection. If you have been the recipient of such an inheritance, you may be wondering what to do next. Not everyone is familiar with coins, and perhaps you are uncertain about how to proceed. Here's a quick guide on how to deal with this type of heirloom.

Organizing

The first step is to get the collection organized if it isn't already. The same type of coins should be placed together. For example, if the collection contains a large number of Mercury dimes, then these should be placed in appropriate folders or plastic coin holders. The same rule would apply for Franklin half dollars, Lincoln pennies, etc. If any coins are already organized into folders or albums, you can simply keep them as they are.

Cleaning

If you are not an experienced coin collector, you might think it's a good idea to clean any tarnished or dull-looking coins in vinegar or acid to give them a shinier appearance. This is not a good idea, however. You are almost certainly going to cause damage to the surface of the coin when you do this. The inevitable result will be that you have reduced the value of the coin. In the rare instance that you need to have a coin cleaned, it should be done by a professional. For the vast majority of your coins, it's best to simply leave them uncleaned.

Rarity and Value

Once you have the coins organized, look for coin with rare dates. These coins will be the most valuable and should be kept separately in hard plastic holders. To find the value of each coin, consult a recognized coin guide, such as The Handbook of United States Coins 2018: The Official Bluebook. In addition to indicating which coins are rarities, this guide will show you approximately what price a coin dealer would be prepared to pay for the coin.

Selling

If you decide to sell your coin collection, you have several options. You can sell the collection to a local coin dealer, although you will most likely not get the best price using this method. The dealer will generally offer a low price to increase their profit when they sell the collection to one of their customers.

You will typically do better selling the collection in a coin auction, although remember that the auction house may charge a fee. Another idea is to try an find a buyer on your own using online sites such as Craigslist and eBay.


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