Suitcase FULL of Silver Coins!!!!
 

Hi all...
A relative of mine just showed me a suitcase FULL of ALL denominations of Silver coins....from 1800's-early 1900's Morgan dollars(dozens) , 100's of Merc Dimes...some in booked sets..., Walking Libert quarters...too many to count...., and all ages of Half Dollars!!!! What an incredible sight!!! There is literally 1000's of coins!!!
Now the problem....
She is wanting to collect on her late husband's "investment" and is not sure where to start. I am not sure either...since I just started metal detecting and only recently became aware of the values of silver coins.
Does anyone have advice on where she should start to make sure she can collect a fair return on these coins??

Re: Suitcase FULL of Silver Coins!!!!
 

she will need to get them all graded (condition of the coins... i.e. " uncirculated" etc

I do almost nothing with numismatics, I stick with Bullion....

here are a few pointers....

Numismatics do very well in Gold/Silver bull markets

Say Silver goes to $70.00 an ounce (an increase of 10 times current price)

Well it would not be unheard of to see another 5-10 times added to that value for numismatics...

as your Bull market in Silver/Gold only got started in 2001.....

if you are not pressed for cash right this minute, I would recommend holding your Silver coins....

Go ahead and get them graded now, find someone reputable.....

but if you can wait another couple of years, your return would be a lot lot more

IMO

Re: Suitcase FULL of Silver Coins!!!!
 

Whatever you do, don't clean them.

Re: Suitcase FULL of Silver Coins!!!!
 

Try to separate them so that they wont bang each other so much but maybe is to late by now.

Re: Suitcase FULL of Silver Coins!!!!
 

Buy a Bluebook from your local coin dealer....it has wholesale values, and a grading guide...the redbook is helpful but prices are highly inflated on common stuff....happy hunting..

Re: Suitcase FULL of Silver Coins!!!!
 

This is interesting,
There have been questions on here about trying to sell your PM's, I'll be curious as to how this pans out.

Re: Suitcase FULL of Silver Coins!!!!
 

Please allow me to emphasize, or second that. DO NOT clean or in anyway alter the condition that your coins are in.

If you are interested in collecting them, get a few books, such as Photograde, and, one of my favorites, Coin Collecting For Dummies. Then, AFTER reading those, (or others) get a price guide and check through them all to see if you think you have anything that is particularly valuable.

If you find you have something that will bring a decent amount, try putting it on ebay. Get the best picture of it that you are able, then describe it to the best of your ability. Don't describe it like a huckster, just take good pictures, tell what you know, and let the collectors judge your coins.

I say this because if you are not a regular collector you may not know which dealer in your area is reputable or not and you may risk getting ripped off.

If you don't want to put it on ebay then find a dealer in your phone book and go in there WITHOUT taking your coins and tell him or her you are a new collector and want to get into collecting but don't know much. Just see how you are treated. Seriously, 9 times out of 10 you can trust your own judgement on this...if you feel like you are being sized up as prey, run away and never return. If you think they are friendly and helpful, they are probably fair people. Just listen to your gut.

Anyway, good luck with whatever you do, and post back here telling us the results!

Re: Suitcase FULL of Silver Coins!!!!
 

Sort the coins, and make a written inventory. Set aside one third of the inventory that your relative finds most appealing. Split the remaining two-thirds in half. Take one of those halves (and its accompanying written inventory) to at least two dealers, and ask for a buy price, letting each know that there is another potential buyer. If you get a sense of trustworthiness from the high bidder, take the offer. If both offers are similar, take from the dealer from whom you sense the best feeling. If you don't feel good about either, look for a third dealer.

After 6-12 months (as long as you can be patient), sell the second third.

Hold on to the final third until you run out of paper money.

Re: Suitcase FULL of Silver Coins!!!!
 

A very important consideration. Read through the postings on this site to find out why you should be concerned about this. :bandito:

Re: Suitcase FULL of Silver Coins!!!!
 

Dealing with dealers, you can do it two ways.

ONE= get the book on coins and see which ones (at least 5 of them) are more valuable and write them down then go to a coin dealer and tell him that you would like to buy those coins and see what price he will give you, if that price is in the ball park as the ones from the book then you just might have an honest dealer.

TWO= take your coins to a dealer and see which ones he wants to buy and how much he is willing to give you, tell him that you want to think about it, then take the coins to another dealer and and tell him that you have a friend who wants to buy your coins and how much should you take for them.

Remember that the dealer wants to buy them from you in order to resell them and make a profit therefore you must give him some kind of leadway. :beer: :beer:

Re: Suitcase FULL of Silver Coins!!!!
 

Very god down home advice as usual Ponce.

One other avenue to explore might be coin shows. You would have a large captive audience of potential buyers.

Don't know proper coin show manners but at the camera, antique auto and motorcycle meets one can make a sign with for sale or wanted items and wear it around, a walking billboard. Sometimes a buyer or seller from the crowd will contact you for a private deal. At the least the dealers can easily see what you are offering and act accordingly if interested.

Don't wear a phone number or address and remove your billboard before leaving the building! Don't want you to get mugged in the parking lot.

Related to the above. Can anybody give me the Miss Manners version of acceptable behavior at these events ?

Please and thank you.

Re: Suitcase FULL of Silver Coins!!!!
 

Number one ....find out for YOURSELF via a coin reference book. More than likely, unless the prior owner was a SERIOUS collector, you have common stuff in whitman albums. When you are armed with knowledge, seperate the better pieces. Than proceed to your dealer. 90% is 90% whether it is a circ 1935 dime or a circ 1935 quarter.
If you are lucky enuff to have a high grade 1932-d quarter, 1921-d half etc, then go price shopping. Keep in mind the dealer has to make a decent profit to keep his doors open to respond to all those daily phone calls about rare 1943 steel wheat cents. (When I had my store open, if a person came in with a 1943 steel cent and was argumentative about it's real value; I would bring out a plastic bucket full out of the backroom and give him a few for free. It amazed me how many customers refused and left still thinking they had a gold mine in their pocket)......God bless the public....