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gillianma

Anyone know about coins?

20 years ago

Hi all,

I need to get my FIL's coin collection appraised. Does anyone have advice about questions I should ask coin dealers before selecting a couple to do appraisals? Is there a "code of conduct" I should look for? We are not looking to sell the collection immediately, but want to know what is there.

FIL is still with us, but has been diagnosed with Alzheimer's Disease and he cannot give us reliable information. If the collection is sold by his Power of Attorney (not me, I'm just trying to help her out) the proceeds will be used toward his care in the nursing home.

I have done some research on Ebay and online, but only got more and more confused about what this collection might be worth. It could be worth quite a lot; it could be totally worthless (or face value at best)!

I've done a basic inventory, and I'm going to a local coin show next month to try to identify potential appraisers and get a better handle on the situation.

Thanks in advance for any advice you can give me.

Comments (2)

  • 20 years ago

    My husband has a coin collection,has been collecting for over 50 years. He told me "if something happens" to him, go to this certain coin dealer and either sell him the whole collection or have him sell it off and make a commission. He feels this man is honest and will give me a good price. You might want to buy a good coin reference book and look up the prices. My husband has two, The Blue Book Handbook of Coin Prices and the Red Book Handbook.

  • 20 years ago

    Thank you so much jannie for responding. Wonderful info. I apologise for this belated response.

    I wish my FIL were like your DH. Here is an update: I was so ignorant, but I bought the red book and have chatted to a few decent coin collectors. I went to a coin show and met at least two wonderful sources (I also ran a mile from a couple of other "appraisers", they were seriously scary.)

    We are gearing up for a real appraisal, just in case I missed things when I went through the red book, but . . .

    I do not have high hopes for FIL's coin "collection" helping him financially much at all. So sad, because he really thought it was his nest egg. The truth is that there is some bullion, but not a lot. For the rest -- he got in the clutches of a "coin by mail" company. Think coin of the month club wothless stuff. Lordy, the poor guy thought he was "collecting." In reality, he was totally conned. He paid for the display cases not the coins, and he had no idea in the world.

    So the message is really to collect what you love, but don't expect others to love it too -- or expect it to be worth anything.

    My FIL got enormous pleasure from his "collection." We are holding on to the pleasure he got from it.

    Hey, I have my own collection of worthless things that I love because I think they are beautiful. It is all relative.

    But, if you do expect it to be your nest egg, do your research. This poor man did not.

    Off my soapbox now, and FIL will be OK. We are committed to that.

    Thanks again, and beware the con-artists.

    Gillian

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