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Is a Coin Collection Similar to a Guitar Collection?

Discussion in 'Bad Dog Cafe' started by James Knox, Jan 20, 2021.

  1. James Knox

    James Knox Tele-Holic Silver Supporter

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    I know about collecting Guitars and Amps - been dabbling in it for many years! I’ve learned a lot about value, buying, selling, etc.

    BUT.... I know nothing at all about Coin Collections.

    I’ve been going through stuff and getting rid of things that have accumulated over the years and I came across a box that had my Moms Coin Collection. Got shoved in a closet after she passed. I’ve asked my kids and grandkids and nobody is interested in it.

    Any ideas on how to determine the value and where to sell it? Might as well put the money into something I know something about.

    Where do I even start?

    Thanks for your insight and help!

    Peace,

    James
     
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  2. corliss1

    corliss1 Friend of Leo's Platinum Supporter

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    If your town has a local coin store with a decent reputation, start there. They'll go through each one and tell you the value, and total it up, and you walk out with cash. Don't go to a sketchy pawn shop that says they do coins as well.
     
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  3. Manual Slim

    Manual Slim Friend of Leo's

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    The tone of a 1921 Philadelphia dime is unparalleled!
     
  4. chris m.

    chris m. Poster Extraordinaire

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    Like anything else, a little on-line research will also give you some answers.

    Coins are easier to lose than guitars, though. My Mom gave me a solid gold USA $20 coin that my grandfather had collected around 1940. It is worth around $2,500. I was pretty sure I put it in my wife's safety deposit box. But then the bank closed and we had to empty the safe deposit box. Anyway, the coin is nowhere to be found and I'm out $2,500. That never happened to me with a guitar. If it was stolen, I knew it was stolen. The coin could still be under a couch cushion or something in my house, but I doubt I'll ever see it again. The worst part for this coin and a gold ring I lost is that it gets me suspicious about various handymen or others who have been in my house, but I'll never know. I might have lost it, it might have been stolen, and I hate having negative feelings towards people who've been in my house just because I have doubts.
     
  5. bowman

    bowman Friend of Leo's

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    Definitely do your research. I used to collect coins, and had a few "valuable" pieces - and I used " " because one thing I found out in my collecting days is that most coins are worth far less than the owners would like to believe.
     
  6. Blues Twanger

    Blues Twanger Tele-Afflicted

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    The Coin Talk forum is a good place to learn.
    Cointalk.com

    I have a small collection of Late Roman Bronze coins myself. IMG_20200831_175333282.jpg
     
    Last edited: Jan 20, 2021
  7. Gardo

    Gardo Tele-Afflicted Silver Supporter

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    It is similar if
    A :you collect guitars you don’t play
    Or
    B : you play tiddlywinks with your coins
     
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  8. posttoastie

    posttoastie Tele-Afflicted

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    With Silver prices up lots of silver coins are worth more just for the melt value over the numismatic value. I used my old silver coins to buy a guitar.
     
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  9. Old Plank

    Old Plank Tele-Afflicted Gold Supporter

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    I remember as kids the penny we were always looking for was the 1909 S VDB wheat-back penny, with the S signifying San Francisco, and VDB the designer Victor D. Brenner. Never did find one.
     
  10. boris bubbanov

    boris bubbanov Tele Axpert Ad Free Member

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    The value of silver and especially gold coins, gets towed up and down as the price of the commodity changes. Coins as an "investment" took a massive hit during the Inflation Years and even now, given how medical costs have caused a radical shift in what constitutes a comfortable yearly income, coins are still sort of "stuck" to their original denomination, in terms of assigned worth. And once coins cease being used (more so every day) you have to ask yourself if they're not going the same way as Beanie Babies.

    It is infuriatingly easy to "fence" stolen coins; much easier IMO than stolen amps or guitars. Maybe once they are just artifacts, burglars will leave them alone.

    Having said that, trying to sell now is probably mis-timed. Their value really couldn't go lower, I don't think. The value of important coins really cannot be determined without in person, close quarters inspection. My suggestion is just to hang on to them and wait for a return to more normal times. And you never know when a young family member, friend or acquaintance will suddenly be a coin enthusiast. Might be nice to just keep them for the right moment, then hand them off.
     
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  11. Matt Sarad

    Matt Sarad Tele-Holic

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    I sold my coin collection a year ago. It paid off my home loan and bought a few guitars.
     
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  12. Gardo

    Gardo Tele-Afflicted Silver Supporter

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    For me it was the 1943 copper penny.
    I do have a steel penny but never did find the copper
     
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  13. boris bubbanov

    boris bubbanov Tele Axpert Ad Free Member

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    Dunno about you, but I did find a half dozen of the no mint mark (Philadelphia) version of the early, first year Lincoln one cent piece (too prominent initials, mint was forced to deemphasize them). In the early 1960s. My theory was, people had held them for their collector value for a number of decades and then they found their way back into the coinage stream. Because most were close to Uncirculated in condition. I went through hundreds of bank rolled one cent pieces - found a lot of cool stuff, even in the Golden Age of coin collecting. I never found the first tier rarity stuff, but I did find a lot of things that were considered fairly valuable. One advantage of severe nearsightedness (since mostly corrected by surgery, and which is why coin collecting doesn't work for me anymore).
     
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  14. 24 track

    24 track Doctor of Teleocity Ad Free Member

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    when my kid was born I started a stamp collerction for them dinosaur stamps , space stamps , with the mars landers that happened 2 days after their birth, I have the hologram stamps a signed sheet of stamps of Buzz Aldrin on the moon autographed by him, I have first day issues and full sheet of the first sunrise from Tonga ( the first inhabited place on the planet) of the sunrise January 1st 2000, I also took a photo of my kid in their crib at 11:59 PM on Dec 31, as well as stamps cancelled on Oct 9, 1999- 9.9.99, and Dec 31 ,1999, and Jan 01, 2000 and many more I cant remember with out pulling out the whole collection , I also started a coin collection for her as well all rare coin sets
     
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  15. posttoastie

    posttoastie Tele-Afflicted

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    I dont see silver returning to 2011 levels for a long time. I sold most of my coins back then for 30 times face value when silver went over 40 dollars per oz. Today we are at 25.75 dollars per silver oz.
     
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  16. boris bubbanov

    boris bubbanov Tele Axpert Ad Free Member

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    Yeah, I sold a ton of garden variety silver coinage when the Hunt Brothers cornered the market. Lucky/smart timing on my part.

    Silver is tricky. People need to know, that deep mine gold miners considered an assay heavy in silver to be a curse - a portend of the closure of the mine. My grandmother grew up at the dinner table of the managing partner of a gold mine. Silver was just "stuff".
     
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  17. stormsedge

    stormsedge Friend of Leo's

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    Don't sell or trade anything until you have a better feel for it. Your area probably has one or more coin clubs where you may glean info and discuss your holdings with folks involved in collecting for years. ((I know my smallish town has a stamp club that does this very thing)). Good luck!
     
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  18. electrichead

    electrichead Tele-Holic

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    I started collecting stamps when I was a kid around 68 or 69 and had quite the collection in a big book.
    I can't imagine how many of those big orange bags of postmarked stamps I went through..
    Somewhere on one of my moves it somehow disappeared.
    I have a garage full of stuff but have not been able to find it..
    Well I hope someone is enjoying it and it was not trashed along the way..

    One cool thing is I still have postcards from WW11 that came over from England and whoever was sending them wrote on every available space on the postcard.
    Pretty amazing just how much writing you can get on one of those..
     
  19. uriah1

    uriah1 Telefied Gold Supporter

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    Get the red book
     
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  20. Fiesta Red

    Fiesta Red Poster Extraordinaire

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    Yes, they’re similar, but one is significantly cooler...

    You can figure out which one is which...
     
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