Last updated on May 2nd, 2024 at 03:33 pm
Last Updated on May 2, 2024 Posted by Colonial Acres Coins
If you’ve recently inherited a coin collection, you may be at a loss as to what to do next — particularly if you’re unfamiliar with the world of coin collecting. Should you sell the collection? Should you keep it and wait for it to increase in value? Should you sell part and keep part?
Regardless of your ultimate decision, there are a few initial steps you should take. First, make sure to handle and store the collection in a way that maximizes its value. Second, sort and separate the collection as you create an inventory of its contents. Third, consult a trusted source to estimate the current market value for the coins in your newly acquired collection. Read on to learn more about each of these steps.
Handle With Care: Coin Collecting 101
Most people touch and use coins every day and assume that it’s fine to handle collectible coins the same way. However, treating the coins in your collection as you would pocket change is an enormous mistake that could dramatically reduce their value.
Touch the coins as little as possible. If you must touch them, wear cotton gloves to prevent oils from your fingers from etching your fingerprints into the metal’s surface. Hold each coin by its edges and avoid touching its face.
Never attempt to clean a coin! This is one of the cardinal rules of coin collecting. Both wet and dry cleaning methods can damage the coin’s surface and destroy its market value. Always store your coin collection in a cool, dry place, away from extreme temperatures or high humidity levels.
Create an Inventory of Your Collection
Before you can attempt to assess your new coin collection’s market value, you need to create an inventory of what coins the collection contains. This step may be simple or time-consuming, depending on how its previous owner liked to store it.
Some collectors are meticulous about sorting, storing, and labelling their collections. In this case, all you need to do is familiarize yourself with the names, labels, or records. Other numismatists — the proper term for coin collectors — take a more relaxed approach to coin collecting, which means you may need to spend some time identifying and cataloguing the contents of your collection.
Start by separating the coins by country, then group them by theme, denomination, or issue year. The same guides that you’ll use to assess your collection’s market value can often be useful tools for identifying individual coins.
Research Market Value
Once you have a solid idea of what’s in your new coin collection, you can begin to find the answer to your most important question: What is the collection worth? The quickest and least expensive way to estimate your collection’s market value is to bring it to a reputable coin dealer like Colonial Acres for a consultation. It’s free and faster than you’d think, and you can sell whatever pieces you’d like on the spot.
If you’d like to dip your toe into the world of numismatics a little yourself, for Canadian coins, tokens, and paper bills, the Charlton catalogue series is the authoritative leader in coin prices. The Charlton Press publishes several valuation guides each year. The guide series is so well-known and widely respected in the coin collecting community that many dealers refer to the “Charlton value” in determining a coin’s price. The guides also contain valuable information about various coins.
Keep in mind that the prices in any coin guide are only ballpark figures, and a coin’s market value depends heavily on its condition.
Decide Whether To Sell or Hold
After you’ve inventoried your new collection and researched its approximate market value, you can decide what to do next. After learning more about the coins, you may have developed a new appreciation for this time-honoured hobby and may decide to keep and add to the collection.
On the other hand, you may decide to sell some or all the inherited coins. Always work with a trusted coin dealer to get the best prices. Colonial Acres can help appraise your collection and will gladly assist with any coin collecting questions.
