Last updated on May 2nd, 2024 at 03:35 pm
Last Updated on May 2, 2024 Posted by Colonial Acres Coins
If you inherit a coin collection, you have two major options of what you can do with them. One, you could try to keep it and learn more about coins (if you’re not an enthusiast already) in order to expand it. Or two, you could do your best to sell it, hopefully for a profit. Most people who inherit a coin collection opt for selling it, but it can be a troublesome challenge. There are many ways you can get yourself taken advantage of and ripped off, which is why you’ll be able to get some great tips for avoiding that mistake in this Part 1 of a two-part series. Selling an inherited Canadian coin currency collection, involves:
- Getting up to speed with the basics
- Assembling the entire collection in one location
- Using logical groups to separate the collection
Getting Up To Speed With The Basics
There is lots to learn if you’re not a collector already. This is because you’ll have an advantage when it comes time to sell as a result of the information you possess. It is well worth it to invest plenty of time into education because it may save you from getting ripped off. A great way to get started is to understand the bare essentials, like the fact that knowledge is power when it comes to coins. It’s best to purchase a couple of books to help you if plan on selling the coins yourself. Also, take your time: getting the best deal on your coins requires ample knowledge and at least a basic understanding of how coin collecting works. A very important tip is to never clean your coins as this decreases their value dramatically.
Assembling The Entire Collection In One Location
The reason for this is that you need to get your arms around the size of the collection you’ve inherited in order to start the process of evaluating it. It is always smart to be particularly careful when doing this and ensuring secrecy throughout the process as this helps avoid a robbery or theft. When you’re inventorying or cataloguing the collection, make sure you take proper precautions in order to prevent the coins from getting damaged. You may even need to buy some basic coin supplies to avoid damaging the pieces, but this will depend on how the collection was initially stored.
Using Logical Groups To Separate The Collection
It is important to understand that there’s a difference between a coin accumulator and a coin collector. A coin accumulator just buys coins and puts them in a safe or box without organizing them into a coherent collection. A proper coin collector will have their pieces logically organized into folders, sets, albums or labeled containers. If you inherit a collection from a proper collector, most of the work will typically already be done. But, if you inherit one from an accumulator, you’ll need to organize it in some way. You can initially use plastic containers or even boxes for this. Start by grouping items like loose coins in one container, coin sets into another, placing any coin folders or albums to the side and so on.
Need Help With Selling Your Inherited Coins? Swing By Colonial Acres
Colonial Acres has a long history of being in the know about Canadian coin currency and various other coins and paper money. It is the home of trained and experienced professionals who offer expert knowledge and perform appraisals in line with industry standards. If you need help with evaluating your inherited coin collection or are eager to know more about your pieces, simply swing by Colonial. Similarly, if you’d like to keep and enrich your newfound collection even more, the company is also the place to do it. Get in touch with Colonial Acres today for all your numismatic needs.
