Collectible coins are quite interesting and daunting at the same time. Presently, we are consigning a collection of gold and silver American coins. They are from a successful, life long collector and the quality has been spectacular. Morgan Dollars, Peace Dollars, Franklin Halves, Walking Liberties, and Washington Quarters are included.
The following covers some of the steps taken in order to bring them to market. It was a lot of work including research, consulting with area experts, and sending some of the finer gold coins out to third-party grading services. It was exciting to find that several of the gold coins can still exceed the spot price despite the soaring gold and silver markets.
Presently, there are many baby boomers who are in the middle of downsizing. They are overwhelmed by the complicated task of liquidating an estate. As a result, coin collections can be sold at well below their value. Whether it’s your parents home or your own home from empty nesting, consigning your coin collection may be an appropriate option.
Our aim is to earn the best return possible for our clients. The first step is to understand what you have and we did that by grouping them by type then date and mint mark.
There are several collectible coin types and it’s important you are aware of them when consigning your collection. Reviewing the details of them all is beyond the scope of this blog. However, the following is a full list of coin types with the ones we have in our consigned collection highlighted: Half Cent, Large Cent, Small Cent, Half Dime, Nickel, Dime, Twenty Cents, Quarter, Half Dollar, Dollar, $2.50 Gold Quarter Eagle, $3 Gold, $5 Gold Half Eagle, $10 Gold Eagle, $20 Gold Double Eagle. Additionally, within all these types are up to 8 different designs. For example, the half dollar type has 8 different designs. One of which is the Kennedy seen in the photo.
If you look at the years of operation of each mint below, you can see how supply and demand can affect the value of your coin. The mint marks on the coin indicates what mint location the coin was stamped at. Being able to find the mint marks does prove to be challenging if you do not have experience doing so. This is especially true if they are Philadelphia minted coins. Did you know that Philadelphia minted coins, for the most part, do not have a mint mark but it’s understood to be Philadelphia? The following is a list of mints with dates of operation:
- Philadelphia (P) c1792-present
- Denver (D) c1906-present
- San Francisco (S) c1854-present
- New Orleans (O) c1838-1909
- Charlotte (C) c1838-1861
- Carson City (CC) c1870-1893
- Dahlonega (D) c1838-1861
- West Point (W) c1984-present
In Part II of our collectible coin series we will explain to you how we considered the coins condition and the metallic compositions as they both relate to value.