A Coin Dealer Can Best Advise You

Stacy is calling because his wife inherited a coin collection, and he wants to know what to do with it. Dave recommends picking out something unique from the coins to keep and then selling the rest.

QUESTION: Stacy in Boise is calling because his wife inherited a coin collection, and he wants to know what to do with it. His wife isn’t attached to them, but they aren’t sure what they would be worth. Dave recommends picking out something unique from the coins to keep and then selling the rest.

ANSWER: I think that whether I sold them or not would be worth versus what they mean to me emotionally. I understand she didn’t collect them with her dad, but they were his. The last coin guy I talked to said pennies were a waste of time with the rare exception, obviously. If you want to go through 35 pounds of them, you can.

Sell them if she says do it. What I would do is try to pick out something that’s unique and fun out of those coins and maybe get some kind of display and make up something in memory of your wife’s dad. In other words, keep a handful of them and display them some way. Get rid of the rest of them.

A pawn shop isn’t going to be your place on this unless they happen to be somebody who specializes in coins. If I were in your shoes, what I would do is just do enough research to try to figure out what they’re worth. Before you do that, you’re going to have to separate them between pennies and other stuff because that’s where you may find the differences in value. You may not even do that. Why don’t you just talk to three different coin brokers or dealers and see what they tell you? Gather information about how to do this. I don’t know. I’m not a coin guy. If you’ve got a substantial amount of silver coins in there, hypothetically, that should have affected the silver coin market.

Most of the time, a collectible will be worth more than its metal weight if it’s something that’s worth collecting. When I’m making a decision about something like this, I just gather information. You don’t want to spend 5,000 hours gathering information on something that’s going to make you $5 either. Be reasonable about this. Just start hitting some coin sites and stop by a couple of coin brokers. Take your time and dig into it. Lots and lots of information will lead you to good decisions.

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