What do you do when you inherit a coin collection?
If you inherited a “coin accumulation,” then you need to start organizing the collection into some resemblance of order. First, start by grouping like items into separate containers or boxes. For example, place loose coins in a plastic container. Put sets (Proof sets, mint sets, collector sets, etc.)
Will coin collecting die?
Once known as the “hobby of kings”, coin collecting is slowly becoming as passé as monarchy itself. From casual collectors to career professionals, and all levels of dedication in between, numismatics is experiencing a steady decline.
Is coin collecting a dead hobby?
Is it bad to clean coins?
In general, old coins should not be cleaned. While you might think that getting all the years of dirt and grime off a coin would make it more valuable, the opposite is actually true! By cleaning a coin, you may actually damage it and decrease its value. At worst, you could permanently damage the coin.
What is a fair price for junk silver?
The spot price changes constantly during the day. Junk silver is almost always sold with a markup or premium, so the total cost of junk silver will be the (spot price * 0.714) + premium. The current spot price today is about $25.84 / troy oz….How Much To Pay.
| Value | Markup |
|---|---|
| $23.98 | 30% |
Where can I have old coins evaluated?
You can get an appraisal of the more valuable coins in your collection from a dealer authorized by the PCGS; find members in your area at http://pcgs.com/dealers/.
How do I get a coin valued?
Call 01443 623 004 or go to royalmintmuseum.org.uk. The Royal Mint says those looking for valuations should visit the British Numismatic Trade Association website which has a list of reputable coin dealers in who can value coins.
What do coin dealers pay for junk silver?
You should generally expect to pay about 5% to 15% dealer markup or premium over spot price for junk silver and bullion (excluding silver dollars), and about 10% to 20% over spot for silver dollars and Silver Eagles. The dealer markup can vary quite a bit. Premiums often increase when the spot price is decreasing.
How to evaluate the coins that I’ve inherited?
To start the process of evaluating the coin collection that you inherited, you need to get your arms around the size of the collection. Also, see if there is an inventory/catalog or checklist that the coin collector kept of his coin collection. This may provide valuable information when trying to get the collection appraised.
How much tax do you pay on inherited coins?
For example, if you fall in the 25 percent tax bracket, you’ll still pay the 25 percent tax rate on your gains from selling the inherited coins. But if you’re in the 33 percent bracket, your coins will only be taxed at 28 percent.
Is it possible to sell your coin collection?
Yes, some (but not all) are. Some of the most valuable coins are gold and silver, but even pennies, nickels and dimes – pocket change – can have a lot of value. Learn how to sell your coin collection. For large collections, we can travel to you. We are located in the Nashville, Tennessee area.
What makes an old coin collection more valuable?
Like most antiques, some old coins have a greater value when they have a patina. If you eliminate the patina, you might be reducing the coin’s value. If the coin collection is large, enlist the help of more than one family member to account for the coins in the collection.
To start the process of evaluating the coin collection that you inherited, you need to get your arms around the size of the collection. Also, see if there is an inventory/catalog or checklist that the coin collector kept of his coin collection. This may provide valuable information when trying to get the collection appraised.
Do you have to pay taxes on coins you inherit?
Depending on the coin collection you inherit, you could see your net worth shoot up and start wondering if the Internal Revenue Service is going to tax you. Just inheriting coins won’t trigger any federal taxes, but you could owe state inheritance taxes, and selling them could trigger income taxes.
Like most antiques, some old coins have a greater value when they have a patina. If you eliminate the patina, you might be reducing the coin’s value. If the coin collection is large, enlist the help of more than one family member to account for the coins in the collection.
What happens when a coin collector passes away?
When a coin collector passes away, and if his or her coin collection was not specifically bequeathed to a certain individual, the next of kin rarely know whom to ask for advice. It’s not uncommon for family members to argue about the value of the coin collection – without having any real knowledge about the collection itself.
