You Inherited Coins. Now What?

Did someone close to you pass away and leave you part of their estate? If the property you have acquired contains a large coin collection, you might have a lot of money on your hands . . . or not. The quality of a coin collection can vary wildly based on rarity and condition. If you want to get a handle on exactly what you have, here are some tips that might help.

Separate the Wheat from the Chaff First

While it's possible that you could find a rare coin buried in a bin or inside a coin wrapper, most serious coin collectors separate their truly exemplary pieces from the rest of the collection. Look for standalone coin albums or coins set aside in their own individual pockets or wrappers. These will most likely be the most valuable coins in the collection, and getting an estimate on these might give you a better idea of whether going through the rest of the collection is worth it or not.

Organize by Year

If the coin collection you inherited is not well organized, it's time to get started. Most serious coin collectors organize by year. This is because different years can have different percentages of precious metal within the coin. You can do your own research online, but a dedicated coin dealer might be able to help you streamline the process. If you have just a huge mess of coins, start sorting them one by one until you have everything organized in chronological order. It will be much easier to identify which coins are the rarest once they are properly sorted in this fashion.

Shop Around for the Best Price

Different coin buyers may offer different prices for the same coin. A good way to test the waters is to take a coin that you know is worth something and get a quote for it at multiple dealers or coin shops. A reputable coin buyer will likely have the resources to pay a little bit more if it really is a good coin. You can use this information to then decide which buyer is worth bringing the entire collection to.

If you are looking to sell your coin collection that was inherited from a relative, you first need to get organized. Take a look at your relative's organizational plan for the collection and make adjustments as needed. Organizing by year is a good place to start if you are not sure what else to do. Contact a coin buyer today like Harlan J. Berk, LTD, if you want to get started flipping your old coins for cash.