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Valuation of Old Coins

Posted on 6/9/15 at 3:46 pm
Posted by White Roach
Member since Apr 2009
9666 posts
Posted on 6/9/15 at 3:46 pm
Valuation of Old Coins
Posted by White Roach on 6/9/15 at 11:59 am
My mother has a bunch of old silver dollar coins, as well as some other denominations. Most were minted between the 1880s and the 1930s. Some are oddball, collectable type coins - for instance, a 1925 Stone Mountain half dollar. Most are just old coins that were circulated for years and have now sat for about 60 or 80 years. Face value is probably only about $100. It's not by any means a giant (or well kept) collection.

I've briefly looked online at a couple of coin collector websites, but I can't accurately grade a coin. Any suggestions on how to get an accurate valuation? Any recommendations for a reputable coin dealer on the Northshore or in New Orleans? I'm open to suggestions. My mom is in her 80s and looking to liquidate her "collection".
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I posted this at noon on the Money Board and received one response. Can the OT offer any relevant suggestions?
Posted by Rounder1
Member since Feb 2013
522 posts
Posted on 6/9/15 at 3:52 pm to
I don't have much insight. I can tell you to be wary of value listed in books even if you do find someone that can grade it accurately. In my very limited experience it is kind of hit and miss. Many times the valuation in the books is higher than what you can find anyone willing to offer.

For example, I had a coin years ago was worth about 4-500 dollars according to the book but could not find anyone willing to pay close to that. In short they are only worth what you can find someone willing to pay or the going silver price.
Posted by texag7
College Station
Member since Apr 2014
41657 posts
Posted on 6/9/15 at 3:53 pm to
I would say go online or to a public library and find a book that gives values. I would have a good idea of their worth before I took them in to a coin dealer.
Posted by 777Tiger
Member since Mar 2011
93541 posts
Posted on 6/9/15 at 3:56 pm to
not in that area but I recently sold some old coins that had been sitting around for years, I had know idea where to go so I googled a few places, I was expecting some sheisty pawn shop type of operation, I called about three places, told them what I had and asked them what they thought they were worth, all three were almost identical, I just went to one of them that was relatively close by and sold them, the guys running the place seemed more like collectors or hobbyists, real friendly, it seems unless you've got something really bizarre, coins don't have a real good appreciation, good luck
Posted by Spock's Eyebrow
Member since May 2012
12300 posts
Posted on 6/9/15 at 4:02 pm to
quote:

For example, I had a coin years ago was worth about 4-500 dollars according to the book but could not find anyone willing to pay close to that. In short they are only worth what you can find someone willing to pay or the going silver price.


If you think it's worth more than spot, get it graded and slabbed.
Posted by drewnbrla
The Pool is closed.
Member since Mar 2011
7839 posts
Posted on 6/9/15 at 4:13 pm to
Take them to a coin shop and ask them to look at them to give you some insight as to what they are and what they're worth. Only other way to get them properly valued is to first send them off to PCGS and get them graded and then look them up with by their Year, Mint, & Grade on PCGS to see what the open market is buying them for (based off of recent market transactions).

If you take them to a coin shop, make sure you tell them you aren't looking to sell them but rather you're looking for some information about the coins themselves and their potential value for your mother.

If you go the PCGS route, you're going to spend a lot of money to ship them off to them, insure them and to have each graded and depending on what the coins are, may not even be worth having graded at all. But based off of your description of the silver dollar coins from the 1880's through 1930's tells me they are most definitely Morgan Silver Dollars (stopped minting after 1904 and minted them only once after in 1921) and Peace Dollars (started minting in 1922). If you see any 1880 - 1904 Silver dollars with CC on them, put those off to the side because those are more collectible than most Morgans outside of Proofs.

I'm in Baton Rouge so I can't recommend any reputable coin dealers in the New Orleans area.
Posted by Geaux-2-L-O-Miss
Between Your Ears
Member since Aug 2005
3945 posts
Posted on 6/9/15 at 4:18 pm to
Try State Rep Paul Hollis in the ST Tammany area. He has some sort of coin certification and possible a coin shop.
Posted by Street Hawk
Member since Nov 2014
3659 posts
Posted on 6/9/15 at 4:20 pm to
I am sure you will find your answer here:

How to value old coins
Posted by Broke
AKA Buttercup
Member since Sep 2006
65499 posts
Posted on 6/9/15 at 4:23 pm to
I can value these for you. I've been a collector since I was 5. No joke.
Posted by rondo
Worst. Poster. Evar.
Member since Jan 2004
77520 posts
Posted on 6/9/15 at 4:28 pm to
I can't wait until my BitCoins are collectors items and valuable again.
Posted by White Roach
Member since Apr 2009
9666 posts
Posted on 6/9/15 at 4:31 pm to
I would say go online or to a public library and find a book that gives values. I would have a good idea of their worth before I took them in to a coin dealer.
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I spent an hour or so on Sunday, just trying to find some ballpark values. I found one website that that was very detailed. Photos of every American coin imaginable, going back to the 1700s. It would have been very interesting, if only I was interested in coin collecting!

My problem is determining the grade of the coin. There are a variety of factors that go into determining the grade, and some are very nuanced. The value of one particular silver dollar with a San Francisco mint mark varied from $30 to $600, depending on if it were graded 63 to 68.

I'm fairly certain that some of these coins are worth more than melt value, but I'm largely uninformed about the process. I guess I'll get a few of the ones I perceive to be more valuable and bring them to a couple of shops to be assessed. I'd like to maximize the value for my mother, but I don't want to spend an inordinate amount of time doing it. I'm afraid it'll cut into my valuable time spent perusing the OT!
Posted by Broke
AKA Buttercup
Member since Sep 2006
65499 posts
Posted on 6/9/15 at 4:33 pm to
The grade of your coins doesn't matter much really. You can't tell the difference in a 63 to a 68.

And the coins cost at least $25 to each be graded by either NGC or PCGS
This post was edited on 6/9/15 at 4:34 pm
Posted by White Roach
Member since Apr 2009
9666 posts
Posted on 6/9/15 at 4:35 pm to
Try State Rep Paul Hollis in the ST Tammany area. He has some sort of coin certification and possible a coin shop.
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No shite? One, or both, of my younger sisters are friends with the Hollis boys. Ken Hollis lived a few blocks from my parents in Metairie.
Posted by White Roach
Member since Apr 2009
9666 posts
Posted on 6/9/15 at 4:40 pm to
I certainly can't tell the difference between a 63 and a 68, but apparently it made some difference to the collectors on that particular dollar coin.

I don't think my mom has any thing special, but if she gets a grand or two for coins with a face value of ~$100, she'll probably be thrilled.
Posted by Broke
AKA Buttercup
Member since Sep 2006
65499 posts
Posted on 6/9/15 at 4:43 pm to
quote:

I don't think my mom has any thing special, but if she gets a grand or two for coins with a face value of ~$100, she'll probably be thrilled.


You aren't understanding me. The coins have to be graded by a company if you want to get top dollar for them. That costs at a minimum $25 each and you have to join the "club" for like $70. And it takes months sometimes to get them back. You are doing basically a backyard transaction and nobody will be grading your coins.
Posted by White Roach
Member since Apr 2009
9666 posts
Posted on 6/9/15 at 4:45 pm to
Thanks for the response, Drew. I'm not shipping these things off to be graded. Everything she has was in circulation for who knows how long and then hoarded by my grandmothers (on both sides of the family). Nothing is in mint, uncirculated or otherwise special condition. Think coins in a coffee can...
Posted by Broke
AKA Buttercup
Member since Sep 2006
65499 posts
Posted on 6/9/15 at 4:46 pm to
quote:

Nothing is in mint, uncirculated or otherwise special condition. Think coins in a coffee can...



Then I'm not sure why you're worrying about the grade.
Posted by retired trucker
midwest
Member since Feb 2015
5093 posts
Posted on 6/9/15 at 4:49 pm to
generall a silver dollar retails for about 20.00

you won't get that

you're better off just keeping them
Posted by Broke
AKA Buttercup
Member since Sep 2006
65499 posts
Posted on 6/9/15 at 4:50 pm to
Spot price is about $16. He would get $20.
Posted by White Roach
Member since Apr 2009
9666 posts
Posted on 6/9/15 at 4:52 pm to
Broke:
It's a total of about 100, maybe 120, coins. What has to happen? I was hoping to try get a ballpark estimated value online, individually and cumulatively, and then bring a few to a couple of shops to be valued. Then, presumably, my mom would sell them to whichever shop she felt most comfortable with.

What is your recommendation?
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