Q: I inherited Grandpa’s coin collection. What should I do?
A: Should you decide to sell your collection, take the following steps:
- Call 704-542-7554 and set up an appointment. We will ask how many coins you have and what kind of packaging they are in.
- If the coins are in albums, leave them in the albums.
- Remove the coins from any unusual packaging (tape, bags, cardboard). Please sort loose coins by denomination (pennies, nickels, dimes, foreign, etc.).
- Remove any obviously damaged coins and “pocket change”.
Q: What determines the value of my coins?
A: Many factors go into valuing coins. The most common are “spot” prices for precious metals, the condition of the coin (scratches, bending, and cleaning detract from the value), the number of coins minted at that particular mint in that particular year, and the quality of the strike. Just because a coin is old, doesn’t mean it’s valuable.
Q: How do I determine who to sell my coins to?
A: There are many businesses who will buy your coins. Pawn shops, jewelry stores, and precious metal refiners are the most common buyers. These businesses do not possess the numismatic experience to properly value coins. Remember, our only business is coins!
Q: How can I tell if my coins are counterfeit?
A: Establishing whether you have a counterfeit or altered coin is a delicate process, and requires an experienced numismatist. Counterfeiting has been a problem since the beginning of coinage, and has caused the loss of a lot of money.
Q: My coins are dirty. Should I clean them?
A: Do NOT clean your coins. They should only be cleaned by experienced numismatists after careful consideration.
Q: Why would I need my coins appraised?
A: The most common reason to appraise coins is for estate valuation purposes (for probate or estate tax as directed by your attorney). Another reason to establish a valuation is to determine adequate insurance coverage (insurance coverage for numismatics usually requires a rider for your homeowner’s coverage).
Q: Does the sale of my coins constitute a taxable transaction for income tax purposes?
A: Yes. Please consult your tax advisor.