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Question:
Can you tell me what my coin is worth?
Answer:
Many factors go into the valuation of a coin. Ultimately, the answer to
what it's worth is really just what someone will pay for it. This is rarely
a cut-and-dried issue. Each and every coin has it's own merits and/or problems.
NO TWO COINS ARE EXACTLY ALIKE! Once a coin is determined to be authentic,
an accurate "grade" must be arrived at, in order to value the piece properly.
Many messages are still sent to us regarding this one specific topic, i.e.
"How much is it worth?" Quick question. No quick answer. No definite answer at
all really without seeing it. If you need resources to determine a coin's
value, I recommend that you purchase two specific books
which will arm you with the necessary tools to avoid selling at too low of a
price. These are the first two titles found in our
Books & Periodicals section, i.e.
A Guide Book to United States Coins
and
Official A.N.A. Grading Standards for United States Coins.
Your cost for the two books will be around $20.00 total.
Next, I recommend you visit a local coin dealer to verify your thoughts
on the market value. A professional coin dealer will have access to
price guides, attribution and counterfeit detection reference books - and most
importantly - a certain level of expertise and experience.
Q:
What is my best route to selling a collection that I've inherited?
A:
Obviously, you want to get the most money you can for the coins. For this
reason, I recommend that you follow the guidelines as described above
to get a basic idea of the collection's worth. Depending on the total value
and the speed with which you need to get paid for the collection, you should
decide between one of two basic avenues to follow. Sell wholesale to a coin
dealer or consign to an auction. Generally speaking, the longer you can hold
out on funds, the more you will be able to get for the collection. CGO offers
a long list of professional coin dealers and auction houses to choose from in
our Search section.
Q:
Can you recommend a reputable coin dealer or auction company to me?
A:
CGO does not endorse any specific coin dealers or auction houses; however,
it is probably best to work with one that is a member of one or more
professional organizations. Use your best judgement. Follow a similar method
as you would in choosing an attorney, doctor, accountant or other professional.
Contact the local Better Business Bureau, research their credentials, etc.
Q:
Is it safe to send rare coins in the mail?
A:
Thousands of coins are successfully sent in the mail every day. Make sure that
you send them registered and insured. It's not a bad idea to get the "return
receipt requested" option as well. This author has been sending coins with the
U.S. Postal Service in this manner for many years with never a problem to
report.
Q:
How do you accurately grade a coin?
A:
Excellent question. You simply take years of experience, a subjective
opinion, and basic guidelines as established by numismatic professionals,
and apply these factors to your endeavor. You can find the criteria used
to accurately grade U.S. coins in the
Official A.N.A. Grading Standards for United States Coins.
Our Books & Periodicals section has this title
available for just a few dollars. It's wise to remember that 3rd-party
grading services exist specifically to provide unbiased grading and
authentication services. A list of these companies can be found in our
Grading Services search page. Additionally,
you may wish to read our Grading U.S. Coins
article.
Q:
What is the best way to clean coins?
A:
First, never do it yourself! Generally speaking, any type of cleaning will
lower a coin's desirability to collectors. On the rare occasion in which it may be
appropriate to "lightly dip" a coin, be sure to have a practiced professional
do it for you.
Q:
What is the proper way to store & preserve my collection?
A:
A good question. Several companies sell albums, plastic flips, cardboard 2x2's,
and a host of other storage & display products. Be careful of anything that
contains Polyvinylchloride (PVC), as it is unacceptable for long-term
storage needs. Humidity is another enemy. Use gloves when handling high grade
coins, especially proof & presentation pieces. Just one fingerprint can end
up costing you a lot of money in the long run.
Q:
Why shouldn't I use my home address for my collecting activities?
A:
Because of home security reasons, it may be best to use a post office box or
work address for your coin collecting subscriptions and the like. Whether it's
true or not, you wouldn't want a less-than-ethical individual thinking that
you have a million-dollar collection in your closet. For similar reasons, you
may want destroy evidence of your collecting activities before throwing away
certain "clues" into your trash. A sad fact, but better to be safe than sorry.
You're probably already doing this with credit card and other sensitive
materials anyway.
Q:
Are rare coins a good investment?
A:
It depends on many factors. Some areas of the rare coin market have been
outperforming stocks and bonds. Like most things, the more experience one
has with the investment vehicle, the better the investment results. This is
one you'll really need to answer for yourself.
Q:
How can I get my coin-related site listed on CGO?
A:
It's quite simple. If you have a site that you would like to
list in our search engine, please send us all relevant contact information,
URL, and a brief description of your site along with the category you feel
fits it best. We will respond as soon as possible.
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