Anyone know anything about gold and silver coins???

[ryan brown]

So... with the declining economy and... well... *nothing political here*, my Grandmother is pretty much broke, and she's having a tough time paying her bills.

She lives in Iowa, and she's never asked for any help from any of us in the family... until now.

I sent her $1600 to get her car out of the shop and also so she could still enjoy Christmas the way she loves (cooking for any family members who will show).

Anyway, my Grandfather was a pretty extravagant gold and silver coin collector. At one point, his collection was appraised at over 100K. Well, my Grandma's asked me and my brother if we could help her sell a small portion of the collection so she can make ends meet.

I have no idea where to start. My Brother took the small portion to an independent buyer in Iowa who was supposedly a friend of a friend, and an honest guy. He appraised at a certain price, but my brother thought it seemed way low.

Now I don't even know where to start to make sure she gets a fair price. I'm in Texas, she and my Brother live in Iowa, and the collection is also in IA.

Any idea's here?

I figure since DVXuser's have such a wealth of knowledge about just about everything, I might as well ask here at the very least.

Any and all info much appreciated.

I've tried researching online, but there's so much conflicting information I have no idea who's right/wrong...

-brown

 

[ugafan]

you could always put a few up on ebay to see what people are willing to pay for them.

 

[gco]

Wow, watch out. Anytime I hear "friend of a friend",,,....well sounds like your brother has good instincts. Ideally, steer clear of private collectors--they are generally looking for bargains or an outright steal--not all of them but probably most. Don't even think about a pawn shop. Go find a commercial dealer that would be willing to sell those coins on a commission basis. i.e. their fee for selling those coins is a percentage of the sales price. That way, the dealer has every incentive to get top dollar on behalf of your grandmother as their commission depends upon it. You also get (or demand) an accounting of each piece sold. That would maximize the cash your grandmother realizes but it would also take time. Selling coins outright in lots to a commercial dealer is another quicker route but obviously an outright sale of any lot or group would be below retail value as the dealer intends to make a decent profit on resale. That is certainly a judgment call. For piece of mind it might be worth looking into one or more reference books; something like a "blue book" of coin values so that what ever method you choose, you at least have reference points on values. Obviously, this will take some effort on your part and your brother's to identify and research what she has but it would be effort well worth it. Family is family and there are a lot of people out there eager to take advantage of the elderly. It's very decent of you and your brother to look out for her best interest. Good luck to you Ryan. :thumbup:

 

[taormina]

Seriously, get with a proper numismatic broker and have the collection appraised with supporting documentation. You'll pay a bit but better than getting hosed!

 

[Charli]

Gold coins have a certain "value" depending on their availability to the open market. We sold a couple of Twenty Dollar gold coins (something like that) and got $800 for them, and that's 80s money!

I say look at coin conventions listed online and call them, see if they can direct you to a coin dealer who is honest and up front about the value of coins. You can brokerage a deal online, your coins need to be separated from each other, kept in as good condition as possible, keep your finger prints off them, lol.

Some coins because of special lettering or year have a significance. Go to your local library and see if they have a coin book, if no other venue is open to you.

DO NOT sell your coins to the first goose who wants to get their grubby little hands on them.

Gold is the one stabilizer of anyone's portfolio. It's better than stocks (not as volatile) and right up there with purchasing land (though more mobile to take with you - lol). So Gold plays an important part in someone's portfolio, don't jump in at any deal.

 

[kplo]

Have your brother do some research on the web. Taormina and gco's suggestions are excellent .
I went through this recently with the collection of an elderly friend. $5, $10, $20 gold pieces, etc.
Prices on ebay fluctuate widely depending on condition (as in several hundred dollars variance on the same gold coin).
Some "professional" dealers will only offer you the melt value, as opposed to the "collectible value" based on condition. It's a real minefield that your family needs to negociate carefully.

Good news is that the price of gold and silver don't look like they will be dropping anytime soon.

Best of luck.

Ken

 

[libneon]

Right now due to the shaky economic environment, gold and silver numismatics are very valuable.

I would pay an independent appraiser to give you prices on all the pieces...without any intent to sell! That's the only way you'll probably get an honest price quote.

Once you have the names and an idea on price I would list them one at a time on ebay personally. Selling them in bulk or to a store will just cost you money. Remember, at ebay you are competing with other retailers...collectors will want wholesale pricing. They then have to markup for retail to resell them.

I've dabbled a bit in coin collecting and can tell you that pricing right now is sky high...do not take low offers. get a real appraisal even if you have to drive to the next town to find someone.

 

[kimko]

yes, they are worth money?

 

[basspig]

My advise (and that of Thomas Nogales) is to retain some of that gold for personal expense/survival WTSHTF. We have not yet begun to scratch the surface of the devastating collapse which has already begun. It will probably be at least 10-20 years, depending on what upcoming administrations do to tamper further with the economy, before we see a resurgence of prosperity. A period of hyperinflation/stagflation is a likely scenario. When currency fails, things get ugly. Gold will be king, because most everyone recognizes the intrinsic value in precious metal. You'll be able to buy food, shelter, fuel, etc. with gold, whereas you might be late to the table with hyper-inflated cash and prices rising every hour in the last hours of a fiat currency economy in which the Fed chooses to pump up the economy by printing paper.
Post-2001 Argentina is a good model for what we may soon be faced with--in as little as 6-18 months. Ferfal has a pretty good handle on surviving in Argentina--he blogs about his adventures, surviving hijaakings, kidnappings, robberies, and a general lack of food. Interesting reading. That could be in our future much sooner than we may realize. So hang on to a good portion of that gold because it may be the ONLY thing with buying power once TSHTF!