Having a coin collection passed down often brings the question of, what do I even do with this? You may not know what you have, or its value – do you need to keep it around as an heirloom for the next generation or light up at owning a piece for your own collection library? And the good news is that you don’t need to be an expert in your situation as long as you steer clear of some common pitfalls.
Here is what you should do first if you received coins from an inheritance:
1) Don’t clean anything
This is the biggest one. Cleaning coins can scratch the surface, remove a natural patina, and devalue them (sometimes by a large monetary amount). Do not clean coins even if it appears dull or tarnished, first allow someone to look at the coin.
2) Keep everything together
Do not directly break the collection up. That means boxes, folders and coin flips, as well as any certificates, receipts or other notes. Complete collections may be worth more and paperwork can help you identify what you have. For advice from Coin Dealers UK, visit //www.gmcoins.co.uk/
3) Handle coins carefully
Handle coins at the edges and do not touch fronts if they need to be moved. Ideally, use cotton gloves. Once you have them in a safe place, start controlling the humidity.
4) Make a basic inventory
You do not even need an exhaustive list, but just a simple one:
Any obvious dates and denominations, where they are stored (in albums, loose in a box set).
Approximate quantity
If you can, take photos – of front and back.
5) Divide bullion from collectible (with caution)
Do not assume that gold or silver coins are valuable. If in doubt, get a professional to do it.
6) Get a professional valuation
A good coin valuer can inform you of exactly what it is that you own, its value and the best way to dispose if so required. This is particularly crucial for court purposes or insurance reasons where a figure has to hold up as well.
Find out whether they prepare a written report or give a verbal estimate, if any charge will be assessed and ask them if they also buy coins.
7) Choose whether you want to keep, sell or split.
Financially, some might hold on to a few pieces for sentimental value and sell the others. Others keep the collection intact. It is entirely a personal decision.
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