Any Coin Collectors..advice needed!

[kumathebear]

Now that I'm retired, plenty of time with the season done...it's time to explore what I have in coins to eventually pass down to my son's.

My late Dad started collecting different coins in the late 50's when he had several gas stations in West Texas. Take it from me, the little I know about coins he accumulated everything from pennies to silver dollars and I know many are rare...I think?

I also have, pictured, a very old weight scale that a buddy of mine in my home town gave me over 30 years ago. It was in one of the original pharmacies and he just thought it was taking up space. Never had a key for the coin tin but it's full of coins as well. So, would have to get a lock smith to get it open and go from there.

Question: If you were me, seriously, how would you go about finding out value and trust what you are told?? Are coin collectors bonded, etc., in other words don't want to get ripped off?? All the coins with the exception of the scale are securely in a safe deposit box at the bank.

The scale is protected by my Catahoula, 3 weenie dogs, Glock, S&W, etc., lol! Oh and again, retired so here to discourage would be "fools."

Any experienced ideas on what to do...seriously??

[cwbow]

You can look up values online to get a good idea before taking the coins to anyone.

[kumathebear]

You can look up values online to get a good idea before taking the coins to anyone.

Yep, have been doing some of that. Just getting more ideas and direction to go in the days ahead.

[Deerguy]

Your best bet initially is to buy a good coin book. Sounds like most of what you have is circulated coin, which doesn't necessarily mean you don't have anything of value, but its not going to be worth as much as uncirculated coins. But, there are a few coins that mistakenly made it to circulation that are worth some bucks. Any quarter or dime '64 or earlier will be silver. old buffalo nickels are neat, but not worth much, same with wheat pennies. You may have a shot at some steel pennies from the 40's which would be neat. Certain ones from certain mints are worth a little more. Just buy a book and spend some time sorting. Once you know what you have, more-or-less, then you could get something appraised if valuable.

[perow]

I could type all sorts of advice but I will send you my number and help you out in any way I can.

A couple pointers for anyone with coins DONT CLEAN THEM!!!! I have seen $100’s of dollars cleaned right off a coin. some coins will jump $100s if not $1000s depending on grade so it can be worth having some coins graded if one grade changes the value

[Native Texan]

Get a "Redbook"...A Guide Book of United States Coins. It will list every coin minted in the US with mintages and values. Some rare varieties may not be listed in it, but most major ones will. I also recommend the book "Photograde"...it will help you accurately grade your coins.
For more accurate and up to date values, just search completed listings on eBay.

Don't trust dealers. Even though most are honest they don't have time to thoroughly examine your hoard and will make an offer they can't lose on.

Even better if you can get your sons involved in going through them with you. Then they will appreciate the heritage their Grandfather left!!

Oh yea...NEVER CLEAN YOUR COINS!!! It will decrease their value tremendously!

[perow]

The Redbook is a good to get started but to get a true price the grey sheet is what all dealers use

[Texas Grown]

There was a scale just like that on Auction Kings TV show. I also remember those still being used when I was in early grade school. They were sometimes found in barber shops, drug stores, and some grocery stores.

[kumathebear]

Getting some great advice and much appreciated all! At least getting the son's to help is a no go. One at Ft. Benning, One in Houston and the other in New Mexico, lol!!

I'm thinking about, from advice so far, getting another book with individual compartments to put each coin in so I can at least document and research? Would that help? Dad had a lot of the coins already in a book that's in the safe deposit box. I'm really curious about what may be in the weight scale pictured since it's so old?

Any thoughts about accessing the weight scale locked box? Only thing I can think of is again having a lock smith open it?

[kumathebear]

There was a scale just like that on Auction Kings TV show. I also remember those still being used when I was in early grade school. They were sometimes found in barber shops, drug stores, and some grocery stores.

This one pictured was in one of the oldest drug stores in my home town. It's really cool, I think and really heavy! At least for me I needed a stout dolly to move it over the years.

[Native Texan]

The Redbook is a good to get started but to get a true price the grey sheet is what all dealers use

True. Values are constantly changing and the weekly grey sheet gives current bid and ask pricing.

Coins are only worth what someone is willing to pay. That's why I like to also search completed listings on eBay to get an average value. Many times they sell for more than grey sheet...sometimes much less.

[perow]

True. Values are constantly changing and the weekly grey sheet gives current bid and ask pricing.

Coins are only worth what someone is willing to pay. That's why I like to also search completed listings on eBay to get an average value. Many times they sell for more than grey sheet...sometimes much less.

Your absolutely correct-just recently a kid found a VERY RARE 1943 copper penny in his lunch money. It will go for over $1,000,000 at auction

[Native Texan]

I'm thinking about, from advice so far, getting another book with individual compartments to put each coin in so I can at least document and research? Would that help? Dad had a lot of the coins already in a book that's in the safe deposit box.

Get some 2x2 coin holders. They are inexpensive and will protect your more valuable coins from scratches and damage. You can get clear mylar sheets that hold 20 coins each and put them in a binder to organize them. Common and less valuable coins can be organized in coin tubes.

[kumathebear]

Get some 2x2 coin holders. They are inexpensive and will protect your more valuable coins from scratches and damage. You can get clear mylar sheets that hold 20 coins each and put them in a binder to organize them. Common and less valuable coins can be organized in coin tubes.

Thanks and will do!

[Native Texan]

Your absolutely correct-just recently a kid found a VERY RARE 1943 copper penny in his lunch money. It will go for over $1,000,000 at auction

Wow!!

Amazing that he held on to it since 1947.

http://fortune.com/2019/01/09/rare-penny-worth-millions/