Inherited a Coin Collection? Here are the Do’s – and Don’ts

Inheriting a hobby collection can feel less like a breeze and more like a burden, especially if that collection includes special items like rare coins. You know there is potential profit sitting on those albums, but without some knowledge, the fear of being ripped off is real.

We recently heard from Money Talks News reader, JoAnne F., who is experiencing this firsthand.

JoAnne asks Money Talks:

“My late husband was a coin collector. I have a few coins that I would like to sell. Do you have any suggestions that I could contact that would work for me, give a true assessment of what the coins could be worth?”

To answer this, we spoke with Donn Pearlman, a former Chicago broadcaster, journalist, award-winning numerologist and spokesperson for the Professional Numismatists Guild. PNG is a non-profit organization made up of many of the world’s top rare coin and paper experts.

Here is what he said.

First and foremost, put down the polish

If you remember nothing else from this article, remember this: Never clean a coin.

It is a natural impulse. You find an old, dark silver dollar and think it needs polishing before you show it to a buyer. This is a financial crisis. Improper, destructive cleaning may make a coin look bright, but it damages the surface and destroys its value.

Pearlman shared a heartbreaking story about a widow who brought her late husband’s collection to a coin shop years ago. Before arriving, he used a kitchen pad to scrub each piece.

“The dealer politely told him that a rare silver dollar in a real estate auction used to be about $1,000, but now it’s under $100,” Pearlman said.

If you believe that coins need to be preserved, leave that to the experts. Services such as the Numismatic Guaranty Company (NGC) handle conservation work without destroying the value.

Until you sell them, handle coins only by their edges. Fingerprints or fingerprints on the disposal can significantly reduce the quality and price.

Understanding what you have

A common misconception among non-collectors is that old equals valuable. This is not always true.

Pearlman notes that you can buy authentic, 2,000-year-old ancient Roman bronze coins for less than $50. In contrast, a genuine 1913 Liberty Head nickel is worth millions of dollars.

The difference comes down to three things:

• Provide: How many are there? (There are thousands of Roman bronze coins, but only five genuine 1913 Liberty Head nickels.)
• Requirement: How many people want them?
• Status: What is the state of preservation?

To get a basic idea of ​​what’s yours, you can consult a standard reference book for the field, as recommended by Pearlman: “The 2026 Red Book: A Guide to the Alphabets of the United States.” Updated annually by Whitman Publishing, this book is an essential reference for both beginners and experts. It usually costs between $18 and $30.

In an online survey, the American Numismatic Association offers a short instructional video aimed at people who inherit collections.

How to find a loyal buyer

The grain market is unregulated in many ways, which makes vetting your buyer very important.

As Pearlman puts it: “If you don’t know coins, you better know your coin dealer.”

You need to look for reputation, experience, and financial stability.

The Professional Numismatists Guild requires its members to follow a strict Code of Conduct regarding the purchase and sale of numismatic items. They must also demonstrate financial stability to remain members.

You can find an authorized dealer near you using the PNG member directory.

Check the prices yourself

Before you enter the store, you can arm yourself with data. Major grading services offer free price guides based on actual auction transactions and seller reports.

Keep in mind that these guides usually reflect retail prices – what the dealer is selling the coin for. If you are selling to the seller, you should expect to receive a percentage of that price, as they need to make a profit from the resale.

A different type of value

Finally, manage your expectations. You may find that the collection is not expensive. However, that doesn’t mean it’s useless.

“Sometimes the coin may not be a million dollars,” Pearlman said. But if it’s passed down through the family from your grandparents, it could have a million dollars worth of memories.”

If the appraisal comes in lower than you hoped, consider keeping a few special pieces as an inheritance instead of selling the whole lot.