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Velvet
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estimating silver bullion value, large collection
#4109064
03/29/24 07:57 PM
03/29/24 07:57 PM
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Joined: Jan 2011
Posts: 5,801 Hoover, AL
M48scout
OP
12 point
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OP
12 point
Joined: Jan 2011
Posts: 5,801
Hoover, AL
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My wife and her sister have inherited a relatively large coin collection from their father. It is a collection from he and his father dating back to early 1900's. My own father is somewhat of a coin buff , although he is not as active as he used to be. I had him look it over to give a broad overview of what he thought it was worth. He ended up saying it would take a tremendous amount of time to really go through it and actually estimate anything accurately, although his personal opinion is that the majority of the worth was in the silver bullion value that about say 75% of the coins had. He sorted them out for me in piles of "silver coins, have bullion value", and "non silver coins, unknown collector value". He said it would take a really knowledgeable coin guy to be able to recognize what, if anything, had actual liquid collector value.
All that to say: the silver containing coins weigh about 38 lbs. Without even taking time to sort through the collector value, my googling says that's around $13,000 of silver bullion. Now, I know that's based off spot prices, doesn't take into account all the middle men who need margin, general illiquidity of this type of asset, etc. So the question is, what is the most efficient method of discharging a collection like this? None of us have the time to sort through 1000's of coins. I can only assume that if I show up at a coin shop here in Birmingham I would be lucky to get 25% of the value if that. I also assume if I google up an internet coin shop I can expect perhaps higher amount, but then run the risk of getting scammed, shipping lost, etc.
Anyone ever undertaken something like this? What are the practical options? Of course one option is to put in the back of the safe and forget about it and let silver bullion values take their natural course over time. But ... eventually ... how do you liquidate something like this? I really need someone to look it over and see what, if anything, has significantly higher collector value than bullion. But you hate to just hand something like this to an unknown person and have them look it over unsupervised. No telling what would be pilfered out it or mischaracterized.
Aldeer usually has the answer, so I'm interested to see if anyone has actual experience in this topic.
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109071
03/29/24 08:11 PM
03/29/24 08:11 PM
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Joined: Jun 2002
Posts: 1,103 Birmingham,AL
low wall
6 point
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6 point
Joined: Jun 2002
Posts: 1,103
Birmingham,AL
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I had several pounds of a silver coin collection a few years back. Same problem you are going to have. Not only do you have to identify every coin, but THEN, you have to know/look up the fact that , say, a 1927 "D" Liberty head dime is worth $25? $50? $1000?, while a "C" series of the same coin, or one from another mint, is only worth bullion value. Hundreds of hours of work and if you are lucky, you might make another couple of hundred bucks over silver spot price. I saved a few silver dollars to put in grandchildren's stockings, cashed the rest in, and bought a gold piece. .
Used to be a lifeguard, until that blue kid got me fired.
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109084
03/29/24 08:26 PM
03/29/24 08:26 PM
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Joined: Jan 2018
Posts: 4,144 GA
UncleHuck
10 point
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10 point
Joined: Jan 2018
Posts: 4,144
GA
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There is a local pawn shop here that I use for such things. The owner and I trust each other.
If you feel like taking a drive, I would be glad to assist. The pawn shop is on Hwy 9, in Alpharetta, GA, just across from Wellstar North Fulton.
Last edited by UncleHuck; 03/29/24 08:27 PM.
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109086
03/29/24 08:30 PM
03/29/24 08:30 PM
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Joined: Jan 2017
Posts: 3,567 Lower Alabama
Andalusia
10 point
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10 point
Joined: Jan 2017
Posts: 3,567
Lower Alabama
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Probably the easiest way is to get the entire collection evaluated and an offer broken down by coin types by several coin dealers. After a few offers it should be easy to determine what is just worth silver bullion. At that point just sell the bullion and then deal with the more valuable coins based on offers.
"If you are the smartest person in the room, you're in the wrong room"
"How you do Anything, is how you do Everything"
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109091
03/29/24 08:35 PM
03/29/24 08:35 PM
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Joined: Aug 2003
Posts: 42,162 UR 6
top cat
Freak of Nature
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Freak of Nature
Joined: Aug 2003
Posts: 42,162
UR 6
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I have a collection that was appraised at 5 figures 30 years ago
LUCK:::; When presistence, dedication, perspiration and preparation meet up with opportunity!!! - - - - - - - -A government big enough to give you everything you want, is big enough to take everything you have. Thomas Jeferson - - - - - - - -
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Re: estimating silver bullion value, large collection
[Re: top cat]
#4109093
03/29/24 08:37 PM
03/29/24 08:37 PM
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Joined: Aug 2012
Posts: 1,722 NW AL
Hayzeus
8 point
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8 point
Joined: Aug 2012
Posts: 1,722
NW AL
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I have a collection that was appraised at 5 figures 30 years ago
Ok
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109095
03/29/24 08:39 PM
03/29/24 08:39 PM
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Joined: Aug 2001
Posts: 64,075 Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 64,075
Luverne, AL
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Take it to a reputable coin and bullion dealer. Have them evaluate it. They will make you an offer for it. It sounds like most of that is junk silver aka 90% silver pre-1965 silver etc... You need to learn how to calculate that amount but the general rule of thumb is $1.40 = 1 troy ounce of silver.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109103
03/29/24 08:49 PM
03/29/24 08:49 PM
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Joined: Aug 2012
Posts: 1,722 NW AL
Hayzeus
8 point
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8 point
Joined: Aug 2012
Posts: 1,722
NW AL
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Sounds like I may have grossly overestimated the value. I thought it was a lot more than $1.40 per Troy ounce. I better educate myself more before waltzing in a coin dealer. No you didn’t grossly overestimate the value. Silver is at $24.99 a Troy ounce right now. 14 something Troy ounces to the pound.
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109109
03/29/24 08:57 PM
03/29/24 08:57 PM
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Joined: Nov 2002
Posts: 6,642 Moulton,AL
Snuffy
14 point
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14 point
Joined: Nov 2002
Posts: 6,642
Moulton,AL
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Sounds like I may have grossly overestimated the value. I thought it was a lot more than $1.40 per Troy ounce. I better educate myself more before waltzing in a coin dealer. You miss understood Skinny. He means face coin value equaling $1.40. Spot silver is $25 bucks per Troy ounce,
If you always do what you've always done you always get what you've always got
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109116
03/29/24 09:12 PM
03/29/24 09:12 PM
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Joined: Aug 2001
Posts: 64,075 Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 64,075
Luverne, AL
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A dealer will say "I will pay $15 X face" If you have $400 in junk silver face value, then its 400 x 15 = $6000 .
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: estimating silver bullion value, large collection
[Re: M48scout]
#4109159
03/29/24 10:18 PM
03/29/24 10:18 PM
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Joined: Mar 2012
Posts: 3,328 Here
Okatuppa
10 point
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10 point
Joined: Mar 2012
Posts: 3,328
Here
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If you decide to sell it, let me know
I ain't fightin nobody that swings around in trees with a running chainsaw like Tarzan. - FurFlyin
Oh I just thought u were a dumba$$ 🤣 my apologies… - jb20
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