How do I sell off old currency?

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I inherited a coin collection with all sorts of old coins: Gold, silver, paper, some foreign money. I have a few old $5, $10 and $20 gold coins, lots of silver dollars, rolls of Ben Franklin .50 pieces, a shoe box full of proof sets and a bunch of other stuff.
I'm not a coin collector and could care less about old coins. I'm well off and don't need the money, but don't want taking advantage of selling off the collection.
The only thing I can think of to keep the coins around is if the dollar tanks. This was my now deceased grandparents collection and my dad gave it to me.

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I'd have the collection appraised independently, and then maybe find a consignment shop to sell it for you. You'll have to pay their cut, but since it sounds like you aren't worried about the income and don't really have much interest in the collection itself it's probably the easiest route.
 
It's an investment like any other. Keep in safe place or go with 14Accent's suggestion. Do some preliminary research though, don't want to get ripped off by an unscrupulous broker.
 
I would keep them. Now isthelow period of value. When Obama was president precious metals were fetching top dollar .. As with everything there are ups and downs in market value.
 
I would get it appraised to find out the value plus to check if you have anything that might be seriously valuable within the collection.

If the value is high enough you may want to check on a rider for your homeowners insurance if you keep this at home. Keep it in a fireproof safe.

Since you have no need of the money, handing it down would be a option to think about.
 
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Wow! Good stuff. Definitely get it appraised. Do you have any family to pass it on to?

I have a similar collection, not anything like you have, but still worthwhile to keep. Like you, I don't have any need for the cash. I have it in my will to pass it all to my 2 grand children.
 
Originally Posted by Oldmoparguy1
Wow! Good stuff. Definitely get it appraised. Do you have any family to pass it on to?

I have a similar collection, not anything like you have, but still worthwhile to keep. Like you, I don't have any need for the cash. I have it in my will to pass it all to my 2 grand children.



My wife and I have no children. I do keep it in a safe.
 
Keep the gold portion as one of the balance legs to any portfolio. Some gold in reserve is good idea whether or not you believe in precious metals as a hedge (other do) ...
 
Have the collection appraised online in a collector forum - just to see what the peeps say.

Keep the metals in a safe -no point in getting off them at this time.
 
Originally Posted by Wolf359
Sell it off. Precious metals have been a bad investment for years.



True of the raw metal prices but rare coins themselves have held up well and trade almost independently of the prices. Also, selling in a bad market is usually a bad idea. OP has no need for the capital so he has good reason to hold.
 
To add further, this collection has some sentimental value as well coming from your grandparents passedon to your father and now to you.

In this day and age where tradition is slowly being erased, it would be something to pass this on to your children and perhaps it will be passed on to further generations. There is a lot of special meaning to objects like this. Teaching the next generation about this is important in my opinion and it is not something thought in schools.
 
Don't sell the gold. Gold will come back again gangbusters down the road....despite being in a bear market for 5-7 years now. With the same logic you would have sold off all your stocks back in 1978-1982 after a 12-14 yr bear market. And missed out on an 18 yr rally.

The gold coin you show above is a common date $5 Liberty with 0.24 ounces of .999 fine gold. It looks to be in XF/AU condition. In today's market the 1881-P or 1881-S coins sell for their melt value in circulated grades which yours looks to be. Figure at today's gold prices that's $285. Most pawns and gold shops will offer you 1-10% UNDER spot/melt. If the date were a rarer 1881-cc then it would be worth considerably above melt.

You can post other photos of the gold coins as that's where most of the value is. If that 1881 were in choice uncirculated MS63-64 condition it would be worth $350-700. In gem MS65 condition around $1,000-$2,000. 95% of the time with bulk collections, the common/modern proof sets (post 1955) really aren't that valuable. There are tons of them. Same for bulk 90% pre-1965 silver coinage and foreign currency. You could take it to a coin shop for an appraisal and the odds are if there's anything really good sleeping in your holdings....they won't tell you. They will just buy the entire lot for a low price. Coin shops work on buying at 20c to 50c on the dollar...for anything but gold and silver bullion where spreads are as high as 80-95% of spot value.

Rolls of Ben Franklins aren't anything special for the most part. Circulated ones sell for their melt value or 0.71 x spot value. Each circulated Franklin is worth about $5 in circ. I bought a fresh 20 piece uncirculated roll of 1963's this past year for $180....or about $9 per coin. Mint fresh 1964 JFK halves in 90% silver you can buy at $120/roll of 20...or $6 each. Silver is what drives the price.

Common silver dollars from the 1878-1904 period are generally worth $15-$25 in circulated condition...undamaged. The later Peace design of 1922-1935 sell for less generally. You need to have rare dates or unc. condition to get value on silver dollars. You can look up better dates and mint marks on line to see if you have any...any CC mint, S and O mints in the 1890-1896 period, 1921/1928 Peace dollars. Uncirculated silver dollars can be worth anything from $15 to $Thousands depending on condition and date. Mint fresh coins can bring serious premiums. And serious collectors with such coins would have placed them in protective flips/albums/envelopes/etc. If your finding them loose in a box, the odds are very slim you have something valuable other than gold/silver content.

US paper currency isn't all that valuable unless in choice/mint condition and pre-1950's. Silver and gold certificates do bring premiums. $500 bills are highly sought after... and sell for $1,000 or so last I checked. National Bank notes from the 1800's to early 1900's are very collectible too.

Your best bet is to keep the items as treasured family items. Feel free to post photos of your oldest or highest condition items. The only way you get fair value for your stuff is to know what it's worth BEFORE you visit dealers. Their job is to buy it as cheaply as they can. Look up a local coin show in your area in the near future (google coin show by states). You can always show it to multiple dealers at one time. Most will just ask what you want for it....or low ball you a number.
 
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Originally Posted by CT8
I would keep them. Now isthelow period of value. When Obama was president precious metals were fetching top dollar .. As with everything there are ups and downs in market value.


Precious metals peaked during 2011-2012. Then crashed from 2013-2015....all during Obama's watch. Trump's election in Nov 2016 actually sent precious metals down for another 1-2 yrs. They still haven't really dug out of the 2011-2018 hole yet.

I'm not sure I'd waste time with an appraisal by a dealer. Most will charge $25-$100/hr...only to tell you there's not much there. And many of them will low ball you in the hopes of buying it from you on the cheap....or direct you to their coin store buddy who will buy it cheap....lol. As someone suggested above you can join a collector site like Collector's Universe PCGS coin forums. You can than post a few details on your collection. You will probably run into someone within 10-100 miles of you that can help with an honest (and no cost) appraisal or the location of a show to take it to for opinions. Not as many coin dealers or shows in mid-west...unless it's the Chicago or Kansas City areas. Things are sparse between the Mississippi River and the Rockies. If I were near you'd I'd appraise for free and give you some guidance. Hopefully you can find some seasoned collectors out your way who can do the same.
 
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You need to have your collection looked at by at least two numismatic dealers. You can find them in your area via Google, with user ratings.

Your items have collector's value beyond the metallic value of the gold and silver.
 
Originally Posted by Gasbuggy
Originally Posted by Wolf359
Sell it off. Precious metals have been a bad investment for years.



True of the raw metal prices but rare coins themselves have held up well and trade almost independently of the prices. Also, selling in a bad market is usually a bad idea. OP has no need for the capital so he has good reason to hold.


That's like holding a stock that you think will come back. Basically the same metric applies. Regardless of whether you hold it or not, the basic question should be, would I buy this today? And if you can say that you're not going to buy it, then it makes just as much sense to sell it. While you wait for the sector to recover, the money could be invested in something else that yields a better return.

In the last 9 years, the market has gone up over 300% although there's been minor pull backs here and there. You can't say the same or expect the same from precious metals.
 
"In the last 9 years, the market has gone up over 300% although there's been minor pull backs here and there. You can't say the same or expect the same from precious metals."




Two points; first, this is not just gold but old coins. The two cannot be compared across the board especially if the coins are in good or better condition and if they are rare. Second, I am guessing that this collection is a very small percentage of his total assets based on his previous statement that he is well off.
 
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