Anyone on Vancouver Island to help sort a collection?

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Island Silver
Posts: 3
Joined: Wed Apr 04, 2012 9:11 am

Anyone on Vancouver Island to help sort a collection?

Postby Island Silver » Wed Apr 04, 2012 9:20 am

Hello, I have inherited a collection of coins and realize there is far more to figuring out a realistic value for them. I have chatted with a few bullion buyers and they have offered to "grade" them for me - and without seeing a single coin or taking another breath, tell me they are willing to buy them at bullion price! I see a wide range in values for similar coins on eBay and in shops, so obviously there is a whole lot I do not know.

Is there anyone on Vancouver Island that could (be paid for his/her time) look through my collection and give some honest advice what, if any, are worth paying to send of for grading and an idea as to value? Thank you in advance for any suggestions.

PS - If there isn't anyone on the Island - the Mainland?

Bill in Burl
Posts: 435
Joined: Thu Sep 04, 2008 7:41 am
Location: Golden Horseshoe, ONT

Re: Anyone on Vancouver Island to help sort a collection?

Postby Bill in Burl » Thu Apr 05, 2012 3:52 am

Don't ever sell your coins to the same person who gave you the "estimates", unless you know him well and have done business before. This is especially true if you don't know what you really have. A little clue as to what you inherited would help anyone on this site to help. Is it modern RCM stuff? What are the main denominations? (dollars, halves, etc). About how much is there? Are they all Canadian? Dates? Coins before 1920 are .925 silver, then were .800 until 1967. There were some 1967-68 dimes that were .500 silver. For ALL .800 silver between 1920 and 1967, there are .6 troy ounces of silver for every face dollar. Almost all common stuff, regardless of condition, will sell for scrap silver. When a dealer offers scrap silver price, it should be between 88-92% of silver melt price. The reduction is due to compensate for any lower silver price decrease between the dealer buying and hten selling and also because any circulated coin no longer weighs what it did when it was minted .. the silver has simply worn away.

Go to KITCO website or any other site that will give you an up-to-the-minute silver price .. for example, lets say that the market price for silver on the world market is $30 US per troy ounce on that day. Each face dollar (makes no difference if it's dimes, quarters, halves, etc) would be worth .6 X $30 = $27US full melt price. The dealer should offer, say, 90% of that ... so each dollar's worth of coins that you have would be worth $24.30. If you are looking at a great number of coins, then you need to find out if you have any coins that have a higher collector value. I would suggest that you go to a bookstore or library and get a copy of either Charlton's or Haxby's annual coin guide. Just leaf through the guide (make sure it is the guide for circulating coinage rather than RCM giftware) and note any coins that are listed at appreciably more than other coins of the same approximate decade/monarch. If you don't know how to grade, just pick a common fairly nice circulated grade (say VF-30) and compare prices with other dates. If any coins are worth, say, 50-60% more than others in the same generic boat, then they probably have some collector value. Those you should try to sell separately and not for scrap. By far, the most important aspect of the worth of a coin is condition, not the age .. .the higher the grade, the higher the value. An uncirculated coin is worth infinitely more than one that has even the slightest bit of wear. Both the Charlton and Haxby books will give you a primer on grading .. either book is $20 well spent and can save you $100's or $1000's when you sell.
Bill in Burl

Island Silver
Posts: 3
Joined: Wed Apr 04, 2012 9:11 am

Re: Anyone on Vancouver Island to help sort a collection?

Postby Island Silver » Thu Apr 05, 2012 9:18 am

Hi Bill,
Thank you for that helpful information. I agree the same person shouldn't appraise then buy. Had 2 already try that one - very frustrating!

It is a fairly sizeable collection and I don't want to wear out my welcome here. Those books you suggested have been great for the RCM and other misc collections. Where I'm needing help is going through the loose coins. The US, Pesos and misc foreign coins will wait until later, so I'd like to start with the Canadian ones.

They are all pre-1966 and include dimes, quarters, halves and dollars. There is also a large tin of US pennies and another with Cdn pennies, all pre-1982 then a bucket with $120 in 1973 Mountie quarters. Some are telling me to just roll up the Mounties and pennies and take them to the bank, and while it is rather tempting I know my uncle didn't keep them without a reason. He knew what he was doing, so clearly there is something I don't know. Maybe we could start with a suggestion on the pennies and Mountie quarters??? What information would you need on those? I apologize for overloading with generalized information, but the collection is sizeable and just trying to get a foothold somewhere. Thinking if I knew what isn't worth hanging onto might be the place to start.

Bill in Burl
Posts: 435
Joined: Thu Sep 04, 2008 7:41 am
Location: Golden Horseshoe, ONT

Re: Anyone on Vancouver Island to help sort a collection?

Postby Bill in Burl » Thu Apr 05, 2012 12:47 pm

There should be a friend of mine contacting you .. he lives on the Island (or close).
Bill in Burl

Island Silver
Posts: 3
Joined: Wed Apr 04, 2012 9:11 am

Re: Anyone on Vancouver Island to help sort a collection?

Postby Island Silver » Fri Apr 06, 2012 9:38 am

Thank you, Bill. I really would appreciate a knowledgeable person to provide some guidance.


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