Estate collection/accumulation- seeking advice

General discussions about canadian coins.
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coinrookie
Posts: 3
Joined: Mon Nov 25, 2019 3:27 pm

Estate collection/accumulation- seeking advice

Post by coinrookie » Tue Nov 26, 2019 4:30 pm

Greetings! I'm very new to the world of collectible coins and have undertaken the daunting task of sorting and cataloging my late aunt's large accumulation of coins. Between myself and my dad and uncle, who are the estate executors, we have no idea as to the best method of selling the coins, which is why I'm here.

What I've done so far:
It seems that my aunt would buy a number of coins and sets from the RCM every year, usually 5 of each of anywhere from $200 coins, proof sets, proof silver dollars, uncirculated sets, etc. When she received the boxes containing the items, she would check the contents against the invoice and then just put the boxes away. 99% of the coins and sets I've come across have never been taken out of the plastic shrink wrap, or the box they came in.

So far I've gone through almost half of the boxes containing all of the RCM items that appear to date back to 1993, and have tried to consolidate them into boxes according to the year. I've logged each item into a spreadsheet listing what it is, the quantity, any retail value I've been able to find on the internet, and where I found that value.

What would be the best way to sell this accumulation of items? Would we be best to send them to auction or try to sell them all to a large coin shop? I understand that we won't get anywhere near what the retail value is, but there's no way the collection can be sold individually online as nobody has time for that.

I'm located in Central Ontario, about an hour's drive from Toronto.

Thanks for bearing with me if you've made it this far!!

Bill in Burl
Posts: 694
Joined: Thu Sep 04, 2008 7:41 am
Location: Golden Horseshoe, ONT

Re: Estate collection/accumulation- seeking advice

Post by Bill in Burl » Tue Nov 26, 2019 5:44 pm

Most, but not all, of the annual RCM stuff sells at well less than what they cost initially. Many sell at scrap silver prices, if they are silver. I would get a copy of the Vol 2 of the latest Charlton annual guide which has non-circulating coinage ... you do not want the numismatic volume for circulating coinage. You may find some of your stuff here:
http://www.coinsandcanada.com/coins-prices.php

I would contact a few of the large coin shops/stores that you will find in a recent edition of the Canadian Coin News through their ads inside. The shops themselves are able to buy all the RCM stuff at a steep discount from regular folk, so their prices may be lower than you want.

I would also try something like kijiji, but don't have any potential buyers to your house ... meet at Tim's somewhere or go to them.
Bill in Burl

coinrookie
Posts: 3
Joined: Mon Nov 25, 2019 3:27 pm

Re: Estate collection/accumulation- seeking advice

Post by coinrookie » Tue Nov 26, 2019 10:00 pm

Thanks for the reply Bill. I figured that a lot of the annual stuff like the silver dollars and uncirculated sets wouldn't be worth a whole lot as there were probably a high number of them minted. I ordered volume 2 of the 2019 Charlton guide so I'll check through that when it arrives.

Would the $200 and $100 coins be worth a little more? Not sure if they would have had the same production quantity as the lesser coins.

I've also come across, so far, 8 of the Platinum Wildlife and Platinum Endangered Wildlife coin sets, still in the plastic shrink wrap and never opened. The only place I could find any information on them was jandm.com, where they have a page that lists the mintage and price of each set. Most of these sets have a very low mintage number listed, like 336 for the 2001 set I have, which would have presumably not saturated the market and held their value when compared to higher mintage sets. I would like to try and sell these sets individually if there are collectors out there that want them, and I don't think I'd be forced to sell them to a coin shop for far less than retail. Any advice on these sets would be much appreciated.

Thank you!!!

pmcoins
Posts: 30
Joined: Thu Oct 24, 2013 7:41 am

Re: Estate collection/accumulation- seeking advice

Post by pmcoins » Sun Dec 01, 2019 1:11 pm

Sounds like a big grouping of Mint product. It is hit and miss, a lot of it at bullion or close to it. In lieu that, as it is an estate, would recommend the auction route. Let the auctioneers make a few dollars as it is a lot of work for them and merely cataloguing and delivery on yours. You will get market value as now most sales are listed on internet platforms and made available to everyone. A good auctioneer will ask 15% commission, payable 45 days after the auction. Good Luck.

coinrookie
Posts: 3
Joined: Mon Nov 25, 2019 3:27 pm

Re: Estate collection/accumulation- seeking advice

Post by coinrookie » Sun Dec 01, 2019 8:57 pm

Thanks for the advice pmcoins. I was thinking about going the auction route but in looking at some past auctions on the Canadian Numismatic Company website I noticed that a lot of items don't sell. What happens to these unsold items? Does the auction company just send them back to me?
Yes, it is a very large grouping of Mint products, probably dating back to the early 70's. So far I've cataloged 576 items, and I'm maybe 1/3 of the way through everything.

momomomo
Posts: 88
Joined: Sun Dec 20, 2009 4:59 pm

Re: Estate collection/accumulation- seeking advice

Post by momomomo » Tue Dec 03, 2019 7:58 am

If they don't sell at one auction, they can get relisted at the next one.

stephencacfa
Posts: 3
Joined: Sun Apr 12, 2020 9:55 am

Re: Estate collection/accumulation- seeking advice

Post by stephencacfa » Fri Apr 24, 2020 7:05 pm

Hello Coinrookie,

Sounds like we are in the same boat - I am executor to my uncles estate and have his coin collection as one of the assets to try to get value for the residual beneficiaries. His collection is all older items, and there is some sentimental value in holding it in the family as a memento of his life. I have been trying to put a value on the pieces in case one of the beneficiaries wants to keep it as part of their share of the residue.

Can I ask how you made out with your valuation and disposal process - any hard learned lessons to share with another rookie?

Thanks for any response you can give.

Cheers.

Techmoe
Posts: 17
Joined: Sun Nov 18, 2018 2:05 pm

Re: Estate collection/accumulation- seeking advice

Post by Techmoe » Sat Apr 25, 2020 12:50 pm

Hi,
We have dealt with a number of large collections. Each one has its own set of challenges as each will contain their own unique set of items.

It’s really just a matter of looking at the current market for each item (i.e. what people are paying right now for them) as well as the time you’re looking to invest in selling and getting the most. We’ve spent years trying to sell some collections trying to get as much as possible, which you never get when you look at a single collection.

Some feel that it’s as simple as making a list, looking at the top values items are sold at and that’s what they should get for their collection, would be great if it were that simple.

If you’d like to communicate with us, we’re always willing to evaluate and purchase items, please feel free to email elitecoin0601@outlook.com

We are a corporate organization and have worked with a number of individuals in getting them the most out of their collections

JNOD
Posts: 44
Joined: Sat Sep 28, 2019 6:53 pm

Re: Estate collection/accumulation- seeking advice

Post by JNOD » Sun Apr 26, 2020 6:20 am

You might talk to Jared Stapleton at Metro Coin and Banknote [http://www.metrocbc.com]. He's a straight shooter and could advise about opportunities to sell something like this.

Though agreed that it's an uphill battle. People who collect this sort of thing seem to thrill to getting it new from the mint - and in truth, it's mostly decorative; doesn't have the same 'soul' as a coin that's been used to buy stuff. It's likely that some of it will be valued highly 100 years from now but for now, there's tons of it out there at the moment and I don't think anyone quite knows what to do with it.

green_sieve
Posts: 1
Joined: Mon Apr 13, 2020 7:03 pm

Re: Estate collection/accumulation- seeking advice

Post by green_sieve » Mon Apr 27, 2020 6:43 pm

coinrookie,
Thank you for your excellent post. Also thanks to all those who have replied to your first post with a variety of helpful comments.

I am in a similar position as you, assessing how to handle my mother's accumulation of coins and bills over many years. Not much RCM material in what I have, almost exclusively circulated items. I have taken virtually the same approach you described to create an inventory of items and estimate potential values. I have found information from coinsandcanada.com very useful during this effort. Have learned a great deal about Canadian coins and bills in the process. All very interesting, but I am not a numismatist so need to find good home(s) for Mom's accumulation.

I may post to this site in future to see if any collectors are interested in particular items. Some coin shops and auctioneers mentioned in various posts to this site may be contacts that I will make as well in efforts to sell the items in a lot or lots.

Good luck with your efforts!

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