Hi all, My apologies in advance if i'm asking the sorts of questions that have been asked a million times already. I'm new to the world of numismatics and I've been tasked with selling my grandfather's coin collection. Its about 600 or so circulated pre-decimal coins (both in dansco albums and loose). Most of them don't seem to have that much value, so ideally I'd be looking to sell these in bulk. There is one coin of value, a 1923 halfpenny. It's not in as good as condition as I would have liked, (there is some oxidation on the obverse side and i've read that i shouldn't try to clean it) so probably at the lower end of the grading range, but the coin dealer I took it too said he'd buy it for about $300. Going by the price in the McDonald's book, it looks like its worth more than this. I'd appreciate suggestions as to the best way to sell the halfpenny and the rest of the collection. Obviously ebay is a realistic option for a single coin (as long as I can reassure people it is not a fake), but not practical for the set. Is going to one of the coin dealers in the city my only real option for the latter? Thanks!
In Melbourne your best option would be to take it into Downies auctions ( downstairs ) Peter Strich's , Universal Coin company or I.S wright are your other options
Forget Downies as the next auction won't be until Feb next year Take them to all three - Strich, IS Wright and Universal Coin and see which gives you the best price Or if the rest of the collection is nothing special, take just the 1923 halfpenny to all three and get the best price for that
600 coins is definitely a lot of coin to move. From past experience I would be vary wary of taking your coins to a dealer unless you know exactly what you have. I was in a similar situation to yourself and took a collection to some of the aforementioned dealers only to be offered melt value for the coins. I knew nothing about coins and luckily refused their offers. I have since made close to 15 times what I was offered by selling the coins on ebay. It took a bit more effort but was worth it. If a dealer is offering you $300 for a coin you can bet he is going to make money out of it. Just my opinion based on personal experience.
Agree but it depends on how quickly a sale is required and how much time he's prepared to put into it I've sold pre and post stuff before for melt because I couldn't be stuffed listing individual coins on ebay Time is money
There's a massive coin fair on in Melbourne this weekend. Go there and you'll have 30-40 dealers to talk to and get the best prices from. Take a few "sample" coins with you and show them around. See: http://www.australiancoinshows.com.au/
Thanks to everyone for the suggestions. Sounds like Downies is a legitimate option, given i'm in no rush. I might just go in and check what the 3 city stores will offer for them first. I'm not sure i have the patience to ebay the smaller pieces. The fair sounds like it would have been a good oppurtunity, but unfortunately i can't make it this weekend. Pity.
If you are considering that option then give Noble a visit as well - around the corner on Collins st.
Just a comment re McDonalds book. Dealers will happily sell coins at McDonald's CV, but when it comes to buying they will claim McD is wrong. if you are in no rush I suggest you seek assistance with the dealers mentioned and also you could join a coin dedicated forum There is a very good forum in au where you may find further guidance. I will PM the link to you.
Coins are difficult things to sell. You don't know what you have so take the time to learn first. Dealer, all dealer have to make money. My experience and from what I've witnessed, never sell to any Dealer, ever. I've got many many many many stories of what I've witnessed first hand. All dealers have stories of how people didn't know what they had and they got a certain coin or note or whatever for a certain price. Even I have a fine 1932 florin I bought in a lot for spot. So people all have their favourite "score", don't be a sucker. Learn for a couple of years. That half penny goes for a fair bit. There is only one dealer who I would say is fair from my observations but I won't mention names, only one as in 1. The best prices I've seen people get is from ebay actually and listing individual items with good photos. Edit: More advice... Attend coin meetings, learn how to grade coins a bit too. Find out which are rare. Also don't look to sell a set, just one coin in that set could be worth several thousand or more! I've seen people not know what they were selling though they got $6,000 there were many coins that were worth more than $10k in the set. Whole thing broken up probably worth $200,000. Learn and keep learning. Surface condition is everything, never clean a coin ever! Don't let them get worn or scratched either. Put them in an album or get sleeves for the ones with details and difficult dates. Don't much around with them as you could be destroying their value tremendously. I've witnessed great tragedies with Grandad's old set. If you are ever in Sydney happy to help and point you in the right direction.
