Expert: PAPAJACK - 10/14/2008

Question
My father gave me his coin collection from when he was young.There are 21 Cal. gold coins - both octagon and circular - from 1843 to 1859.There are atleast 100 silver dollars from the 1870's.I am wondering if you know any expert coin dealers in Eastern Ohio , or have any idea what the value of these could be estimated at ? Thank you.

Answer
Hello Cherie,                             

Thank you for selecting me for this question. I am not sure of what you want from this appraisal. For an insurance value, replacement value, a retail sale price or something else? The California Fractional Gold pieces were heavily counterfeited and should be checked. They are a specialty area in coin collecting and some fakes were so well done that a specialist is needed.

All coins must be seen to be properly valued. I could only give you approximate values fro a single date with a single mint mark at a time.  

Coins are valued on a scale from 1 to 70. And on how rare a coin is. With no or little experience it is sometimes easier letting another collector look at them, and even most coin shops will help for free on one or two pieces.
 
In each series of coin type like Morgan Dollars there are some quick reference points of wear to be seen on the high points that are known to show wear first.
Most of these are covered in the RED BOOK titled - A GUIDE BOOK of UNITED STATES COINS - by R. S. Yeoman. If you can borrow a copy it will help. The grading details it describes at the start of each coin series is taken from the American Numismatic Association Standard. And uses the 1 to 70 scale recognized by all professionals since the 1970's.

Most circulated coins range from Good (grade-G4) to Almost Un-circulated (grade-AU50) on the scale.

For example here's a quick wear/Grading guideline for Morgan dollars:

GOOD or Grade 4 :
Letters and date clear no feathers on reverse but no wear to the outside rim from letters.

VERY GOOD or Grade 8:
Normal wear, flat looking, very little sharpness remains but all major details visible.

FINE or Grade 12:
All details strong and definition remains on some high areas of the coin.  

VERY FINE or Grade 20:   
Two thirds of hairlines show. Ear is well defined. Feathers on eagles breast worn.

EXTREMELY FINE or Grade 40:  
All hairlines are strong. Only slight wear on eagle’s breast and wing tips. Some Original Mint Luster shows.

If you need to locate a dealer in your area write me back, and check the private question box on the page, give me the nearest large City and postal zip codes.
I will refer you to an expert in your area.

I hope this helps and if you need more feel free to ask.

Thank You and Good Luck

PapaJack