Expert: PAPAJACK - 6/17/2007

Question
I recently inherited a coin collection from my mother.  I want to catalog the collection and would like some insight as to how to organize it so that an expert such as yourself can give me some idea of the value of the collection / individual pieces or books.  The collection ranges from pennies, nickel shields, buffalo nickels, Kennedy halves and various silver dollars and commemorative coins.  I also have some confederate paper money.  I know this is all quite vague at this point.  Can you give me some pointers??

Answer
Hello Mike,                  

This is an involved question.

By having you get a bit of information on the coins you have you will be better able to decide how close the dealer is coming to the actual value of the collection and if indeed you have some rare coins in the collection.

Note: True coin collectors don't recommend cleaning coins at all.
When a coin is cleaned the original surface is removed thus removing the luster that the purest collectors want to see.

You did not say what types or eras your coins are from. Also a grade (state of preservation) is needed to decide any value. As a rule 90% silver coins made prior to 1965 are about 8 to 9 times their face value in silver content alone as of this writing. Then if they are collectable condition there is a numismatic value added.
BUT if you would like to research the items yourself (and it is a good idea to do so) I suggest you use the published sources like, a guidebook to US coins and/or recent trade publications.

Grading the coins is the hardest part for any individual. Unless you are experienced you will not be able to determine an actual value for the collection.
But if you can borrow the guide book or a coin magazine the values listed there will show you the more valuable coins so as to separate them for consideration. However, with careful examination you should be able to establish a retail value range.

The RED BOOK titled "A GUIDE TO UNITED STATES COINS” by R.S. Yeoman and others catalogs are "Guides" to coin values and grading, the current value for most US coins is considered to be a standard, and rare coins can bring much more at auction than the listed prices.

Now as for sorting:
Values for coins are determined by grade on a scale from 1 to 70. And on how rare a coin is. Use gloved hands, Playtex or surgical rubber will do even a cotton glove. It is easy to leave fingerprints on silver coins. I prefer cotton gloves. And I separate the coins into Tupperware bins, be careful the coins dent easily hitting each other.  

You will need to separate your coins into a few groups:

If any Silver Dollars: 1878-1935 separate them out. Any pre 1878 would be very valuable, from 1878 to 1921 are the Morgan type, 1921 to 1935 are Peace type dollars, 1970 to 1978 are Eisenhower then 1979 to present.

For all other 90% Silver Coins:
Take all half dollars, quarters, and dimes made in 1964 and before. (Half Dollars made from 1965 to 1970 fall into a special group having only 40% silver content).

Cents and Nickels just into groups by date.
For grading the Cent Lincolns bow tie and ear wear first. Also is there any mint mark on the coin?
For Example:
Wheat cents were minted from 1909 to 1958, at the Philadelphia, Denver, and San Francisco Mints. If you see a "D" below the date, the coin was minted in Denver. If you see an "S" below the date, the coin was minted in San Francisco. If there is no letter below the date the coin was minted in Philadelphia.
A cent from these years in a lower grade (4 to 30) will sell for less than .50 cents each. Their value is all in their state of preservation. (As little as .10 cents each). If they show full details on the Jaw, Bow Tie and Wheat Heads they are much more collectable and can be valued from $2 to $5 dollars in grades from 30 to 55.

For pre 1940 Lincoln Cents there are only a few valuable circulated condition coins to look for.

1909-S, 1910-S,  1911-D, 1911-S, 1914-D, 1914-S, 1915-S, 1921-S  and 1922-D OR 1922 no D,
1924-D, 1926-S, 1931-D, 1931-S.
THESE ARE ALL KEY OR SEMI-KEY DATES FOR Lincoln cents. There are some others as well.
There are Key dates to look for in other coin series as well but I suggest you borrow a copy of the Red Book for this purpose.
War Nickels are 35% silver and have a large P, D, or S on the reverse.  
Concentrate on each series (Dollar, Cent, Dime etc.) after separating them. This will help you spot a coin that is out of the ordinary or has great eye appeal.

This sorting will speed up the process of grading the coins by series. Or if you are selling, it breaks down the value for the dealer buying or for the sale on the Secondary-Market.

Then sort them according to type: Standing Liberty or Washington quarters, Winged liberty or Roosevelt dimes Indian head or Lincoln cents etc...

The Next sort for each will go by date and then Mint Mark if they have any.  Coins each year were struck at more than one mint. The mark Letter will be in different areas on each series of coin.

For an example take the Winged Liberty Head dimes (Mercury head), these were produced in large quantities most years. But a couple of them are considered valuable.
For these 1916 to 1945 dimes locate the mint mark. If it has one, it will be on the reverse, near the bottom left of the faces, And right of the "E" in ONE.
The 1916-D is most valuable, 1921-D and 1921 are also valuable dates. Any of these dates in any grade condition will be worth much more than silver value. Other that these, any coin dated 1931 or older, having complete rims should be separated from the rest. They can sell retail for 50¢ to a few dollars each.
Also any Dimes that look Uncirculated with absolutely no wear, bright & lustrous, never cleaned should also be separated these could be worth a couple dollars each.

Feel free to let me know when you have any questions.

As for values:
Dealer Prices are about 40% to 50% of what some collectors will pay for specimens.  But depending on your findings there might be some nicer coins for bigger money.

Great question, I enjoyed answering it for you. I know what a daunting task this sorting and grading can be.

Remember, if you need a dealer write me again, or if you write asking me about each type of coin I will be able to help you more on their grading values.

You can reach me at this site. Ask a question to PapaJack and marking the question private gives us a secure web-space.

Try to keep your coins in a cool dry place using acid-free medium like Photograph storage boxes or inert plastics like Tupperware.

I hope this information helps.

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Thank You and Good Luck

PapaJack