Save or sell collectable coins?

Question

My father in law just passed away a few weeks ago and he left his coin collection to my daughter. He has several collections within the collection that we know are worth quite a bit (specifically a Morgan Silver Dollar collection - not complete, but significantly large). But we do not know the total worth of the entire collection- we really don't know much about coins. We want to get an honest appraisal, so where would be the best place to go for that? Also, my daughter is only 3 and we are planning on either using this for her college fund or giving this to her when she is 18. We don't know if it would be better to sell the coins now and put the money into a CD, or to save the coins and sell them in 15 years when she turns 18. Any advice?

Answer 1

i don't agree, for me those coins would worth more that money, we can't find it anymore, i mean its belong to her father who has just died, maybe those coins were his favorite..Why don't you just keep it? For the college fund, you can find part time job.

Answer 2

Personally I would hold on to them for sentimental reasons.  But if you want an idea of what they are worth buy a coin guide at any book store most guides have a section on grading coins conditions on a scale of 1 to 70 with descriptions of common grades.  Once you know the grade you can then identify different mint marks (where the coin was made) and special features. A good guide will give you prices of the main grades each coin for example an 1884 morgan with an O mint mark in VF 20 condition is worth 21 dollars.  A side note to keep in mind is that silver price trends are going up and where as high as $ 21 an oz this year.  Many analyst say it is likely going continue in the future. The beauty thing about precious metals is that they are easy to move.    

Answer 3

As a coin dealer my first advice, Do not be in a hurry...

second advice .... seek a second and third opinion...

thirdly... do not try to sell all in one lot, ( a dealer will offer much less for a large accumulation.)

and also you might ask an auction house that specialises in coins , what your accumulation might be worth

Oh and most important... Do not be in a hurry