Buying Coins At Estate Sales

Buying Coins at Estate Sales

An estate sale is a sale of property and assets from a private home. Usually the seller is an individual, but these sales can also be made on behalf of a government body. Although estate sales are often held following a death, they can be held anytime when money needs to be raised through selling a home or property.  Many times, estate sales include collections that the homeowner has accumulated over many years and these may well include valuable coins. Even if the homeowner was not a numismatist, there may be some valuable coins scattered throughout the other items offered for sale.

Benefits of Buying Coins at an Estate Sale

1. Inspection of coins:  Being able to actually see the coin, and buy it immediately is one of the greatest benefits of estate sale purchases.
2. Savings: Buying directly from an estate eliminates shipping/handling expenses.
3. Safety: By taking immediate possession of a coin at an estate sale, the possibility of the coin being lost or damaged in shipping is eliminated.
4. Immediate Delivery: Buying the coin locally eliminates shipping delays.
5. Collector’s Collection:  When buying from a numismatist, chances are the coins have been handled and stored properly. Should you come across individual coins rather than a collection, do research before you buy!

Prepare for the Estate Sale

You must know what to look for when hunting for treasures. To find an estate selling coins will take some work. Finding the estate sale is just the beginning! It is crucial that you are knowledgeable of the coins offered before entering the sale.

●       Read advertisements and announcements in the paper and on the Internet to find local estate sales. The items being sold are typically listed in the advertisement(s).

●       If possible, try contacting the auctioneer company or the individual selling the coins. Learn as much as you can about the coins on offer prior to the auction. If you have a coin collecting guide book, or an Internet connection available to you, make use of them. If you are a member of a coin club or numismatics association, you can also consult with your fellow collectors to learn which coins are worth buying and what prices you might expect to pay.

●       To save time, make a list of the coins you are interested in seeing at the auction. This list will reduce the chance of forgetting to examine any important coins.

●       Based on your research into coin values and your personal collecting requirements, calculate how much you are willing to pay for each item and make sure you have ready cash or your credit card available.

●       Although you can assume estate sales are conducted honestly, you still need to be careful that the rare currency you buy is genuine and not a forged copy of some famous coin. Care is required for all coin purchases, but when you buy from a reputable coin dealer it is easier to get redress if you find that the US gold coins you bought were imitations--not the original valuable coins you thought you had found. Once the estate sale is over it may be very hard to trace the people involved and get your money refunded.

2012-02-20 11:17:33