Inheriting a hobby collection can feel less like a windfall and more like a burden, especially when that collection involves specialized items like rare coins. You know there is potential value sitting in those albums, but without specific knowledge, the fear of being ripped off is real.
We recently heard from a Money Talks News reader, JoAnne F., who is experiencing this personally.
JoAnne asks Money Talks News:
“My late husband was a coin collector. I have several coins that I would like to sell. Do you have any suggestions whom I can contact who would work with me, giving a truthful assessment of what the coins would be worth?”
To answer this, we spoke with Donn Pearlman, who is a former Chicago broadcaster, a journalist, an award-winning numismatic writer and a spokesman for the Professional Numismatists Guild. The PNG is a nonprofit organization composed of many of the country’s top rare coin and paper money experts.
Here’s what he says.
First and foremost, put down the polish
If you remember nothing else from this article, remember this: Never clean a coin.
It is a natural impulse. You find an old, dark silver dollar and think it needs to shine before you show it to a buyer. This is a financial disaster. Improper, abrasive cleaning might make a coin look bright, but it ruins the surface and destroys its value.
Pearlman shared a heartbreaking story about a widow who brought her late husband’s collection to a coin store years ago. Before arriving, she used a kitchen scouring pad to scrub every single piece.
“The dealer politely told her that a rare silver dollar in the estate collection would have been worth $1,000, but now it was less than $100,” Pearlman says.
If you believe the coins need conservation, leave that to the professionals. Services like the Numismatic Guaranty Company (NGC) handle conservation work without destroying value.
Until you sell them, handle the coins only by their edges. Fingerprints or dings from dropping them can significantly lower the grade and price.
Understanding what you have
A common misconception among non-collectors is that old equals valuable. This isn’t always true.
Pearlman notes that you can buy genuine, 2,000-year-old ancient Roman bronze coins for less than $50. Conversely, a genuine 1913 Liberty Head nickel is worth millions of dollars.
The difference comes down to three factors:
- Supply: How many exist? (There are thousands of Roman bronze coins, but only five genuine 1913 Liberty Head nickels.)
- Demand: How many people want them?
- Condition: What is the state of preservation?
To get a baseline idea of what you own, you can consult the industry standard reference book, as recommended by Pearlman: “The 2026 Red Book: A Guide Book of United States Coins.” Updated annually by Whitman Publishing, this book is an essential reference for both beginners and experts. It generally costs between $18 and $30.
For online research, the American Numismatic Association offers a brief educational video specifically for people inheriting collections.
How to find a trustworthy buyer
The coin market is unregulated in many ways, which makes vetting your buyer critical.
As Pearlman puts it: “If you don’t know coins, you’d better know your coin dealer.”
You need to look for reputation, knowledge, and financial stability.
The Professional Numismatists Guild requires its members to adhere to a strict Code of Ethics regarding the buying and selling of numismatic merchandise. They must also demonstrate financial stability to remain members.
You can locate an accredited dealer near you using the PNG member directory.
Check the prices yourself
Before you walk into a shop, you can arm yourself with data. Major grading services offer free price guides based on actual auction transactions and dealer reports.
Keep in mind that these guides often reflect retail prices — what a dealer sells a coin for. When you are selling to a dealer, you should expect to receive a percentage of that price, as they need to make a profit on the resale.
A different kind of value
Finally, manage your expectations. You may discover that the collection isn’t worth a fortune. However, that doesn’t mean it is worthless.
“Sometimes a coin may not be worth a million dollars,” Pearlman says. “But if it was passed down in the family from your grandparents, it may have a million dollars’ worth of memories.”
If the financial appraisal comes in lower than you hoped, consider keeping a few special pieces as heirlooms rather than selling the entire lot.