Collector’s Corner: Inheriting coin collections

By RON SCHMIDT on March 4, 2022.

Last month we had some pointers on what to do with large collections or estates in stamps. Coins may be a little different as you will always have face value, and even though it may not look like much, there may some value there.

Depending on the estate, and the size of the collection, you may have to go through probate. If that is the case you will have to get your coins appraised and will not be able to sell anything until probate is finalized. To have your coins appraised is not much of a problem, as it can be done locally. You do not have to go to larger centres to have this done. I have done many appraisals for banks, and layers here in Medicine Hat. If you have a personal collection that you may want to have appraised, I can do that also. With coins, like stamps, there are many coins that are only worth face value.

However, you do not need to have just old coins that have value. Some newer coins may have more value than old coins. For example: 2006p $.01 non magnetic worth about $100.00 in MS condition, 2000p $.10 worth about $500.00 in MS condition, 2000p $.50 worth about $5,000.00 in MS condition. In collector coins, some have gone up in value and others have decreased in value.

There are a lot of things that determine the value of each coin, and that it is why you should have someone look at them. You want to be very cautious on taking your coins to the travelling silver gold buyers. They have only been paying about 40 per cent of what they should. If you are going to these people make sure you get an appraisal from someone else first.

The Medicine Hat Coin & Stamp Club will be having two shows this year and this would be an excellent place to talk to dependable dealers. The shows are April 9 and Sept. 24 at Higdon Hall at the Stampede Grounds.

If you have any questions please contact us, or come to one of our meetings at Victory Lutheran Church the second Tuesday of each month.

Collector’s Corner is contributed by the Medicine Hat Coin & Stamp Club. For questions or comments about coin or stamp collections email medhatcsc@live.com

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