Receiving an inherited estate of coins, bullion, or paper money can feel overwhelming. You’ve been given a collection that represents a lifetime of passion, but it also comes with pressing questions: What is all of this? Is it valuable? What do I do with it?
Many people’s first instinct is to start researching online or, even worse, to try and clean the coins. This can lead to costly and irreversible mistakes.
This simple guide is designed to help you navigate the process correctly, protect the value of your inheritance, and get the clarity you need.
Step 1: Stop and Secure the Collection (Do NOT Clean Anything!)
Before you do anything else, make sure the entire collection is in a secure location. The most important rule is this: Do not, under any circumstances, try to clean, polish, or “improve” the coins.
Cleaning a rare coin can instantly strip away 90% of its value. The natural toning and patina (the “look”) a coin acquires over time is a key part of its grade and authenticity. What you might see as dirt, a professional appraiser sees as originality and value. Just as you wouldn’t repaint a classic car, you must not clean a vintage coin. Your only task right now is to keep the items safe and preserve them exactly as you found them.
Step 2: A Quick Organization (No Need for Detailed Lists Yet)
You don’t need to create a spreadsheet listing every single coin. A simple sort is all that’s required. Get some soft towels and lay everything out. Create groups for:
- Gold Coins: These will typically be yellow in appearance and feel heavy for their size. Look for words like “Liberty,” “St. Gaudens,” or ounce markings.
- Silver Coins: This is a large category. The key tip is that all U.S. Dimes, Quarters, and Half Dollars dated 1964 or earlier are 90% silver. Also, look for large “cartwheel” silver dollars.
- Bullion: These are modern precious metals, often in the form of bars, rounds, or coins like American Silver Eagles or Canadian Maple Leafs. They will usually have their weight and purity stamped directly on them (e.g., “.999 Fine Silver”).
- Paper Money: Separate any paper bills that look old, have unique seals (like blue or red seals), or have high denominations.
- Everything Else: This includes all other coins like pennies, nickels, and foreign currency.
This initial sort gives you a basic understanding of the collection’s scope without requiring you to become an overnight expert.
Step 3: Understand the Pitfalls of DIY Research
Now that you have your groups, you might be tempted to look up values online or buy a price guide. While this seems logical, it’s often misleading and frustrating for three key reasons:
- Condition is Everything: A coin’s grade (its level of wear and tear) is the single biggest factor in its value. To an untrained eye, two identical coins might look the same, but subtle differences in luster and wear can mean the difference between $50 and $5,000. Online price guides are based on professional grading standards that are impossible to apply without years of experience.
- Mint Marks and Errors: A tiny letter (like a “CC,” “S,” or “D”) can change a coin’s value by thousands of dollars. The same goes for subtle errors, like the famous “Three-Legged” Buffalo Nickel. These are details that are easy to miss but are critical for an accurate valuation.
- Markets are Dynamic: The prices for precious metals (bullion) and rare coins (numismatics) change constantly. A printed price guide is outdated the day it’s published, and online auction results don’t always reflect the true market price you can expect from a dealer.
Step 4: The Most Important Step — Get a Professional Appraisal
The fastest, safest, and most accurate way to understand your inherited collection is to have it professionally evaluated. This single step removes all the guesswork and protects you from making mistakes.
An expert appraisal from American Rarities doesn’t just give you a number; it gives you clarity. Our team will:
- Instantly identify key dates, rare varieties, and valuable error coins that are often overlooked.
- Determine the precise grade and condition of your most important items.
- Explain the difference between melt value (the value of the raw gold or silver) and numismatic value (the value to a collector, which can be much higher).
- Provide you with a fair, transparent, and immediate purchase offer for any items you wish to sell, with no obligation.
Your Inheritance is Too Important for Guesswork
You have one chance to handle this inheritance correctly. Before you spend hours on confusing research or risk damaging valuable items, let our experts provide you with the answers you need.
Contact us today to schedule a free, confidential, and no-obligation evaluation of your collection.
