Don't Do This If You're Leaving Coins To Your Family My Coin Shop Website portsmouthcoinshop.com/ CoinHelpu Community coinauctionshelp.com/forum/index.php
It is my next goal is to get the red book plus I watch your videos and about two other people's videos I've learned a lot in the past year. I just completely love antiques
I tell my kids that if they decide to sell my coins when I'm gone, do your research first! A 1950 D nickel looks just like any other nickel but it isn't. I also have an inventory list of what I have for them to go by, listing key dates, etc.
Nice video. Taking time to educate people is a great service. I’ve loved all things numismatic as long as I can remember. Check out what I put up regarding bogus 2021 Ty1 & Ty2 U.S. Silver Eagles. The public needs to know.
When my grandfather died, my grandmother said he saved some really rare and special coins for me, I ended up with about 15 peace and morgan commons and several worthless world coins from places he traveled. My grandmother also said she has an envelope full of really rare things for me. She passed about 5 years ago and I found the envelope with my name on it, and I still keep it today just because. It's an envelope stuffed with about 40 circulated and beat up $2 bills. Hey, at least it's all real stuff, I guess.. RIP.
It was a sweet gesture and hell, they gave you your life so there’s that! PS look up on CZcams the story about the guy that was arrested for using two dollar bills! The cashier and the cop had never heard of them! 🤣🤣
@@MJ-zo5gb Not a very common bill obviously, but anyone that's been to the horse track knows all about them (not sure if they still use them today?). Crazy to get arrested over it. When we moved to our house 21 years ago we found a $2 bill behind a kitchen drawer and hung it on the refrigerator. It's still there today.
The way I look at something like this is simple. Your loving father has passed away leaving you some rare and valuable coins. You only had 1 father. That in itself makes the gift rare and valuable to you.
This is so touching. I was given the coins my Grandfather brought to America in his pocket when he immigrated to America in 1915. My Grandfather told me "They will fight over these when I die. I want you to have them because you will take care of them". I have them in a frame on my wall in my office with his ticket to America. Some things you just will never let go of no matter what they are worth!
My wifes family immigrated from Germany just over 100 years ago. We handled the estate of the eldest of his children, in the mountains of stuff was an 1884 5 reichs mark. It’s said the coin was carried from Germany among others which were used to buy their house and start a grocery, this was the last one. It has a value of about $450 or so but we will never sell it and watch the great grandkids so we will know who to leave it to.
I almost lost a good friend over coins. Dave (not his real name) showed me his "rare" coins he has been collecting for the past 5 years. These were for his grand kids he told me. 15 sets of colorized state quarters and 11 sets of gold plated state quarters! He asked me how much I thought thy were worth and i told him the truth, .25 cents each. He blew up, said I was crazy, said the guy who sold him the coins said were very scarce and said they would go up in value every year. There was a coin show the next month so I told him to take a set to the show and ask the dealers how much they would give him for the set. You know the answer. He later callrd me back and apologized. He had been buying from two companies and you can guess there names. He didn't tell me how much he had spent but with shipping I think about $150.00 each set, times 26 = $3900. You are right Dave, educate yourself.
Wow.... Dave was a idiot.....LOL....I have been collecting coins since I was 10 and even back then I could tell you what was worthless and what was valuable...this Dave must have been a real moron......LOL
@@jimd2101 probably not, just uneducated about coins, not everybody is up on whats worth what. Lets not be judging too hard, it’s a learning process. I still consider myself a rank amateur.
@@alanbud5181 well all those stupid State hood quarters will never be worth anything......Anything modern or gold plated you will never live to see them worth anything ......Ike dollars and Susan B Anthony's dollars are still not worth anything.......stick to silver wheat pennies are hardly worth saving either.....but gold or old 2 cent pieces or Indian head pennies in extra fine condition 😆😆😅😅
@@alanbud5181 I have a stack of silver certificates.....everyone asks me about them.....if they are worn and look like they have been used a lot .....just spend them .....they are only worth a dollar. ...unless you like them just to look at
I have told people about my food, my ammo, etc., almost like a trust test... I have never told anyone about my metals. It's just way too easy for someone to steal a small fortune that way.
If you leave coins to your family, chances are some pawn shop is going to get a really good deal. Just sell them yourself and give your folks cash. Not everybody understands numismatics to the extent of realizing true values.
Maybe the thing to do is to collect coins as a family activity. When you add to your collection share it with your family. Otherwise it'll just be pawn shop junk. It's like other skills and hobbies. I wouldn't expect my kids to know how to unicycle, play the piano, play golf, etc unless we shared those activities in life. So leaving behind those things would only create pain for those who inherit them. They might keep them for the wrong reasons.
@@Pyrolonn you can try, my dad tried it with me and my 2 younger brothers I'm the only one who took interest in coins and knows what things are worth more than face.
I used to be a coin dealer. One time someone came in with a shopping bag full of beautiful silver coins which he accepted our offer for BUT he was plainly not happy. It turns out that the family had divided up the inherited coins into several shopping bags, and while our customer got some high quality stuff, one of his siblings got the shopping bag filled with the beautiful gold coins which was probably worth 10x as much. The lesson is Sell your collection and give your heirs cash or something like this is likely to happen.
I would agree with you. I have collected antiques of all types .....from coins to combine harvesters .....since I was a child. But I AM THE ONLY PERSON WHO CAN PROPERLY TURN THE ITEMS BACK INTO CASH. Why ? Because I know where to sell to get the best prices.
I just went through this. My grandfather left his coin collection to my father. My father had no interest in them but kept them in a safe deposit box. He passed away in March and I got the coins. He probably spent more on the safe deposit box than the coins where worth. But I’m glad he kept them there otherwise my sister and her kids would have stolen them.
This is a sad story, aside from that, I didn't know that the blueish, oily looking toning on steels were an indication of replating. Learned something new today
What a sad story. The mother trying to leave her son something of value and it turns out worthless. That stated, the amount of love the mother showed in those touching letters to her son is far more valuable than money. Tell your client these letters from his mother are priceless and he is much "richer" than most of us.
This video was dumb because as he admitted his Father had removed coins....probably a lot of them....so what he is showing us is the worthless junk lefty over !
This makes me glad I’m not into coin collecting. I just stack silver bullion and gold when I can afford it. I like to keep things simple and easy. There’s too much you have to learn and know when it comes to coins. Mints, dates, circulated, uncirculated, condition, blah blah blah.
My dad was a collector but I changed to stacking. Overall, it's a better investment when one goes to a coin shop. The only way one can break even on old collectables is by getting an eBay account, which is a pain in the a-s. Otherwise, one will leave the coin shop feeling screwed.
@@astrofrk I started collecting coins when I retired ten years ago. I wanted to leave them to my grandchildren. Lately, I'm regretting that idea, of passing them on to anyone. I bought a lot of 1957 to 1964 mint sets, but ten years later, they are not worth what I paid for them. Silver has gone down from ten years ago. Plus, ebay takes their cut if I try to sell them on ebay. I don't know what to do with them, honestly, I can't decide. Another thing, I've been buying Silver U S Mint sets, there over a hundred dollars for one, and there's less than twenty dollars in silver there. This video (CoinHELPu) has made my mind up for me. I'm selling now, so my family won't have to deal with the hassle.
@@harrysurtees8710 The premiums on silver eagles are insane and I can do better with constitutional (junk) silver, silver bars and rounds. The prices are even driving us stackers out of the market due to the shortage.
@@astrofrk The United States Mint is selling one ounch silver eagles, uncirculated for $67.00. Today's price of silver is 24.35 an ounce. That's a mark up of $42.65. The United States Mint is ripping off buyers. Just my opinion.
The real sad part is that whomever sold the coins didn't have the decency to remove the sentimental note that was attached to the coin collection . If it was the son that sold the coins without keeping the most valuable item which is the caring handwritten note from his father then the son got exactly what his character is worth .
A friend of mine knew I collected coins and wanted to show me "the extremely valuable set of State Quarters" that she bought that were gold-plated. She asked what I thought they were worth. There were 25 quarters. I told her $6.25. She was shocked as she had paid $39.95. I won't say what company sold them, but these scoundrels just prey on everyone's ignorance. Thanks so much for posting this and I hope people learn from the mistakes of others. Cheers.
I told my wife, stepmom to my 2 daughters, when I die, let my daughters have the coins dated for my granddaughters (I collect birth years for them). The silver/gold etc. should be divided equal for my daughters. I also said, anything else the kids don't want, just take it to the bank and send it back out for someone else to find and garner the excitement. Gotta keep the hobby alive. She thinks I'm nuts with the hobby. I told her, would you rather me be a drunk at the bar every night? LOL
A lot of older people are very vulnerable to these types of sales pitches and scams when in their later years. My grandfather started collecting coins in his 60's and 70's going to estate auctions, watching certain channels on television, and purchased a lot of lower end coins for too much money. I don't think there is any stopping them, especially if they are new to coins & collectables, since their judgement/faculties are already eroding. The best thing that can be done is to pay attention to them and remind them that their loved ones don't want them to purchase items intended for them without consulting them first. A lot of elderly people watch a lot of television since they are neglected by their families and thus develop a connection with these television salespeople.
My grandfather was the treasurer at his church (a small Mexican church). The people would put a lot of foreign coins in the offering plate. My grandfather would replace the foreign coins with US money and just keep the coins since he liked the look of the foreign coins. Plus since we traveled to Mexico a lot he just kept whatever coins he had in his pocket when we returned. After he died we found a lot of silver coins from Mexico and a lot of foreign coins from all over the world. I've sold many of the foreign coins on e-bay after buying a World Coin Book. The silver I kept. I do have some coins that didn't sell so I'll keep them. One that I really like is from Russia (pre-USSR) from the Romanov reign; it also uses the older Russian alphabet. I think it's cool and I'm glad no one bought it. And, yes, I've bought stuff I shouldn't have. Thanks for giving people a head's up.
I think alot of us, nowadays, are alot more educated because of information like yours. This is a great channel. We all appreciate your honesty and knowledge!!
I gave my dad a Silver Eagle for Christmas and he said I have been waiting for one of you guys to get into coins. Let me show you your future inheritance. Opened the steamer trunk and it was empty. His life long collection was stolen. I had to talk him down to keep him from having a heart attack. Keep your items in safes kids
@ Steve Lecco That is so terrible!😠 I myself had my entire currency collection stolen a while back. Some scumbag was breaking into my place while I was at work at night! People are terrible!
OMG. My grand mother was robbed in 1972 in front of her home. She had been in Europe and took mine and my older brother's coins to the bank for safe keeping. She was robbed at the top of her driveway by someone who followed her to her home less than a mile from the bank. We had to start all over again. We lost everything we had collected. She lost the Gold Watch that she gave my grandfather for a wedding gift in October of 1920. Nothing was ever recovered!
@@71avalon36 when I was younger I had a Choice bu Washington quarter collection that I painstakingly put together it was stolen when I was gone for a weekend. That's so much the money value but the memories are picking up each coin and cherry-picking at 42 sbu
Some of my most valued coins have little monetary value. The memories they bring back are priceless. My uncle (father figure) was a long haul trucker. He'd bring me back coins he got along the way. I used to love when he'd bring me an Ike $1 coin. Not worth much more than $1 now but wouldnt trade them. They are my memories of time spent with him looking through bags of old coins.
“Buy the book before the coin” was the first thing I learned well over 50 years ago. Know what the retail, wholesale and current market is. Red Book, Blue Book, Grey Sheet.
What people most simply need to understand is that every coin has either a fine metal-value, or only/less the face value! My grandma collected the state quarters from circulation.. So I gifted her a 2001 proof quarters set to show off properly in her new home. And it was only for 10 dollars.
Until inheriting a valuable coin collection I wasn't aware of the hidden expenses that arise when selling the collection...Capital Gains taxes...The IRS required a professional appraisal- the value of the coins at the time of inheriting -value at time of sell, auction fees, etc. Fortunately it has worked out well despite that, but I learnt how easily those expenses could of cost as much if not more than the attainable value of a smaller collection. The amount of time it has and still takes to become educated and aware of the coin values etc. has been overwhelming at times. The conflict with other family members who determined a value based off of misinformation from some of the of multiple sources that are little more than scams online was constant as well. The graded coins were the easiest to manage, necessary documentation regarding sell value provided by the auction house. The remaining ungraded coins would probably pull lower grades, but theres another expense to be deducted...I am very grateful for what I was given...but I will choose a different way to pass on anything of value to my family than to leave them subject to the same hassle and expense.
For me, when it comes to coins/valuables I stack silver coins. I don't care what is on the coin, where it is from, As long as it's content contains silver. I have binders full of silver coins and I plan on passing it down to my daughter when I pass away.
Two years ago at my brother's in-laws, dad invited me to look through some coins in his safe. His daughters were impressed that I got to go into his safe with him. Without hesitation I told him the SBA dollars and clad Ikes, and other random common coins should get spent or deposited into his checking account. He owns hundreds of acres of farmland and has a big beautiful house. His so-called coin collection didn't deserve space in his safe.
That is why I hate H.S.N. the lies and hype and over priced items. Yes what the sell is real but usually way overpriced and some little old lady decides to buy some as a gift for her grandkids and if they live to be 100 the item bought might be worth what paid for it.
I'm glad I found coin collecting on my own it saved my life. I had to turn the worst hand in poker seven and three into something worth living for. I wish I had a good family to help me find my hobby in life I'm just glad I found it before I died.
I once found three two cent coins at a antique store. I happily purchased them and brought them home before looking at them thoroughly. One of the three turned out to be a fake. I consider myself fairly knowledgeable, but my emotions overcame and I ended up with bad deal. This happens to everybody have you learned from it. But it is sad to see someone's prize collection turned out to be nothing especially special.
There's likely TONS more personal albums like this due to late night TV coin commercials, magazine ads in Good Housekeeping, TV coin collecting/seller barkers...just old pocket change from their nostalgic past, US/global travels, wartime overseas service. This reminds me of my Dad and Father-in-law that saved bicentennial quarters from change and some of the above but Dad also saved US Prof sets; my grandparents gave me a few coins when I was a kid...one a 1928 Peace Dollar that I still own.
This album was my level of coin knowledge prior to 2 years ago. Then I found my daughter had been given a Morgan dollar that was worth a few hundred dollars. Then I started watching videos like yours and gave it the magnet test! Now I have learned so much from your videos and others that when I leave my kids coins they will know the fake from the real and understand the 2019 S ERP Silver Eagle, 2021 Morgan and Peace dollars etc… BUT! The 3 coin 1943 Steel penny set will always be interesting coins to have regardless of condition or worth! I believe those were the first coins of interest I ever saw as a child!
Bet you can read those types of people a bit easier than most others in customer service. From working years in the corrections system. Lots of cons always working. An it helped me in my professional life
Daniel, you have one of the highest ethical standards when it comes to coins and common sense. I have learned so much from you - thank you for your genuine honesty and for sharing your wealth of knowledge. Im going to buy the red book now and check out the website!!!
I wonder about leaving my collection to a family member. Are they going to keep it and continue the collection, or will they be down at the pawn shop grabbing a few bucks. Is it better to enjoy my collection, and at some point, sell it myself and enjoy the money it brings, or hope that a family member will enjoy it also. It's not worth a fortune, but it's my collection. Does that make sense?
Yeah my dad had the same fear unfortunately when my dad had passed away apparently someone had stolen all my dad silver certificates and all of the silver dollars and gold dollars that he had collected over his lifetime I'm saddened by it but I still believe my brother Met has so little man lied to me cuz my dad left his clean and dollar collection Tumi
Thank you Daniel. Generalizing... The older generation ( I'm old but not OLD) grew up in a different time. They think differently then allot of the younger ones. (No harm). She meant well. She wanted to pass down to her family something she thought would be special. With that said, you have people out there preying on people unsuspecting and with out knowledge (goes for more then coins). What she passed down would not be something of high value but it was high value to her for what she was doing. If you have older folks in your family, I encourage you to teach them about numismatics. Explain to them values. Pass on your knowledge..and if you don't know, subscribe to Daniel's forums, check out the many sites he mentions. I despise those who prey on people and take advantage.
Good morning Daniel, thank you for the valuable lessons in life! It’s sad but it probably happens more often than we realize. Without education and knowledge your chances of being fooled is even greater. I appreciate all your great videos and a reminder things are not always what they seem to be.🙏
Great video. 100% agree that education is key. A lot of things you’ll learn along the way but some up front effort goes a long way. For any collectible category there can be a MASSIVE learning curve towards becoming and expert and informed investor / collector. And in any collectibles category there are going to be bad actors trying to take your money for nothing. Understanding and being able to recognize counterfeits is so important.
I love what you said about trusting everyone until you find out that they are not to be trusted, rules are set on the majority, not on exceptions, so you are totally right to trust everyone unless they are not to be trusted and that of course, comes with experience. well said.
As always, you provided some sage advice. Education is important in just about everything, including investing in coins/bullion. I learn something every day from ya Daniel! Thanks
Thank you for sharing this with us. Very important points were made. You are such a great asset to the coin community, and we appreciate everything you do for us 🌟🌟🌟
AWESOME VIDEO. MY SON BOUGHT ME A ASE OFF OF FACEBOOK AND THE FIRST THING I DID WAS PUT A MAGNET ON IT. FAKE ALL DAY LONG. COULD NOT GET HIS MONEY BACK. THANK YOU DANIEL FOR HIS LESSON.
Especially, please if you have tubes of junk silver, please attach a note to it so whoever come across can know they are worth more than face value. I had few people just casually find bunch of rolls of silver quarters from bank, somebody did not think twice and deposited them right away.
20 yrs ago my mom bought a gold coin through the mail and the guy was trying to get he to buy another. I asked a friend about it and he opened his coin book and showed me that year they minted a million of 'em. Coin book cost $10.00.
1oz bullion coins from one of the 6 major Mints is the safest, as they have very precise sets of resonant frequencies when pinged (depends on diameter, thickness, purity), which can be read on general-purpose frequency-analyser apps such as "FFT Plot" on your iPhone. (But only hit the coin with wood or plastic as metal can dent the 99.9% pure ones). For example, 1oz US Silver Eagles resonate with 5 peaks: at 3800Hz, 6550Hz, 8700Hz, 14050Hz, 15050Hz. 1oz 99.9% Silver Britannias (2015+) resonate at 4550Hz, 7750Hz, 10400Hz, 16700Hz, 18000Hz.
As the old saying goes: Some people in this world have more dollars than sense ! I've had to cut up full sheets of $2-bills I bought from B.E.P.,to pay a huge traffic ticket.When I tried to get gas with some of my mis-cut $2-bills,the geniuses working @ the gas station wouldn't accept em,& I almost ended up running outta gas.Luckily,all worked out fine. Just 1 of my experiences I thought was relatable. I've got more ,but they're for another day. Have a great one !
These companies like Littleton, prey on the elderly, and the uneducated to fall for their cheap, overpriced products, believing that they’re receiving a valuable item. Yes, the small print, and special wording in the advertisement can confuse those who are not in the know. Even when they offer real Silver & Gold, it’s typically marked up way beyond the market value. It’s easy for these unknowing people to order, because it comes right to there house. Many don’t even have computers, or smartphones, so they don’t (and probably wouldn’t even know how to) research what the value of these products would be. Thankfully, I put a quick stop on my own Dad, who didn’t know any better, but he had mentioned it to me first, before he went through with the transaction. Please, people, of you’re watching this video, inform your parents, your family members, and even your friends, to not fall for these misleading advertisements, and companies, offering these too good to be true items.
This is why my mother got me interested in coins back when coins were still made out of silver. I have a nice colletion that's worth far more than mom ever thought I would have. But I still thank you very much for teaching how to tell a good coin from a fake one mom. 🦉
Almost daily, I see offerings from unknown dealers on FB and they try to sell "genuine" coins of all varieties for a small percentage of what a genuine specimen costs. The key here is to, as you pointed out to the audience, is education. Don't go blindly into ANY deal or transaction without arming yourself with an abundance of knowledge about the Item you wish to purchase. I go to coin shows for pieces to my meager collection of foreign coins.They aren't super expensive (the costliest piece that I own is probably worth $2.00) but I go to talk to dealers on behalf of a well heeled friend who spends money freely. She can afford it, I can't! The education is free and many dealers are happy to educate people about the hobby.
As I've stated in past comments I'm new to the Numismatic world and a large portion of my knowledge came from watching Daniel's videos and IMO what's been said here is so true. Another great video and I'm always ready to see your new videos because I learn something EVERY time.
Grandmother Died in 1990, I was 16. Us Grandchildren were to get the Coin and Bill Collection she had for US, Not our Children years later but US... Silver Dimes, Nickels, Wheat & Steel Pennies, Susan B. Anthony's and other RARE Coins.. Our Children in their Teens (in and past 2000) had NO Clue to the Value of these coins and Spent them like Normal Coins.. The Susan's got used in Mechanical Quarter Vending Machines... like Quarters.. so instead of a Soda costing $0.75, they spent $3... The $500 and $1000 Bills.. Gone! Children Born after 1990 have NO Fucking Clue the Value of these items..
When my kids were young I bought them silver coins for birthdays , Christmas and special occasions they got plenty of plastic toys from other people - now that they're adults they have bullion silver that is worth more than than what I paid and they appreciate them because they still have them instead of stuff long gone and forgotten
Sad to say, that this is a growing "problem". The shop I work at has an increasing number of customers who bring in collections that they inherited essentially similar to this one. Too many well meaning people don't seek helpful advice and waste their money on garbage with little value, thinking that they are providing a tidy little nest egg for their children and grand children. A lot of the face value coins are gold plated or printed over and they can't even be spent.
My Father taught me the value of precious metals and warned me that numismatics were a hobby and skill set that would have a long learning curve. I've been stacking for over 20 years now and I'm just about to buy my first graded coins, because they are scarcely over bullion price :)
You are so right that there are many scammers out there selling worthless silver and gold plated coins. They take many people's money and give them junk coins. But there are also scam dealers out there stealing real valuable coin collections from people that don't know what they have. The dealers take the coins and just pay the silver and gold weight for the coins that are sometimes worth far more than the metal content. My wife worked as a bank teller and an old lady came in with very old rare paper money. She just wanted the cash value for the bills and yes, they gave her the cash value. The bank president took all the bills and put them in his pocket to sell later for his own profit. My wife did manage to get one of the bills too. Buying and selling coins and other valuables is a real cut-throat business and you need not only an education but trustworthy people to do business with like yourself.
I sometimes wonder if it's a good idea to leave a collection to anyone who does not know or, more importantly, appreciate coins. As we get older we still love our coins and hate to part with them, but other than passing a few sentimental coins on it might actually be best to find a dealer to take the whole bunch and pass the money on, something everyone appreciates. When family inherits coins they often sell them, but they have no idea what is a fair price. Better for the collector to do selling, but hard to do.
Its true what you say I remember when I started collecting not knowing anything basically I wasted my money so I started watching your video reading more books about coin collecting and little by little I see improvements on how I choose my coins I'm still learning and has long way to go so I'm still here still learning i see this people on the group posting coins and I was like that at one point thinking I have something special I laugh at myself because now I can actually tell if it's damage or something that is worth of my time so Daniel thank you I wouldn't be where I am when it comes to coin collecting with out your group and your CZcams videos 🙏😅👍👍
i got coins i saved since i was 13 yrs old i use to collect every year of coin i could find an put it into a album i got penny nickel quarter dollars albums i know when i was young i didn't know a lot about coins but i still have all them albums from when i was young i know many are worth nothing an now i am 57 now i been collecting better coins now from the mint so when it my time to go my coin will have to be searched for the good an the bad.i was young did not care what the coin looked like i was happy i got the year of coin i was looking for.
Facebook ads selling "silver eagles" for nine dollars look good unless you read all the information at the end. Usually it will say silver plated. Sometimes it doesn't. If it's too good to be true ...........
So many people get scammed by these ads it’s unreal. I don’t know why it’s not illegal to advertise these fake coins from China. I realize that we have no control over China, but the advertisers should be prosecuted
Nine dollars? There's no deception in that. Of course they're copies. A real silver eagle is 1 oz of .999 silver, worth at least $22 in silver content alone.
Thank you again for your time on this subject im still trying to decide on what to do with my collection while it is not a very expensive one i do have some worth collecting and passing on
She might have had a lot of fun accumulating her collection. Hobbies are fun and don't always turn out profitable. Think of the BEANIE BABY CRAZE. I bought a number of them with my young daughter. They are worthless but we had a blast together. We still have them . Anything done solely for money frequently isn't that much fun. 🤑🤢
Good advice,friend. Also,I’ve learned a lot from the internet. Now before you yell at me,just like your channel,much can be learned. A relationship with your local,trusted coin dealer is good. advice. Thanks!
I came across a few plated nickles in some bank rolls. At first I didn't know what to think. Then I looked it up. I mainly make up running sets of different modern coins, and some of them are hard to find. Going through coins and sorting them out seems to be relaxing to me.
It's a tough one, Daniel. I often wonder to whom could I leave my collection, who would appreciate its real value and not sell it below bullion. NOBODY. Of course there's my wife, who gets it, but then she will run into the same problem and she really doesn't have the knowledge to sell them herself. It's a problem.
I'm planning on leaving my coins to my daughter. She already has a small business and is a smart consumer - always getting a second opinion before she acts. She's also learning the bullion business, so if and when the time comes - she's got a trustworthy coin shop to sell to, and she'll know what to ask for. I didn't do all of this hard work learning about the bullion game, and I didn't put in the hours working to buy these coins - to have some pawn shop lowball my kid. I also have concentrated on buying the better bullion coins for the lowest price possible, so she won't have to sell each coin trying to figure out the correct value for. I consider it my responsibility to do this. Littleton is a clip joint, but they know how to be a legal clip joint! Thanks for sharing this story - it's important for people to learn before they buy- this poor sucker didn't learn.
I have all my coins listed on paper an approx value based on Yeoman's price guide. I recommend people do the same for firearms. Your heirs may not have a clue to the values and this will give them an idea of a place to start negotiating. One shouldn't expect to get full retail when selling to a dealer but if they sell directly to a buyer they can at least have a good indication of what to ask.
Absolutely correct! There was a gun buyback at the Hartford, CT police department about 10 years ago and some old lady walked in with a rifle brought back as a war prize from WW ll. It turns out she had an STG 44, the German forerunner to the AK 47. The police (surprisingly) told her the gun was a $30,000 item and helped her get an amnesty, with paperwork, so she could reap the benefits of her husband's war trophy at a good gun auction. Hats off to the HPD for that kind gesture. You and I may know gun values, or at least look at the blue book to get an idea of price but even more people are uninformed about guns than coins.
These people pray on those who've lived hard lives with little to leave behind by offering the illusion of riches. I dealt with the same thing recently and had to watch as my wife realized that not only had her father not left her something of great value but had been taken advantage of when he was dying of stage 4 lung cancer by scam artist.
Being new to the Coin World by way of my Late Father-in-Law in June '22, imagine my elation when I found a very rare 1847 CC mint mark Morgan. I was perplexed that I couldn't find anything about the coin in the Red Book, Blue Book or on the Triple-Dub. It wasn't until I looked up the Carson City mint that I realized the "treasure" I was holding. I'm thinking that he bought it in a box of loose coins by a dealer who didn't want to take a hit on buying something that was nothing & decided to pass it on at some coin show!
Good for you! Sad to say, not every coin dealer is as trustworthy as you however. I'm a third generation collector and speak from my Father's and my own experiences. You need to be knowledgeable!
Daniel, some people will probably criticize you for making this point but I think it's a hard truth everybody needs to swallow. It sounds callous to say what "not" to leave as an inheritance, but you're right. People, especially elders, should know what they have and why they're leaving it to their children or family - with items like these, it's not the monetary or rarity value, it's just sentimental value.
My son will be receiving my coin collection once I pass, again to do with as he sees fit. However, he also collects coins so he will be able to better determine their actual value. Except for one book of one cent pieces (purchased through PCS) all my coins were purchased through reputable dealers or from eBay. Most of my collection are one cent pieces, with a good assortment of the other denominations. My goal has been, since I started collecting, to have one of every year and mintmark and, happy to say, I am only about 100 cents away from complete (mostly the large cents). I haven't really bothered with any slabbed coins, although I do own a few (separate from the complete cent collection I'm building).
What a sad Story that is, The heart Feld letters were so sweet and kind and the contents were just garbage! Thank you for sharing and informing people to watch what they buy and I agree educate yourself before buying anything. Have a Great day Daniel.
My dad has a collection of coins that have been in a safe deposit box for years. I'm a little afraid once the day comes that I have to research the value, knowing that a lot of the them had been purchased on eBay and that there could be many fakes or overvalued items in there. Really sad to think that maybe the cost of the safe rental has far exceeded the value of the coins.
Great topic and well done. As a newer collector, I do so with the intent to benefit my children in some way. I buy weight and hunt numismatics. I learned early on that "junk" is what's best for what my intentions are. Made one mistake to date that I know of and that was buying a full roll of 90% BU Rosies lol. They sure are pretty but do not fit my agenda lol. I have always known the need to leave notes as detailed as possible. Hopefully, I can teach my children what they need to know before I pass. As they get older (currently 5 and 3) I will evaluate the interest they have in coins and decide in the future what to do with my growing collection. I can't help but wonder if I may just use it myself to buy some of that life extension technology they come out with in 2050 to be around for them longer in that way. Decisions decisions. Whatever you do with your collections, don't set your loved ones up to feed a roll hunter a future buffet or all your effort while alive was for nothing. I have very much enjoyed coin hunting in this first year I have been doing it and I think I will continue for the rest of my life. I even have a few videos of my own posted here on CZcams. The next one I post will be of me finding ELEVEN Tallgrass Prarie W's inside of 6 quarter rolls I picked up from work. What a great mini hunt that was lol. Thank's for all you do for the community. Happy subscriber 👊
the one thing I learned from this video, is an existential crisis filled realization that my wife and I have no one to leave anything to. I have a collection my grandparents gave me and I had been hoarding them like a mizer but I just realized, why, who am I carrying all these coins for? As if this 1887 silver dollar is ever going to suddenly skyrocket in value. Well, at least my Kennedy halves are worth their weight in Silver, which is nice that I held onto those 1964s as long as I have but still. at what point do I say just sell it. then is it even worth selling, I mean, getting them appraised would cost me a small fortune unless I would trust a local dealer to give me a fair price for, but I really don't know anyone that I would trust locally to even sell to... guess I take 'em to the grave some day then? maybe melt them down into an urn for my ashes, surprise some lucky grave robber some day...
My coins are not precious to anyone but myself. It's a collection that started more than a century ago by my great aunt, and although they are not the highest quality, they are all mine.
Don't Do This If You're Leaving Coins To Your Family
My Coin Shop Website portsmouthcoinshop.com/
CoinHelpu Community coinauctionshelp.com/forum/index.php
It is my next goal is to get the red book plus I watch your videos and about two other people's videos I've learned a lot in the past year. I just completely love antiques
I tell my kids that if they decide to sell my coins when I'm gone, do your research first! A 1950 D nickel looks just like any other nickel but it isn't. I also have an inventory list of what I have for them to go by, listing key dates, etc.
Buy a 2022 Red Book price guide from Wizard Coin Supply
Hi I have some coins am looking 4 someone to help me with, can I get email so I can send you the foots ext. Thanks...
Nice video. Taking time to educate people is a great service. I’ve loved all things numismatic as long as I can remember. Check out what I put up regarding bogus 2021 Ty1 & Ty2 U.S. Silver Eagles. The public needs to know.
When my grandfather died, my grandmother said he saved some really rare and special coins for me, I ended up with about 15 peace and morgan commons and several worthless world coins from places he traveled. My grandmother also said she has an envelope full of really rare things for me. She passed about 5 years ago and I found the envelope with my name on it, and I still keep it today just because. It's an envelope stuffed with about 40 circulated and beat up $2 bills. Hey, at least it's all real stuff, I guess.. RIP.
It was a sweet gesture and hell, they gave you your life so there’s that! PS look up on CZcams the story about the guy that was arrested for using two dollar bills! The cashier and the cop had never heard of them! 🤣🤣
You are very luvky that you had parents who cared enough about you to even leave you $80.
A wisdom advice to anyone interested in coins collection. Thanks for your honestly and for sharing this video. God bless you!
@@MJ-zo5gb Not a very common bill obviously, but anyone that's been to the horse track knows all about them (not sure if they still use them today?). Crazy to get arrested over it. When we moved to our house 21 years ago we found a $2 bill behind a kitchen drawer and hung it on the refrigerator. It's still there today.
@@lowerearthorbitz3693 Oh for sure, I have no complaints. My grandparents were great people.
The way I look at something like this is simple. Your loving father has passed away leaving you some rare and valuable coins. You only had 1 father. That in itself makes the gift rare and valuable to you.
Exactly 💯
So, SO, true my brother!!
You would hope thats the way it is.
This is so touching. I was given the coins my Grandfather brought to America in his pocket when he immigrated to America in 1915. My Grandfather told me "They will fight over these when I die. I want you to have them because you will take care of them". I have them in a frame on my wall in my office with his ticket to America. Some things you just will never let go of no matter what they are worth!
Love it excellent work keeping family history alive
@@anthonykukla5384 Thank you. I share so many stories with the younger generation about our family history!
This particular set of change, and the ticket framed with it, is actually worth more than money.
My wifes family immigrated from Germany just over 100 years ago. We handled the estate of the eldest of his children, in the mountains of stuff was an 1884 5 reichs mark. It’s said the coin was carried from Germany among others which were used to buy their house and start a grocery, this was the last one. It has a value of about $450 or so but we will never sell it and watch the great grandkids so we will know who to leave it to.
I guess people aren't fighting over it, lol. I have stuff I wouldn't dare to frame.
I almost lost a good friend over coins. Dave (not his real name) showed me his "rare" coins he has been collecting for the past 5 years. These were for his grand kids he told me. 15 sets of colorized state quarters and 11 sets of gold plated state quarters! He asked me how much I thought thy were worth and i told him the truth, .25 cents each. He blew up, said I was crazy, said the guy who sold him the coins said were very scarce and said they would go up in value every year. There was a coin show the next month so I told him to take a set to the show and ask the dealers how much they would give him for the set. You know the answer. He later callrd me back and apologized. He had been buying from two companies and you can guess there names. He didn't tell me how much he had spent but with shipping I think about $150.00 each set, times 26 = $3900. You are right Dave, educate yourself.
Wow.... Dave was a idiot.....LOL....I have been collecting coins since I was 10 and even back then I could tell you what was worthless and what was valuable...this Dave must have been a real moron......LOL
@@jimd2101 probably not, just uneducated about coins, not everybody is up on whats worth what. Lets not be judging too hard, it’s a learning process. I still consider myself a rank amateur.
@@alanbud5181 well all those stupid State hood quarters will never be worth anything......Anything modern or gold plated you will never live to see them worth anything ......Ike dollars and Susan B Anthony's dollars are still not worth anything.......stick to silver wheat pennies are hardly worth saving either.....but gold or old 2 cent pieces or Indian head pennies in extra fine condition 😆😆😅😅
@@alanbud5181 I have a stack of silver certificates.....everyone asks me about them.....if they are worn and look like they have been used a lot .....just spend them .....they are only worth a dollar. ...unless you like them just to look at
I have told people about my food, my ammo, etc., almost like a trust test...
I have never told anyone about my metals. It's just way too easy for someone to steal a small fortune that way.
If you leave coins to your family, chances are some pawn shop is going to get a really good deal. Just sell them yourself and give your folks cash. Not everybody understands numismatics to the extent of realizing true values.
This is very true. I know even my wife wouldn't look to comprehend the high 4-figure value of my 1916-D. Someone would definitely rip her off later.
Maybe the thing to do is to collect coins as a family activity. When you add to your collection share it with your family. Otherwise it'll just be pawn shop junk. It's like other skills and hobbies. I wouldn't expect my kids to know how to unicycle, play the piano, play golf, etc unless we shared those activities in life. So leaving behind those things would only create pain for those who inherit them. They might keep them for the wrong reasons.
@@Pyrolonn you can try, my dad tried it with me and my 2 younger brothers I'm the only one who took interest in coins and knows what things are worth more than face.
I used to be a coin dealer. One time someone came in with a shopping bag full of beautiful silver coins which he accepted our offer for BUT he was plainly not happy. It turns out that the family had divided up the inherited coins into several shopping bags, and while our customer got some high quality stuff, one of his siblings got the shopping bag filled with the beautiful gold coins which was probably worth 10x as much.
The lesson is Sell your collection and give your heirs cash or something like this is likely to happen.
I would agree with you. I have collected antiques of all types .....from coins to combine harvesters .....since I was a child. But I AM THE ONLY PERSON WHO CAN PROPERLY TURN THE ITEMS BACK INTO CASH. Why ? Because I know where to sell to get the best prices.
I just went through this. My grandfather left his coin collection to my father. My father had no interest in them but kept them in a safe deposit box. He passed away in March and I got the coins. He probably spent more on the safe deposit box than the coins where worth. But I’m glad he kept them there otherwise my sister and her kids would have stolen them.
Sisters. Yuk.
Brett same thing happen to me my aunt cherry-pick the collection I got two buckets of common wheat pennies
This is a sad story, aside from that, I didn't know that the blueish, oily looking toning on steels were an indication of replating. Learned something new today
What a sad story. The mother trying to leave her son something of value and it turns out worthless. That stated, the amount of love the mother showed in those touching letters to her son is far more valuable than money. Tell your client these letters from his mother are priceless and he is much "richer" than most of us.
This video was dumb because as he admitted his Father had removed coins....probably a lot of them....so what he is showing us is the worthless junk lefty over !
Winston, I like the way you brought out the good side of this story. A positive outlook is sometimes priceless.
You do the public a great service by being straight up. That is the best you can do. Thank you.
This makes me glad I’m not into coin collecting. I just stack silver bullion and gold when I can afford it. I like to keep things simple and easy. There’s too much you have to learn and know when it comes to coins. Mints, dates, circulated, uncirculated, condition, blah blah blah.
My dad was a collector but I changed to stacking. Overall, it's a better investment when one goes to a coin shop. The only way one can break even on old collectables is by getting an eBay account, which is a pain in the a-s. Otherwise, one will leave the coin shop feeling screwed.
@@astrofrk I started collecting coins when I retired ten years ago. I wanted to leave them to my grandchildren. Lately, I'm regretting that idea, of passing them on to anyone. I bought a lot of 1957 to 1964 mint sets, but ten years later, they are not worth what I paid for them. Silver has gone down from ten years ago. Plus, ebay takes their cut if I try to sell them on ebay. I don't know what to do with them, honestly, I can't decide. Another thing, I've been buying Silver U S Mint sets, there over a hundred dollars for one, and there's less than twenty dollars in silver there. This video (CoinHELPu) has made my mind up for me. I'm selling now, so my family won't have to deal with the hassle.
@@harrysurtees8710 The premiums on silver eagles are insane and I can do better with constitutional (junk) silver, silver bars and rounds. The prices are even driving us stackers out of the market due to the shortage.
@@astrofrk The United States Mint is selling one ounch silver eagles, uncirculated for $67.00. Today's price of silver is 24.35 an ounce. That's a mark up of $42.65. The United States Mint is ripping off buyers. Just my opinion.
The real sad part is that whomever sold the coins didn't have the decency to remove the sentimental note that was attached to the coin collection .
If it was the son that sold the coins without keeping the most valuable item which is the caring handwritten note from his father then the son got exactly what his character is worth .
A friend of mine knew I collected coins and wanted to show me "the extremely valuable set of State Quarters" that she bought that were gold-plated. She asked what I thought they were worth. There were 25 quarters. I told her $6.25. She was shocked as she had paid $39.95. I won't say what company sold them, but these scoundrels just prey on everyone's ignorance. Thanks so much for posting this and I hope people learn from the mistakes of others. Cheers.
I told my wife, stepmom to my 2 daughters, when I die, let my daughters have the coins dated for my granddaughters (I collect birth years for them). The silver/gold etc. should be divided equal for my daughters. I also said, anything else the kids don't want, just take it to the bank and send it back out for someone else to find and garner the excitement. Gotta keep the hobby alive. She thinks I'm nuts with the hobby. I told her, would you rather me be a drunk at the bar every night? LOL
His mom put her heart and soul in that. It's hard to imagine parting with it.
A lot of older people are very vulnerable to these types of sales pitches and scams when in their later years. My grandfather started collecting coins in his 60's and 70's going to estate auctions, watching certain channels on television, and purchased a lot of lower end coins for too much money. I don't think there is any stopping them, especially if they are new to coins & collectables, since their judgement/faculties are already eroding. The best thing that can be done is to pay attention to them and remind them that their loved ones don't want them to purchase items intended for them without consulting them first. A lot of elderly people watch a lot of television since they are neglected by their families and thus develop a connection with these television salespeople.
I bought from the US mint and feel like I overpaid.
There’s a big difference between a collector and a accumulator.
Outstanding advice. Dealers like yourself are not just buyers and seller. They are also educators. Thank you for posting.
My grandfather was the treasurer at his church (a small Mexican church). The people would put a lot of foreign coins in the offering plate. My grandfather would replace the foreign coins with US money and just keep the coins since he liked the look of the foreign coins. Plus since we traveled to Mexico a lot he just kept whatever coins he had in his pocket when we returned. After he died we found a lot of silver coins from Mexico and a lot of foreign coins from all over the world. I've sold many of the foreign coins on e-bay after buying a World Coin Book. The silver I kept. I do have some coins that didn't sell so I'll keep them. One that I really like is from Russia (pre-USSR) from the Romanov reign; it also uses the older Russian alphabet. I think it's cool and I'm glad no one bought it. And, yes, I've bought stuff I shouldn't have. Thanks for giving people a head's up.
I think alot of us, nowadays, are alot more educated because of information like yours. This is a great channel. We all appreciate your honesty and knowledge!!
My thoughts as well.
I agree. Back in the day you really had to research through books. Now we have your knowledge on video and the book. Thanks for sharing your knowledge
I gave my dad a Silver Eagle for Christmas and he said I have been waiting for one of you guys to get into coins. Let me show you your future inheritance. Opened the steamer trunk and it was empty. His life long collection was stolen. I had to talk him down to keep him from having a heart attack. Keep your items in safes kids
@ Steve Lecco That is so terrible!😠 I myself had my entire currency collection stolen a while back. Some scumbag was breaking into my place while I was at work at night! People are terrible!
OMG. My grand mother was robbed in 1972 in front of her home. She had been in Europe and took mine and my older brother's coins to the bank for safe keeping. She was robbed at the top of her driveway by someone who followed her to her home less than a mile from the bank. We had to start all over again. We lost everything we had collected. She lost the Gold Watch that she gave my grandfather for a wedding gift in October of 1920. Nothing was ever recovered!
@@71avalon36 when I was younger I had a Choice bu Washington quarter collection that I painstakingly put together it was stolen when I was gone for a weekend. That's so much the money value but the memories are picking up each coin and cherry-picking at 42 sbu
You are a great help to the coin community! Thank you for your candor!!
Some of those stories are so sad. Getting informed is key.
Some of my most valued coins have little monetary value. The memories they bring back are priceless. My uncle (father figure) was a long haul trucker. He'd bring me back coins he got along the way. I used to love when he'd bring me an Ike $1 coin. Not worth much more than $1 now but wouldnt trade them. They are my memories of time spent with him looking through bags of old coins.
“Buy the book before the coin” was the first thing I learned well over 50 years ago. Know what the retail, wholesale and current market is. Red Book, Blue Book, Grey Sheet.
Great advice! The average person with little numismatic knowledge is easy prey for companies looking to make a quick buck. Sadly.
What people most simply need to understand is that every coin has either a fine metal-value, or only/less the face value! My grandma collected the state quarters from circulation.. So I gifted her a 2001 proof quarters set to show off properly in her new home. And it was only for 10 dollars.
Until inheriting a valuable coin collection I wasn't aware of the hidden expenses that arise when selling the collection...Capital Gains taxes...The IRS required a professional appraisal- the value of the coins at the time of inheriting -value at time of sell, auction fees, etc. Fortunately it has worked out well despite that, but I learnt how easily those expenses could of cost as much if not more than the attainable value of a smaller collection. The amount of time it has and still takes to become educated and aware of the coin values etc. has been overwhelming at times. The conflict with other family members who determined a value based off of misinformation from some of the of multiple sources that are little more than scams online was constant as well. The graded coins were the easiest to manage, necessary documentation regarding sell value provided by the auction house. The remaining ungraded coins would probably pull lower grades, but theres another expense to be deducted...I am very grateful for what I was given...but I will choose a different way to pass on anything of value to my family than to leave them subject to the same hassle and expense.
I just gave my coin collection to a good friend 20 years younger than me that appreciates and enjoys collecting coins also
For me, when it comes to coins/valuables I stack silver coins. I don't care what is on the coin, where it is from, As long as it's content contains silver. I have binders full of silver coins and I plan on passing it down to my daughter when I pass away.
Daniel: What a nice way of getting a very clear message to people about coins that they inherit.
Two years ago at my brother's in-laws, dad invited me to look through some coins in his safe. His daughters were impressed that I got to go into his safe with him. Without hesitation I told him the SBA dollars and clad Ikes, and other random common coins should get spent or deposited into his checking account. He owns hundreds of acres of farmland and has a big beautiful house. His so-called coin collection didn't deserve space in his safe.
This was helpful in wanting to buy Roman coins. Learn first, buy second.
That is why I hate H.S.N. the lies and hype and over priced items. Yes what the sell is real but usually way overpriced and
some little old lady decides to buy some as a gift for her grandkids and if they live to be 100 the item bought might be worth
what paid for it.
HSN came to mind while watching this video as well. Caveat Emptor
Those carnival barkers will inherent a special place in HELL for deceiving all those people
Right, what they sell can be in poor condition too. I ask, if it's such a great deal than why are they even selling them?
I'm glad I found coin collecting on my own it saved my life. I had to turn the worst hand in poker seven and three into something worth living for. I wish I had a good family to help me find my hobby in life I'm just glad I found it before I died.
I once found three two cent coins at a antique store. I happily purchased them and brought them home before looking at them thoroughly. One of the three turned out to be a fake. I consider myself fairly knowledgeable, but my emotions overcame and I ended up with bad deal. This happens to everybody have you learned from it. But it is sad to see someone's prize collection turned out to be nothing especially special.
There's likely TONS more personal albums like this due to late night TV coin commercials, magazine ads in Good Housekeeping, TV coin collecting/seller barkers...just old pocket change from their nostalgic past, US/global travels, wartime overseas service. This reminds me of my Dad and Father-in-law that saved bicentennial quarters from change and some of the above but Dad also saved US Prof sets; my grandparents gave me a few coins when I was a kid...one a 1928 Peace Dollar that I still own.
This album was my level of coin knowledge prior to 2 years ago. Then I found my daughter had been given a Morgan dollar that was worth a few hundred dollars. Then I started watching videos like yours and gave it the magnet test! Now I have learned so much from your videos and others that when I leave my kids coins they will know the fake from the real and understand the 2019 S ERP Silver Eagle, 2021 Morgan and Peace dollars etc… BUT! The 3 coin 1943 Steel penny set will always be interesting coins to have regardless of condition or worth! I believe those were the first coins of interest I ever saw as a child!
Bet you can read those types of people a bit easier than most others in customer service. From working years in the corrections system. Lots of cons always working. An it helped me in my professional life
Daniel, you have one of the highest ethical standards when it comes to coins and common sense. I have learned so much from you - thank you for your genuine honesty and for sharing your wealth of knowledge. Im going to buy the red book now and check out the website!!!
I wonder about leaving my collection to a family member. Are they going to keep it and continue the collection, or will they be down at the pawn shop grabbing a few bucks. Is it better to enjoy my collection, and at some point, sell it myself and enjoy the money it brings, or hope that a family member will enjoy it also. It's not worth a fortune, but it's my collection. Does that make sense?
Makes alot of sense.
Yeah my dad had the same fear unfortunately when my dad had passed away apparently someone had stolen all my dad silver certificates and all of the silver dollars and gold dollars that he had collected over his lifetime I'm saddened by it but I still believe my brother Met has so little man lied to me cuz my dad left his clean and dollar collection Tumi
Sell your collection before you die. Leave them money if you must.
@@billydow1971 Kinda what I'm thinking. I know the value of the stuff, where they may just take the first offer and get less than market value.
@@gamingmatt9407 Very sorry to hear that. It really sucks that family will do that to each other.
Thank you Daniel. Generalizing... The older generation ( I'm old but not OLD) grew up in a different time. They think differently then allot of the younger ones. (No harm). She meant well. She wanted to pass down to her family something she thought would be special. With that said, you have people out there preying on people unsuspecting and with out knowledge (goes for more then coins). What she passed down would not be something of high value but it was high value to her for what she was doing. If you have older folks in your family, I encourage you to teach them about numismatics. Explain to them values. Pass on your knowledge..and if you don't know, subscribe to Daniel's forums, check out the many sites he mentions. I despise those who prey on people and take advantage.
Good morning Daniel, thank you for the valuable lessons in life! It’s sad but it probably happens more often than we realize. Without education and knowledge your chances of being fooled is even greater. I appreciate all your great videos and a reminder things are not always what they seem to be.🙏
Great video. 100% agree that education is key. A lot of things you’ll learn along the way but some up front effort goes a long way.
For any collectible category there can be a MASSIVE learning curve towards becoming and expert and informed investor / collector.
And in any collectibles category there are going to be bad actors trying to take your money for nothing.
Understanding and being able to recognize counterfeits is so important.
This hits close to home for me, so I won’t comment.
Very touching and Gold Bless you for bringing this up.
Thanks Daniel
I love what you said about trusting everyone until you find out that they are not to be trusted, rules are set on the majority, not on exceptions, so you are totally right to trust everyone unless they are not to be trusted and that of course, comes with experience. well said.
Trust is like respect, to me, you can have a little for free, the rest is up to you.
It seems she tried to get something worthwhile to leave to her grandson. It's a shame she probably got ripped off on most of it and that's a shame!
it was the thought that counts. I dont think she knew her son had money problems - some people hide it very well.
As always, you provided some sage advice. Education is important in just about everything, including investing in coins/bullion. I learn something every day from ya Daniel! Thanks
Met a really cool coin dealer and we talked a bit he said im selling all my stuff because my wife would give it away🙏Made me think 🙏 Great video✊
Thank you for sharing this with us. Very important points were made. You are such a great asset to the coin community, and we appreciate everything you do for us 🌟🌟🌟
AWESOME VIDEO. MY SON BOUGHT ME A ASE OFF OF FACEBOOK AND THE FIRST THING I DID WAS PUT A MAGNET ON IT. FAKE ALL DAY LONG. COULD NOT GET HIS MONEY BACK.
THANK YOU DANIEL FOR HIS LESSON.
Especially, please if you have tubes of junk silver, please attach a note to it so whoever come across can know they are worth more than face value. I had few people just casually find bunch of rolls of silver quarters from bank, somebody did not think twice and deposited them right away.
20 yrs ago my mom bought a gold coin through the mail and the guy was trying to get he to buy another. I asked a friend about it and he opened his coin book and showed me that year they minted a million of 'em. Coin book cost $10.00.
1oz bullion coins from one of the 6 major Mints is the safest, as they have very precise sets of resonant frequencies when pinged (depends on diameter, thickness, purity), which can be read on general-purpose frequency-analyser apps such as "FFT Plot" on your iPhone.
(But only hit the coin with wood or plastic as metal can dent the 99.9% pure ones).
For example, 1oz US Silver Eagles resonate with 5 peaks: at 3800Hz, 6550Hz, 8700Hz, 14050Hz, 15050Hz.
1oz 99.9% Silver Britannias (2015+) resonate at 4550Hz, 7750Hz, 10400Hz, 16700Hz, 18000Hz.
As the old saying goes:
Some people in this world have more dollars than sense !
I've had to cut up full sheets of $2-bills I bought from B.E.P.,to pay a huge traffic ticket.When I tried to get gas with some of my mis-cut $2-bills,the geniuses working @ the gas station wouldn't accept em,& I almost ended up running outta gas.Luckily,all worked out fine.
Just 1 of my experiences I thought was relatable.
I've got more ,but they're for another day.
Have a great one !
These companies like Littleton, prey on the elderly, and the uneducated to fall for their cheap, overpriced products, believing that they’re receiving a valuable item. Yes, the small print, and special wording in the advertisement can confuse those who are not in the know. Even when they offer real Silver & Gold, it’s typically marked up way beyond the market value. It’s easy for these unknowing people to order, because it comes right to there house. Many don’t even have computers, or smartphones, so they don’t (and probably wouldn’t even know how to) research what the value of these products would be. Thankfully, I put a quick stop on my own Dad, who didn’t know any better, but he had mentioned it to me first, before he went through with the transaction. Please, people, of you’re watching this video, inform your parents, your family members, and even your friends, to not fall for these misleading advertisements, and companies, offering these too good to be true items.
Good job! Thanks for your honest advise. You can never ever go wrong getting more education about anything in life!
Thank you 😊 everyday we learn something new but let's hope what I have are real 🙏
This is why my mother got me interested in coins back when coins were still made out of silver.
I have a nice colletion that's worth far more than mom ever thought I would have.
But I still thank you very much for teaching how to tell a good coin from a fake one mom.
🦉
You are a great educator on coins!! Thank you!!
Almost daily, I see offerings from unknown dealers on FB and they try to sell "genuine" coins of all varieties for a small percentage of what a genuine specimen costs. The key here is to, as you pointed out to the audience, is education. Don't go blindly into ANY deal or transaction without arming yourself with an abundance of knowledge about the Item you wish to purchase. I go to coin shows for pieces to my meager collection of foreign coins.They aren't super expensive (the costliest piece that I own is probably worth $2.00) but I go to talk to dealers on behalf of a well heeled friend who spends money freely. She can afford it, I can't! The education is free and many dealers are happy to educate people about the hobby.
As I've stated in past comments I'm new to the Numismatic world and a large portion of my knowledge came from watching Daniel's videos and IMO what's been said here is so true. Another great video and I'm always ready to see your new videos because I learn something EVERY time.
Old people should not be allowed to watch the "Coin dealer" shows on late night T.V.
Grandmother Died in 1990, I was 16. Us Grandchildren were to get the Coin and Bill Collection she had for US, Not our Children years later but US... Silver Dimes, Nickels, Wheat & Steel Pennies, Susan B. Anthony's and other RARE Coins.. Our Children in their Teens (in and past 2000) had NO Clue to the Value of these coins and Spent them like Normal Coins.. The Susan's got used in Mechanical Quarter Vending Machines... like Quarters.. so instead of a Soda costing $0.75, they spent $3...
The $500 and $1000 Bills.. Gone! Children Born after 1990 have NO Fucking Clue the Value of these items..
When my kids were young I bought them silver coins for birthdays , Christmas and special occasions they got plenty of plastic toys from other people - now that they're adults they have bullion silver that is worth more than than what I paid and they appreciate them because they still have them instead of stuff long gone and forgotten
Sad to say, that this is a growing "problem". The shop I work at has an increasing number of customers who bring in collections that they inherited essentially similar to this one. Too many well meaning people don't seek helpful advice and waste their money on garbage with little value, thinking that they are providing a tidy little nest egg for their children and grand children. A lot of the face value coins are gold plated or printed over and they can't even be spent.
Well said!
My Father taught me the value of precious metals and warned me that numismatics were a hobby and skill set that would have a long learning curve. I've been stacking for over 20 years now and I'm just about to buy my first graded coins, because they are scarcely over bullion price :)
You are so right that there are many scammers out there selling worthless silver and gold plated coins. They take many people's money and give them junk coins. But there are also scam dealers out there stealing real valuable coin collections from people that don't know what they have. The dealers take the coins and just pay the silver and gold weight for the coins that are sometimes worth far more than the metal content. My wife worked as a bank teller and an old lady came in with very old rare paper money. She just wanted the cash value for the bills and yes, they gave her the cash value. The bank president took all the bills and put them in his pocket to sell later for his own profit. My wife did manage to get one of the bills too. Buying and selling coins and other valuables is a real cut-throat business and you need not only an education but trustworthy people to do business with like yourself.
I sometimes wonder if it's a good idea to leave a collection to anyone who does not know or, more importantly, appreciate coins. As we get older we still love our coins and hate to part with them, but other than passing a few sentimental coins on it might actually be best to find a dealer to take the whole bunch and pass the money on, something everyone appreciates. When family inherits coins they often sell them, but they have no idea what is a fair price. Better for the collector to do selling, but hard to do.
Its true what you say I remember when I started collecting not knowing anything basically I wasted my money so I started watching your video reading more books about coin collecting and little by little I see improvements on how I choose my coins I'm still learning and has long way to go so I'm still here still learning i see this people on the group posting coins and I was like that at one point thinking I have something special I laugh at myself because now I can actually tell if it's damage or something that is worth of my time so Daniel thank you I wouldn't be where I am when it comes to coin collecting with out your group and your CZcams videos 🙏😅👍👍
Thank you
i got coins i saved since i was 13 yrs old i use to collect every year of coin i could find an put it into a album i got penny nickel quarter dollars albums i know when i was young i didn't know a lot about coins but i still have all them albums from when i was young i know many are worth nothing an now i am 57 now i been collecting better coins now from the mint so when it my time to go my coin will have to be searched for the good an the bad.i was young did not care what the coin looked like i was happy i got the year of coin i was looking for.
Good Common Sense Buddy! Thanx for sharing!!
Good Morning Daniel!!🍵 I appreciate the direction you initially approach people from!! I trust people first also!!
Facebook ads selling "silver eagles" for nine dollars look good unless you read all the information at the end. Usually it will say silver plated. Sometimes it doesn't. If it's too good to be true ...........
I like the ones that say"German silver". Nickel, copper, zinc. I believe. NO silver. FB gets paid. All they care about.
So many people get scammed by these ads it’s unreal. I don’t know why it’s not illegal to advertise these fake coins from China. I realize that we have no control over China, but the advertisers should be prosecuted
Nine dollars? There's no deception in that. Of course they're copies. A real silver eagle is 1 oz of .999 silver, worth at least $22 in silver content alone.
Thank you again for your time on this subject im still trying to decide on what to do with my collection while it is not a very expensive one i do have some worth collecting and passing on
She might have had a lot of fun accumulating her collection. Hobbies are fun and don't always turn
out profitable. Think of the BEANIE BABY CRAZE. I bought a number of them with my young daughter. They are worthless but we had a blast together. We still have them . Anything done solely for
money frequently isn't that much fun. 🤑🤢
Great video..thank you for the info. I've learned so much from you. 🌹
Good advice,friend. Also,I’ve learned a lot from the internet. Now before you yell at me,just like your channel,much can be learned. A relationship with your local,trusted coin dealer is good. advice. Thanks!
I came across a few plated nickles in some bank rolls. At first I didn't know what to think. Then I looked it up. I mainly make up running sets of different modern coins, and some of them are hard to find. Going through coins and sorting them out seems to be relaxing to me.
It's a tough one, Daniel. I often wonder to whom could I leave my collection, who would appreciate its real value and not sell it below bullion. NOBODY. Of course there's my wife, who gets it, but then she will run into the same problem and she really doesn't have the knowledge to sell them herself. It's a problem.
I'm planning on leaving my coins to my daughter. She already has a small business and is a smart consumer - always getting a second opinion before she acts. She's also learning the bullion business, so if and when the time comes - she's got a trustworthy coin shop to sell to, and she'll know what to ask for. I didn't do all of this hard work learning about the bullion game, and I didn't put in the hours working to buy these coins - to have some pawn shop lowball my kid. I also have concentrated on buying the better bullion coins for the lowest price possible, so she won't have to sell each coin trying to figure out the correct value for. I consider it my responsibility to do this. Littleton is a clip joint, but they know how to be a legal clip joint! Thanks for sharing this story - it's important for people to learn before they buy- this poor sucker didn't learn.
I have all my coins listed on paper an approx value based on Yeoman's price guide. I recommend people do the same for firearms. Your heirs may not have a clue to the values and this will give them an idea of a place to start negotiating. One shouldn't expect to get full retail when selling to a dealer but if they sell directly to a buyer they can at least have a good indication of what to ask.
Great idea!
Absolutely correct! There was a gun buyback at the Hartford, CT police department about 10 years ago and some old lady walked in with a rifle brought back as a war prize from WW ll. It turns out she had an STG 44, the German forerunner to the AK 47. The police (surprisingly) told her the gun was a $30,000 item and helped her get an amnesty, with paperwork, so she could reap the benefits of her husband's war trophy at a good gun auction. Hats off to the HPD for that kind gesture. You and I may know gun values, or at least look at the blue book to get an idea of price but even more people are uninformed about guns than coins.
These people pray on those who've lived hard lives with little to leave behind by offering the illusion of riches. I dealt with the same thing recently and had to watch as my wife realized that not only had her father not left her something of great value but had been taken advantage of when he was dying of stage 4 lung cancer by scam artist.
I despise scammers
@@jkfoltz0224
You know they're evil because they're smart enough to make money legitimately but chose to hurt people instead.
I agree its despicable behavior and they know what they are doing. I LOATHE scammers that prey on old people and those that are dying. SCUM.
Being new to the Coin World by way of my Late Father-in-Law in June '22, imagine my elation when I found a very rare 1847 CC mint mark Morgan. I was perplexed that I couldn't find anything about the coin in the Red Book, Blue Book or on the Triple-Dub. It wasn't until I looked up the Carson City mint that I realized the "treasure" I was holding. I'm thinking that he bought it in a box of loose coins by a dealer who didn't want to take a hit on buying something that was nothing & decided to pass it on at some coin show!
Well said! I couldn't agree with you more. Thanks Daniel
Good for you! Sad to say, not every coin dealer is as trustworthy as you however. I'm a third generation collector and speak from my Father's and my own experiences. You need to be knowledgeable!
Daniel, some people will probably criticize you for making this point but I think it's a hard truth everybody needs to swallow. It sounds callous to say what "not" to leave as an inheritance, but you're right. People, especially elders, should know what they have and why they're leaving it to their children or family - with items like these, it's not the monetary or rarity value, it's just sentimental value.
My son will be receiving my coin collection once I pass, again to do with as he sees fit. However, he also collects coins so he will be able to better determine their actual value. Except for one book of one cent pieces (purchased through PCS) all my coins were purchased through reputable dealers or from eBay. Most of my collection are one cent pieces, with a good assortment of the other denominations. My goal has been, since I started collecting, to have one of every year and mintmark and, happy to say, I am only about 100 cents away from complete (mostly the large cents). I haven't really bothered with any slabbed coins, although I do own a few (separate from the complete cent collection I'm building).
What a sad Story that is, The heart Feld letters were so sweet and kind and the contents were just garbage! Thank you for sharing and informing people to watch what they buy and I agree educate yourself before buying anything. Have a Great day Daniel.
Thank you. Very helpful.
My dad has a collection of coins that have been in a safe deposit box for years. I'm a little afraid once the day comes that I have to research the value, knowing that a lot of the them had been purchased on eBay and that there could be many fakes or overvalued items in there. Really sad to think that maybe the cost of the safe rental has far exceeded the value of the coins.
Great topic and well done. As a newer collector, I do so with the intent to benefit my children in some way. I buy weight and hunt numismatics. I learned early on that "junk" is what's best for what my intentions are. Made one mistake to date that I know of and that was buying a full roll of 90% BU Rosies lol. They sure are pretty but do not fit my agenda lol. I have always known the need to leave notes as detailed as possible. Hopefully, I can teach my children what they need to know before I pass. As they get older (currently 5 and 3) I will evaluate the interest they have in coins and decide in the future what to do with my growing collection. I can't help but wonder if I may just use it myself to buy some of that life extension technology they come out with in 2050 to be around for them longer in that way. Decisions decisions. Whatever you do with your collections, don't set your loved ones up to feed a roll hunter a future buffet or all your effort while alive was for nothing. I have very much enjoyed coin hunting in this first year I have been doing it and I think I will continue for the rest of my life. I even have a few videos of my own posted here on CZcams. The next one I post will be of me finding ELEVEN Tallgrass Prarie W's inside of 6 quarter rolls I picked up from work. What a great mini hunt that was lol. Thank's for all you do for the community. Happy subscriber 👊
It is a thought that does cross my mind.... must plan better. Thank you for reminding me.
the one thing I learned from this video, is an existential crisis filled realization that my wife and I have no one to leave anything to. I have a collection my grandparents gave me and I had been hoarding them like a mizer but I just realized, why, who am I carrying all these coins for? As if this 1887 silver dollar is ever going to suddenly skyrocket in value. Well, at least my Kennedy halves are worth their weight in Silver, which is nice that I held onto those 1964s as long as I have but still. at what point do I say just sell it. then is it even worth selling, I mean, getting them appraised would cost me a small fortune unless I would trust a local dealer to give me a fair price for, but I really don't know anyone that I would trust locally to even sell to... guess I take 'em to the grave some day then? maybe melt them down into an urn for my ashes, surprise some lucky grave robber some day...
Thank you for sharing.
I am new to collecting coins and I really appreciate this video. Thanks so much. Sincerely
My coins are not precious to anyone but myself. It's a collection that started more than a century ago by my great aunt, and although they are not the highest quality, they are all mine.
I have been slowly giving my silver dollars to my kids and granddaughter.