Liquidating my Father’s (Mini) Estate of Morgans & Silver Eagles
One of the most exciting things in the world of collecting, which I’m sure you can attest to, is when someone tells you they have a stash of coins hidden away they’d like you to take a look at :) And even more so when they tell you they’re kept in a vault at the bank!!!
This was exactly the case the other day when my father, after 35 years of knowing him, sprung this surprise on me and handed over a box stuffed with coins he had purchased in the mid-1980’s. He was always testing out different investment ideas back then, and at some point figured coins would be a smart way to diversify his holdings. So he ordered a handful of Morgan dollars and silver eagles off the back of some catalog (the olden days – hah!) and then promptly sat on them for over 30 years.
Now, for whatever reason, he was curious as to how much they were worth – particularly because he was sure he had gotten ripped off all those years ago? – and wanted to know if I’d be the man for the job.
Yes please!
Who am I to turn down such a splendid thrill? What an honor!
So I turned around and did what every good novice collector does – take them to my local coin club and have the experts help me out ;) I tried to grade and value them myself first, of course, but sadly grading is the least of my skills and I wanted to make sure my father got as accurate an evaluation as possible. so after I got the “official” grades from my veteran friends, I made sure to pepper them with all sorts of questions so that I could learn in the process.
If you don’t belong to a local club yourself, I highly encourage it. People are so NICE and helpful there! And have decades of experience!
Here was everything inside of the box:
- 1880 Morgan Dollar (beautifully encased, slightly toned)
- 1880-S Morgan Dollar (beautifully encased, slightly toned)
- 1881-S Morgan Dollar (beautifully encased, slightly toned)
- 1899-O Morgan Dollar (beautifully encased, slightly toned)
- 1987 American Silver Eagle
- 1987 American Silver Eagle
- 1987 American Silver Eagle
- 1987 American Silver Eagle
- 1987 American Silver Eagle
- 1987 American Silver Eagle
And then here was the grades & values of the coins by my fellow colleagues:
- 1880 Morgan Dollar (grade – MS63) – worth roughly $150
- 1880-S Morgan Dollar (grade – MS63) – worth roughly $75
- 1881-S Morgan Dollar (grade – MS63) – worth roughly $75
- 1899-O Morgan Dollar (grade – MS65) – worth roughly $200
- 1987 Silver American Eagles – worth roughly $20 a piece
[With the toning possibly upping the desire – and values – of the Morgans]
So a total amount of $620. I’m not sure how much my father paid for these back in the day, but I’m willing to bet they’re worth more now :) Though there is inflation to consider…
After learning this my father then asked if I wanted to help sell them so they could invest the profits in stocks instead (a much smarter move, if you ask my opinion. I love me some coins but they’re not exactly the best investments return-wise or time-wise!)
Yes please again!
So that’s where we stand at this current moment… I’ve already had some interest from some of my friends who helped grade them, and I have another collector friend who’s helped me off load some of my own coins in the past. So between all of that I’m pretty sure I can liquidate them for my dad. And of course I might have to pick one of them up myself just for sentimental sake.
Pretty exciting times over here to say the least!
More pics of some of the Morgans:
PS: I originally feared these toning elements was RUST, since my father had picked them up when we were living in Hawaii (much different climate there!), but fortunately this turned out not to be the case :) And what beautiful packaging, right?
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About The Author
Jay
I love coins, beer, and my kids. Not particularly in that order :) You can check out all of my online projects here: jmoney.biz.
Same here…Mother shows up with a “vintage” cardboard box barely holding it’s own after 50 years of moving around. It weighs at least fifty pounds and is full of coins. Some, like the silver coins, have obvious value. Others like the penny collections, not so much. How do I get something like this evaluated without worrying about the most valuable coins disappearing?
Fun!
I literally got another box this weekend from a family member who had it stashed in an attic for decades as well. It’s a dream to go through and help them evaluate!
Your best bet is finding someone at a local coin club to help out. They’re pretty helpful and nice and I guarantee a few of them probably help liquidate (and value) collections for people. You’ll also find the more trustworthy dealers there as well which is another option. The downside is it may take more time for you to go to them and chat with people/etc, but it would be a smart move to do if you’re not in a rush.
Otherwise you can check out the local dealers in your area and see if you find any that are helpful/nice and maybe set up a time to to through it all together? Then you’d be able to make sure nothing “accidentally” disappears :)
Lastly, if you’re in the DC area I’d be open to helping too.
If you listen closely you can hear the crickets. Don’t worry, I too had a coin blog stall out.
hah.
still around, just taking my time so I don’t become a workaholic ;)
How did you go about discovering your local coin club?
I googled “coin club” in my city and fortunately there was one! :) From what I hear though there’s usually one in most areas – even if you have to drive a little bit. I wholeheartedly recommend attending one. You learn so much and have a lot of fun too!
Hey J Money!
I have recently reignited my passion for coin collecting and have been loving going through these posts (I also enjoy your other site Budgetsaresexy). I received and purchased some coins years ago as a child, but until recently they have just been quietly and patiently waiting for me to return. To me the best and most exciting parts of collecting coins are the unexpected finds and the history (your site is awesome for the latter). I am interested in joining a local coin club and I understand that you are in the DC area. I live in Richmond, VA and was wondering if you had any suggestions on clubs, groups, dealers, etc. in the area? Thank you so much for helping me to rediscover my love of coins!
Heyyy very cool!! Welcome back to the fun!
Yes – coin clubs are the *perfect* way to start back up again. So much fun meeting other people and learning and even adding more pieces to your collection as you go (or selling the ones you no longer want anymore, since most clubs do monthly or quarter auctions at them!).
I’ve never visited the Richmond Coin Club but I’ve heard good things! You should go to the next meeting:
http://www.richmondcoinclub.com
“The RCC holds monthly meetings highlighted by informative speakers, a raffle and auction. Our meetings start at 6:30pm and are held on the first Tuesday of each month, unless otherwise stated in advance. The meetings are held in the banquet room of the Pickel Barrel Restaurant, 12912 Plaza Drive, Richmond, VA 23233.”
Let me know what you think, and maybe one day I’ll drive down and meet you there :)