Numistify guide
Inherited a Coin Collection? What to Do First
Inheriting a coin collection can feel overwhelming, especially if you know nothing about coins. The good news: the most important steps are about what not to do. Here is a plan, from the first day to a fair sale or a collection you keep.
The short answer
Do nothing hasty: don’t clean the coins, don’t take them out of their holders and don’t sell to the first buyer. Keep everything together, make an inventory, sort out the silver and gold, the certified coins and the rest, and get more than one offer or an appraisal before selling. Ask the estate’s attorney or a tax adviser what valuation is needed.
First, do no harm
Do not clean anything. Cleaning is the most common way inherited coins lose value; see should I clean my coins?
Do not take coins out of their holders, especially sealed grading holders, original government packaging and proof sets.
Do not sell to the first buyer, and be wary of anyone who wants a decision on the spot.
Keep everything together, including notes, receipts, price lists and boxes: they can tell you what the collector knew and paid.
Make an inventory
Before anything leaves the house, list what is there: each coin or set, with country, denomination, date and mint mark where you can read them, and a photograph. Record anything written on holders. An inventory protects the estate, makes appraisals faster and lets family members see what exists.
Sort what you have
Certified coins in sealed PCGS or NGC holders already have an identity and grade; check the certification numbers on the services’ websites.
Silver and gold. US dimes, quarters and half dollars dated 1964 or earlier are 90% silver, as are Morgan and Peace dollars; many foreign coins are silver too. These are worth at least their metal; see silver and gold melt value.
Sets, albums and proof sets. Keep them complete as they are.
Everything else. Often mostly common coins, but worth a careful look for key dates.
Find out what it is worth
Look up the better coins in the Red Book for US coins or a world coin catalogue, and compare historical auction prices and eBay sold listings for the same coins in the same condition. Then get opinions in person: show the collection to more than one local coin shop, or hire a professional appraiser for a large collection. Our guide what is my coin worth? walks through the research.
If you decide to sell
Get more than one offer. Bullion and common coins can be sold in bulk; valuable coins often do better individually or at auction, and some may be worth certifying first. Our guides to where to sell coins and whether to get a coin graded explain the options.
If you decide to keep it
Store it safely in inert holders, in a dry place, and insure it; our guide to storing coins covers the details. Keep the inventory up to date, and write down what you learn so the next person has an easier job.
Estates and taxes
An estate may need a written valuation of the collection as of the date of inheritance, and selling it may have tax consequences. These rules differ by country, so ask the estate’s attorney or a tax adviser what is required before you sell.
Questions people ask
What should I do first with an inherited coin collection?
Nothing hasty. Do not clean the coins, do not take them out of holders and do not sell to the first buyer. Keep everything together, including any notes, receipts and boxes, then make an inventory.
How do I find out what an inherited coin collection is worth?
Sort it into silver and gold, certified coins and everything else, look up the better coins in the Red Book or a world coin catalogue, compare auction records and eBay sold listings, and get opinions from more than one coin dealer or a professional appraiser.
Should I sell an inherited coin collection all at once?
Not necessarily. Bullion and common coins can be sold in bulk, while valuable coins often do better sold individually or at auction. Get more than one offer before deciding.
Do I need an appraisal for an inherited coin collection?
Often, yes — an estate may need a written valuation as of the date of inheritance. Rules on inheritance and capital gains vary by country, so ask the estate's attorney or a tax adviser what is required.
Should I clean inherited coins before selling them?
No. Cleaning lowers the value of collectible coins, sometimes greatly. Leave them exactly as you found them.
Related guides
How to tell if a coin is valuable — the signs to look for while you sort.
Need to track your collection?
Numistify is where collectors keep track of what they actually have — coins, banknotes and bullion in one catalogue, with the date, mint mark, grade and cert number on every piece.
It also works out what each item really cost you, with the buyer fees, shipping and grading added in rather than just the hammer price. When you sell, you can see what you made on it.
Free for your first 50 items, and there is no card to enter.