Inherited coin collection

What should I do, and what shouldn’t I do?

There may be some worth a few hundred or a few thousand forints, but there may also be some truly rare specimens. And perhaps even more importantly, a coin’s value is often determined by minute details that are not at all visible at first glance.

That is why we have put together a list of what you should – and shouldn’t – do with an inherited coin collection.

An inherited coin collection – What should I do, and what should I avoid?

Inheriting a coin collection often presents the heir with an unexpected situation. Whether it is a box of old coins, a few albums or even a collection filling an entire cupboard, it is almost impossible for a layperson to determine what holds genuine numismatic value.
There may be some worth a few hundred or a few thousand forints, but there may also be some truly rare specimens. And perhaps even more importantly, a coin’s value is often determined by minute details that are not at all visible at first glance.
That is why we have put together a list of what you should – and shouldn’t – do with an inherited coin collection.

What you must not do under any circumstances

1. Do not clean the coins!

This is perhaps the most important piece of advice.
To the layman, it may seem natural to clean a discoloured or patinated coin before showing it to an expert.
Please don’t.
Improper cleaning can significantly reduce the value of a numismatic coin in a matter of moments. In many cases, the natural patina, the original surface and the remaining mint lustre are an important part of the coin’s value.
Toothpaste, metal polish, vinegar and other home remedies, in particular, can cause significant damage.
If a coin has survived for several decades or even centuries in the condition in which you found it, leave it as it is.

2. Don’t throw away old envelopes, notes and memos!

Collectors often kept their coins in small paper bags, old coin holders or alongside homemade labels.
At first glance, these may seem insignificant, yet they often contain important information: the coin’s identification, provenance, previous purchase price, auction details, catalogue number, or even when and from whom it was acquired for the collection.
The documentation of an old collection can be valuable in its own right.
Do not throw anything away until a specialist has seen it.

3. Do not rearrange the collection!

If the collector has organised the coins according to a particular system, please try to keep to that order.
Please do not remove the items from their holders unnecessarily, do not mix up the labels, and do not try to rearrange the material to make it look „neater”.
The structure of a collection often reveals a great deal about the former owner’s approach to collecting.

4. Don’t try to work out the value based on online adverts!

This is one of the most common misconceptions.
You find a similar coin online for 500,000 forints – so does that mean yours is worth 500,000 forints too?
Unfortunately, it’s not quite that simple.
The price quoted online is not the same as the market value. Just because someone has advertised a coin for a certain amount does not necessarily mean they will ever be able to sell it at that price.
What’s more, even between two coins that appear identical at first glance, there may be a difference in value – sometimes several times over or even by an order of magnitude – depending on the year of issue, mint mark, variant, rarity and condition.
To determine the true value, it is necessary to examine auction results, specialist literature, market experience and the coin itself as a whole.

5. Don’t let your collection get „picked over”!

When word gets out about an inherited collection, acquaintances, more distant relatives or friends who are collectors often get in touch because they fancy a particular item. On other occasions, someone may make an offer for just a few coins that interest them, with the intention of buying them.
None of these things in themselves necessarily implies any ill intent. However, before the inspection, it is advisable to keep the collection together in its entirety.
This is not only because, as a layperson, it is difficult to determine which pieces are truly valuable.
It is often the outstanding, so-called ‘key pieces’ that determine the marketability of a collection. These are the coins that prompt a collector, dealer or auction buyer to take an interest in the collection as a whole.
If you sell or give away these most beautiful, rarest or most valuable items in advance, it may well be that it will later prove considerably more difficult to sell the remaining part of your collection at a suitable price.
A collection, therefore, is not always simply the sum of individual coins placed side by side. The finer pieces often enhance the appeal of the collection as a whole.
Don’t let anyone pick out the bits they find most interesting in advance.
You can still give items as gifts, sell them separately or break up the collection at a later date – once you have a clearer idea of what you own and how the removal of any individual item might affect the collection as a whole.
A simple rule: until a professional has seen all the material, try not to let any of it out.

6. Don’t start selling the items individually!

A mistake closely linked to the previous point is when the heir begins, on their own initiative, to sell off in various places those coins which they believe to be of greater value.
In doing so, he is effectively dismantling the very part of the collection that is of the greatest professional and commercial importance.
It is advisable to have the entire collection assessed first, and only then decide whether it is best to sell it as a single lot, in groups, by direct sale or at auction.

And one more thing: forget about „general estate liquidators”

On the internet, you’ll come across numerous businesses that buy practically anything: furniture, paintings, porcelain, watches, jewellery, books, military items – and, of course, coins too.
If you have a serious coin collection, don’t start here.
Not because every general estate liquidator is dishonest. Simply because numismatics is a specialist field in its own right.
Just as we would take a valuable painting to an art expert or a fine watch to a watch expert, it is advisable to show a coin collection to a specialist whose main field of expertise is numismatics.
The significance of a rare coin, a lesser-known variant, a special trial strike or a coin in outstanding condition is often only recognised by those who deal with such items on a daily basis.
The value of an estate is not determined by who is the quickest to pay cash for it.
First of all, you need to find out exactly what he actually owns.

What should you do instead?

1. Preserve the collection in its original condition

Do not clean it, do not rearrange it, do not sort it, and, if possible, do not give away a single item from it.
If they’re in albums, leave them in the albums. If they’ve been kept in old envelopes, along with the labels, keep those as well.

2. As a first step, request an expert assessment

You do not need to catalogue the collection in advance.
You don’t need to carry out separate online research on every coin.
And he doesn’t need to know exactly what he owns.
That is the specialist’s job.
An experienced numismatist can assess the structure, periods and likely value of a collection relatively quickly, and then select those items that require closer examination.

3. Only then should you decide whether to sell

The same sales method is not necessarily the best for every coin.
For a more typical collection, direct purchase may be the simplest and quickest solution.
In the case of a rare coin, one in exceptional condition or one that is particularly sought-after, however, an auction may yield a significantly better result.
For larger collections, however, a combination of the two methods is often the sensible solution.
That is why it is important to consult a specialist who can not only buy the coins but also arrange for them to be sold at auction.

Purchase or auction?

At Procopius Numismatics, you don’t need to decide this in advance.
Once we have reviewed the collection, we will be able to determine which items would be better suited to direct sale and which coins are worth considering for auction.
Our aim is not simply to put a price on a collection, but to recognise what is truly valuable from a numismatic perspective.
A good collection is often the result of decades of work. It deserves to have a decision on its sale made only once a clearer picture has emerged of what it contains.

A box of coins or a serious collection?

Often, even the heir themselves cannot decide this.
And there’s no need to.
Even a seemingly insignificant box may contain a valuable item, whilst a large collection does not necessarily represent outstanding value.
Far more important than the number of coins are their rarity, condition, market demand and the curatorial composition of the collection.
Therefore, if you are unsure, it is worth taking a few general photographs of the material first. In many cases, these will be enough to determine whether a face-to-face inspection is warranted.

Our most important piece of advice

If you have inherited a coin collection, don’t rush into selling it.
First, find out what you have.
• Do not clean it.
• Do not throw away the accompanying documents.
• Do not rearrange it.
• Do not try to work out its value from online adverts.
• Don’t let anyone pick out the best bits.
• Do not open the collection until it has been examined in its entirety by a specialist.
• If you have a more substantial numismatic collection, don’t start by taking it to a general estate dealer.
First, have it examined by a numismatic expert.
After that, you can decide at your leisure whether to keep the collection, sell it directly or put it up for auction.

PROCOPIUS NUMISMATICS

Expert valuation • Coin purchasing • Auction sales

The valuation is carried out in person by Péter Molnár, a numismatist and co-author of the Hungarian Coin Catalogue.

Procopius Numismatic Ltd.
1052 Budapest, 16 Petőfi Sándor Street.
www.procopius.hu
www.bidcoin.hu
To arrange an appointment: +36 30 397 6748