Inherited a Coin Collection? A Practical Guide to Knowing What You Have—and What to Do Next

Inheriting a coin collection can be exciting, but it can also be overwhelming. Perhaps a parent or grandparent spent 40 years carefully assembling it, and you may know very little about coins. You may be looking at albums, boxes, envelopes and individual coins with no idea whether the collection is worth hundreds, thousands—or considerably more.

At Carsley Whetstone, we have been helping people with situations like this for generations. Our history in Montreal dates back to 1928, and over the years we have handled everything from modest family collections to important Canadian rarities and major estates.

Here are a few things we have learned that may help.

First: Don't Clean Anything & Leave Coins in Their Holders

This is probably the single most important piece of advice we can give.

A dark or tarnished old coin may look as though it needs polishing. Don't do it. Cleaning can permanently alter a coin's surfaces and significantly reduce its value to collectors.

Similarly, don't remove coins from old holders, envelopes or albums unless there is a good reason. Even handwritten notes and old labels can provide useful information about a collection. Some collectors even value old labels that document a coin's pedigree, or history of ownership over time. When in doubt, leave everything exactly as the collector left it.

Don't Assume Old Means Valuable—or That New Means Worthless

Age is only one factor in determining a coin's value.

A 200-year-old coin that was produced in enormous quantities may be relatively inexpensive, while a much newer coin with a low mintage or rare variety can be worth thousands of dollars.

Value depends on a combination of rarity, condition, collector demand, authenticity and sometimes precious-metal content.

This is particularly important with gold and silver coins. Some are primarily valuable for their metal. Others have substantial numismatic—or collector—value above their gold or silver content.

Before selling an old collection simply for its metal value, make sure you know which type you have.

Keep the Collection Organized

Collectors often have their own system.

If coins are arranged by country, denomination or date, keep them that way. If certain coins were placed individually in holders while hundreds of others were left loose, there may have been a reason. Some collectors stored items in jars or other containers. Keep them as they are until you know what you have.

You don't need to catalogue the collection yourself before seeking advice. In fact, seeing how the original collector organized it can sometimes help us understand the collection.

Get Advice Before Making Decisions

You don't necessarily have to sell an inherited collection.

Sometimes several family members inherit a collection and simply need to understand its value before deciding what to do. In other cases, the family wants to keep certain pieces as mementos and sell the remainder.

A knowledgeable numismatist should be able to explain what you have, identify the important material and help you understand your options.

At Carsley Whetstone, our experienced staff provides free advice by phone. Paid in-person coin appraisals are conducted by Michael Joffre, our president and head buyer, who has spent decades buying, selling, collecting and researching coins. We also regularly purchase individual coins, complete collections and estates.

Experience Matters

Carsley's story began on Montreal's Ste-Catherine Street in 1928, when Alexander Carsley opened the business that would eventually become one of Montreal's best-known coin firms.

During its long history, Carsley has handled important Canadian rarities, including the famous 1921 5-cent and 50-cent pieces, the unique 1944 Tombac nickel, almost every type of Government of Canada banknote, and some of the rarest Canadian colonial tokens.

Today, Carsley Whetstone continues to work with collectors and families as well as banks, trust companies, lawyers, accountants and other professionals dealing with estates and valuable collections.

If you've inherited coins and aren't sure where to begin, don't worry about becoming a coin expert overnight.

Don't clean them. Don't rush to sell them. Keep the collection together—and get knowledgeable advice about what you actually have.

Sometimes the most important coin in a collection is the one you didn't know was important.