Before considering the sale of your valuable coin collection, it's paramount to create a detailed inventory list. This critical document is often the first thing requested by prospective buyers. Collectors and dealers rely on specific information to gauge their interest and propose a fair price. Without a detailed inventory, assessing the value and interest in your collection can be difficult or impossible. For those new to selling coins, the task may appear overwhelming. However, this guide aims to simplify the process, ensuring you cover all necessary details efficiently.
iGuide suggests utilizing a spreadsheet application, such as Google Sheets or Microsoft Excel, for inventory management. Google Sheets is particularly favored among buyers for its accessibility and is available at no cost with a Gmail account. Creating a Gmail account is straightforward and can be done by searching for "FREE GMAIL ACCOUNT" online.
Year
Identifying the year a coin was minted is generally a simple task. However, if the date isn't visible due to wear, understand that this more likely indicates damage rather than a minting error.
Mint Marks
Mint marks is an essential point for coin collectors, with certain marks potentially increasing the coin's value significantly. The mint marks in the United States are:
- P: Philadelphia Mint (also the U.S. Mint's main office, thus some coins may not feature a mint mark).
- D: Denver Mint.
- O: New Orleans Mint.
- S: San Francisco Mint.
- W: West Point Mint.
- CC: Carson City Mint (known for its rarity and high value).
For assistance in identifying mint marks, a quick internet search can be very informative, or contact iGuide.
Denomination
State the denomination of each coin in your collection, whether it be a penny, nickel, dime, quarter, half-dollar, or dollar.
Coin Type
Including the type of each coin, while not mandatory, can offer additional insight into your collection.Don't know the type? It's okay to omit it.
Condition
Do your best to evaluate and describe the condition of each coin, even if it's a broad description like "USED" or "LIKE NEW." For coin sets or commemorative issues, describe the state of the packaging and whether items like certificates of authenticity are included, noting the condition as "like-new" if applicable.
Conclusion
Following these guidelines will help you compile a proper inventory list for your coin collection, putting you in a strong position for future sales or evaluations.