10 Ways To Increase The Value Of Your Coin Collection

Here are 10 Ways To Increase The Value Of Your Coin Collection

Five Traps to Avoid When Buying and Holding Precious Metals

Average investors may find their first purchase of physical gold and silver a little intimidating.

To be sure, bad actors have sold metals with lower purity or less precious metal content than claimed. Sometimes it requires special equipment or knowledge to detect such fraud. But there are many other ways for novice investors to be scammed.

TRAP #1: Cable TV Ads, Celebrity Spokesmen, and the “Bait and Switch”

If you watch any of the cable news channels, you are certain to have seen advertisements to buy gold or silver coins, especially inside a retirement account.

The companies behind the Cable TV ads typically use a celebrity spokesman and appear simply to be promoting a basic investment in gold or silver. However, when they get someone on the hook, they will try to make an upsell into so-called rare, special, limited edition, proof, or collectible (numismatic) coins.

Unfortunately, for anyone duped into buying these supposedly special coins – usually at the hands of high-pressure, commission-based salespeople – it may be decades (if ever) before the victim sees a return on their investment.

Because the prices charged are so high above the actual market value of the gold or silver, metal prices often must double or more before a purchase can get back to a break-even point on the investment.

The celebrities hired for these TV ads may not even realize they are complicit in a swindle. Like many others, they might not know enough about the precious metals industry to understand what is a good value and what is not.  However, naivete is no excuse for a celebrity spokeman's involvement with such sellers; these celebrities get paid a fortune for their endorsements.

The reason these TV-based dealers can afford to pay the celebrities, as well as their aggressive commission-based sales team, is that the profit margin in their dubious rare, proof, and special-edition coins is far above the margins for competitively priced bullion.

TRAP #2: Individual Scammers

In recent months and years, there have been many cases of scammers and thieves targeting precious metals. Several public warnings have been issued by the CIA, FBI, and NSA, regarding scam syndicates and terrorist organizations in this area.  Money Metals frequently warns customers about various scams we detect.

Some of the scammers will prey on the elderly, calling and harassing them into buying gold bullion bars or coins, sometimes using a fake business front to acquire cash or precious metals… or to get people to sell valuables for cash.

There have also been a variety of money laundering schemes.

At times, scammers may even present themselves as the IRS, the police, or another government authority and demand valuables to be turned over to them. 

Another common type of fraud is committed by random sellers online. They will simply steal the client’s payment and deliver nothing, or fulfill orders with fake or adulterated metal.

The above scenarios underscore the importance of buying, selling, or trading through reputable online dealers such as Money Metals Exchange.

A reputable company will be easy to contact or communicate with. They provide confirmation as the transaction moves through to completion, they get positive reviews from clients online, and they have established a good rating with the Better Business Bureau (BBB).  (That said, even dishonest companies have managed at times to maintain a good BBB reputation.)

TRAP #3: The Crooked Depository

Over the years, there have been multiple incidents involving corrupt depository operators that either raided a customer’s storage account or never deposited the metal the customer sent in the first place.

When storage customers finally want their metals to be returned to them, these corrupt depositories can operate as pyramid schemes. They manage to meet withdrawal requests until those requests outnumber new deposits.

When they do send metals, there can be long delays consisting of weeks or months. This is a red flag that signals the depository doesn’t actually have the customer’s metals on hand. They are working to acquire the metals needed to make the client whole.

A good rule of thumb is to only buy, sell, or store using a reputable precious metals depository that has an established public profile and good ratings.

TRAP #4: Phony Dealers that Fail to Deliver

There have been numerous instances of fake dealers that sell precious metals but never actually send the metals. Instead, they pocket the money.

The following are signs to be wary of…

• Newly created websites.
• Companies selling at popular online auction sites with no verified transaction history.
• Sellers who are based in a different country.
• Sites that look and sound a lot like other companies (but are not actually them).
• Sellers who only want to receive payment in cryptocurrency or cash.
• Random ads found on public forums.

TRAP #5: Home Invasions and Thieves

When you own bullion of any amount, especially significant amounts of precious metals such as gold bullion bars, gold coins, silver bars, silver coins, gold rounds, silver rounds, or even jewelry, it is always a good idea to not publicly brag about it. Keep it to yourself.

A home invader can access your home while you are there. They will threaten violence or death to compel you to turn over your valuables.

A thief will wait until you are not home and take your precious metals collection without directly threatening you.

There have been countless examples of precious metals enthusiasts being robbed.

To reduce your chances of being robbed or having your valuables stolen, do not post pictures and videos of your collectibles online and do not talk openly about what you own.

Owning precious metals is a great way to build a personal store of value, hedge against inflation, and maintain wealth over long periods. And when you own a lot of it, you feel more financially secure for your future.

It is normal to want to show it off, to be proud of your achievements, and to encourage others to get started. However, it’s safer to keep your investments private.

If you have a significant amount of precious metals, it is a good idea to store at least some of them in a reputable depository, such as the Money Metals Depository. This is a low-cost option (starting at less than $100 per year) that safely protects your valuable investments and reduces the risk of thieves, robbers, and home invaders.

When storing your metal collection in a proper depository, they are protected in a dedicated facility with top-of-the-line secure architecture, technology, and staff. And your metals will be fully insured against loss – something that may not be possible when storing at home.

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Why Are Some Coins Painted Red?

 

 

Some junk silver coins are painted red. Junk silver quarters and junk silver dimes can be painted red. These coins were painted red so that a business owner could put them in the juke box and get their coins back when the money was collected. 

The Best & Worst Rare Coins to Collect, According to Experts

 

 

If you're new to the world of coin collecting and just beginning to learn the ropes, then you might be struggling to figure out just where to begin. After all, there are an estimated 28 billion coins in circulation. Let that one sink in for a second! That's a whole lot of loose-change floating around out there!

Some coin aficionados collect coins so that they can later sell them to turn a profit, while others are more interested in the history and cultural significance of the coins that they add to their collections. While there really is no 'wrong' way to go about coin collecting, if you're intention is to actually make money from your newfound hobby, then you should really familiarize yourself with what sorts of coins are actually worth your time and money.

Ultimately, being successful at coin collecting and flipping is all about whether you can actually move your inventory. Just because you have a coin in your collection that a random guy on Reddit or some guidebook tells you is worth a great deal, it's worthless until you can actually put it into the hands of the right buyer. 

What Do You Do With Inherited Jewelry?

If you have inherited jewelry, there are several options you can consider. Ultimately, the decision of what to do with inherited jewelry depends on your personal preferences and financial needs.

For instance, jewelry in good condition can be worn and become part of your wardrobe. Likewise, if the jewelry has sentimental value, you may choose to keep it as a cherished family heirloom or have it remade into a more modern design. 

However, if you don’t want to keep the jewelry, you can always donate or sell it. You can take it to a jewelry store or a pawn shop for a quick appraisal, or you can sell it through an online auction site or a jewelry dealership.

What Is the Etiquette for Inherited Jewelry?

There is no one set of rules for the etiquette of inherited jewelry, as it can vary greatly depending on the family’s culture, beliefs, and traditions. 

However, in general, the most important thing is to respect the wishes of the deceased. If the person who left you the jewelry expressed a specific wish for how it should be used or passed on, you should honor their request.

Additionally, if multiple people have inherited jewelry, it’s crucial to have open and honest communication with each other to avoid any misunderstandings. If the jewelry is to be divided among family members, do so in a fair and equitable way.

Is It OK To Sell Inherited Jewelry?

Yes, it is perfectly fine to sell inherited jewelry if you don’t want to keep it. 

Inherited jewelry is considered personal property, and you have the right to do with it as you please. People choose to sell their inherited jewelry for various reasons, such as raising funds for a major purchase, paying off debts, or supporting their lifestyle.

However, it’s important to be mindful of the sentimental value that the jewelry may hold for other family members or for future generations. If you do choose to sell the jewelry, it’s a good idea to communicate your decision with the rest of your family.

Who Gets Jewelry When Someone Dies?

When someone dies, the distribution of their jewelry and other personal property is determined by the terms of their will or trust. If they passed away without any estate planning documents in place, then the state intestacy laws will determine who gets the jewelry. 

A will or trust is a legally binding document that outlines the distribution of a person’s assets, including jewelry, after they die. If the deceased person had a will or trust, their jewelry will be distributed according to the instructions specified in that document.

If the deceased person did not have a will or trust, the state laws of intestacy would come into play. These laws vary by jurisdiction, but typically dictate that the jewelry and other assets are distributed to the deceased person’s closest relatives, such as their spouse or children. If the deceased person was unmarried and had no children, the jewelry may be distributed to other relatives, such as siblings, parents, or grandparents.

How Do You Fairly Distribute Jewelry After Death?

In many instances, jewelry will be distributed according to the deceased person’s wishes, as explained by their estate planning documents. If the deceased person had a will or trust, it should specify how their jewelry and other assets are to be distributed. This can provide a clear roadmap for the distribution process.

However, in situations where the deceased person did not leave a will or trust or it does not specify how particular pieces of jewelry should be distributed, it is essential to split it fairly among heirs, in proportion to the share of the estate they are entitled to receive.

Knowing the market value of each piece can help determine its worth and ensure that it is distributed fairly. If there is any confusion or disagreement about the value of the jewelry, a professional appraiser can provide an independent evaluation that can help resolve any disputes.

How Do You Separate Inherited Jewelry Between Siblings?

While the deceased person’s will and trust may dictate how specific pieces of jewelry should be distributed, if there are no instructions or estate planning documents provided, the personal representative may be placed in the challenging position of deciding how to fairly distribute a jewelry collection. Separating inherited jewelry between siblings can be difficult and emotional, especially if multiple people want to keep certain pieces.

When making these decisions, it’s important for the personal representative to respect the deceased’s wishes as much as possible while also providing for a fair distribution of the estate’s assets. For instance, a family member that wants to keep a valuable piece of jewelry may elect to give up a portion of their monetary inheritance to ensure all siblings receive an equal share of the estate. 

What If Siblings Fight Over the Jewelry?

If siblings fight over jewelry that is part of the estate of a deceased parent and there is no guidance in the will or trust on how it should be distributed, a creative solution may be the best choice. One option would be to rotate possession of certain pieces of jewelry between the siblings who want it while maintaining shared ownership. Or, it may be better to simply sell all the jewelry and split the proceeds.

Even if you hope to resolve the situation amicably, it’s always a good idea to involve a probate litigation attorney as soon as a dispute arises. An experienced lawyer can help you negotiate with your siblings to reach a mutually-agreeable compromise, and, if you cannot come to an understanding, they can help represent your interests in court. 

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Top 50 Most Valuable Pennies In History

 

 

This video and information was made by Christian the owner of Treasure Town Channel on Youtube, " This video is about The Top 50 Most Valuable U.S. Pennies are how they are constantly changing, and I tried to do my best to do a quick run through of some of the highlights of the best errors, varieties, key dates, proofs, patterns, mis-strikes, and other craziness that has happened at the U.S. mint over the past 167 years or so since small-size cent coins started up in 1856! 

There have been some re-pricing in coin markets, with certain coins skyrocketing up the ranks, while other coins fall significantly down in value - with one of them going from $1,700,000 in a private sale to $840,000 in public auction (and falling out of #1)." 

Mint Marks

Mint marks are letters that identify where a coin was made. They hold the maker responsible for the quality of a coin. When the U.S. used precious metals such as gold and silver to make circulating coins, a commission evaluated the metal compositions and quality of coins from each of the Mint facilities. The evaluations ensured that each facility produced coins to the correct specifications.

Philadelphia was the only branch in operation in the Mint’s earliest years, so identifying the sources of a coin was not necessary. A March 3, 1835 Congressional Act established mint marks in the United States, along with the first Mint branches. When the Mint branches in Charlotte, Dahlonega, and New Orleans opened in 1838, mint marks made their first appearance on U.S. coins. However, the practice of not identifying Philadelphia’s coins continued even after the first branches were established.

This changed in 1942. When nickel was removed from five-cent coins during World War II, the “P” mint mark first appeared on coins produced in Philadelphia. The mark’s position also moved from the right of Monticello to above the dome to indicate the new metal composition. After the war, when use of the regular alloy resumed, the mint mark returned to its former position and the Mint no longer used Philadelphia’s “P.”

In 1979, the Susan B. Anthony dollar coin was introduced. Once again, the “P” mint mark appeared. The following year, the “P” appeared on all of the denominations except the cent, which still holds true today.

Mint Mark Facts

No mint marks appeared on circulating coins from 1965 to 1967. The Coinage Act of 1965 eliminated mint marks to discourage collecting while the Mint worked to meet the country’s coinage needs.

Mint marks were placed on the reverse of coins until 1968 when they moved to the obverse.

The San Francisco Mint made circulating coins with the “S” mint mark from 1854 to 1955. After that, they produced “S” circulating coins from:

• 1968-1974: pennies
• 1968-1970: nickels
• 1979-1981: dollars

In 1968, proof coin production moved from the Philadelphia Mint to San Francisco and proof coins gained the “S” mint mark.

The West Point Bullion Depository made circulating pennies from 1973 to 1986 and circulating quarters in 1976 to 1979. The San Francisco Mint also produced circulating pennies around this time. These coins did not have mint marks so that they couldn’t be distinguished from Philadelphia coins.

In 2017, the “P” mint mark appeared for the first time on circulating pennies. This change was only for the 2017 issued cents, in honor of the U.S. Mint’s 225th anniversary.

In 2019, the “W” mint mark appeared for the first time on a circulating coin. The West Point Mint produced 10 million quarters in the 2019 America the Beautiful Quarters Program.

Most medals don’t have mint marks. The Philadelphia Mint makes Congressional Gold Medals and their bronze duplicates, Presidential Medals, and most others. But for certain numismatic silver medals, other Mint facilities may help. The Mint places the mint mark on some of these medals for marketing reasons. The mark can be on the obverse or reverse side, depending on how it fits into the design.

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