Coin Collection Book
Dulce Donten
Sometimes the Mint makes mistakes. Although most error coins are recycled before they ever leave a Mint facility, the few that make it into circulation are often considered collectibles. Coins made before the invention of modern machinery show a variety of die, planchet, or striking errors. Examples include:
Coin clubs allow you to share your collection with others and learn more about coins. There are many national and local clubs and numismatic organizations. The American Numismatic Association provides a database of clubs around the world.
Many people start a coin collection with coins they see every day, or with coins they got when traveling to other countries. As your collection grows, you may want to collect special coins made just for collecting. These coins can be made of different metals, such as gold and silver, or have different finishes than a circulating coin.
My grandparents (still alive) are cleaning out their basement and gave me their coin collection back in 2021 (There is no document of this, it was just brought to my house) to be divided amongst 5 grandkids.
We have receipts for a lot of the big ticket coins and it looks like we sold it mostly at a loss. For example, there were some golden eagle gold coins that my grandpa purchased for $2800 that we sold for $2054. I believe $2800 would be our cost basis? And there were a lot of smaller value coins that we don't have any record of. Most of the value came from the value of the precious metals and not the actual coin value.
I understand from doing some research that sometimes it matters what my grandpa originally paid for the coins, sometimes it matters what the value was when it was gifted to us, and some suggestions were just to pay the 28% capital gains at the time of sale to cover yourself.
It depends. If you come up with an estimated date/year of the gift you can determine if any gift tax return was required to be filed at that time. Even if we divide the cost (amount your grandfather paid in full for the collection) if divided by five grandchildren would likely be below the gift tax return filing requirement.
The cost basis for each of the grandchildren is the same as the grandfather's cost with one exception. If the property is sold at a loss, then you must use the fair market value (FMV) on the date of the sale or the grandfather's cost basis, whichever is LESS. You may need to separate each sale to determine the actual cost basis for each grandchild.
All that being said, since the collection does belong to each grandchild equally and separately, and you were the grandchild that actually sold the collection where the money received might be reported under your social security number (SSN), you can nominee each grandchild's portion of the gain to them. See the information below on how to process the nominee amounts. Then each of you report only your portion of the sale. The sale of these collectibles will have a holding period the same as your grandfather. In other words your purchase/acquired date would be the same as though you bought them on the original purchase date.
Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received). You must also furnish a Form 1099 to each of the other owners.
Have a coin collection wishing to get financing on in order to invest in other non-coin-related energy projects. Do not wish to sell off any of the coins....just trying to get a loan against them to invest in these other projects and then pay the loan off withing 1 or 2 years.
Most of the companies doing this will require that they take possession of the collateral. If circumstances force them to liquidate, it wont happen in a way that favors your interests. They'll probably only give you 50% value against the collateral and they won't even attempt to recover more than their liability.
Anyway, this is a secured transaction. As such it comes under the UCC. You want a financing statement identifying the security and you want it recorded. Find a lender like that, you're OK. Just negotiate the terms from there.
Buying on the margin is always risky and not advisable, especially in markets that are subject to large sways. Moreover, most of the financing companies, including one linked in this thread, are charging 15-36% per annum, which is basically as high as most credit card companies and these companies have a secured interest in your collection. This seems like a poor financial decision, and it would likely eat into your profit from your other investments.
If you have excellent credit, you would be better off seeking a personal installment loan if you have excellent credit. Often, these are unsecured. Using other loans with security (such as a second mortgage or loan against a vehicle) can also produce lower rates - usually below 5% per annum. Please note that I am not suggesting that you do this - and I think all are horrible ideas as you would stand to lose everything over a potentially risky investment. The interest rate would be substantially lower IMO.
Unless the coins are all CAC and easily liquid, I would think that Spectrum or other collateral group would be very nervous about getting their loaned money back. But all MS65 or MS66 type gold coins are highly liquid at the current CAC bids.
Together with a small supporting (non-lending) research library, the collection serves as a critical repository of important numismatic material and related items that allow dedicated scholars and students to investigate the economy, culture, and history of the ancient Mediterranean world and far beyond.
In 2015, Rhodes received a bequest of 117 coins from the estate of Auben Gray Burkhart. Most date to the Roman period. Since then, these coins have provided an invaluable opportunity for Rhodes College students in ART 219 (Roman Art & Architecture) to do the work of museum curators. Under the guidance of Miriam G. Clinton of the Rhodes College Department of Art & Art History, students have catalogued (Fall 2015), conserved (Fall 2018), and now (Spring 2022) curated an online exhibit of the Auben Gray Burkhart Collection.
Whether you are an experienced coin collector or hoping to get started with this interesting hobby, you will probably appreciate the myriad old coins for sale that eBay's user-friendly site offers. Before you purchase an eBay coin collection, there are some things you should know.
A lot can contain many of the same coin, but it can also be made up of coins of assorted denominations. Some collections contain only gold or silver coins, while other lots contain coins from a single mint or release year.
It is typical to find lots of rolled coins for sale, especially pennies and nickels. Some collections contain only coins from a specific era or event, such as wartime steel cents and commemorative sets.
A large collection may be sold as a grab bag that contains coins of many denominations and time periods. The grab bag is a great gift with varied and unique contents that often surprise the recipient.
If you intend to use the purchased collection for numismatic value, choose items that are in good condition and that have low mintage. These two conditions alone can be of pivotal importance in creating value for your collection.
If you are purchasing the lot as a gift for someone else, you probably want to find items that are interesting and unique. Experienced collectors might be waiting for specific coins to complete a series in an existing collection, or they might appreciate the gift of a rare old coin that is in pristine condition.
If the intended recipient is a youth or a young child, he or she might enjoy a grab bag that can be rummaged through to find treasures. Younger persons are much less likely to have well-developed collections, and a grab bag provides a low-cost option for quickly increasing collection size.
Lars Emil Bruun, also known as L.E. Bruun, stipulated in his will that his 20,000-piece collection be safeguarded for 100 years before being sold. Deeply moved by the devastation of World War I, he wanted the collection to be a reserve for Denmark, fearing another war.
Collecting coins of all denominations have been a love affair for millions of Americans for centuries. They tell the history of yesteryear in their designs even the pockets and hands that may have held them. We focus on the art, history and value of the most famous and intriguing coins to bring this king of hobbies to all. Whether considering a gift that fits a hobby, an investment or special keepsake, you will love the quality and originality of our products.
If you do not learn how to become a good coin collector, you will not enjoy this hobby. This will become quickly apparent; especially the first time you have your rash, uninformed purchases looked at (and, probably, summarily dismissed) by a knowledgeable dealer or collector. There are a number of rules that all coin collectors should remember every time they make a purchase. Here are ten that I feel are especially important.
The American Numismatic Association is a nonprofit educational organization dedicated to educating and encouraging people to study and collect coins and related items. The Association serves collectors, the general public, and academic communities with an interest in numismatics.
Are there any best practices for selling a collection like this? 40 Presidents x 2 $25 rolls each = 80 rolls and a $2,000 minimum notional value. Any tips on how to best price the collection is also appreciated, although in general, I tend to let the auction do its magic.
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