What to Do with an Inherited Coin Collection

Dealing with an inherited coin collection has gotten complicated with all the conflicting advice from dealers, online forums, and well-meaning relatives. As someone who’s helped three different families sort through inherited collections — and inherited a small one myself — I learned everything there is to know about the right way to handle this situation. Today, I will share it all with you.

Don’t Rush — Seriously

The single most important piece of advice I can give is: don’t make any fast decisions. I’ve seen people sell inherited collections to the first dealer who made an offer, only to find out later they left thousands on the table. Take your time. The coins have waited this long; they can wait a few more weeks while you figure out what you’ve got.

Gather Everything in One Place

Start by collecting all the coins, folders, albums, tubes, and loose pieces into one area. Check drawers, safe deposit boxes, closets — collectors sometimes stash coins in surprising places. My grandfather had a roll of Morgan dollars in a sock drawer that we almost missed.

Document What You Have

Make a basic inventory. You don’t need to be an expert at this stage — just note the date, denomination, country, and any obvious features for each coin. A simple spreadsheet works fine. Take photos of both sides of anything that looks old, unusual, or especially well-preserved. This documentation will be useful later whether you decide to sell, insure, or keep the collection.

Sort Into Categories

Group the coins by type: U.S. coins, foreign coins, gold, silver, bullion, commemoratives, and so on. This helps you understand the scope of what you’re dealing with and makes it easier for an appraiser to evaluate efficiently. I usually sort by metal first (gold, silver, base metal) because that immediately tells you where the highest values are likely concentrated.

Get a Professional Appraisal

Probably should have led with this section, honestly. Before you sell anything, get an independent appraisal from someone accredited by the American Numismatic Association (ANA) or a similarly recognized organization. A good appraiser will charge a fee for their time but won’t try to buy the collection from you — that’s a conflict of interest.

I’ve seen collections that families assumed were worth $500 turn out to be worth $5,000, and vice versa. Professional eyes catch things that casual research misses: rare dates, valuable die varieties, coins in better condition than the owner realized.

Don’t Clean Anything

This is critical and I can’t stress it enough. Do not clean the coins. Don’t polish them, don’t dip them, don’t rub them with anything. Cleaning almost always reduces value, sometimes dramatically. A coin with natural patina and original surfaces is worth more than a shiny, cleaned coin every single time. If a coin looks dirty or tarnished, leave it that way until a professional can advise you.

Storage While You Decide

Keep the coins in a cool, dry place while you figure out your next steps. Use whatever holders or albums they came in. If coins are loose, put them in individual flips or holders to prevent them from rubbing against each other. Handle coins by the edges with cotton gloves or clean hands — fingerprints on the flat surfaces can cause permanent damage.

Your Options Going Forward

Once you know what you have, you’ve got three main paths:

Selling

You can sell to a coin dealer (quick but usually at wholesale prices), consign to an auction house (potentially higher returns but slower and with fees), or sell individual coins on platforms like eBay (maximum reach but requires time and knowledge). For high-value collections, auction houses like Heritage or Stack’s Bowers are worth considering. For smaller collections, a reputable local dealer is usually the most practical option.

Keeping as an Investment

Rare coins have historically appreciated over time, though not without ups and downs. If you keep the collection, insure it properly and store it securely. Get it reappraised every few years to track changes in value. Some people find that inheriting a collection sparks a genuine interest in the hobby, and they start adding to what they received.

Donating

Museums and educational institutions accept coin donations, and you can typically get a tax deduction for the fair market value. If the collection includes historically significant pieces, a museum donation ensures they’ll be preserved and studied. Check the institution’s policies first — not all museums accept every type of numismatic material.

Consider Joining a Coin Club

If the collection piques your interest, a local coin club is the fastest way to learn. Members will help you identify coins, point you toward resources, and potentially introduce you to trusted dealers. The ANA also offers educational programs and maintains an extensive library of numismatic resources.

That’s what makes inherited collections endearing to us in the numismatic community — every collection tells a story about the person who built it. Take the time to understand that story before making decisions. You might discover a hobby you love in the process.