Advice on what to do when you inherit a coin collection

Losing someone is hard. Sorting through what they leave behind can be harder still.

If a coin collection has come to you, there is no rush. Coins keep. They will still be there next month, and next year. Take the time you need before you make any decision about selling.

We should say this plainly. We do not buy coin collections. Mint Coin Shop sells new releases from the Royal Australian Mint and other mints. Deceased estates are a different trade, with different skills, and we would rather point you to someone who does it properly than pretend otherwise.

Here is what we suggest.

Start by looking, not selling. Lay everything out on a table. Note what is in original packaging, what has certificates, and what is loose. Photograph the lot. You do not need to identify every coin. You just need a record of what exists, especially if more than one family member has an interest in it.

Resist the urge to clean anything. A polished coin is usually worth less than a tarnished one. Collectors want original surfaces, even dull ones. Cleaning is one of the few mistakes that cannot be undone.

Then find a dealer with a real reputation. Look for a physical address, a trading history of some years, and a decent volume of independent reviews. Read the negative ones. Membership of an industry body such as the Australasian Numismatic Dealers Association is a reasonable signal, though it is not the only one.

Get more than one offer. Two is fine. Three is better. A trustworthy dealer will not mind that you are shopping around, and will explain how they arrived at their number. Bullion value, collector value and condition all sit behind a price. If someone cannot explain their offer in simple terms, that tells you something.

Be patient with pressure. Anyone who needs an answer today is looking after their interests, not yours.

Also, ask whether the estate holds anything with sentimental weight before it goes. Families sometimes sell a collection whole, then wish they had kept a single coin. One coin in a frame can mean a great deal later.

If you are unsure where to begin, ask a local auction house who they respect in the trade. Dealers know each other. The good ones are usually named more than once.