Some people collect coins and banknotes as a hobby. It’s a great way to learn about the history. In fact, almost all countries – Canada included – issue coins to commemorate significant events. Often, people accumulate currency of interest over their lifetime, or they might inherit some from a relative. However, there may come a time when they want to downsize their coin collection. Here are a few things to consider.
Establish Your Goals
Decide whether you want to keep parts of the collection. For example, you could keep the currency of specific years or significant events. Alternatively, you can keep all of it, sell it, or give it away. Check out my post on downsizing collections to help you decide.
Sort Your Coin Collection
Ideally, take some time to sort through the collection. You can categorize the currency by country, year, and denomination. Remember to handle the items carefully to avoid scratching the coins or tearing the bills. Do not clean the money because you can easily devalue it. If needed, carefully wipe items with a soft, dry cloth to remove any dust or dirt. Leave cleaning and restoring to the professionals.
Appraise Your Collection
Although the Out of Chaos team occasionally finds coin collections, it has been our experience that most people save currency as a hobby. As a result, most collections do not contain high-value pieces. However, if you inherited a coin collection, consider seeking professional appraisal services to learn more about the pieces you received.
You can search the internet to give you an idea of what each coin might be worth. The Coins and Canada website is a good starting point. However, a professional numismatist (the word for currency collector) can quickly see minute details that might indicate your coin is valuable. On the flip side (pun intended), they can very quickly tell you if your coin collection is only worth face value. If you have foreign currency, ensure you work with an appraiser with experience in this area.
After the Appraisal
After appraising, you can decide how to downsize the coin collection. You may decide to sell some or all the coins and banknotes. Again, work with a reputable buyer to ensure you get the best price. See our Where to Sell or Donate page to find resources in the Lower Mainland area.
Sentimental Coins
Sometimes, you will find some coins or banknotes with more emotional value than monetary value. For example, you might have the first dollar bill you ever earned or the last foreign money your grandparents brought with them when they emigrated. If these pieces are meaningful to you, make an effort to honour them. Preserve the cash in archival-quality coin protectors and currency envelopes so they will last for generations and become an enduring part of your family history.
Lots of Coins but Not a Collection
During estate clearing, the Out of Chaos team searches all the secret hiding places to ensure we find everything that belongs to the homeowners. In doing so, we often collect plenty of coins and small bills, recent series of currency and slightly older. Typically, the homeowner rolls the coins and returns the money to the bank, which accepts it at face value.
Downsizing a coin collection takes some time, and you may (or may not) find some valuable pieces. Or you could gift the entire collection to a younger budding numismatist in the family. Whatever your decision, Out of Chaos is available to support you. Contact us today to learn how.
Resources
- The Canadian Mint: I’ve inherited a coin collection… now what?
- East Coast Coins: What are your coins worth?
- California State University Long Beach Presents: Coin Collection: History, Hobby, and Profit (video)
- Estimates of coin and banknote values: com
Image by Alexa from Pixabay.
