Rare Coins

[Jaygo]

I'm just putting some feelers out for this subject if anyone has interest or knowledge.

 

I spent the day cleaning out my dads office yesterday and noticed he had a few bags of coins, mostly Euros that he picked up on a trip to France he took myself and my sister on in 2000

 

Well 99 was the inauguration of the Euro and many countries were using both currencies at the time. Long story short i'm going to Europe in a couple weeks so I grabbed them but at a closer look these are very clean and all 1999 Euros so i did a quick search and it looks like several are now very rare. 

 

links below, There are many more, along with some French coins from 1927 with holes in them. 

 

https://www.ebay.com/itm/196918757131?_skw=rare+1999+euro+coins&itmmeta=01JH394JQEW7P8Z5EE30T3N1P7&hash=item2dd945c70b:g:wqwAAOSwtYNncdW9&itmprp=enc%3AAQAJAAAA8HoV3kP08IDx%2BKZ9MfhVJKlgetGEWfZs8zbTffXQ1IR5OYy8s%2BzBQ3bIFSiQSa4OBmnN%2BUeXQfeCDI7tAeO5PHAWnhBEIu5h8LVbYWrbUFzkAFori4wOU0jgg2wAs83sw8PbKXHLTfBXFNasEWEvHdVU4pSErS%2Fo6GQZS1A5pKEeN0nMvd9kNFIYSXqKWElGCI3A9g0n8iype6t4Z48Iv0TNwTqxGGmkugT9JsbA3JICVhGKUofNI7x5lQlas74MBTewnemXkSQVj4VMoFZ3%2Fz3JVsP7rQRlZB3GRCkorr95BmMU0FtIEIemU4%2BWpUcqBA%3D%3D|tkp%3ABFBM6KuS6Yhl   He has 16 of these

 

He has 1 of these

https://www.ebay.com/itm/356415871704?_trkparms=amclksrc%3DITM%26aid%3D1110006%26algo%3DHOMESPLICE.SIM%26ao%3D1%26asc%3D20231107084023%26meid%3D40a7c272e38c444ab37b1149fceca723%26pid%3D101875%26rk%3D4%26rkt%3D4%26sd%3D176699907997%26itm%3D356415871704%26pmt%3D1%26noa%3D0%26pg%3D2332490%26algv%3DSimVIDwebV3WithCPCExpansionEmbeddingSearchQueryRecallAuctionPushout&_trksid=p2332490.c101875.m1851&itmprp=cksum%3A35641587170440a7c272e38c444ab37b1149fceca723|enc%3AAQAJAAABQM%2BSIK5LCqs2uiCwInhHqGVzIMLIMo0iPltG%2Fc%2FV8dzqXG8bAAbTVw985HbdYTuG2wPTDx%2F8lbe8GSu4NUrsEPcDBvCLFhf2QkBmtTX5yUHKZQJQxAHrOK1ydFs7AOIrec55cFlUbxmoVk%2FracYKzYEwHP7FM8juYs9Adf6LsDZ9RIABAyZesjAg4FOeNIjW%2BqMXlRkLj4%2FjDcsWBTK%2FXo0Cw79v0VSxVKqqShKGv9x%2FM8OygkXm2vIJCuQUJovibS69fcghaYjFCy1J4%2BoM2gqleaK1aMxGHnBuaKv%2BR3ulQ%2BLx1EYV%2BUS6stysT78Sw0lcxtyLAiy2taDYSoeUKERR8w4xR2X%2BADJYB9rxcH3J192yGM5t8IVwi9zKm8Ky0aObPq%2BTnajVg0Ht6DYbK%2F6%2BaL5fdCCGnPD2jgVDP9%2FM|ampid%3APL_CLK|clp%3A2332490&itmmeta=01JH39B76WK5CC7S3NXAH9T2D6

 

[73 Reds]

3 minutes ago, Jaygo said:

I'm just putting some feelers out for this subject if anyone has interest or knowledge.

 

I spent the day cleaning out my dads office yesterday and noticed he had a few bags of coins, mostly Euros that he picked up on a trip to France he took myself and my sister on in 2000

 

Well 99 was the inauguration of the Euro and many countries were using both currencies at the time. Long story short i'm going to Europe in a couple weeks so I grabbed them but at a closer look these are very clean and all 1999 Euros so i did a quick search and it looks like several are now very rare. 

 

links below, There are many more, along with some French coins from 1927 with holes in them. 

 

https://www.ebay.com/itm/196918757131?_skw=rare+1999+euro+coins&itmmeta=01JH394JQEW7P8Z5EE30T3N1P7&hash=item2dd945c70b:g:wqwAAOSwtYNncdW9&itmprp=enc%3AAQAJAAAA8HoV3kP08IDx%2BKZ9MfhVJKlgetGEWfZs8zbTffXQ1IR5OYy8s%2BzBQ3bIFSiQSa4OBmnN%2BUeXQfeCDI7tAeO5PHAWnhBEIu5h8LVbYWrbUFzkAFori4wOU0jgg2wAs83sw8PbKXHLTfBXFNasEWEvHdVU4pSErS%2Fo6GQZS1A5pKEeN0nMvd9kNFIYSXqKWElGCI3A9g0n8iype6t4Z48Iv0TNwTqxGGmkugT9JsbA3JICVhGKUofNI7x5lQlas74MBTewnemXkSQVj4VMoFZ3%2Fz3JVsP7rQRlZB3GRCkorr95BmMU0FtIEIemU4%2BWpUcqBA%3D%3D|tkp%3ABFBM6KuS6Yhl   He has 16 of these

 

He has 1 of these

https://www.ebay.com/itm/356415871704?_trkparms=amclksrc%3DITM%26aid%3D1110006%26algo%3DHOMESPLICE.SIM%26ao%3D1%26asc%3D20231107084023%26meid%3D40a7c272e38c444ab37b1149fceca723%26pid%3D101875%26rk%3D4%26rkt%3D4%26sd%3D176699907997%26itm%3D356415871704%26pmt%3D1%26noa%3D0%26pg%3D2332490%26algv%3DSimVIDwebV3WithCPCExpansionEmbeddingSearchQueryRecallAuctionPushout&_trksid=p2332490.c101875.m1851&itmprp=cksum%3A35641587170440a7c272e38c444ab37b1149fceca723|enc%3AAQAJAAABQM%2BSIK5LCqs2uiCwInhHqGVzIMLIMo0iPltG%2Fc%2FV8dzqXG8bAAbTVw985HbdYTuG2wPTDx%2F8lbe8GSu4NUrsEPcDBvCLFhf2QkBmtTX5yUHKZQJQxAHrOK1ydFs7AOIrec55cFlUbxmoVk%2FracYKzYEwHP7FM8juYs9Adf6LsDZ9RIABAyZesjAg4FOeNIjW%2BqMXlRkLj4%2FjDcsWBTK%2FXo0Cw79v0VSxVKqqShKGv9x%2FM8OygkXm2vIJCuQUJovibS69fcghaYjFCy1J4%2BoM2gqleaK1aMxGHnBuaKv%2BR3ulQ%2BLx1EYV%2BUS6stysT78Sw0lcxtyLAiy2taDYSoeUKERR8w4xR2X%2BADJYB9rxcH3J192yGM5t8IVwi9zKm8Ky0aObPq%2BTnajVg0Ht6DYbK%2F6%2BaL5fdCCGnPD2jgVDP9%2FM|ampid%3APL_CLK|clp%3A2332490&itmmeta=01JH39B76WK5CC7S3NXAH9T2D6

 

If you want to know what they are worth take them to one or more reputable coin dealers.   Otherwise I don't have expertise but have collected coins and currencies as a hobby and enjoy having them as keepsakes.  

[Jaygo]

1 minute ago, 73 Reds said:

If you want to know what they are worth take them to one or more reputable coin dealers.   Otherwise I don't have expertise but have collected coins and currencies as a hobby and enjoy having them as keepsakes.  

Thanks, I dont want to sell them but would like to know what it may be worth to ensure it doesn't get tossed or lost. The really old ones are very interesting. I just spotted a 1825 Spanish paseta. It looks copper and is now almost black

 

Should I clean them? many are perfect but some are grimy.

 

I was planning on buying a booklet to store them in at least that way they are organised when I take them to get evaluated.

[73 Reds]

1 minute ago, Jaygo said:

Thanks, I dont want to sell them but would like to know what it may be worth to ensure it doesn't get tossed or lost. The really old ones are very interesting. I just spotted a 1825 Spanish paseta. It looks copper and is now almost black

 

Should I clean them? many are perfect but some are grimy.

 

I was planning on buying a booklet to store them in at least that way they are organised when I take them to get evaluated.

I'd rely on someone with knowledge - i.e., a coin dealer.  But don't necessarily trust the 1st one; recently a family friend passed away and his wife discovered that he had a large collection of US and worldwide coins; some very old that was evidently passed down from his father.  The first dealer she went to made an offer for the entire collection that sounded good to her.  I suggested that she go to another dealer just for the sake of comparison and the second dealer offered more for one (vintage) coin than the first dealer had offered for the whole collection.  

[Jaygo]

8 minutes ago, 73 Reds said:

I'd rely on someone with knowledge - i.e., a coin dealer.  But don't necessarily trust the 1st one; recently a family friend passed away and his wife discovered that he had a large collection of US and worldwide coins; some very old that was evidently passed down from his father.  The first dealer she went to made an offer for the entire collection that sounded good to her.  I suggested that she go to another dealer just for the sake of comparison and the second dealer offered more for one (vintage) coin than the first dealer had offered for the whole collection.  

That's great advice. Thanks

[Fly]

21 hours ago, Jaygo said:

Thanks, I dont want to sell them but would like to know what it may be worth to ensure it doesn't get tossed or lost. The really old ones are very interesting. I just spotted a 1825 Spanish paseta. It looks copper and is now almost black

 

Should I clean them? many are perfect but some are grimy.

 

I was planning on buying a booklet to store them in at least that way they are organised when I take them to get evaluated.

 

I wouldn't clean them without speaking to a dealer/expert first. 

[DooDiligence]

3 hours ago, Fly said:

 

I wouldn't clean them without speaking to a dealer/expert first. 

 

Definitely don't clean them. Some can actually be more valuable with toning.

 

Reddit can be a great source of info.

 

https://www.reddit.com/r/coins/

Edited January 9 by DooDiligence

[lnofeisone]

15 minutes ago, DooDiligence said:

 

Definitely don't clean them. Some can actually be more valuable with toning.

 

Reddit can be a great source of info.

 

https://www.reddit.com/r/coins/

I collect occasional coins and currency. All as keepsakes or themes (for example, I have every USSR 1 ruble coin). 

 

Few comments:

1) Reddit is your friend. @DooDiligence gave a suggestion. There is another one if you have currency https://www.reddit.com/r/CURRENCY/. These subs do a good job policing and making sure nobody makes an offer (lowball or fair). They will also tell you if you have something unique or if you should look for something unique (a letter or a funny ridge on a coin can make a difference). 

2) You may need to sift through these coins and use ebay to value them. I recommend doing by country and then time period. It's a good way to learn history too. 

3) Coin grading can get expensive quick. CAC (I use them) splits them out by pre-1965 and post-1965. Rare coins get an extra premium for grading. You are looking anywhere from $15 to $1k per coin. 

4) Don't clean them. Please know what you have first. Cleaning may devalue (physical or chemical). 

5) There are some expensive coins but odds are not in your favor. Coin value appreciation is hard to figure out. It has elements of art market to it. 

 

You could also buy coin books, organize them, put them away as a memory. 

[Jaygo]

Yes I realized quite quickly not to clean in any way, also and unfortunately the crackpots on Ebay are not the way to value them. The rare coins I though we had turned out to be fairly common. I'm keeping them anyway since anything that reminds me of my dad is a must keep for me.

 

The old coins he had,  an 1825 4 maravedi, a few Pesetas from 1883 and 1901 are also really neat. There are a few coins that may have some collector value but i'm not totally sure. 

 

This may end up becoming a rabbit hole for me as it has all the components of something that interests me. Money, history and research.

[DooDiligence]

39 minutes ago, Jaygo said:

Yes I realized quite quickly not to clean in any way, also and unfortunately the crackpots on Ebay are not the way to value them. The rare coins I though we had turned out to be fairly common. I'm keeping them anyway since anything that reminds me of my dad is a must keep for me.

 

The old coins he had,  an 1825 4 maravedi, a few Pesetas from 1883 and 1901 are also really neat. There are a few coins that may have some collector value but i'm not totally sure. 

 

This may end up becoming a rabbit hole for me as it has all the components of something that interests me. Money, history and research.

 

Numismatics is a great hobby. Art, history, finance, NTM getting to satisfy your ocd by completing a set of type coins. Regarding ebay; gauging valuations based on current listings is sketchy at best. The real (current) values are found by filtering for sold items.

 

 

===

 

You can also search for historic sales and trends.

 

 

[linus_md]

I believe your 2700$ coin is only worth 4.5€. See for example https://www.eurofischer.de/France-1-Euro-1999

Edited January 9 by linus_md

[Jaygo]

23 minutes ago, linus_md said:

I believe your 2700$ coin is only worth 4.5€. See for example https://www.eurofischer.de/France-1-Euro-1999

 Lol yes I was sorry to see that my rare coins were not really at all. The EBay scammers sure did get me excited though!

[DooDiligence]

1 hour ago, Jaygo said:

 Lol yes I was sorry to see that my rare coins were not really at all. The EBay scammers sure did get me excited though!

 

eBay doesn't care about the grifters either. One of the most commonly counterfeited coins is the 1916D Mercury dime. They are relatively easy to identify. A few months ago, I saw one and the sellers profile even had a negative from a previous buyer who had returned the same coin after discovering it was counterfeit. I reported the listing to eBay but it stayed up and was eventually sold to some poor schmuck.

 

The 21st century will be known as the golden age of grifters.

Edited January 9 by DooDiligence

[Libs]

How does this work from a tax standpoint?

 

I was gifted 7 one -oz gold pieces from my mom. Does the dealer cut me a check and issue some sort of 1099? Is the basis my mom's basis?

 

Sorry to muddy the thread

[DooDiligence]

IIRC annual sales of more than $2,500 in 2025 will result in a 1099K. The rule regarding cost basis is the same as for inherited equities (based on the day you received the asset). Interestingly enough, the IRS wants a cut of the profits but you are not allowed to take a loss on 1099K income.

 

https://www.hrblock.com/tax-center/irs/forms/what-is-form-1099-k/?srsltid=AfmBOorBtOJ4fVQDVcuhO-J2EP2s7xjw1wqB7Afa3PugdoNb7LkqwQGg

[lnofeisone]

1 hour ago, DooDiligence said:

IIRC annual sales of more than $2,500 in 2025 will result in a 1099K. The rule regarding cost basis is the same as for inherited equities (based on the day you received the asset). Interestingly enough, the IRS wants a cut of the profits but you are not allowed to take a loss on 1099K income.

 

https://www.hrblock.com/tax-center/irs/forms/what-is-form-1099-k/?srsltid=AfmBOorBtOJ4fVQDVcuhO-J2EP2s7xjw1wqB7Afa3PugdoNb7LkqwQGg

This is a misconception. Just file Schedule C and you can take the loss. You don't need to set up an LLC or do anything fancy. 

[DooDiligence]

11 minutes ago, lnofeisone said:

This is a misconception. Just file Schedule C and you can take the loss. You don't need to set up an LLC or do anything fancy. 

 

I figured that's how big sellers handle things but can individuals do the same? I don't lose money on sales. Asking for a friend.

[lnofeisone]

10 hours ago, DooDiligence said:

 

I figured that's how big sellers handle things but can individuals do the same? I don't lose money on sales. Asking for a friend.

Yep. You are just a sole proprietor. Even if you sell your old stuff, you can claim a higher cost basis (just have the receipts handy), and you'll pay no tax.