“Every day, we receive phone calls or e-mails that begin, ‘I just inherited (or acquired) a coin collection. What do I do?’ Unfortunately, all of us in the rare coin business have heard horror stories over the years about widows who sold their late husband’s collections at a fraction of the true value because they didn't have enough information. We've set up this new service so heirs can quickly get accurate information and find reputable dealers,” says Ron Guth, President of Professional Coin Grading Service (PCGS), one of the world’s largest, third-party rare coin authentication companies.

Guth adds that heirs easily can be confused and, unfortunately, taken advantage of when a coin collector passes away and leaves behind a collection but no information or directions about what to do with it. “Just because a coin is ‘old’ doesn't mean it’s rare or valuable. There are many 2,000-year-old ancient coins that can be readily purchased for $100 each, while some coins less than 100 years old are valued at tens of thousands of dollars or more. If you don't know rare coins, you'd better know your rare coin dealer,”     Accordingly, he has set up a new consumer education Website, www.PCGS.com/StartHere. Information at the site includes: how to determine what coins you have and what they are worth; how to get the best price for the coins if you decide to sell them; and advice about long-term storage if you decide not to immediately sell, or if you decide to become a collector.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access