How To Inventory coins

If you have landed here, you have a collection of coins that you are not really sure how to deal with.  For example, the collection my brother & I inherited from my Dad (see my About page).  What do we do with all these coins?  What are they worth?  Do we keep them?  Do we sell them?  Who would even buy these coins?

So many questions, right?  And usually this happens during or shortly after a family member is lost.  If this is the case for you, please accept my condolences.  I totally empathize.  We went through a similar experience.  I didn't want to deal with the coins at the time and ended up just storing them until I was ready.  That almost cost me some issues which I'll explain later, but for now, please keep that in mind.

Please find the below "how-to" sections as a helpful guide to getting started with organizing and managing your coins.

There is a lot of information to take in all at once.  You will probably hear me reference some things that you don't know about.  I had no idea what numismatics was when I first started.  So let's get that out of the way first.  

Numismatics: the study or collection of coins, paper currency, and medals.

I am going to provide you with some basic steps and then further details beyond that on this page.  You may find some additional information on the FAQ page.  As people read this and provide feedback, I will update this page in an effort to make it more user friendly.

Steps:

Don't Rush — Avoid Cleaning or Selling Immediately

• Do not clean any coins. Cleaning can destroy value.

• Do not sell anything until you know what you have.

• Start with gentle, organized assessment — no pressure.

Organize and Inventory the Collection

• Create a basic inventory:

  • Group coins by type (e.g. U.S. coins, foreign, bullion, commemoratives).

  • Note dates, denominations, and mint marks.

  • Record quantity, any written notes, and obvious highlights (like gold or silver).

• Use a spreadsheet, app, or even paper.

Identify Valuable Coins

• Look for coins that might have numismatic or bullion value:

  • Coins before 1965 (many U.S. dimes, quarters, half dollars) often contain silver.

  • Gold coins or those marked with weight/purity (e.g. 1 oz .9999).

  • Coins in mint packaging, proof sets, or slabs (graded by companies like PCGS or NGC).

  • Unusual or low mintage years, errors, or foreign rarities.

Do Some Basic Research

• Use tools like:

  • Red Book (Guide Book of United States Coins) — for general pricing.

  • NGC or PCGS price guides and coin identifier tools.

  • Online forums or groups (e.g. CoinTalk, Reddit’s r/coins).

Get a Professional Appraisal (If Needed)

• Consider an appraisal if:

  • The collection is large, old, or includes potentially rare coins.

  • You’re unsure of value or planning to sell or insure.

• Look for a reputable numismatist or coin dealer:

  • Preferably certified by ANA (American Numismatic Association) or affiliated with PCGS/NGC.

  • Ask for a non-binding verbal appraisal first (some are free).

  • Avoid buyers who pressure you or undervalue coins.

Decide What to Do with the Collection

• If Keeping:

  • Store coins properly (see previous response on storage).

  • Consider continuing the collection or gifting part of it.

• If Selling:

  • Options include:

    • Reputable coin dealers (best for rare coins).

    • Auction houses (for very valuable or specialized coins).

    • Online marketplaces (e.g. eBay — requires effort and knowledge).

    • Bullion buyers (for silver/gold coins).

  • Don’t sell the entire collection as a “lot” unless you’re certain there’s no significant value.

Secure and Insure

• Keep high-value coins in a safe, secure location.

• For large or valuable collections, look into insurance through a collector’s policy or rider on homeowners insurance.

Avoid

• Don’t trust random “We Buy Gold & Silver” stores without vetting.

• Don’t split up original proof or mint sets — they’re more valuable intact.

• Don’t remove coins from certified holders or albums unless necessary.

Whether or not you are planning to sell or keep the coins, you first need to identify what coins you have and make sure you have documentation for later reference.  Let's start there.

Going through this process will help you start to get your head wrapped around what it is you have.  For some this may be a few short pages and 20 or 30 pictures.  For others...say those that have 12 Xerox boxes full of coins, you are looking at a much larger endeavor.  Another reason is for insurance purposes.  You'll want to make sure you have a record of your inventory should anything happen such as a fire or theft.  Lastly, at some point you maybe will want to communicate with someone concerning the collection.  Maybe to get it evaluated, maybe to discuss a sale.  It would be really helpful for this discussion if you can send them your list of inventory with included images via email.

There are a few tools available online to help you with this inventory process.  Some folks prefer Google Workspace, some prefer Microsoft O365.  There is also Open Office and Libre Office for those looking to avoid the big corporate type software companies.  For your awareness, I use the Google Workspace apps, combining Google Drive, Docs, Sheets, email and lastly Google Sites to bring you the information on this site.  I don't endorse or recommend any of these products, please review and choose what you are most comfortable with.

I have provided some examples below.  Your initial effort is to capture as much information for each coin as possible.  Please be sure to see the section that discusses how to handle your coins.  I will also be covering how to identify coins that are not immediately recognizable.  In the examples below, the 1st couple are tables created within Google Docs.  I provided information about the coin and then the images of the front and back of the coin.  The images were taken with my phone, cropped and then pasted into the table.  You can do this via Google Doc app or on a computer desktop.  Whichever is more convenient for you.

In the 2nd example, I display how you can use  Google sheets to handle larger collections.  Here, we are dealing with large numbers of coins.  20 Liberty Walking Half Dollars are a lot to itemize within a Google Doc table. In the Sheet, I can reference the coin and breakdown what years and quantity.  Pictures can be stored in Google Drive and referenced in the tracking sheet. 

These 2 examples are a good start to your overall inventory.  You will need to see which one will work better for you.  It will be different for every collection and purpose.  I found it difficult to get anyone interest in reviewing a Google Sheet inventory of my collection but when I put samples in to a Google Doc table, those reviewing my coins were far more receptive.

Proper coin handling is important to preserve a coin’s condition, whether dealing with collectible coins, precious metal bullion, or historical currency. 

Here's a guide on how to handle coins correctly:

Handling Tips

• Wear Cotton or Nitrile Gloves (if possible)

• Oils and acids from your skin can cause tarnish or corrosion.

• Gloves (especially white cotton or powder-free nitrile) provide a barrier between your skin and the coin.

Hold Coins by the Edges

• Never touch the obverse (front) or reverse (back) faces.

• Always grip the rim between your thumb and forefinger.

Work Over a Soft Surface

• A felt pad, towel, or velvet-lined tray can prevent damage if the coin is dropped.

• Avoid hard surfaces that could scratch or dent the coin.

Cleaning (Usually Not Recommended!)

• Avoid Cleaning Coins, especially collectibles or antiques.

• Cleaning can significantly reduce their value.

• If a coin is dirty and you must clean it, consult a professional conservator or numismatist.

  • Note:  when reasonable of course.  Why would you consult a professional about cleaning a common penny?

Inspection

• Use a non-abrasive magnifying glass or loupe (5x–10x magnification).

• Examine under soft, indirect lighting to avoid glare.

Common Mistakes to Avoid

• Don't stack raw coins on top of each other.

• Don't talk, sneeze, or breathe directly over unprotected coins.

• Never tape or glue a coin into a holder.

• Avoid abrasive cloths or polishing.

Identifying your coins will be something of an initial challenge.  I did not know the difference between an Indian Head Penny and a Wheat Penny when I started.

As you learn more about the coins and gain experienced, it will get much easier to identify and inventory the coins.

Some helpful tools are included here:

Examine Basic Coin Details

• Look at the obverse (front) and reverse (back) of each coin and note:

• Country of origin (name or symbols/emblems)

• Denomination (e.g., 1 cent, 5 lire, 1 yen)

• Year of issue

• Mint mark (usually a small letter or symbol near the date — e.g., “D” for Denver)

• Language (Latin, Cyrillic, Arabic, etc.)

Utilize your Inventory tracking to store information about the coins

• See the earlier section about Inventorying your Coins

  • Create a spreadsheet or tabled list that includes:

    • Country

    • Denomination

    • Year

    • Mint mark (if present)

    • Material (silver, copper, clad, etc. — you can guess based on color and weight for now)

    • Any inscriptions or symbols

• This helps you group coins for further research.

Use Identification Tools

• Use various search engines such as Google, Bing or DuckDuckGo to help you search and identify coins.

  • Google offers a search by image feature called Lens.  You can take a picture of the coin and utilize Lens to determine what it is.

• Online Coin Identifier Tools

  • NGC World Coin Price Guide – Search by country, year, and features.

  • Numista – Excellent for foreign coins. You can search by:

    • Text on the coin

    • Country

    • Year

    • Coin size, shape, and metal

  • PCGS CoinFacts – Best for U.S. coins with detailed images and grading info.

• Coin Identification Apps

  • CoinSnap (iOS/Android) – Uses image recognition.

  • Coinoscope – Point your camera at the coin, and it suggests matches.

• These may work well for common coins but may miss rare or obscure types.  I personally have not used these apps as I have relied on the methods I first listed above.  I have read online/social media that others experience with these apps are less than desirable.

Use Physical References

• “Red Book” (Guide Book of United States Coins) – A must-have for U.S. coin collectors.

• Standard Catalog of World Coins by Krause – Best for foreign coins.

Use Clues to Identify Metal Type

• Silver coins often have a high-pitched ring when tapped.

• U.S. coins from pre-1965 (dimes, quarters, half dollars) are often 90% silver.

• Tarnish or patina may indicate age or silver content.

• For unknown coins, consider using a magnet (most silver/gold coins are not magnetic) or weigh them with a scale.

Ask for Help with Tough Ones

• Post photos (obverse & reverse) in coin communities:

  • Reddit’s r/coins

    • • /r/coins Frequent Coin List (FCL)

      • I just inherited/acquired a collection. What do I do? 

  • CoinTalk forum

  • Facebook groups like “Coin Collectors”

    • • Be sure to include:

        • Clear photos (front and back, flat angle)

        • Dimensions (diameter, weight if possible)

        • Any readable text or symbols

Grading coins is one of the most important and sometimes trickiest step of determining your coin's value. Whether your coins are already in holders or still loose, learning the basics of grading will help you avoid being underpaid or misled.

What Is Coin Grading?

Coin grading is the process of evaluating a coin’s condition or state of preservation, which strongly affects its market value.

• Grading is subjective, especially between grades that are close together.

• A coin’s mint year or rarity doesn’t affect the grade — just the condition.

The Standard Grading Scale: Sheldon Scale (1–70)

Grade Description Notes

MS60–70 Mint State (Uncirculated) No wear; MS70 = perfect

AU50–58 About Uncirculated Very light wear on high points

XF40–45 Extremely Fine Light wear; sharp details

VF20–35 Very Fine Moderate wear; clear major features

F12–15 Fine Heavier wear; main features still visible

VG8–10 Very Good Well worn; outlines visible

G4–6 Good Heavy wear; rims merging into fields

AG3 About Good Date readable, barely

PO1 Poor Barely identifiable

Coins Already in Holders: How to Assess

Slabbed/Certified Coins (NGC, PCGS, ANACS)

• These coins are professionally graded — trust the grade if it’s from a top-tier company (PCGS or NGC).

• You can verify the grade online using the coin’s certification number.

  • Protect that information when posting photos/images online.

    • Block/blur the certification number.

    • Block out the certification bar code.

Coins in “Uncertified” Holders

• May have dealer grades that are optimistic or inflated.

• Treat with caution; re-grade yourself or get a second opinion if you’re planning to sell.

How to Grade Your non-slabbed Coins

Examine Under Good Lighting

• Use soft, indirect light. Natural daylight or LED works well.

Use Tools

• A 5x–10x magnifying glass or loupe

• A soft cloth or felt pad underneath

• Optional: digital scale or caliper (for comparing weight/thickness)

Inspect Key Areas

Look for wear on:

• High points (e.g., cheekbones on a portrait, eagle’s breast on U.S. coins)

• Fields (flat backgrounds)

• Rims and legends (lettering clarity)

Ask:

• Are all details sharp and crisp? (Uncirculated)

• Are only the highest points worn? (AU)

• Are major design elements fading or smooth? (VF or below)

Compare to Photo Guides

Use reference images:

• PCGS Photograde – Compare your coin to high-resolution images for each grade.

• NGC Coin Explorer – Offers grading images and descriptions by coin type.

Professional Grading Services

If your coin appears to be:

• In Mint State

• Rare or valuable

• Possibly undergraded or unverified

  • ...you may want to send it to a grading service:

Trusted Grading Services:

• PCGS (Professional Coin Grading Service)

• NGC (Numismatic Guaranty Corporation)

• ANACS (Oldest U.S. grading service)

Fees range from $20–$75+ per coin. Best for coins worth $100+.

Common Grading Mistakes to Avoid

• Mistaking toning (natural discoloration) for damage — it’s often desirable.

• Assuming shiny = uncirculated — cleaning can make a coin look shiny but ruin its grade.

• Overgrading: This is common in raw collections or dealer packaging.

• Undergrading rare coins due to inexperience.

Ok.  We'd discussed how to inventory your collection, how to go about properly handling the coins and how to identify the coins.  You also have started to gain some insight to the worth of the coins.  How do you now go about selling the coins should that be your decision?  If you want to keep them, then you can skip this section and go right to the next section which deals with storing the coins.

As you prepare for this portion of the process, please be realistic. Coin Dealers pay wholesale prices, not retail.  Auction houses will take a cut to cover their expenses and they will want to send the coins out for grading prior to auction.  That cost is usually passed along to you. Online auction platforms such as eBay take a big cut and selling locally via platforms such as Craigslist or Facebook Marketplace come with their own risks. You should keep in mind that uncirculated or rare coins get premiums, but common coins often sell close to metal value or less.

So let's go over a few of the selling options:

Sell to a Local Coin Dealer

• Quick and easy.

• Best for large lots or low/mid-value coins.

• You’ll get wholesale prices.

• Look for ANA-certified or long-established dealers.

• Get multiple offers for comparison.

Sell Online Yourself (eBay, Etsy, etc.)

• Can get near-retail prices.

• Global audience.

• Time-consuming: shipping, descriptions, handling returns.

• Risk of scams or disputes.

• Use great photos, honest descriptions, and research fair prices.

• Consider selling individual coins or small themed groups (e.g., silver dimes, foreign coins by region).

Auction Houses (for rare or valuable coins).

• Best for rare, high-grade, or unique coins.

• Professional marketing and collector audience.

• Commission fees (10–20%+).

• Takes longer to receive payment.

• Examples: Heritage Auctions, Stack’s Bowers, GreatCollections

Coin Shows

• Opportunity to meet many dealers.

• Instant sales, negotiation possible.

• Requires travel, some knowledge, and negotiation skills.

• Bring your best coins and a written list. 

• Shop around before agreeing to sell.

Bullion Buyers (for gold/silver coins)

• Great for selling American Eagles, Krugerrands, Maple Leafs, etc.

• Transparent pricing (based on spot metal price).

• They only pay for the metal content, not collector value.

• Compare rates online and locally (try APMEX, JM Bullion, or local shops).

Make sure that you document everything!

Keep a record of:

• What you sold

• To whom (name, business, contact info)

• How much you received

• Date of sale

This is important for tax reporting, estate tracking, or future reference.

• Want to Sell Only Part of the Collection?

• That’s a good option if you want to:

  • Keep sentimental pieces

  • See how the process works before selling more

  • Avoid overwhelming yourself

Considering the Auction Houses, I did personally work with Heritage Auctions and found they provided a legit experience.  One of their numismatist experts reviewed our collection.  One thing that I was initially mistaken on was that I thought they were going to take on the entire collection.  Instead, I found out they only take the coins of worth.  They will not take coins from you that would lose money as a result of the cost of grading.  For example, a Silver Eagle would get around $30 for the coin around the time we were selling.  The cost of grading was going to run around that amount.  So it made no sense for them to take on the sale of those types of coins.

I do follow some coin sales from Great Collections to see what Hawaii Coins are selling for but I do not have actual selling/purchasing experiences with them.

I am aware of a possible local resource for coin auctions.  I am reaching out to them before posting their contact information to ensure they are willing to handle coin auctions and ensure I have their appropriate contact information.

Proper storage is crucial for preserving the value, appearance, and longevity of your coins. 

Here's a more detailed breakdown of best practices for coin storage.  Keep in mind that this isn't always the easiest to accomplish in our local climate.  Try and do your best and make sure the effort you put in matches the value of the coins.  You don't need to go to extreme measure to protect coins that are more valuable as mementos than they are as their numismatic value.

Ideal Storage Conditions

Climate Control

• Temperature: Keep coins in a cool place (ideally 65–70°F / 18–21°C).

• Humidity: Should be below 50%. High humidity accelerates corrosion, especially for copper, silver, and nickel coins.

  • Use silica gel packs or desiccants to absorb moisture inside storage containers.

  • Avoid basements, garages, or attics — temperature and humidity can fluctuate drastically.

Air Quality - keep coins away from:

• Airborne pollutants (e.g. smoke, household cleaners, perfumes)

• Direct sunlight (causes fading and surface deterioration)

• Salt air (if near the ocean, use airtight containers)

Tips:

• Use Archival Materials

• Store coins in acid-free holders, flips, or capsules.

• Avoid PVC-based plastic (can degrade and harm the coin).

Keep in a Stable Environment

• Ideal temperature: around 65–70°F (18–21°C).

• Low humidity (below 50%) to prevent oxidation.

• Store away from sunlight, which can cause fading.

Use Proper Holders

• Airtight capsules:

  • Best for high-value or bullion coins.

  • Made from inert materials like acrylic or polystyrene.

  • Protects against air, moisture, and handling damage.

• Coin albums: good for organizing and displaying collections.

• 2x2 Cardboard Holders

  • Cardboard frame with a Mylar window.

  • Staple shut after inserting the coin; write info (date, mintmark, grade).

  • Budget-friendly and widely used.

• Mylar Flips (Plastic Flips)

  • Two-pocket clear flips made from archival-safe plastic (no PVC).

  • One side for the coin, one for a label or documentation.

  • Great for temporary or semi-permanent storage.

• Coin Albums and Binders

  • Offer organized display and some protection.

  • Choose albums made from acid-free, PVC-free materials.

  • Avoid bending or overstuffing pages.

• Storage Boxes and Safes

  • Use archival coin storage boxes to group holders or capsules.

  • For higher-value collections, store in a fireproof safe or safety deposit box.

  • Line metal safes with inert foam or fabric to reduce condensation risk.