FAQs — Galesburg Coins & Collectibles

Question 1

Should I clean my coins?

Accepted Answer

No! If an old coin has collector value, any type of cleaning will diminish the value. Some collectors actually prefer a tarnished or "toned" silver coin.

Question 2

Are Wheat Cents or Buffalo Nickels worth anything?

Accepted Answer

Most Wheat Ear Cents are worth 2 to 3 cents and Buffalo Nickels about a dime. There are exceptions though for good condition rare dates. Similarly, the older coin series of Indian and "Large" Cents and Liberty Head or "V" Nickels, etc. are worth more for common dates but rare dates in good un-cleaned condition bring a much higher price.

Question 3

How do I use USPS Registered Mail?

Accepted Answer

Start by using Priority Mail flat rate boxes if possible for heavy items, it is cheaper than using your own box. Tape all joints with gummed brown reinforced tape (available at office stores). Take the sealed box to the post office where the clerk will stamp all the seams with a red marker and fill out the appropriate form. Insurance is available up to $25,000 per package.

Question 4

How do I tell if my jewelry is real gold?

Accepted Answer

Usually jewelry will be marked with Karat such as 10K or 14K. Sometimes purity numbers are used instead such as .585 for 14 Karat (14/24). Other markings may indicate that the gold is only plating such as "EP", "GEP", or "Plated" for electroplate. The purchase history can be helpful too. Since gold jewelry markings are sometime faked, a buyer may wish to chemically test the purity.

Question 5

If my jewelry is not gold, is it still valuable?

Accepted Answer

Possibly. Native American sterling and turquoise and antique Cameo can bring a good price despite the lack of gold.

Question 6

Are Silver Certificates worth more than face value?

Accepted Answer

Series 1935 and 1957 notes in good condition are worth more than face value. Older currency, especially large size, Silver Certificate and other types of notes can be very valuable.

Question 7

Where is the best place to store coins and currency?

Accepted Answer

Gun safes and safe deposit boxes are the most popular to secure your items, but precautions must be taken to prevent mold and mildew damage. Items should be stored inside Ziploc bags with silica desiccants. It is also good to have individual items in holders within bags.

Question 8

Do you offer free estimates?

Accepted Answer

Yes. I offer free verbal estimates if you are interested in selling. If you need something more official for insurance or estate planning purposes, I may charge a nominal fee (which would be refunded should the items eventually be sold to me).

Question 9

Do you accept best offers for the items you sell?

Accepted Answer

I try to price all my items cheaper than large online coin retailers and more competitive with retail online auction sites such as EBay. If you see something you like or plan on purchasing a large quantity, feel free to send me an offer.

Question 10

Will I have to pay income tax when I sell my coin collection?

Accepted Answer

Selling a collectable at a profit can be a taxable event. The cost basis of your items must be determined in which case you may need to consult a tax advisor (I am actually a CPA). There are, however, no 1099 reporting requirements for numismatic and bullion items so I do not report my clients transactions to the IRS regardless of the total dollar amount.

Question 11

Are my transactions confidential?

Accepted Answer

Yes! Anything you sell to or buy from Galesburg Coins is strictly between you and me and not reported to any third party. The only exception is CASH transactions of $10,000 or more have special reporting requirements.

Question 12

Do you only purchase from individuals?

Accepted Answer

No. Private and confidential appointments with individuals are the bulk of my business, but I gladly deal with estates and other buyers of coins. I am even glad to host coin/gold buying events for banks, non-profits, and parties.

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