As my husband rolled coins the other day he started muttering about the value of wheat pennies and who’s actually buying these. We both grew up believing that a wheat penny was special and worth squirreling away, same with a half dollar or buffalo nickel. The reality? You likely have what the coin industry refers to as “junk” – commonly available circulated coin with no special strike date.
It’s not just coins, there is literally no shortage of things we hold onto thinking they’re valuable with absolutely no evidence beyond perception. We then fret about not having enough space, clutter, and feeling guilty (for likely no reason) if something happens to the collectible. Cue toddler playing with delicate Snowbabies collection.
With some research I came across circles of information about how to sell your collectible or inherited collection. It goes something like this…
- Don’t rush or appear to be desperate for cash
- Gather and secure the collection
- Separate into groups and categories depending on collection size
- Identify and inventory
- Assign value to inventory
The advice seems to cut off just before explaining WHO is actually BUYING anything you’ve just spent a ton of time valuing. And despite investing in the best guide book or appraiser, the derived “value” will likely be retail (and you’re obviously not a store). In addition, if you’re unable to find a buyer directly it means you’ll be utilizing a middleman to arrange the sale. You’ll now have to factor in their cut and/or willingness to purchase. This could all easily cut 50% off the top of anything worth selling.
If you noticed, I said you’ll likely lose 50% of the value of ANYTHING WORTH SELLING. This may include well kept art, fine rugs, antique furniture, crystal, china, heritage village sets, etc. There are certainly a market for these things, but they become more narrow as tastes change and life gets messy. We personally learned the hard way that no one wants to pay more than half the value of a silk rug we never used because guess what, like us, they want something more durable. Who wants to hold their breathe as their kid or pet runs across the room?
So if actual valuable stuff takes that big of a hit, then perceived collectibles are nearly impossible to profit from, and may actually be difficult to dispose of.