Coin Collecting Lawyer For Coin Collectors and Coin Collections
Coin Collecting Lawyer For Coin Collectors and Coin Collections
Coin Collecting Lawyer Sebastian Gibson, The Right Choice For Coin Collectors and Rare Coin Collection Purchases and Sales by Coin Investors, Executors, Estates and Trusts
A coin collecting lawyer for coin collectors and coin collections is a necessity when an executor, trust or estate needs to obtain a fair price for a coin collection put together by a numismatist or simply someone who loved to collect coins for their beauty.
With Coin Collecting Lawyer Sebastian Gibson, you can feel confident we can assist you to get the coins in an estate or trust properly graded and sold at auction to obtain a fair price for the coin collection you’ve created or been entrusted to handle.
California Coin Collector Attorney Sebastian Gibson has been named a Palm Springs Top Lawyer for the past 11 years in a row. With law degrees both in California and in Great Britain (magna cum laude) and over 40 years combined experience in London, Los Angeles, San Diego, Palm Springs, and Palm Desert as well as other countries internationally, California Coin Collection Lawyer Sebastian Gibson is the right choice for assistance and advice with your coin collection, whether you’re a coin collector yourself, or an heir who has come into ownership of a coin collection.
Coin Collectors, Numismatists and Numismatics
A numismatist who collects coins will often hold those coins until their death leaving their heirs without the knowledge of how best to sell the numismastic items (the coins) or when it would be best to keep the coins and possibly even add to the coin collection.
Numismatics, the collection of coins, today is not just a hobby as it may be when as a child, one first starts a small coin collection. For the experienced coin collector who is constantly adding to one’s knowledge the value of coins, how to buy and sell them, how not to over pay for rare coins, how not to under sell one’s coins, how to grade coins and have them graded, and the value of attending coin conventions and online auctions, it is an investment education that one accumulates over a lifetime.
Sadly, when one passes away, that knowledge is rarely passed on to the coin collector’s heirs. Instead, the heirs are often faced with the task first of finding where the coin collector hid their coins, and then when it is found, they’re tasked with attempting to figure out what to do with it.
Without the assistance and knowledge of a coin collection lawyer for coin collectors and coin collections like Coin Collector Attorney Sebastian Gibson, the heirs of coin collectors far too often sell their coins for melt value only to a gold dealer or jewelry store, turn the coins in to their bank for only the coinage value, or are given only a fraction of their true worth by someone disreputable.
Risks of Coin Collecting
Unfortunately there are pitfalls and risks when it comes to coin collecting. One of the most common risks, is that a novice coin collector will overpay for their gold, silver, platinum, palladium bullion or rare coins.
When coin values are going up, bullion dealers increase the premium on the bullion coins they sell. A new American silver eagle coin that contains one ounce of silver when the price of silver is currently $26 may sell for $35 or more depending upon the bullion dealer due to the premium or markup they put on the bullion coins they sell.
A proof American silver eagle with one ounce of silver sold by the U.S. Mint when the price of silver is $26 may sell for $73 for instance. It may cost another $100.00 or more when one includes the cost of sending a coin to a professional grading service by registered mail and insuring it and yet, this may result in having a coin that may be easier to sell in future years, especially if the grade given to the coin is a high grade (which, unfortunately, not all “proof” coins receive).
Bullion dealers however purchase proof coins in bulk from the U.S. Mint, have them graded and then sell them on their websites, and that can be a better investment if the coin is highly graded, has a low number of coins minted, and the price and the premium put on the coins are reasonable.
Coin Dealers and Coin Collectors
Coin dealers have a reputation of having even higher markups than bullion dealers, though that may not necessarily always be the case. But coin dealers on television are thought by many to have the highest markup of all. And for the novice coin investor, television, unfortunately can be an enticing way to persuade novice coin collectors into purchasing coins from such sellers who may promise huge investment potentials of the coins they are selling.
The expectations of a coin collector without sufficient knowledge of numismatics can also be misled by the rising price of precious metals. Coin values of bullion, or rare coins simply do not increase overnight. Savvy coin collectors know that it’s best if they only specialize in learning about and investing in one or two types of coins, at least to begin with and to invest only in coins they truly enjoy. Why? Because they also know they will most likely need to hold onto the coins they buy for at least 5 years if not much longer.
When a savvy coin collector takes into consideration the markup on coins a coin collector buys, the premiums on gold, silver, platinum or palladium bullion, the very strong possibility that a rare coin they buy at auction may be overpriced or that they may overbid in order to buy a coin and finally the fact that an auction house will take a commission on the sale known as the buyer’s premium (though with a decreasing percentage as coins sell for more) on any later sale of the coin at auction by the coin collector, it’s going to be awhile before a coin purchased by a coin collector is sold at a breakeven price for the investor.
When a coin is sold at auction, the price called by the auctioneer for the winning bid is referred to as the “hammer price”. The winning bidder, however, then pays what is termed as a “buyer’s premium” on top of the hammer price. This is the fee that the auction house takes for providing their auction services.
Coin dealers in the past have been known to disappear, face litigation, prosecution or file bankruptcy after taking money from investors. The vast majority of coin dealers though are ethical and most possess a wealth of knowledge. As they must still make a profit, they cannot offer market value for rare coins and are likely to offer only 75 to 80 percent of their fair value. However, an auction house also take a commission on the sale of a coin, so an individual wishing to sell their coins will incur some cost regardless of how they choose to sell their coin collection.
Unfortunately, some bullion dealers have less than stellar reputations when one reads the reviews by investors who have waited extraordinarily long periods of time before receiving the coins they purchased. Before buying coins from a local coin dealer or even a bullion dealer, the dealer should be carefully vetted by a coin collector and the premium (markup) they put on the coins they sell should be evaluated as they can greatly affect the investment if the price of their precious metal does not significantly rise over time to cover the premium the investor paid.
Where to Keep Coins Safe
Finally, once a coin collector begins collecting coins, at some point in their coin collecting life, many come to the realization either that they’re spending too much time or too much of their money on coins. But all coin collectors eventually face one last problem – where the heck is a safe place to keep the coins?
Bank deposit boxes aren’t always safe. They also may be too small for large amounts of heavy silver coins. The more odd or quirky the hiding place coin collectors choose in their home, the less likely their heirs will find the coins. If they tell someone where they’ve hidden the coins, will that person keep their hiding place secret?
Burying coins is not a great idea. Landscape changes may uncover the coins or gardeners may find them. Burying coins that are not in airtight plastic holders such as those utilized by the top grading services can also cause damage to coins, just as can cigarette smoke, paint, some textiles such as wool and felt, and humidity.
Large safes are expensive and unless the safes are huge and so heavy they can’t easily be moved, or built into a wall or floor (which adds a further expense) and which may not be practicable in one’s house, condo or apartment), they may not provide safety either. Coins should also be insured if one can afford it and find a valuable articles policy with all-risk coverage without any or only a small deductible.
Why Coin Collectors Collect Coins
So with all of these risks, why do coin collectors collect rare coins? They can still be a great investment. They’re great to look at and feel. And though most coin collectors won’t admit it, coin collecting is addictive. Coin collecting can even be all-consuming. Market conditions (the price of precious metals may go down as the dollar or treasury yields go up, for instance)
But other investments carry risk as well. Stocks crash from time to time. Bitcoins and other altcoins are complicated and expensive and if the internet goes down, there is a power outage or one forgets their wallet password to access their altcoins, they won’t be able to use them. NFT’s may be a passing fad and an expensive one at that. And whatever investment fads come next, whether it’s tulip bulbs (see what happened to the tulip bulb mania in Holland in the early 1600’s) or something equally bizarre, at least with coins, they will almost always have some intrinsic value (unless they’re fake, of course).
Coin Fraud, Coin Theft and Coin Litigation
At the Law Offices of California Coin Collection Attorney Sebastian Gibson, as a Coin Collecting Lawyer For Coin Collectors and Coin Collections, we recognize that coin litigation shouldn’t be one’s first choice when one has been defrauded. A letter from an attorney to an unscrupulous dealer or mediation can obtain results in some cases at much less cost.
Unfortunately, far too often, if a coin dealer or other person has been involved in coin fraud or coin theft, they have hidden or disposed of whatever assets they obtained, they’ve disappeared, or even if they can be found, they will file bankruptcy if they have not been prosecuted or jailed.
The time to retain a coin collecting lawyer for coin collectors and coin collections like California Coin Collection Lawyer Sebastian Gibson is before becoming involved with someone who may commit coin fraud or a neighbor who will give you bad advice of who to sell a collection to that has attained great value, only to be sold at a fraction of its real worth.
Fake Rare Coins
With coin values constantly increasing, today there are more and more fake coins being produced that look amazingly like the real thing. While some fake coins can readily be determined to be fakes simply by looking at them and comparing them to a real coin of the same year, other coins can be determined to be fake when they are weighed or measured.
Even the most astute coin collector, however can be fooled by a well made fake coin that feels right, has the right measurements and weight, but when examined by an expert is determined to be yet another fake. And for the coin collector who has paid handsomely for such a coin, the results, can be devastating.
It’s Essential To Have Coins Graded By Expert Coin Grading Services to Know Their True Value
If you have only ungraded coins, known as “raw” coins that have never been graded, even if you know or believe the coins are in “proof” condition, without having them professionally graded, you risk selling them for less than their true value. While it costs money to have coins professionally graded, the cost is more than worth it, especially if the coins are rare.
In addition to grading a coin, a professional coin grading service will determine if a coin is real or a fake. Without such a determination, both a buyer and a seller are at risk in any transaction.
Once coins have been graded by one of the most reputable services, research can be performed to determine what that year and grade of coin would likely bring at a reputable coin auction. And just like buyers of coins, some auctions are better than others to submit coins to for auction. Not only are there numerous companies who hold coin auctions, both in person and online, but today, there are auctions that specialize in certain types of coins, for instance U.S. coins vs. world coins.
While coins can be sold other ways as well, such as to a coin dealer, on eBay, to a gold dealer or privately, the safest and generally the most advantageous way for a seller in most cases is to sell a valuable rare coin or a significant coin collection at auction.
While many coin collectors buy and sell their coins on eBay, there are risks including, among others, that some coins sold may be fakes, and for sellers, that either they won’t be paid, or that a buyer will claim their coin was fake, when in fact it was real. A seller who transfers possession of a rare coin to a buyer who then claims the coin was fake, also runs the risk that the coin returned to the seller will not be the rare coin that was sold, but rather a fake coin that only looks similar to the real coin.
What Makes A Coin Valuable to Coin Collectors
The demand for a certain type of coin can have a great affect on a coin’s value. The greater the demand, the higher the coin value.
The metallic content of a coin is obviously important. Palladium is more valuable than gold, gold is more valuable than platinum, platinum is more valuable than silver, and silver is more valuable than copper.
The grade of the coin is all important. Coins are graded on a scale that goes from 1 to 70. The higher the grade, the higher the value. How are coins graded? By the strike, visual appeal, any coloration, the luster, and any damage the coin may have such as dents, scratches, or corrosion.
The Strike, i.e. the process of stamping a coin with a design is important as well. A well-struck coin has a design without any errors or defects. And yet, sometimes coins with errors or defects will make a coin more valuable.
Age can make a coin more valuable but not always. An older coin of which the total mintage was greater or which has far more coins in existence may not be more valuable than a newer coin with a smaller mintage or which has fewer coins in existence with good grades.
Coins have aesthetic value as well. Some coins are plain while others have amazing designs. Keep in mind that coin collectors want to buy and hold onto coins they find the most beautiful.
Rarity is obviously important. Rare coins, especially those with many of the other factors above will bring a much higher price than coins which can be found easily.
Coin Collecting Lawyer For Coin Collectors and Coin Collections, Sebastian Gibson
Coin Collecting Attorney Sebastian Gibson has been rated “Superb” by Avvo (their highest rating) which rates attorneys across the U.S. He has been called “Brilliant” and “A Legend” and it’s no surprise he has been named a Top Lawyer each year for the past 12 years in a row by the prestigious Palm Springs Life Magazine.
Today, Coin Collector Attorney Sebastian Gibson has offices in Palm Desert and Newport Beach and with his background and experience in Great Britain with a law degree in the U.K. as well as in the U.S., Rare Coin Attorney Sebastian Gibson also spends part of his time in London each year due to his expertise in a number of areas of law, including entertainment law.
When you need advice or assistance with a coin collection you’ve created or of which you’ve come into ownership, and need to retain a knowledgeable coin collecting attorney you can trust for your coin collection matters, the right choice is Coin Collecting Lawyer For Coin Collectors and Coin Collections Sebastian Gibson.
Before starting a coin collection or selling a coin collection an investor or a novice coin collector should become as knowledgeable as they can about coin collecting. There is a great deal of valuable information available on the internet, information that wasn’t available to coin collectors just decades ago before the age of the internet.
While knowledge is important, most coin collectors will also tell you that they learned as they went along. You may pay too high a premium for gold or silver bullion coins. You may overbid on a coin at auction. A coin you send off for grading may come back with less than a stellar grade. These things are common. You will learn from each step you take.
When you determine you need the assistance of a coin collecting lawyer for coin collectors and rare coin collections, call California Coin Collecting Attorney Sebastian Gibson for a phone consultation or assistance with the sale of a coin collection you’ve created or obtained from an estate or trust as an heir.
California Coin Collecting Lawyer For Coin Collectors and Coin Collections, Sebastian Gibson represents clients all over the world, including the U.S., the U.K., Europe and many clients throughout California from offices in the Palm Springs area in Palm Desert and in Newport Beach, in Orange County California.
You can email Coin Collecting Lawyer For Coin Collectors and Coin Collections Sebastian Gibson for a consultation at SGibsonEsq@aol.com and we’ll advise you the cost of a consultation and our hourly rate for other assistance with your legal rare coin collecting issues.
