Inheritance but oh so gullible!!!

[LuckyMum1989]

My DGM passed away and I have been tasked by DM with valuing her jewellery and coin collection, keeping anything of sentimental value and selling the rest to be divided among her grandchildren.

So, I need to find somewhere reliable and honest to value and sell these things. She said most of the coins may be worthless but she'd been collecting coins since 1920 so there may be a couple of rare ones there. And there's a couple of pieces of jewellery she said are valuable.

I am happy to do the job on behalf of DM as DM is very unwell - BUT I am ridiculously naive! I always pick rogue builders, buy dodgy cars, believe the dishwasher guy that it needs fixing not replacing and I am really worried about being taken for a ride - especially as the money is to be divided for others and I don't want my siblings or cousins to miss out, but I am genuinely one of those people that fraudsters see coming. Every. Single. Time.

I don't have a frame of reference or a reasonable idea of what a fair valuation would even sound like. So if I was being massively under-quoted nothing would go off in my head to say "that doesn't sound right" because how would I know?

Plus, for all I know I inherited my Extreme Naivety Syndrome from my DGM who may have invested all her life in a coin and jewellery collection that was worth nothing!

I don't have easy access to a vehicle at the moment so although I can sort lifts to two, maybe three places, I can't get about and get them valued it 15 different places so I don't really know where to start...

Any advice?

I was in a similar position, so I split out the selling and I said I needed to get it valued for insurance purposes from an independent jeweller who did valuation.

One diamond ring is worth something, but otherwise it hasn't much value - so I've kept it.

Was told that the best thing to do would be to take it to London Hatton garden market and sell for its weight.

I'd do similar for coins, you will need to pay a fee for the valuation, but it wasn't exorbitant.

Go to a reputable auction house. Many will do initial valuations from photos online. The big guns (Christie's, Sotheby's) will only want high value so go a more local one but still have a jewellery and coin expert. Do online research you should be able to find somewhere. Their profit is directly linked to what they can sell for so will not undervalue, though they do have strategies to try and entice bids.

Good advice above, you can also have a look to see if very similar items are on ebay, although selling price and sold price often very different!

@Timeforabiscuit posted as I was writing. OP You don't have to pay a fee at auction houses for valuation unless you require them to come out to you.

Coins. I second having a look on EBay. Ignore asking prices. Do an advanced search for completed and sold lots so you can see what people actually pay for coins.
Condition is important.

Thankyou! I live in Derbyshire if that helps (and sadly, can't get down to London)

My DM said "find a reputable valuer"... but that's my problem. Everyone with a decent website, a landline and a good trustpilot rating looks reputable to me! 🤣🤣

I’m Derbyshire too, there’s a couple of antique shops in Belper if you can get there and one of them that I know values items 👍

https://www.naj.co.uk/jewellery-valuation-how-much-is-my-jewellery-worth-naj

Put your postcode in here to find a member of the Institute of Registers Valuers near you.
(Advice on the web page here too).

I took DMs jewellery to our local jewellers in our High Street to be valued for Probate purposes. I picked them because they were a long established family firm so I was hopeful that they wouldn't disappear overnight! I also entrusted them with replacing a diamond in my engagement ring.
Are there any small town long established family jewellers near you who might be able to do a valuation?
Coin collectors are likely to be more difficult to find.

Ooooooh thankyou all!

Belper is very nearby and that link looks fab. Just what I need! 👍🏻😊

Like @ohtowinthelottery I took my Mums jewellery to a local, long established family run jeweller who was brilliant! Showed me their process (now fascinated by hallmarks) and sorted everything into valuable, worth something and 'not for us' but still worth putting on marketplace or similar.

Coins I sent photographs to a local auction house.

These people are Derbyshire based, long established with a good reputation:
https://www.bamfords-auctions.co.uk/valuations/valuation-days/

local auction house is a good idea.
take them in and say you want to sell them.
As PP said they are interested in getting a good price so they won't undersell you.

Or reverse Google.
That generally links to similar which are often for sale

I would go to family-run local jewellers or auction houses as opposed to eBay or online. It's very hard to be precise on comparisons if it's not your expertise. I have a gold coin from my DGM, which I was looking to value. From internet research, it could be anything from 500 to 1200, all based on the same description. The local firm I used confirmed it was of the 1000-1200 variety, but left to my devices, I could easily have assumed that 500 was a good price. I'm sure some people are knowledgeable enough to do their own research, but it sounds like you're not.

You don't really want a "valuation" if they're to be sold though. You certainly don't want an insurance valuation, which will only lead to disappointment when they are sold.

Put them up for auction and you'll get what they're worth on the day, which is all anything is ever worth

Can you ask for a lift into a local town center if possible? There's generally several around a walkable area. Wheb we last sold some (about 3 bits?) , we tried four places in total. 2 were about 70 pounds, one wanted to give us 30 and it was Ramsdens that offered us 130.

Take it to a small local family run business, if you can find one. They will often have a history and reputation dating back generations, and you can expect fair treatment from them.

Courtlands in Derby have recently done some valuations for a family member. They were happy with the service and the outcome.

Most dealers make their money buying low and selling high. It's a simple fact.

How low they buy and how high they sell (with knowledge) is a measure of the "scamness".

OTOH it is worth remembering that dealers do have to make a living.

They do use certain tricks IME. For example if you photo something, then make a journey to visit them in person, they will often reduce the price when you are there. That's because you have made the journey and are to some degree committed - especially if it is a long journey. There is of course little reason these days why from good photos you can't get a very accurate impression of an object and what it is worth, the only thing that is difficult is final authenticity (are those real diamonds or glass).

I would say with auctioneers you are likely to get a better idea of true valuation. However a lot of auctioneers only have general specialists and that means that they are likely to overlook things of detail. If you believe that the collection is large and has some value then you would probably be better off going to a specialist auction sale. But to have a large collection valued accurately you might end up having to pay quite a lot. The reason being is because very similar old coins for example might be worth a lot depending on relatively trivial things, for example some coins of some dates are worth huge amounts, whereas the same coin from another date can be worth next to nothing. So valuing a huge collection could take a long time for someone to check each item against a record and value it. Time costs money.

Alternatively you could search for each item on ebay and see the minimum price associated with it. That will probably take you some time though.

Just to say OP don't be disappointed if it is all worth very little. I had an elderly aunt who passed away and left all her jewellery to me and my DM. It was all worth basically nothing. Some costume jewellery that was fun to wear was basically it. She sadly thought it was all real, real diamonds etc and I suspect was scammed over many years.
We kept it and wear it to remind us of her lovely character and fun spirit.

Buy a coin book and look them up. Chances are the relatively valuable ones wont be in top condition, so don't (usually) expect top price. If there are specific good coins look on ebay for what sold prices have been for that coin, so you have an idea what the value is. Jewellery go to a reputable jewellers for valuation.

If you put things into auction (which is probably a good idea) make sure the auction is specific for your type of items a general auction might not get the right prices for jewellery and collectibles. Ask the auctioneer how much interest there is likely to be.

I would just echo another poster to say you do need an auctioneer's valuation or a jeweller's. Insurance valuations are always higher as they include finding similar and replacing it and that is not necessarily what you would get in a sale.

But I wish you well & I hope you have found what you needed. 💐