Advice for Those Who Inherited a Stamp Collection
Sept 26, 2023 15:53:33 GMT
philatelia, dorincard, and 10 more like this
Post by tomiseksj on Sept 26, 2023 15:53:33 GMT
Safekeeping: For the non-collector, inheriting a stamp collection can seem overwhelming. Before deciding on how to proceed, you should take several actions to ensure the collection isn’t damaged. It is important to make sure that you store the collection in a cool, dry, and pest-free environment because moisture, humidity and insects can destroy a collection’s value. Albums and envelopes containing loose stamps should be stored upright, rather than flat because pressure can sometimes cause the stamps to stick to the page. Stamps that are on envelopes should be left in place until their value has been determined.
Determining what the collection is worth: The value of the collection probably has the greatest impact on how you should proceed, but how do you determine this? There are several things to look for, such as instructions from the former owner, an insurance policy, or an inventory list. These items are helpful in determining the worth of the collection. Unfortunately, one or more of these are typically absent from the collection.
If no guidance was provided with the collection you will need to get some help from someone knowledgeable. Consider contacting a reputable dealer or local stamp club near you or attend a nearby stamp show. The collection must be viewed in-person in order to receive a reasonable estimate of its value. Descriptions on the phone, in emails or online are generally not productive.
For individuals living in the U.S., visit one of the following directories to find knowledgeable connections near you.
• APS Dealer Directory
• APS Local Club Directory
• Events Calendar
For individuals living in the United Kingdom, The Philatelic Traders’ Society, LTD, a trade society for stamp dealers, has members who provide valuation services. Those living in Australia should consult both the Australian Philatelic Society and the Australian Philatelic Foundation; the latter’s website provides links to societies in each of the country’s States. The Australasian Philatelic Traders’ Association lists member dealers located in Australia, Belgium, New Zealand, South Africa, United Kingdom, United States, and U.S. Virgin Islands. For those living elsewhere, conduct an internet search for philatelic societies in your respective countries.
A member of a local club may be able to help with determining whether the collection has enough value to warrant the cost of an appraisal. If there are no clubs in your local area, check your library to see if they have stamp catalogs in their holdings. If so, you may be able to get an estimate of value by conducting some research on your own. If you feel confident with your identification of the stamps, you can also get a feeling for their market value by checking the sold listings on sales platforms like eBay, Delcampe or HipStamp. Don’t rely on the current listings, however, as many low value items are listed with outrageous asking prices.
If you take the collection to a dealer, be sure to clarify with the dealer that you are not requesting an official appraisal unless you are prepared to pay a fee. If you ask a dealer to come to your home to review the collection, the dealer will likely expect to be paid - be sure to discuss this in advance and agree upon an amount.
Individuals with little or no knowledge about postage stamps may worry that they will not be offered a fair price for an inherited collection. Most stamp dealers are trustworthy but you should verify that the dealer you are considering is a member of a Philatelic Society or Stamp Dealers Association that has an established code of ethics for its members. If you are still concerned about receiving a fair price for your stamps consider visiting more than one dealer or attend a nearby stamp show. This would provide you with the opportunity to offer the material to several dealers and compare how much they will pay.
Keep in mind that most stamp collections are built from stamps received in the mail and will usually be the most common values. This means that many collections (or accumulations) have minimal monetary value. Also, just because a stamp is old doesn’t mean that it is rare or worth a fortune; many old stamps were produced in large quantities (i.e., millions or tens of millions). Lastly, many collectors tend to overvalue the stamps in their collections, typically assigning full catalog value to stamps that are in poor condition. Worth is determined by supply and demand; stamps printed in large quantities will rarely have value and rare stamps are of little value if there is no demand for them. The better an item's condition, the greater its value. There are other factors that may influence the value of a stamp. This is especially true of stamps on cover (envelopes). A stamp of minimal catalog value may be worth significantly more because of the postmark, auxiliary markings, the route it traveled, the person who sent it or the recipient.
Appraisals: A formal appraisal may not be needed unless required for legal purposes. A formal appraisal could cost $75 to $250 an hour and provides no guarantee that the material can be sold for the valuation provided. Most appraisals are performed by stamp dealers so use the resources cited above to find one that can perform the service for you. Before arranging for an appraisal, make sure you agree on the cost of the appraisal and the basis for valuation of the items (resale value or replacement value). Most appraisals do not require development of a complete inventory. The appraiser will focus on the more valuable items in determining the appraisal - so don't be surprised when you do not receive a full inventory or if little time is being paid to relatively common material. Most collections primarily consist of relatively common material and most of the value comes from a small portion of the collection.
What to do with the Collection
Once you have determined an idea of the collection’s value, you have several options.
Keep It: You could keep the collection and begin collecting stamps for yourself. Collecting provides insight into the history, geography and culture of the countries represented by the stamps in the collection. Many collectors also find the hobby therapeutic and a relief from stress.
Pass it on to a Family Member: If you have determined the collection has relatively little value, you may wish to consider giving it to a child, grandchild, or other relative. While the monetary value may be small, the educational value and fun that may be derived may be large.
Donate It: Many organizations gladly accept donations. In the U.S., some such as the American Philatelic Society or Stamps for the Wounded are approved non-profit organizations so you may be able to claim a tax deduction. It is advisable to check with the organization for their needs. Local stamp clubs, scouts, schools or boys’ and girls’ clubs may be interested in the material, as well.
Sell It: Many people ask the best way to sell their collection. Unfortunately, there is no single best way for every collection. Key factors include the relative value of the items to be sold, the amount of time you wish to invest in selling the material, and how quickly payment is required.
If You Decide to Sell the Collection
Public Auctions: For individual items or collections valued in the hundreds or thousands of dollars, many individuals find public auctions to be most appropriate. Assuming the auction is well publicized, thousands of collectors and many stamp dealers should receive a catalog with a picture of the item and the opportunity to bid. Some disadvantages of selling at auction are consignment fees and the possibility of a lengthy delay before payment is received.
Stamp Dealers: Higher priced items may also be sold to directly to a dealer and this generally brings immediate payment. Most mid-priced material, say from $1 to $100, is sold to stamp dealers to resell to their customers. Your collection could be sold as one unit, or if you have the time, you may wish to sell parts to different dealers. For example, a dealer specializing in Latin America would likely pay more for your Mexican stamps than general U.S. dealers; a Postal History Specialist may pay more for covers, etc. If you choose to break the collection up this will require more time and effort on your part, but the monetary reward may be greater.
Do-it-Yourself (DIY): If you’ve done your research and have a good understanding of what you have and what it is worth, consider selling items yourself on one of the many online marketplaces. You might also purchase table space at a local stamp event so that you may sell to other collectors. Clearly, the DIY method requires the greatest effort on your part.
NOTE: We recommend that you obtain more than one offer before selling and we encourage you to take your time – don’t allow yourself to be pressured into a sale. If a potential buyer requires you to make an immediate decision, you are probably better off passing. It is not unreasonable to expect an offer to be valid for 30 days. We caution against making a hasty decision or you may regret selling soon after the sale. Take some time, discuss it with family members, and be sure of the approach you will follow. Sometimes these collections have more of a sentimental value than you realize until they are gone.
Video: Inherited Stamp Collection? What to Do!
Determining what the collection is worth: The value of the collection probably has the greatest impact on how you should proceed, but how do you determine this? There are several things to look for, such as instructions from the former owner, an insurance policy, or an inventory list. These items are helpful in determining the worth of the collection. Unfortunately, one or more of these are typically absent from the collection.
If no guidance was provided with the collection you will need to get some help from someone knowledgeable. Consider contacting a reputable dealer or local stamp club near you or attend a nearby stamp show. The collection must be viewed in-person in order to receive a reasonable estimate of its value. Descriptions on the phone, in emails or online are generally not productive.
For individuals living in the U.S., visit one of the following directories to find knowledgeable connections near you.
• APS Dealer Directory
• APS Local Club Directory
• Events Calendar
For individuals living in the United Kingdom, The Philatelic Traders’ Society, LTD, a trade society for stamp dealers, has members who provide valuation services. Those living in Australia should consult both the Australian Philatelic Society and the Australian Philatelic Foundation; the latter’s website provides links to societies in each of the country’s States. The Australasian Philatelic Traders’ Association lists member dealers located in Australia, Belgium, New Zealand, South Africa, United Kingdom, United States, and U.S. Virgin Islands. For those living elsewhere, conduct an internet search for philatelic societies in your respective countries.
A member of a local club may be able to help with determining whether the collection has enough value to warrant the cost of an appraisal. If there are no clubs in your local area, check your library to see if they have stamp catalogs in their holdings. If so, you may be able to get an estimate of value by conducting some research on your own. If you feel confident with your identification of the stamps, you can also get a feeling for their market value by checking the sold listings on sales platforms like eBay, Delcampe or HipStamp. Don’t rely on the current listings, however, as many low value items are listed with outrageous asking prices.
If you take the collection to a dealer, be sure to clarify with the dealer that you are not requesting an official appraisal unless you are prepared to pay a fee. If you ask a dealer to come to your home to review the collection, the dealer will likely expect to be paid - be sure to discuss this in advance and agree upon an amount.
Individuals with little or no knowledge about postage stamps may worry that they will not be offered a fair price for an inherited collection. Most stamp dealers are trustworthy but you should verify that the dealer you are considering is a member of a Philatelic Society or Stamp Dealers Association that has an established code of ethics for its members. If you are still concerned about receiving a fair price for your stamps consider visiting more than one dealer or attend a nearby stamp show. This would provide you with the opportunity to offer the material to several dealers and compare how much they will pay.
Keep in mind that most stamp collections are built from stamps received in the mail and will usually be the most common values. This means that many collections (or accumulations) have minimal monetary value. Also, just because a stamp is old doesn’t mean that it is rare or worth a fortune; many old stamps were produced in large quantities (i.e., millions or tens of millions). Lastly, many collectors tend to overvalue the stamps in their collections, typically assigning full catalog value to stamps that are in poor condition. Worth is determined by supply and demand; stamps printed in large quantities will rarely have value and rare stamps are of little value if there is no demand for them. The better an item's condition, the greater its value. There are other factors that may influence the value of a stamp. This is especially true of stamps on cover (envelopes). A stamp of minimal catalog value may be worth significantly more because of the postmark, auxiliary markings, the route it traveled, the person who sent it or the recipient.
Appraisals: A formal appraisal may not be needed unless required for legal purposes. A formal appraisal could cost $75 to $250 an hour and provides no guarantee that the material can be sold for the valuation provided. Most appraisals are performed by stamp dealers so use the resources cited above to find one that can perform the service for you. Before arranging for an appraisal, make sure you agree on the cost of the appraisal and the basis for valuation of the items (resale value or replacement value). Most appraisals do not require development of a complete inventory. The appraiser will focus on the more valuable items in determining the appraisal - so don't be surprised when you do not receive a full inventory or if little time is being paid to relatively common material. Most collections primarily consist of relatively common material and most of the value comes from a small portion of the collection.
What to do with the Collection
Once you have determined an idea of the collection’s value, you have several options.
Keep It: You could keep the collection and begin collecting stamps for yourself. Collecting provides insight into the history, geography and culture of the countries represented by the stamps in the collection. Many collectors also find the hobby therapeutic and a relief from stress.
Pass it on to a Family Member: If you have determined the collection has relatively little value, you may wish to consider giving it to a child, grandchild, or other relative. While the monetary value may be small, the educational value and fun that may be derived may be large.
Donate It: Many organizations gladly accept donations. In the U.S., some such as the American Philatelic Society or Stamps for the Wounded are approved non-profit organizations so you may be able to claim a tax deduction. It is advisable to check with the organization for their needs. Local stamp clubs, scouts, schools or boys’ and girls’ clubs may be interested in the material, as well.
Sell It: Many people ask the best way to sell their collection. Unfortunately, there is no single best way for every collection. Key factors include the relative value of the items to be sold, the amount of time you wish to invest in selling the material, and how quickly payment is required.
If You Decide to Sell the Collection
Public Auctions: For individual items or collections valued in the hundreds or thousands of dollars, many individuals find public auctions to be most appropriate. Assuming the auction is well publicized, thousands of collectors and many stamp dealers should receive a catalog with a picture of the item and the opportunity to bid. Some disadvantages of selling at auction are consignment fees and the possibility of a lengthy delay before payment is received.
Stamp Dealers: Higher priced items may also be sold to directly to a dealer and this generally brings immediate payment. Most mid-priced material, say from $1 to $100, is sold to stamp dealers to resell to their customers. Your collection could be sold as one unit, or if you have the time, you may wish to sell parts to different dealers. For example, a dealer specializing in Latin America would likely pay more for your Mexican stamps than general U.S. dealers; a Postal History Specialist may pay more for covers, etc. If you choose to break the collection up this will require more time and effort on your part, but the monetary reward may be greater.
Do-it-Yourself (DIY): If you’ve done your research and have a good understanding of what you have and what it is worth, consider selling items yourself on one of the many online marketplaces. You might also purchase table space at a local stamp event so that you may sell to other collectors. Clearly, the DIY method requires the greatest effort on your part.
NOTE: We recommend that you obtain more than one offer before selling and we encourage you to take your time – don’t allow yourself to be pressured into a sale. If a potential buyer requires you to make an immediate decision, you are probably better off passing. It is not unreasonable to expect an offer to be valid for 30 days. We caution against making a hasty decision or you may regret selling soon after the sale. Take some time, discuss it with family members, and be sure of the approach you will follow. Sometimes these collections have more of a sentimental value than you realize until they are gone.
Video: Inherited Stamp Collection? What to Do!