1. Get together all of your unneeded coins, stamps, and other duplicate materials. We will accept almost anything, from a single coin to a complete collection.
We accept stamps of any kind, U.S. coins, foreign coins, U.S. paper money, foreign money, ancient coins, commemorative metals, proofs, specimens, fractional currency, tokens, stamps, supplies, books, periodicals, catalogs, etc.
2. Make up an adequate Inventory list covering the items that you are donating. Please be sure to distinguish between silver colored and silver metal, etc. Generally, the more detailed the inventory list is the more the tax department will like it.
We must have the original copy of the inventory list and two complete photocopies of the inventory list. All should be on 8.5 by 11 paper. Your name and address should appear on every single page of both copies of the inventory.
3. If there are any items of special interest, such as items suitable for museum display, please write us a note telling us about them. That way, they will not be overlooked.
4. Pack everything into a cardboard box, and enclose all copies of the inventory list. Please enclose a stamped self-addressed envelope. Put your name and address on the outside of the box. Keep an extra copy of the inventory for yourself- just in case!
5. Mail the box to us by U.S. parcel post or UPS. You should consider insuring or registering the shipment if it is valuable; by default, all UPS shipments are insured to $100, but more coverage is available from them as well.
The amount you pay for mailing or shipping the package to us is also a tax-deductible item, to the extent provided by the federal tax code.
6. When your box arrives here, we will open it and verify the contents of the box against your inventory list. We will then send you our official receipt for the material that you sent to us, our receipt will cover the nature and amount of the material that was donated. We will not attempt to value the material because the valuation of the material is to be determined by the person donating the materials or their appraiser. We do not enter into the valuation process at any time per IRS statutes and guidelines.
7. If your donation is valued at over $5,000 then there are special rules that apply, with regard to appraisals, etc. In general, for donations valued over $5,000 you must execute IRS form 8283 and have it signed by your appraiser. You may contact us if you have any questions regarding this.
When to make a shipment
The best time to make your shipment to us is in the middle of the year.
It is best not to wait until the end of the year because you will find that it takes a considerable amount of time to go through your numismatic and philatelic materials to pick out the items that you no longer need. Also, it takes time to make up a detailed inventory list.
Every year we receive a number of packages after the December 31st deadline. The people sending these packages are often disappointed because they are unable to get the tax deduction for the present year, which they wanted to get. The deadline is measured by the date of the mailing of the package. If it is mailed on December 31st, it should be considered to be donated as of that day, and year, even if we do not actually receive the package until sometime in January of the next year. If you make an end-of-the-year mailing on December 30th or 31st be sure to get some kind of evidence from the post office that shows the date the package was mailed.
But, if you make your shipment early in the year , you will not have to worry about the December deadline. This also gives us additional time to respond to you with a reciept confirming we have recieved your donation. During December and Janaury we are always VERY busy, and reciepts are sent out on a first come / first serve basis.
If you any any questions or concerns, please feel free to contact us at any time.
We thank you for thinking of us for your stamp and coin donations and we look forward to receiving your first shipment in the near future.
The Numismatic Institute
6525 N. Clark St.
Chicago, IL. 60626