Coin Collecting

Selling Coins

When selling your coins you may be tempted to just look up the closest coin dealer in the phone book, carry the coins to his shop and take his best offer. That's what most people do. It's an easy way to sell your coins but it's not the best way. That coin shop is a retail store like any other and that shop owner has to take his eventual profit into consideration when he makes you an offer. Continue below.

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You may also be surprised to learn that many coin dealers don't have the time or motivation to educate themselves about the different coin varieties and search through your collection to see if you have any rare finds. If you don't take the time to educate yourself a little bit and go through the coins before you take them to the dealer, coins with a rare date or mint mark may be melted down without anyone ever knowing they were there. Many dealers will treat you with more respect if you sound like you've done your homework too.

If you've taken the time to figure out what you have, then there are other options to consider besides the typical coin shop. Auctions, bid boards in coin shops, consignment arrangements, coin shows and even the classified ads in numismatic newspapers can be profitable selling venues for your coins.

To avoid the risk typically associated with selling coins by mail, you can look for a reputable and educated brokerage service to handle the transaction. No matter how you decide to sell your coins, educating yourself about what you have is an important first step to getting what they're worth.

A growing area, online Internet auction sites are an interesting way to buy and sell coins. Aside from general interest sites like eBay, many auction houses often have coin divisions that sponsor online or in-person auctions. Make sure you do your homework beforehand and know how much you are willing to spend on a particular item, to avoid getting caught up in the auction frenzy.

The American Numismatic Association and the American Numismatic Society also have lists of recommended dealers available on their websites. Membership in these societies assures the buyer that the dealer will be held to certain standards of integrity and conduct, and the customer will generally be safer than when working with a private dealer.

When considering a sale, understanding the grading of coins is critical to the collector. The National Numismatic Grading System offers books, videos and accepts submissions of coins to be professionally graded. The Numismatic Guarantee Corporation also offers coin-grading services, based on the standard scale of 70 points. If you are thinking of selling a particular coin, this can be a good place to look to determine a fair market price before you price your coin.

If you have a very unusual coin, or want to sell coins for investment purposes, you might consider using a coin broker. These specialists will scour their sources to find what you are looking for, and generally take a commission on the sale. You can find coin brokers online, or ask your local dealer for a referral. You might also check with some of the popular coin collecting magazines for brokers.

Get involved in your local coin club. You'll not only meet other like-minded coin collectors, but you'll also find some good sources for buying and selling. Check with your hobby shop, or look online to find a club near you.

Consider getting a subscription to one of the many coin collecting magazines on the market. You'll get lots of industry news and tips on your hobby, and you'll also find a wealth of ads from dealers and individuals looking to buy and sell coins. Just be sure you are working with a reputable dealer.

However you choose to sell your coins, be sure you know what you are selling, and understand what it's worth before you part with your treasures.

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