Don't worry, if you want to sell old coins, you're not sure where to start.We have put together a guide to help you get the most money for your coins.We will show you how to value your coins, find buyers, and make sales.To get started, check out the steps below.
Step 1: The coin should be identified.
You need to know what coin you have before you can sell it.Find the coin's denominations, then note the date and mint mark.There are pieces of information on the coin.You can use an online search engine to find out what coin you have.They may be able to help you.When you can't bring the coin in person, take a clear photo of both sides and send it to coin collector groups online.
Step 2: Please note the coin's condition.
The coin's condition affects its value.Look over both sides of the coin again.Does it look scratched or dirty?The less damage you have, the less value you will get for your coin.Errors in printing can increase the value.Coins are graded on a scale of 0 to 70, with 0 being poor and 70 being mint condition.Don't try to clean the coin.Coins are natural artifacts that people like to collect.The coin can be damaged further by cleaning.
Step 3: Look at the coin's value.
You can estimate how much a coin is worth once you know what you have.There are lots of websites that keep a list of coin values.The Official Red Book is an official guide of coin values and can be ordered from your local bookstore.Coins are listed for sale.You might not get as much when you sell individual coins.
Step 4: You can find out how much your coin is worth by watching auctions.
Search recent sales for more information on coin values.There are a lot of coins that pass through Heritage Auctions.Search for coins similar to the one you own to see how much other people are paying for them.
Step 5: Get an expert to value coin collections.
When you want to sell a large collection or valuable coins, you need an expert.Search your local phone directory to find a trustworthy coin dealer.They can tell you how much a coin is worth.The Better Business Bureau can help you find online reviews from other customers.Many dealers are members of groups like the American numismatics Association.These sites can be used to find trustworthy appraisers.
Step 6: Group coins by value.
Different buyers buy different types of coins.If you are selling multiple coins, try to separate them into groups.Group high, medium, and low-value coins.The easiest way to group the coins is by wholesale value.You can separate the coins based on how worn they are, the metal used in them, or where they were printed.
Step 7: Speak to trusted coin dealers.
Coins can be sold at local coin dealers first.You will mostly sell low and medium-value coins here.Look at the stock of the dealer.If they have a lot of coins made of the same metal and of similar quality to the ones you're selling, chances are they'll give you a fair price.If you sell rare coins, you will usually get more money from auctions or private collectors.The dealers are running a business.They will pay you less than the wholesale price to make a profit.Multiple dealers should evaluate your coins.As you shop, be polite.
Step 8: Go to coin shows.
Large numbers of buyers and sellers attend coin shows.People dealing in coins of similar quality to the ones you are selling is a good sign.Don't feel pressured to sell, but discuss a fair selling point.At a coin show, you can find trustworthy dealers and meet people who can guide you in the right direction, even if you don't get a great offer.
Step 9: You can search for online coin dealers.
You can sell coins from your home on these sites.Common and rare coins can be bought on sites.Again, keep an eye out for dealers who are focused on the kind of coins you are selling.A dealer of rare gold coins won't be interested in wheat penny or buffalo nickel.Take pictures of the coins to get more interest.The lettering and mint marks can be seen if you work in a well-lit environment.
Step 10: You can pick up coin collector magazines.
advertisements from coin dealers are featured in publications.Your perfect buyer may be revealed by the magazines, which offer enlightening information on coin sales.Pick one up from your local coin shop.Don't advertise in your local newspaper.Coins are a potential target for thieves even if you meet someone in a safe place.
Step 11: The coins should be submitted to the auctions.
Online and in person coin auctions happen.They can be local, regional, or national.Try to find an auction that has a lot of coins that are similar to yours.You can earn less than a dealer would pay, or you can get an unexpected boost to your sale price.The final sale price is taken into account when calculating the buyer and seller fees.When determining how much you can make from a coin auction, account for this.Don't be fooled by auction sites like eBay.
Step 12: Buyers who give you a fair analysis are the ones you should choose.
Unscrupulous buyers try to get a better deal by giving low offers.If possible, watch the person evaluate your coins.Each coin should be analyzed individually.If you are offered a flat price, don't bother to look at the coins.Don't be pressured to sell coins immediately by any buyer.Look for dealers with positive reviews and accreditation.
Step 13: The coins should be evaluated by many buyers.
You can get the most from your coins by shopping.Multiple dealers can make offers on coins.When you are ready to sell, you should tell each one that you will think about their offer and come back later.
Step 14: Sell the entire collection.
It is better to keep the coins as a package deal when selling a lot of coins.Many dealers will only be interested in a few coins.They will pick out the high-value coins, leaving you with a less valuable collection that is harder to sell.Stick to the price for the total collection.
Step 15: Documentation of your sales should be kept.
You can have legal problems if you get a coin for free.Any profit you make off of sold coins will likely be taxed by your government.It is important to keep a detailed list of every sale and coin purchase.To find out how to report your income, consult your local tax laws.