How to Sell Your Coin Collection
How to Sell Your Coin Collection
When you were a kid, you had a huge coin collection. Proof sets, rarities, and thousands of others. You bet your collection could probably sell for enough to put your kid through her first semester at college. Well, maybe. Follow these tips to get the best price for your coins.
1. If you’ve been reading through coin value guides and you think that you have a fortune on your hands, you may be surprised to realize that most of those prices are for retailers, and aren’t actually what you would be paid for them. A couple of books that may behoove you: The Official Red Book: A Guide Book of United States Coins,”and the “Standard Catalog of World Coins.”
2. Know what you have and list the price that you want for each item. If you have a lot of pennies, though, it may not be worth it to count each one. You can determine how many you have by weighing them, 148 wheat pennies to the pound. The same goes for other mass coins like dimes and quarters.
3. When it comes to selling to dealers, there are many routes you can take. But first, this path is one for unloading your collection faster; be warned that you may not get the premium values you want. Money.org and PNGDealers.com are two websites that can help you find a dealer.
4. Once you find an interested dealer, talk to him. Make sure that he is experienced and has traded before - you don’t want to work with someone who is posing as a dealer and who wants to take advantage of you. Coin guilds are worthy places to check for reputable dealers.
5. Many dealers specialize in a certain kind of coin collection, so it may be hard at first to find an interested party. Smaller dealers are more willing to take on entire collections. If your collection is relatively small, you may have to ship it to the interested dealer. Insure the package and include a list of what you are sending. Within no time, you can expect a check in the mail.
6. If you have a few rare coins, it may be worth it to have them slabbed (graded professionally with certificate).
7. If you want to take the high line, go to an auction house. Most houses start by giving you a conservative estimate of how much your collection is worth. Heritage Auction Galleries in Dallas is the world’s leading rare coin auctioneer, and the third largest house around. If your collection is valued at over ,000, they will auction it for you. There is, however, a 10% fee.
These tips should give you an idea of what you’re working with. Finding a dealer can be laborious, but it can also beat losing 10% of your profit at an auction house. And if you don’t feel comfortable selling your coins, keep them for posterity. Although they don’t gain in value as much as mutual funds, they still appreciate. Your grandkids will thank you.
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