Selling Rare Coins
Selling Rare Coins
Coin collecting is a fascinating endeavor as long as you know what you’re doing. Coin dealers spend many years gaining knowledge and developing expertise about rare and unusual coins. You should proceed carefully on your purchases to be sure you only pay market rate or less and you get the coins you want.
If you know a coin dealer or an authority on rare and unusual coins, ask for assistance with the fundamentals of collecting and selling for profit. Someone with experience will be able to point you toward an initial investment in the safest coins. It never hurts to read as much information as you can find regarding any coins that you plan to purchase.
Two Types of Purchases
There are two types of purchases in rare coins. The best way to know exactly what you are getting is by purchasing items that are authenticated and graded by the Numismatics Guaranty Corporation or another legitimate agency. It is more difficult to make money on these purchases because the value is established at the time you buy and it might not change for some time.
The second way to purchase is by finding coins that are not in a collection and have not been graded. This is an area where the coin trader can make money if they are smart with their coin purchases.
The Economics of Coin Trading
Gold and silver coins change in value as the prices of the precious metals go up and down. Much the same as the stock market, you want to buy low and sell high, so one of the most important considerations is where the market is when you buy. Some coins become more valuable when they are melted down for the gold or silver they contain as opposed to their value as coins, but this is seldom the case with rare coins.
When buying coins that have been in someone’s possession for many years, it’s good to be able to assess them and know what, if anything can be done to return them to a better condition. All coins are more valuable the closer they are to mint condition. Restoration and protection of coins is a rudimentary knowledge all coin collectors must learn.
Where You Sell
A primary piece of the puzzle regarding the success of coin trading is in finding the best selling venues. Some people like to use eBay because it has such a following, and there are always interested parties shopping for coins. If collectors get in a bidding war, you stand the chance of selling a coin for more than market value. Looking at it alternatively, you may not even get a bid, which will result in no sale and listing fees will still have to be paid for the auction listing.
Coin shows are good places to offer your merchandise, and you will find many in your area of the country. There are both printed and online sources to help you locate times and addresses for future coin shows.
Rare coin trading is a profession that requires patience and investment because you can never tell when you will be able to trade for profit, nor when you will find a great deal on a coin. You must also be opportunistic if you are to do well in this venture.
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