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Selling a coin collection can be a difficult and stressful task, especially if you are still determining where to begin. Whether you’ve inherited coin collections, built your collection over the years, or simply came across an interesting group of coins, your goal will be the same: get the most value for your coins. This is a comprehensive guide on how to sell your coin collection for the maximum amount of profit.
How to Sell Your Coin Collection
Before you start selling your gold and silver coins, it’s important to understand their value. Some coin collections are worth more for their intrinsic value (just the weight of the gold or silver), and others can have significant numismatic value (they are worth MORE than just their melt value).
1. Asses Your Collection
The first step in selling your coin collection is to evaluate what you have. Take an inventory of your coins. You don’t have to necessarily note down every single date and mintmark (where it was made), but you should get a general sense of what KIND of coins you have.
2. Research
Spend time researching the coins in your collection. Online resources can be a great first start, notable websites like PCGS, NGC, and Coin World can be a great help.
3. Coin Collection Appraisal
For a more accurate assessment, consider getting a professional coin collection appraisal. A certified numismatist can provide a detailed evaluation of your collection’s value. Most coin shops will happily give you a free verbal appraisal to give you a great sense of what you have.
Where to Sell Your Coin Collection?
Once you have a good understanding of your coin collection value, the next step is to decide where to sell your coin collection. There are several common options to consider:
1. Coin Dealers
Local coin dealers are often your best option for selling coins. They have the expertise and resources to assess your collection and give you a fair offer. One benefit to selling directly to a coin shop is they pay you immediately, with no need to wait or have any uncertainty. We recommend getting more than one offer to ensure you get a fair deal before making any final decisions.
2. Coin Shows
Attending coin shows can be a great way to sell your coin collection. These events bring together collections and dealers from across the country, increasing your chance of finding a buyer who needs exactly what you have. Larger national shows will be the best option, as smaller regional shows usually do not attract the best buyers.
3. Auctions
Selling your coins at auction houses can sometimes be the best option, but it is important to note their often high fees. If you have incredibly high-value coins, unique or unusual pieces, auction houses may be your best route. They generally charge 20-30% commissions, but have access to a vast audience. For most common items, auction houses are not the way to get the most value, but they are an avenue to consider.
4. Online Marketplaces
Selling coins online has become increasingly popular. Listing coins on eBay or Etsy is an option for you to sell the coins directly. This option is considerably more work but can end up yielding more in the end than selling directly to a coin shop or auction house. If you don’t mind the work of photographing, cataloging, and shipping, selling items yourself is a viable option.
Is it Worth it to Sell a Coin Collection?
Deciding whether to sell your coin collection depends on your financial goals and personal attachment to the collection. There are a number of things to consider:
1. Financial Gain
If you are looking for a financial boost, selling a coin collection can be lucrative, especially if you have gold or rare collectible coins.
2. Market Conditions
Coin values can fluctuate based on the price of gold and silver and other factors. Historically, the value of coins has trended upwards, although it is essential to note that typical traditional investments appreciate at a faster rate than collectible coins. Coin collecting may go the way of stamps and depreciate over time…nothing goes up forever!
3. Emotional Value
If the collection has sentimental value, you will have to consider if selling the collection is worth the loss of the material memory it holds. Getting an appraisal first will make this step easier to weigh.
How Do I Find Out What My Coins Are Worth?
Determining the value of your coins is crucial before selling. Here are a few steps to find out what your coins are worth. The first step is to determine what kind of coins you have. Searching for what is written on the coins is a great first step. Using Google Image Search with your phone can also make this task much more accessible, and this feature is particularly good at figuring out what coins are. Once you’ve figured out what coins you have, you should determine if they are worth their melt value or if they have collector value. Typically, coins from the last 40 years are often just worth their intrinsic value, but there are exceptions. If you believe you have significant valuable coins, you should seek a professional coin collection appraisal from a certified numismatist or reputable coin dealer. You can also join an online forum such as CoinTalk and the American Numismatic Association.
Sell Your Coins for Maximum Profit Today!
Selling your coin collection for the maximum profit requires careful planning, research, and patience. By understanding your coin collection value, choosing the right selling platform, and presenting your coins well, you can set yourself up for success. Whether you decide to sell to a coin dealer, send your coins to an auction house, or try selling them online, following these steps will help you navigate the process and get the best possible return on your investment. So, if you are wondering how to sell your coin collection, these tips will ensure you get a fair price. Ready to get the best value for your coin collection? Contact Edelman’s today to get a coin appraisal and start your profitable selling journey!
