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‘Selling Your Coin Collection’ Posted By: American Coins & Gold | April 2, 2018
What Makes Coin Collections Valuable
Coin collections are often passed down from generation to generation collecting dust in a drawer or lock box. The exciting part about rare coins is that you and your family might be sitting on a hidden treasure without even knowing it! Coin collecting is a billion dollar industry attracting large sums of money for rare and desired coins. Believe it or not, there are coin collections that have sold for over $10 million! However, before you get too excited it’s important to understand that not all coins are worth that much and multiple factors contribute to equal its value.
The main factors that influence a coins value are:
> Material of the coin: Such as gold, silver, platinum, etc.
> The total amount circulated: Refers to the amount of coins produced and circulated in the country.
> Its overall condition: The amount of damage the coin has.
> Overall Rarity / Demand: Relates to the conditions above as well as the history of the coin.
Do This Before You Consider Selling Your Coin Collection
Our top suggestion when it comes to selling your coin collection is to take the time and get a free appraisal from an experienc
ed coin dealer. An appraisal is basically a process where an experienced professional in the industry evaluates all of your coins for the factors that influence value above. Fake coins and counterfeits are extremely difficult to spot with the untrained eye, but someone who has been in the industry will be able to distinguish what is real and what is fake.
Once the appraisal is complete reputable coin dealers will then offer you a payout price for your entire collection or specific rare coins. The great part about free appraisals is that you are under no pressure to sell on the spot and you will then have a better idea of what your coins are valued at in todays market place.
Your Options When It Comes To Selling Your Coin Collection
The most common method for selling your coin collection is to go online and list them for sale on auction websites, such as eBay. The reason this is so popular is because how easy it is to do. Without leaving the comfort of your own home you can take photos, upload them to your eBay account, and post a listing. While this method might be the most common, it’s vital to understand the risk you are taking by auctioning your coins online.
One of the biggest misconceptions about online coin auctions is that the “Listing Price” is the actual “Selling Price”. What we mean by this is that people will research what their coin is worth by seeing what others are asking for it, rather than what that coin is actually selling for. Another downside of auctions, especially online ones is that you have to pay fees on the selling price as well as wait to get paid.
The other method for selling your coin collection is to consult your local coin dealer. Your local coin dealer will not only have experience buying coins but will also be able to offer you a fair market price that you can accept for cash on the spot. We always recommend taking your coin collection to a trusted coin dealer to receive a proper appraisal before you even consider other options. Who knows, you might be sitting on an extremely valuable coin without even knowing it!