A Quick Guide to Getting the Best Price for your Coin Collection
Rare coins are valuable. If your main goal is to make some cash by selling it, you need to investigate your options. It is crucial that you only do business with a legitimate coin dealer. If you are an uninformed seller, many people can take advantage of it.
To help you get started, here’s a quick guide to getting the best price for your coin collection:
Understand the values of the coins
When it comes to selling coins, the golden rule here is never to put your coins up for sale until you have a good grasp of its value. You have to understand that price and value are different. Price refers to a measure of what you would pay a dealer for a specific coin.
Value, on the other hand, is the amount that you will get if you are going to sell the coin. So, how will you know the coin’s value? There is no absolute number but you should look into the date, mintmark and the condition of the coins. You also need to weigh the coins.
Know where to sell gold and silver coins
Now you have an idea of the value of your coins, the next thing to do is to find a reputable dealer. You can sell gold and silver coins to:
- Local dealers: local dealers are convenient, which makes it your best choice. You can also consider local coin shows.
- Direct sales to collectors: you can also conduct business with collectors. Collectors know the value of the coins and with their special eye for rare items, they will offer top dollar.
- Rare coin auctions: if you have rare coins to sell, you should consider auctions. If the dealers know you have something special, they will likely drive the value up.
- Online coin dealers: finally, you can consider online coin dealers. Online coin dealers are experts when it comes to valuing coins. If you find the right one, they will be fair and they will provide efficient transactions.
Choosing the right coin dealer
As you can see, there are plenty of options but you have to remember that not all are created equal. The key here is to find the right one for your needs. You should consider the reputation, knowledge, guarantees, and valued offer when finding a coin dealer:
Learn more about best practices
You should consider the following best practices:
- Take a clear picture: selling will involve taking a clear picture of the coin. Remember that the clearer the image you post, the more appealing it will be for prospective buyers.
- Determine value and weight: if the coin is gold, you should first determine the value and its AGW (Actual Gold Weight). This will help you establish a minimum base price.
- Shop around: the beauty of selling these days is you have plenty of choices. This means that you explore your options or shop around before you settle.
Before heading to rare coins for sale, you need to be informed about the value of your coin. This way, you have a greater chance of walking away happy. There are many references you can find online but it will all boil down to finding a reputable dealer.