Coins

How To Sell Your Old Coins

Have some old coins you want to sell, but don’t know where to start? Too often, non-collectors fail to get the best price when selling old coins. This guide will help you become an informed seller and know if he is getting a fair price for his ancient coins.

what to do before selling your old coins

determines how rare your old coin is

Whitman’s “Red Book” Guide to US Coins can give you a general idea of ​​the relative rarity of your coins. The prices listed are out of date, but the price difference between your coin date and other dates will give you an indication of how rare they may be. Use the information in the red book to classify your coins by denomination and rarity.

Reading: How to sell a rare coin

Always be careful with your coins. an additional scratch or nick can take tens or even hundreds of dollars off the value of a rare coin. there is no need to throw money down the drain by being careless.

When it comes to ancient coins, cleaning also counts as damage. a coin stripped of its patina can be shiny, but it can also be lifeless. coin collectors will pay much less for a clean coin, if they buy one at all.

discover the status of your old coins

You need to get an idea of ​​the condition (grade) of each coin before you can determine how much they might be worth. Professional Coin Grading Service (PCGS) is one of the world’s leading coin grading companies. You can use their photograde™ online resource to establish the approximate condition of your coin.

If in doubt about the grade of your coin, please round down. if one side is worse than the other, go with the lower grade. anyone you sell your coins to will do the same. err on the side of caution to avoid disappointment later on.

find the value of your old coins

after determining a coin’s condition to the best of your ability, begin researching its value. The CDN Greysheet offers recent retail values ​​for US coins in each grade. cdn’s greysheet and greensheet are the most trusted pricing guides in the industry. however, gray sheet prices are for guidance only and local prices may differ.

Please note that these prices are retail: what you would pay for the coin at a dealer. the wholesale price will be offered to you so that the buyer can make a profit. coin dealers have to eat too.

pro tip: consider getting your coins certified

If your old coin is sealed in a clear protective case labeled with the coin information and a grade, all the work has been done for you! your coin has been authenticated and graded by a professional coin grading service.

The two largest and most popular of these “third party grading services” are the Numismatic Guarantee Company (NGC) and the Professional Coin Grading Service (PCGS).

Coins that have been graded and sealed in a protective “slab” by these two companies have higher liquidity and often sell for more than ungraded coins.

where to sell your ancient coins in person

Now that you have an idea of ​​the value of your coins, it’s time to decide where to sell them. Different types of currencies have different markets. Your corner coin shop is probably not the ideal buyer for your $500 morgan silver dollar, and a coin dealer with a fancy showroom and gold coins on display may not be the best place to sell coins. five cent buffalo.

local coin shop

The obvious place to sell your old coins is your local coin shop. They will be your best bet for selling low to mid-range vintage coins like wheat pennies, buffalo nickels, scrap silver, and rare silver coins and silver dollars.

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Check out online reviews and comments of coin shops in your area and pick a couple to visit. Check your holdings to see if they have the same type of coins you are interested in selling. these dealers are more likely to want your coins and give you a fair price. some merchants will note on their website which coins they are always interested in buying.

If a dealer has too many coins of the type they want to sell, they are likely to offer a lower price than a shop that is running low on coins. this is why you want to visit more than one coin dealer. Local coin shops are not high-volume businesses, so they try not to keep money tied up in excess inventory.

Tell the owner up front that you’re not in a hurry to sell. if they make you an offer, say you’d like to think about it first. After visiting a few coin shops, you should have an idea of ​​the prices in the local market. never say that you need to sell the currency immediately. that gives you an instant discount on the offered price.

coin shows

Coin fairs offer the opportunity to meet several dealers at the same time. the largest shows have over a hundred coin dealers set up to buy and sell. this is the place to sell that “valuable but hard to move” currency. Heritage auctions often offer free appraisals at major coin fairs, another reason to attend.

on the other hand, merchants will be busy selling and buying the currencies that their customers demand in their home countries. they may not have time to spend carefully going through their coins, especially if they are busy. That said, if a merchant asks you to come back later, it means that he is interested in your coins. if he has coins that are in demand, he will get a good price at a coin show.

where to sell your old coins online

There are several options available to sell your old coins online. Which method you choose depends on your estimate of the value of your coins and how much effort you want to put into selling them.

ebay

ebay is one option for selling your coins online, but the high fees and personal dealings with bidders and buyers discourage many sellers from going this route. That said, an eBay coin auction with clear, detailed photos can make you more money than you bargained for.

bullion dealers

Online coin and bullion dealers are another option to explore when selling your coins. Especially suitable for the sale of bullion and rolled coins, the large online coin dealers are also always on the market for old gold and silver coins. Large online coin dealers buy a wider range of ancient coins and larger collections than traditional coin shops.

Some online bullion dealers only handle large orders and refuse to make purchases under $1,000. others, like gainesville coins, buy their coins in large and small quantities.

main auction houses

If you have a popular and valuable rare coin, it may be time to talk to an auction house that specializes in rare coins. heritage and stack’s bowers are the two biggest players in the rare coin market. Consigning your coins to a major auction house gives them exposure to a global audience of coin collectors, maximizing your chances of getting the best price.

You must submit your coins to a third-party coin grading service, such as NGC or PCGS, for authentication before placing them in a rare coin auction. buyers expect coins at major auctions to be authenticated. if yours aren’t, they’ll get noticeably lower prices.

Depending on when you ship your coins, it may take a month or two before they go up for auction. Seller fees at large online coin auctions can compare favorably to eBay fees, and you don’t have to worry about shipping to the buyer.

places to avoid selling old coins

There are some places you shouldn’t sell your old coins. here’s the where and why:

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    Pawn Shops: Pawn shops don’t handle coins, so they will pay very little, if at all. After all, who looks for old coins in pawn shops? they don’t know how long their money would be tied up in their currency and will price their offer accordingly.

    Jewelers: While they may offer random gold coins from time to time, jewelry stores aren’t in the coin business either. you may be able to sell them a coin, but you probably won’t get the best price.

    “we buy gold”:Any business with a “we buy gold” sign out front is primarily interested in coins and jewelry for their metal content. you’re unlikely to get a good price for a rare coin here.

    “hotel room” coin buyers:these people travel from city to city, stay in hotels for a few days, and place large advertisements in the newspaper guaranteeing high prices for coins. their goal is to attract people who have inherited ancient coins to attend the event, trusting that they don’t know how much their coins are worth.

    These people know how much your coins are worth, but they will never tell you. many times, they manage to buy someone’s coins for less than the melt value. It goes without saying that you should never bring your coins to one of these events. No one can claim that all “hotel” gold buyers are shady, but there are too many stories of people being taken advantage of to take any chances.

    what if I think my coin is really rare?

    If you think you have a very valuable coin, it might make sense to have it graded and authenticated by a professional coin grading service. The two largest and most popular companies are the Numismatic Guarantee Company (NGC) and the Professional Coin Grading Service (PCGS). fee.

    Ancient does not automatically mean valuable. You can buy some ancient Roman bronze coins for $2 each, as many as you like. they may be 1700 years old, but they are not rare and not valuable.

    A good way to determine the market value of a rare ngc/pcgs coin is to look up recent auction results at heritage auctions. heritage is the world’s largest coin and collectibles auction house, holding the official auctions at many major coin fairs. Searching your archives for sold coins only makes sense if you have slabed coins.

    don’t forget the “junk” silver

    Dimes, quarters, and half dollars minted before 1964 were made from 90% pure silver. people kept them not for any numismatic value, but for their silver content. Known as junk silver, they remain a popular way to combine coin collecting and silver investing.

    so don’t spend those old silver coins just because they’re not rare! Almost all coin shops buy 90% junk silver coins. almost all pawn shops do too. since scrap silver is sold as a commodity, this is a situation where pawn shops and coin shops are on an equal footing.

    junk silver is a type of currency that is easy to sell over the phone. just call and ask how much they are paying for junk silver. Since junk silver is bought and sold for its metal content, there’s no need to worry about missing out on a big payday (unless you haven’t checked the coins for rare ones!)

    Hint: Unlike other silver bullion, junk silver is generally bought and sold measured at face value, but by weight. This is because when money was silver, the amount of silver in coins was proportional to their face value. Five pre-1965 dimes have the same total silver content as two silver quarters or one pre-1965 silver half dollar. So when you call to ask how much someone is paying for scrap silver, they will give you a quote. of $x “per dollar of face value”.

    ready to sell!

    Now that you’ve worked, you have a good idea of ​​what your old coins are worth. You know the ins and outs of the different currency markets and you can trade on equal terms. good luck selling your ancient coins!

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    sell your old coins online at gainesville coins

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