Inherited a coin collection? How to liquidate

September 7, 2022

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“I have inherited a collection of coins, now what?”

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If you’ve inherited a coin collection, selling the collection (either in its entirety or in individual pieces) can be lucrative, and is a great hobby and investment right now. Marketwatch reports that some very rare coins have made headlines by doubling in price over the past year, while prices in the Professional Coin Grading Services (PCGs) index have risen 16% from a year ago, and 6,315% since its creation in 1970.

Reading: Where can i sell my coin collection

but to get the most money possible for your collection, it’s important to know what you’re doing:

where to sell a coin collection
what to do before selling a coin collection
how to liquidate a coin collection
frequently asked questions on valuing a coin collection

where to sell a coin collection

Ultimately, where you sell your coins will depend on the state of your collection. coins that are truly valuable as collectibles may warrant sale to dealers or through an auction house. non-rare gold or silver coins are generally worth bullion weight. These coins make up the majority of coin collections and can be sold to a metals buyer like CashforGoldUSA.com, our no. 1 recommendation to sell coin collections.

what you need to know about cashforgoldusa:

35-year-old company that buys gold, diamonds and silver in any form
a better rating from the business bureau
fox business research report found that cashforgoldusa pays 3 times its competitors (!)
pays within 24 hours
100% customer satisfaction guarantee
insured up to $100,000
10% bonus if you ship your item within 7 days.

Check out cashforgoldusa’s online gold calculator on their home page to help you accurately estimate how much you’ll get for your coin and easy steps to securely submit your item for a quick cash payment.

before selling a collection of coins:

1. sort but not clean the collection

Deep cleaning by a non-professional can decrease the value of your coin. when in doubt, leave them as they are with their patina intact.

2. grade and value the coins.

Spend some time online on ebay, reddit, visit a coin shop, and talk to coin collectors to understand what’s in the collection.

learn as much as you can about your collection, including the red book, a guide to 2022 united states coins, 75th edition.

Determine the value of your coin or collection: To make sure you get a fair price, you need to know how much your coins are worth. If your coins are not valuable but are made of gold or silver, you can value your coins based on the purity of the metal and the weight of the coins.

You can get your coins professionally graded for a fee.

3. choose a trusted buyer.

where you sell your coins will depend on the type of coins you have, their value and how much work you want to invest. An online metal buyer can be a good option for gold or silver coins with little or no value as collectibles.

Coins that do have collectible value, or are not gold or silver, can be sold at coin shops, pawn shops, online marketplaces, or through auction houses. If you’re selling gold coins, read our overview of the best places to sell gold online.

how to liquidate a coin collection by selling old coins online

There are many places online and near you that buy gold and silver coins, including pawn shops, gold exchanges, and jewelry stores.

If you’ve graded your coins and think they’re mostly junk, not ours. #1 recommendation is to sell to cashforgoldusa which is a+ rated best business office, pays within 24 hours and insures every shipment back and forth.

1. get an estimate of the value of your scrap coins.

Check out cashforgoldusa’s online gold calculator on their home page to help you accurately estimate how much you’ll get for your coin and easy steps to safely submit your item for a quick cash payment.

2. choose a courier (fedex is the fastest!).

your shipping materials will arrive in a couple of days by usps, or print a supply label from cashforgoldusa and ship right away.

3. send your coins and wait for an email or text message to confirm payment from paypal.

cashforgoldusa will send a text and email with a cash offer within 24 hours of submitting your coin collection. accept the offer and receive payment immediately by paypal, or choose a check that will arrive in 2-3 business days.

how to liquidate valuable coins: 4 more options

You can sell a collection of coins (as a whole) the same way you would sell individual coins. Coin dealers, pawn shops, auction houses, individual collectors, and metal buyers can all be great options, depending on exactly what you’re selling.

If you’re not a coin collector and don’t have a clear idea of what your collection might be worth, working with a coin dealer or auction house can be a great way to learn about your collection so you can be sure you get the right amount. a fair price when you sell. Of course, these options carry their own fees that will reduce your earnings.

Related: Learn about auction houses and auction websites.

I inherited gold coins. how do i sell my old gold coins?

If your gold coins have value as collectibles, then you’ll need to decide how you want to sell your coins to get the most money possible.

However, if your gold coins have no value as collectibles, selling them becomes much easier. Gold buyers use two factors to determine the price of the items they buy: the purity of the metal and the weight of the item. the closer you get to 24 karat, and the heavier your coin, the more it will be worth.

I inherited a collection of silver coins. how do i sell my old silver coins?

Selling silver coins is a lot like selling gold coins. first determine if the coin has any value as a collectible. Learn more in this post about silver coin valuation and sales, as well as the top silver buyers.

how much is a collection of coins worth? frequently asked questions

Below, I’ve answered some of the most common questions people have about selling coins, including an overview of how coins are valued, the best places to consider selling your collection, and more.

how do you value a coin collection?

A collection of coins can be graded in two ways.

For one thing, you can choose to value each coin individually. this is commonly done when a coin collection consists of random coins. in this case, you would probably base the value of the coin on its rarity, grade, and metal composition.

On the other hand, you can choose to value the coin collection as a whole. this is especially common for collections consisting of a particular type or series of coins. in this case, in addition to the factors listed above, the integrity of the collection can significantly affect its value.

does the value of coin collections increase?

Historically, rare coins have increased in value over time, and the price of gold and silver has also risen over the years.

Gold prices have hovered at a 7-year high. As of , the resale value of gold in the United States was at a near-record price of $ per ounce or $ per gram.

prices of key rare coins have increased 6315% since 1970.

how is a coin collection priced?

Coin trading and valuation is full of scams, so be careful. Look for a dealer or appraiser that is a member of the American Numismatic Association, as well as one that is registered as authorized by the Professional Coin Grading Service.

how much does it cost to appraise a coin collection?

A pcgs licensed rare coin dealer can appraise or grade your coin collection. expect to pay $100 to $200 per hour for this coin classification.

If your coins are not rare and you want to sell them as scrap gold or silver, a local metal buyer, pawn shop or jeweler can weigh and grade the metal for quality, as can cashforgoldusa.

what coins are worth money?

Coins can be valued in several different ways. for example, you can value a currency based on its:

rarity: The rarer a particular coin, mintmark, or series, the more valuable the coin. poorly sealed, misprinted, or misprinted coins can also be worth significant amounts of money.
grading: A coin’s condition can be graded on a scale from poor to flawless (with a number of steps to along the way). the better the condition of the coin, the higher the grade and the more valuable it will be.
metal composition: many coins, especially older ones, consist of precious metals such as gold, silver, and platinum . , and various other alloys. In addition to the value these coins have as collectibles, they also have an inherent value that depends on the purity of the metal they contain.
Face Value: As long as the coin is in use, each coin will be worth at least its face value , even if it has no value as a collectible.

how can i know how much my coins are worth?

A visit to a local coin dealer, reading about coins through quality books and online publications, as well as information like this video can help you start learning about buying, selling and collecting coins. , including the sale of coins:

are there taxes on legacy currencies?

The federal government taxes any inheritance, including coins. however, three points to keep in mind:

coins are taxed only when sold
coins are taxed as an estate tax, paid by the descendant
some states also impose their own tax about inheritance

coin buyer frequently asked questions

who buys old coins?

If you have coins to sell, the good news is that you won’t be short of potential buyers, including:

Individual collectors: If you have an extremely rare or valuable coin, selling that coin directly to an individual collector is likely to give you the most money for your coin or collection. Of course, finding the perfect collector can take months or even years, and requires you to do a lot of work on your own to make the sale happen.
coin dealers/coin shops: selling your coin to a the coin shop or dealer is likely to get your money much quicker than if you were to try to sell it directly to a collector yourself. but it is important to note that the dealer may not pay as much as the collector would. after all, they need to make money when they make the final sale. In general, it is not uncommon for a coin shop to buy a coin for 60%-80% of the price they will sell it for themselves.
Auction Houses: An auction house can be a great way to sell valuable coins or collections, because it allows multiple bidders to increase the final price. auction houses also tend to have relationships with collectors, which can make it easier to sell the piece. Of course, the auction house will take a portion of the final sale price for its work, and most will have strict limits on the coins they accept. this is likely just a route for extremely valuable coins.
Online Marketplaces: An online marketplace like ebay, etsy, or countless other sites can put you in touch with thousands of potential buyers online. however, as most of these sites tend to charge a fee to list each individual item (on top of the percentage of each sale they take), this can be an expensive way to sell your coins, as well as being time consuming.
metals buyers: If your coins consist of precious metals like gold or silver and are not valuable as collectibles, selling them to a metals buyer like cashforgoldusa is likely to be the fastest way to get the most money. amount of money. your pocket

Want to learn more about selling through cashforgoldusa? read my review.

Looking for where to sell coins near me?

If you’re looking for local places to sell your coins, your most common options are likely to be pawn shops or local coin dealers. Depending on where you live, you may have many buyers to choose from, or your options may be limited.

The good news is that the internet has made it much easier to find potential buyers for your coins, even if your local options are limited.

You should usually be able to find these coin buyers in your community. A google search for “coin buyers near me” is a good place to start. Word of mouth is the best way to learn about quality buyers in your area.