Selling a coin collection can bring you a significant chunk of cash, but not all sales are equal. There are many ways to sell your coins, and some of them won’t always bring you the highest potential value. Whether this is your first time selling coins or you’ve been around the block a time or two, these key takeaways can attract the most buyers and ensure you’re getting the highest possible value. Each of the following steps will improve your chances of being satisfied with your sale.
1. Sell An Organized Collection
There are many reasons to keep your coin collection organized. It helps keep your coins safe and easily accessible. But the number one reason to organize your collection is that it will help you sell your coins more easily.
Often, a group of rare coins that are valuable on their own will become exponentially more valuable as a set. You’ll be able to attract more buyers who are willing to pay higher amounts if you have a complete set of coins of historical value.
When you organize your collection you may see that you’re only missing one significant coin in a set that would make it worth significantly more. You can set a goal to collect that one missing item, and then, with the completed collection, sell your coins for a profit.
Properly storing your coins in a chemical-free storage system can be equally as crucial in maintaining a coin's value. Depending on where they’re stored, the environment, especially humidity, can corrode or oxidize your coins at faster or more detrimental levels. Even the composition of a coin can be a determining factor in how it will react to its environment. For example, different types of wood can, over time, damage coins through their high acidity, leading to more chemical deterioration of your coins. Creating a neutral space at approximately 75 degrees fahrenheit with the addition of humidifiers, or even silica gel packs, can ensure a proper organization and storage of your valuable collection.
2. Wait Until The Timing Is Right
If you take your coins to five different dealers for appraisal, you may end up with five different offers. This can be from a variety of reasons, including the reputation, credentials, and inventory of each dealer. Although your coin or collection may be appraised at one dealer at a seemingly lower price than market value, a dealer’s inventory may reflect an abundance or unnecessary need for your particular coin. Furthermore, if one dealer is under-informed of your collection without proper credentials, they may be undercutting your true value without even knowing. Visiting dealers with appropriate certifications and guild associations can lead to better and more knowledgeable assessments of your collection.
As extra precautions, be careful coming across desperate to sell your coins. Some dealers may give you a much lower offer due to your absolute need to sell. On the other hand, if you tell the dealers you’re willing to wait for the right buyer in order to get the best deal possible, you’ll likely start seeing better and more reasonable offers.
The other reason to not rush into a coin sale is that the market for bullion changes regularly. If you are in a rush to sell your collection on a certain day, you may be selling while the market is low. If the market is lower than usual, you may want to wait until it rises again. Bullion is a reliable investment, so even if it’s low one day, it’s likely to rise eventually.
3. Increase The Value With Professional Grading
Coins that have been professionally graded have been examined by an expert and determined to be authentic. The expert also verifies the quality. When a coin collection has been verified this way, buyers are more likely to be interested and willing to pay higher amounts because there won’t be as much of a risk of being scammed.
While some coins are worth the effort for professional grading standards, many are not. Visiting reputable and verified dealers can save money alone without paying for grading on low-value coins. This itself can be reason enough to visit dealers with better reputations within the numismatic community to ensure you’re grading the appropriate coins.
There are certain types of coins that are very valuable, and therefore also very commonly counterfeited. If you have a coin that is commonly reproduced as a fake, you may not be able to sell it without professional grading.
Be sure to find a reputable professional grading company. People with experience in buying rare coins will often not be interested in coins that were verified by low-quality companies. Usually, the types of people who understand how valuable coin collections can be are also the ones willing to pay top dollar as long as the collection is truly worth it. Attract these types of buyers by getting the most reputable grading company possible.
4. Post Independent Ads Online
There are a number of online venues you can use to sell your coins. You can sell on eBay, Facebook, or any other platform. The online option is easy, however, it’s not often quick, and it’s also not likely to get you the highest price possible.
Where there is convenience online to sell coins, so is there a large market for internet scammers. Some may offer trades while using counterfeit coins, or claim higher values with no identification or certifications for proof. Be cautious and diligent as you verify the identities of those trying to make a quick sale; this could be a sign of fraudulent activity.
The reason selling coins independently online is not likely to get you the best price is because, without an expert involved, you’re unlikely to know how to price the coins. Many people search the internet looking for unsuspecting sellers to get rid of rare coins without knowing their true value. If you are very confident that you know how to price your own coins, then online could be a good platform for you.
5. Sell At An Auction
The benefit of an auction is that it gathers group interest from coin enthusiasts from around the community, region, or throughout the world. You can often fetch higher prices for a collection because there are many interested buyers together in one room. Seeing all the potential buyers can encourage other buyers to bid higher.
Although interest may be high in these settings, listing your coins at auctions can come at a price. Organized events like these, depending on their scale, can mandate high commissions to offset the exposure your collection may receive. Knowing the value of your coins can determine whether an auction is the right outlet for you. First factor in the commission; are you making enough profit margin to offset the fee? Consider these questions before heading to auction.
Coins that are worth over $500 typically do well at an auction. If you’re unsure as to whether or not your coin is worth that much, you may want to consider working with a coin dealer instead. Many coin dealers hold auctions from time to time. Reach out to a reputable coin dealer to see if there are any upcoming events where you could put your collection up for sale.
6. Sell To A Coin Dealer
The most reliable method for selling coins is working with a high-quality coin dealer. Coin dealers are experienced in determining the value of rare coins, and they have access to many potential buyers, which allows them to purchase collections with lower levels of risk than most independent coin enthusiasts.
Gold coins are especially good to sell to a dealer rather than at an auction or online. This is because, while they are highly valuable, they aren’t very rare, so they’re unlikely to inspire buyers at an auction. This is considered generic gold bullion selling, not needing the common dating as older, rarer versions of other gold coins. Reputable dealers can help make these distinctions.
It’s important when working with a coin dealer, however, that you verify their positive or negative reputation. Unfortunately, scamming is common in the coin industry. Ask the dealer you are working with about their credentials to ensure they are truly an expert. If you know friends or family who’ve worked with the same dealer, discuss what the experience was like to see if they treat their clients well.
If you’re looking for expert advice on selling your coin collection, reach out to Infinity Coins, a small town coin shop with an outstanding reputation. At Infinity Coins, you’ll get the expertise of any reputable dealer, while getting the neighborly treatment and respect your collection deserves. Their verified affiliation with the Numismatic Guaranty Corporation, the Professional Coin Grading Service, and the Professional Numismatists Guild, ensures your experience is monitored by the most distinguished organizations in the world.