When selling your collection of coins, you have many options available. However, before you sell them, there are a few things you need to do so that you get what they’re worth.
Firstly, do your research. Compare your coin to others of the same type and determine how much they’ve sold for in the past. Keep in mind, anyone can list a coin for any amount, so you don’t want to look at how others price their coins. You want to see an actual sale amount. Be sure to compare the grade of your coin to the grade of the coin sold, as well. Many of you know that value can go up or down astronomically depending on the coin’s grade, even if it’s an identical year and strike to another.
It can be tempting to clean your coins to present them in a more appealing manner while getting them ready to sell, but hairline scratches can devalue them, and even the gentlest cleaning agents can cause damage. Make sure the coin remains in the original condition you acquired it.
Like any other market of goods, the coin market fluctuates. You don’t want to sell during a downturn in the market and take a possible loss on your collection. It can be hard to find the perfect time, but you’ll learn over the years when the market looks promising.
Under no circumstances should you take your coins to a cash-for-gold buyer or a pawn shop. You’ll get a fraction of the value. Similarly, places like eBay and Craigslist can result in being undersold. Only use eBay if you’re an experienced user. Instead, look for coin shops, physical auctions, and online auctions.
Coin shops are still going to buy them for less than what they should sell for, but you’re guaranteed to be speaking with a professional that knows the true worth of the coin, and if you’re strapped for cash and time, this is a great place to turn. However, this can result in getting anywhere from 20%-40% undervalue, so think carefully before you go this route.
Many auction houses might be interested in your collection. They work by charging a fee to auction your items, either a flat rate or a percentage. This won’t be as much as a coin shop, but they also don’t control the price at which your coin sells. You can select a bottom bid, but that’s the extent of the control. However, in contrast, your coin could sell for more than you think if it’s highly sought after.
If you aren’t in a rush, online auctions are your best bet for getting the most out of your sale. Selling a complete collection can result in a decreased profit, but selling them one at a time, over many months or years, can result in a pretty penny made.
