If you want to sell some old coins but don’t know where to start, don’t worry. There are many places to start. We’ve put together a detailed guide to help you get the most money for your coins. We’ll show you how to value your coins, find buyers, and start selling them. To get started, follow the steps below.
Appraise your coins, locate buyers, and begin selling them. To get started, follow the instructions below.
Part 1 Valuing Coins
Identify the coin.
Find out what kind of coins you have before you can sell them. Find out the cash value first, then the date and the mintmark. Find these things on the currency. You can then type them into an online search engine to find out what kind of coin you have.
The people who sell coins and collect coins might be able to help you, too. Email coin clubs online if you can’t show them the cash in person. Take a clear picture of both sides and send it to them.
Take note of how the coin looks.
The value of a coin is influenced by how it looks and how old it is. Look at both sides of the coin again. Is it dirty or scratched? The more damage, the less valuable your cash is. Make sure to look for any printing flaws because these can add to the value of a piece.
People grade coins on a scale of 0 to 70, with 0 meaning “Poor” and 70 meaning “Mint.” If you look at coins marked “Good,” they have a lot of wear. If you look at coins marked “Fine,” they have a lot of wear.
Make sure you don’t even think about cleaning the coin! Coins are artifacts from the past that collectors love because of their beauty. Cleansing the coin can make it worse, not better.
Look up the coin’s value.
A coin’s value can be judged once you know what it is. There are a lot of websites that keep track of the prices of currencies. Another option is to buy The Official Red Book from your local bookstore, which is an official and very detailed guide to the value of coins. This book is also very complicated.
It says how much the coins are sold at the store. The money you make when you sell a lot of cash will not be the same.
Keep an eye on auctions to determine how much your coin is worth, then sell it.
Searching recent sales for more information on coins worth will give you more results. Coins from Heritage Auctions, for example, come from all over the world and are sold there. See how much people will pay for coins that are like yours.
Get an appraiser to value coin collections.
When selling valuable coins or a large collection, an appraiser is needed. Find a good coin appraiser or dealer in your local phone book or online. They’ll look at each coin, make sure it’s real, and figure out how much it’s worth.
To find out about the appraiser’s reputation, look for online reviews from other clients or call the Better Business Bureau to see what other people say about them.
People who are good at what they do usually belong to groups like the American Numismatic Association or the Professional Coin Grading Service. Use these websites to find good appraisers.
Part 2 Finding Buyers
Speak to reputable coin dealers
Local coin dealers are a good place to start when you want to sell coins. Most of the cash for sale here is worth little or nothing. The next time you go to a dealer, look at their stock. If they have a lot of coins made of the same metal and of the same quality as the ones you’re selling, they might give you a better deal.
- Many stores can deal with unusual coins, but you’ll usually get more money if you sell them to auctions or private collectors.
- People who sell things have to make money. Because they want to make money, they’ll pay you less than the wholesale price to do that.
- It’s better to get your coins checked out by several dealers. Continue to be polite as you shop.
Visit coin shows.
At coin shows, many people come to buy and sell coins. People who deal in cash of the same grade as those you’re selling should be on your list. Talk about a fair selling point without feeling like you have to sell. At a coin show, you won’t always get a good deal, but you will be able to meet trustworthy dealers and people who can help you.
Search for online coin dealers.
Some websites make it easy to sell coins from the comfort of your own home. Many coins can be sold on websites that buy both common and rare coins. People who specialize in the cash you’re selling should look for people who can help you. People who buy and sell rare gold coins aren’t likely to be interested in a wheat penny or a buffalo nickel.
To get more attention and better prices for your coins, take pictures of them that look good. Work in a well-lit place to see the writing and mint marks.
Choose buyers who give you a fair analysis.
To get a better deal, people who aren’t honest make low offers. If at all possible, watch the person who is looking at your coins. They should look at each coin one at a time. Avoid anyone who gives you a set price without looking at the cash first. Do not sell your coins right away to anyone who wants you to.
Look for dealers who have good reviews and certification from well-known numismatic groups.
Sell collections as a whole
As a rule, it is better to sell many coins at once rather than split them up. Only a few coins will pique the interest of many people who work in stores. To make it easier for you to sell your coins, they’ll take away the most valuable ones. Please keep to the total price and don’t go over it.
Keep documentation of your sales.
Even a free coin can get you in trouble with the law, so be careful. Any money you make when you sell coins is likely to be taxed by your government, so be careful. That’s why it’s so important to keep detailed records of all the cash you sell and buy.
To figure out how you should record your income, look up the tax laws in your area.