3 Tips for Selling Your Coins

Many people find old coins in estate sales or they were passed down from generation to generation. In some cases these coins may be worth selling and putting cash back in your pocket. Before you make the decision to sell, there are ways to receive the best price for your coins.

Know Their Value

You will need to do a significant amount of research to determine if the coins in your possession are truly valuable and if there is a market for them. If you genuinely believe a specific coin is rare and made from precious metal, it might be worth the investment to have it appraised, otherwise you will have to make your best guess based on the information available.

Some key features to look for are the metal content of particular coins and whether it matches the description. For example, a coin made from pure gold or silver is soft and can be indented by biting it. Look for distinguishing marks on your coin, such as the date it was minted and emblems. They should match the pictures and descriptions of the authoritative references on coins.

Consider What You Will Accept

The price you are willing to accept may depend on the buyer. If you are trying to sell your coins to a private collector, you generally expect them to pay a higher price that is closer to the actual value of the coin.

Selling your coins to a pawn shop is another option. It may be reasonable to expect half the value from a pawn shop because they are essentially the middleman between sellers and buyers. They expect to make a profit and if the coin you are selling is expected to sit for months or years before they can find a buyer, the amount they are willing to give you will be even less.

Although your profit may be significantly less when selling to a pawn shop, if all the nuances of selling are taken into account, such as having the coins authenticated, finding a buyer, and shipping the coins, you might feel like attempting to sell to a collector is not worth the effort for a chance at more money.

Shop Around

Before you make a definitive choice where to sell your coin collection, make sure you check multiple options. Start with your local area and see which shops or individuals are interested in your specific coins and what they are willing to pay. It is often easier to meet people in person at a neutral location so they can have a look at the coins. An in-person meeting is better for both the seller and buyer to potentially avoid fraudulent transactions or deception regarding the authenticity of the coins.

Another option you should consider is finding auctions or museums, especially if your coin has significant history behind it. Coins used in ancient civilizations or ones that were among the first produced could have historic value and be an interesting piece at auctions or to add to museum displays.

Educating yourself about the coins you have and any history around them will give you the best chance at selling your coins for a reasonable price.