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How to sell your coin collection

For many people, collecting popular and rare coins has become a kind of hobby. Every person who once begins to collect coins, can not stop so quickly and usually continues to do so throughout his life. Occasionally, however, there are coin collectors who want to get out of the business. This is usually due to a lack of interest or a lack of time. After all, to collect coins you need to invest a lot of time and knowledge. Financial hardships also sometimes force people to turn their coin collection into cash. Likewise, liquidation of a coin collection of a recently deceased relative may also be the reason.

Selling a coin collection by a coin collector can become a big challenge if you don’t know exactly how to go about it. So in this blog post, we’ll show you how to turn your coin collection into cash.

Where you should not (!) Sell

Places exist where you should not sell your coin collection. Especially coin stores, which have the well-known “Cash for Gold” motto, are often known for not offering you a fair price. These types of stores focus mainly on trading gold bullion and do not offer you fair prices for your gold coins. So here, the value of the gold is usually calculated, which could result in a big loss for you.

Here is an info for you: The value of a rare coin is usually not based on its metal composition or age. Rather, this is determined by their rarity and demand. For example, copper coins can also have a much higher value than gold coins, depending on what they are.

Even dealers whose main business does not revolve around rare coins are often the wrong choice if you, as a coin collector , have decided to sell your coin collection . They will usually get less money here, and they may miss out on some expensive rarities because the dealer or even you are not familiar with the coins. Especially the condition of coins plays a major role in assessing the value. Failure to recognize these can have serious financial consequences for you. Especially laymen should be careful here.

Where you can sell your gold coins

If you want to sell rare gold coins or platinum coins for the best possible price, the following seven options have proven successful in the numismatic community.

Sell to a coin dealer: Whether it’s an online-only sale or a business with a physical location, coin stores will be happy to make an offer on your coins. They are good for a quick sale, but expect to receive significantly less than the actual market value.

Coin shows or coin fairs: These events, held in a variety of locations, are popular with coin dealers and coin collectors alike and are a great place to meet numismatic enthusiasts to sell your coins or collections.

Online coin dealers: this is a good way to get in touch with professionals who actively buy coins. However, to make the most profit, you need to match your coins with a dealer who has similar interests and/or expertise in your coins. A big advantage here is that you have much more choice with online coin dealers than a local dealer.

Online auction sites like eBay: Sites like eBay give you access to a worldwide audience, but the fees for listing an item are expensive. If an item does not have a minimum price set, you run the risk of losing it for a fraction of its actual value. Buyers may also be unwilling to pay a premium for an item they can’t examine firsthand.

Local coin dealers who specialize in rare coins or numismatics: Coin dealers are an excellent source of information and are similar to collectors in that they usually specialize in a particular area of numismatics. They will help you sell quickly and the coins will be resold to the connoisseurs who will love your treasures.

Doing the groundwork – important steps

Categorize your collection. If the collection is already categorized, you have already done the most important thing. But if it is not yet, you should take care of an inventory before you hand over your coin collection to someone for examination.

Make a list of your coins, at least what you think they are.

Then take photos of the collection laid out so you have a record.

After your inventory is complete, you can turn your collection over to a numismatist or a dealer who deals in rare coins. Before you give your coins to someone, you should definitely make sure that you do not (!) clean them beforehand. Unprofessional self-cleaning can lead to a reduction in value . Indeed, cleaning can remove the original surface of a coin or leave scratches. These can not disappear in case of doubt and (very significantly) reduce the actual condition of the coin.

After turning your coin collection over to a coin dealer, they may offer to buy the collection or refer you to someone else who can. Of course you can sell your coin collection yourself (for example on the internet) .

There are numismatists (coin collectors) who will take a trip to you. Especially if your coin collection is particularly large and valuable to them. Other numismatists will arrange for delivery by mail.

It does not matter which way you choose here. A numismatist will value each of your valuable coins and make you a good offer. There are dealers who will offer you a free estimate . Be sure to take advantage of this. Once you, as a coin collector, have the offer in hand, you can decide whether to accept or reject it.

What are the prices you can get for your coins?

Prices for gold coins vary, depending on the degree of acquaintance, rarity, condition, size, etc.. When checking the prices, it should be noted that all gold coin dealers for the purchase of gold coins will pay you less than the stated selling prices, because they have to bear the costs associated with the operation of their business.