An Essential Guide To Selling Your Rare Coins

If you own a couple of old coins that you are probably tired of keeping or just want to sell, you are uncertain about where to start from or what to do. These old coins are called rare coins, and they can be extremely valuable, depending on their rarity. This article aims to guide you on how to sell your coins at a great price to make the most money for them. 

How Do I Sell My Rare Coins?

Just like everything in the world has due processes that are necessary to be followed, selling rare coins also has important processes that should be followed to be able to sell at good rates. These steps include:

Identify The Coin

If you own a coin, it is extremely important to know what coin you have. This is extremely important as it is the best way to know the coin’s value. You start by inquiring about the coin’s denomination, then proceed to find the date and mintmark. These pieces of information are supposed to be engraved somewhere on the coin. You can then use an online search engine to determine what coin you have. There are coin dealers and collectors like NPMEX who may be interested in the coin and buy it from you or put you through the right and necessary steps needed to sell it off. You must take a very clear picture of both sides of the coin and send it to coin collector groups online when you can’t bring the coin in person. There are also plenty of sites on the internet that maintain a comprehensive list of current coins and their value. Another option is getting a book titled “The Official Red Book” at your local bookstore. It is an official and very detailed guide of coin values. Coins are listed at wholesale price. You may not get as much when you sell individual coins.

Know The Coin’s Condition

The condition of the coin is a very large determinant of its value. It is important to scrutinize every side of the coin properly. And check for dirt or scratch? It is important to always keep your coin safe and properly because the worse the damage is, the less value you’ll get for your coin. Also, make sure you look for printing errors that can reduce the value of your coin. Coins are graded on a 70-point scale where 0 is “Poor” and 70 is “Mint Condition.” Coins rated “Good” or 6 are very worn, and those rated “Fine” or 12-15 have a medium amount of wear. It is also important to note that there should be no attempt to clean the coin. Coins are historical artifacts, and collectors like them naturally. Cleaning can actually damage or ruin the coin further.

Participate in Online Auction or Marketplace 

This is one of the best options for people who wish to make the most for their coins and are not limited by time constraints. Selling your coins one at a time, within months and years if possible, is one of the best ways to get the most value for your coin or coin collection. A lot of people wonder what sites to use. The use of eBay or feeBay, as many people call it, comes highly unrecommended. The fees for listing and selling a coin on eBay are on the verge of outrageous. There are other companies like NPMEX, which are a better bet.  Unless you are an experienced eBay user, skip them. 

Sell to a Coin Shop 

You need to know that the coin dealer will buy them for way less than their actual worth, and this is normal. If the person running the coin shop buys them at the original value, they wouldn’t sell them and make a great profit. They are running a business and not a charity organization, hence the importance of making a profit. You may have started to wonder how much less they will be willing to offer. This is between 20%-40% less to give an acceptable range. It is important to the owner to explain why he is offering what he is offering, and if you think something fishy is going on, then it is advised you just leave. However, most shop owners tend to be reasonable, assuming you go there expecting to receive slightly less than the coin’s true value. If you are looking to get rid of lots of coins really fast, then a coin shop may be a good solution. Don’t be afraid to let the owners know that you are shopping the coins around to various shops.

Physical Auction

From time to time, physical auctions take place. It is not a bad idea to look for one of those auction homes to confirm if they’ll be interested in listing your collection. There is no doubt that this will, of course, attract a charge or a percentage of the sale value usually.

Selling off rare coins isn’t as difficult as some people make it seem, as numerous people are more than willing to purchase. However, the prices may differ distinctly in different places, but one thing is certain, you will always find a buyer.