- Games, Toys, and Hobbies»
- Collecting & Collections
How to Sell a Private Coin Collection
When selling your coin collection you will want to get the best price possible. Most dealers will not give you retail value otherwise they would not be in business. The trick is to find a collector that is looking for the coins you have and is willing to pay top dollar. So if you are ready to sell that collection that you have acquired yourself or through a relative you will need to know the basics of finding a person to pay top dollar.
Coin price reference book
Computer with online capabilities
Determine the value of the coins that are in your collection. Using a coin price reference book or a coin collecting web site you can get an approximate value of the coins individually or as a collection. You will want to know this so you have an idea of what to sell your coins for. Being informed about your coins is key to getting the best price possible.
Find a buyer for your coin collection. This can be done several ways. You can contact a dealer and request the contact info for any collectors that may be interested in your coins. Some dealers will be open to this while others will not. Going on a coin collector web site and looking for coin collectors that are interested in buying your coins. On-line auctions are also way to find a buyer for your coin collection. In order to sell your coins via on-line auction you will need an account with that auction site, a digital camera and some basic knowledge of the internet. There is risk if you start with a low bid on your auction. To avoid this you will need to set a reserve price that does not allow the bidders to buy the coins until the reserve price is met. Taking clear, detailed photo's is important when selling on on-line auctions so the potential buyer really can see what they are buying or bidding on. Do not clean or polish the coins. In most cases cleaning and polishing the coins devalues them.
Sell your coin collection. When you find a reputable buyer for your coin collection it is time to make the transaction. If the transaction is done via on-line auction the buyer will pay for the coins plus any shipping and handling charges that you specified in the listing. Do not ship the coins until the payment is made. When selling in person or to a contacted buyer be sure that the money and coins are transferred in a satisfactory manner.
Avoid on-line scams. There are dishonest people out there that will promise you a high pay out for processing money orders from out of the country. These are scams and should be ignored or reported.
This method also works when selling just a few or a single coin. Some coins are worth more by themselves and some more as part of a collection. I reputable dealer will be able to tell you.