Selling Your Coins
Whether you have a few coins or a large coin collection, selling them can be a bit confusing. Every seller asks the same questions. HOW DO I KNOW WHAT MY COINS ARE WORTH? HOW AM I SURE I RECEIVE A FAIR PRICE FOR THEM?
Consider the following:
- Coins, like other commodities, are difficult to place an exact value on. Many factors are involved such as rarity, demand, intrinsic value, condition and others.
- Coin dealers are business owners with overhead and must buy below retail price levels to stay in business.
- The dealer must be honest and be willing to point out valuable coins to the seller and offer fair prices for them.
- Payment terms must be understood and agreed to.
The grade (condition) of a coin is very important, usually more important than its date. NEVER CLEAN, POLISH, OR OTHERWISE ALTER THE SURFACE OF A COIN IN ANY WAY.Bring them in just as you find them. One way to get a general idea about what a coin is worth is to use an online pricing guide such as www.numismedia.com.
You must remember that this is a retail value guide and a coin dealer can not afford to pay the full amount shown. Let’s say, for example you have an 1889 Morgan Silver Dollar in fine condition (F). The price guide shows the coin is worth $28. We would typically pay $20 for this coin. If we could sell it for $25 we would make a reasonable $5 profit.
Sometimes on large collections, it may be necessary to leave all or part of your collection with the dealer for a few days. Never do this if you have reason to question the honesty of the dealer. If you do leave your coins protect yourself by creating an inventory list. It may not be practical to list every coin but at least inventory the most valuable coins. Often just spreading out coins and photographing them is helpful. Be sure to inform the dealer that you have inventoried and photographed the collection. In some cases, with large collections, an appraisal fee may be required. If you end up selling us your coins these fees are refunded.