Wondering, “Where can I sell my coins?” Whether you have slowly acquired your coin collection over a series of years or you inherited it from a relative, if you are in need of additional liquidity, selling your coin collection can be a way to cash in a valuable investment. Reaping the financial benefits of your investment means finding a buyer for your coins who will be willing to pay you the market value for your collection.
Please note that this article addresses the question “Where can I sell my coins?” for coin collections. If you came upon this article interested in where to cash in your spare change, may we suggest trying a site such as Coinstar where you can find locations to cash in your coins. You can also check with your bank to see if they’ll accept your coins.
Where Can I Sell My Coins: Online
The Internet has quickly become the first place that many people go when they want to sell something. Whether they are asking, “where can I sell my record collection” or “where can I sell my coins,” the answer often is the internet.
The best place to sell your coins online is eBay. The popular website will allow you to sell coins of all kinds. While eBay is best known for allowing individuals to sell goods, such as coins, by auction, you also can sell your coins at a set price through their “buy it now” format.
Craigslist is another online forum for you to sell your coins. Transactions are done in person with Craigslist acting as an online message board. This online marketplace is free, while eBay will charge you a listing fee. However, due to the relative unregulated nature of Craigslist, as well as the fact that you need to handle your transaction in person, this is best for those coin sellers who live in or near a major metropolitan area.
Where Can I Sell My Coins: Stores And Coin Clubs
Long before the Internet dominated commerce, all coin sales took place in person. You can still sell your coins in person through a coin dealer, pawn shop, or coin club. Selling your coins to a coin dealer or to a pawn shop is a fast process. If you walk into the store with coins of value, you can be assured that you will be able to walk out with cash in your pocket. However, the amount of money that a coin dealer or pawn shop owner will give you will be based upon the amount that they expect to receive when they sell the coin. As a result, you will receive less than market value from a coin dealer or pawn shop, but you will receive cash much sooner and easier than if you try and sell online.
How Much Is My Coin Collection Worth?
Once you’re comfortable with the answer to your question, “Where can I sell my coins?“, you also need to answer the question, “How much is my coin or coin collection worth?” A fundamental step in selling your coin collection is to figure out how much your collection is worth. To get a general estimate of the value of your coins, consult a current coin guide. If your coins have all been professionally graded in the past, you will be able to determine the market value of your coins fairly accurately.
However, if you are relying upon your own judgment to guess at the grade of your coins, then you may miss scratches or signs of cleaning (which is taboo for coin collectors), which a professional dealer or serious collector will factor into the price offered to you. On the other hand, you may also miss something in your analysis that would increase the value of your coins.
For greater confidence in the value of your coin collection, you will need to consult with a coin expert. You can start with an experienced coin collector who will be able to more accurately determine the grade of your coins as well as point out any significant markings, errors, etc., which would affect the value of the coins. Further accuracy, however, can only be gained from consulting with a professional. In the hopes of striking up more business, many coin dealers offer free appraisals. Although free appraisals typically do not include a written appraisal, since you are planning to sell your collection, a verbal appraisal is all you need.
Get Your Coins Ready To Be Sold
There is not a lot that you need to do to ready your coins for sale that you are not already doing to preserve their value. You should never clean your coins, which means that in preparing them for sale, you only need to carefully transfer them from their coin album, if they are in one, to a single coin container.
Seller Beware: What To Watch For When Selling Your Coin Collection
Although your coin collection is a valuable investment, there are those supposed buyers who may try to defraud you. Their schemes often include check fraud, wherein they will reply to an ad listed on Craigslist by sending you a check for more than the asking price of the coin. Feigning error, they will ask you to deposit the check and then send them both the coin and the excess. When the check they sent you bounces, you will have provided them with both your money and your coin.
When You Can Expect Your Money
How you sell your coins will determine when you are able to reap the financial rewards of your coin collection. When you sell your coins to a coin dealer or pawn shop owner the main benefit is knowing that you will walk out with cash in hand.
With eBay, you can collect your money within days of the end of the auction or the sale will be canceled. If this occurs then you will not have your money, but you will still have your coin. When selling on eBay, make sure to never ship your coins before the buyer’s payment clears.
In summary, how quickly you need the expected proceeds of your sale will be a big factor in the answer to “Where can I sell my coins?“.
Related YouTube Videos
Check out the following videos to learn even more about starting this hobby.