Tips in Selling Numismatic Coins
Numismatic Coin Sales St. Petersburg,
Do you want to learn how to sell coins? When looking for potential clients, you may have found yourself exploring many possibilities, including selling coins in person and selling coins online. The selling process is something you want to master, as is how to make the most out of your numismatic coin sales.
However, there appear to be nearly too many answers available, and none of them may appear to be particularly well suited to your unique case. So what are you going to do? Hopefully, this article will help you. We will give you tips on the most efficient methods and locations for selling coins. You also receive five of our best suggestions for selling coins, as well as details on how much they’re worth, among other valuable information.
Beantown Coins has been a trusted name in the numismatic industry. We are your one-stop shop for rare coins, bullion products, and other precious metals. We offer expert guidance on buying or selling with ease from new collectors to seasoned investors. And thanks to our A+ rating from the BBB, you can have peace of mind that you’re dealing with a reputable company.
Find the Best Coin Dealer Today!
Call Beantown Coins at 857-294-7820!
5 Tips in Selling Numismatic Coins
1. Keep Your Coins In Their Original Condition
Many people appear to believe that before selling their coins, they should polish them to make them “look nice.” This is done in the hopes of making more money from the transaction. However, this lowers the coin’s value. It’s impossible to say how much numismatic value is lost each year due to people cleaning their coins before selling them. Please do not clean your coins! Not only would this reduce their worth by half (or potentially more), but it will also be a deal-breaker for many merchants who would otherwise be interested in purchasing your coins if they were in their original condition.
2. Do Research About The Coins That You Have
Some people sell their coins because it was given to them and have no further interest in them. The seller’s lack of knowledge can be a considerable disadvantage. Simply knowing what you’re selling will help you determine whether you’re getting a good deal (or not). Do you have slabbed coins (i.e., coins that have been graded)? Do you have a sizable mint or proof set collection? Many excellent resources are available to help you learn more about your coins, including the instructive coin articles on websites and publications like Whitman Publishing’s A Guide Book of United States Coins.
3. Find Out How Much Your Coins Are Worth
Before you sell your coins, you’ll want to know how much they’re worth in general. But, before you do so, keep in mind that most coin price guides will give you a retail value. If you’re buying coins from a dealer, the retail value is how much they’re worth. Depending on the coin and its condition, the amount you’ll get for selling those identical coins could be anywhere from 20% to 50% less than the values indicated in those guidelines. Why? This is because dealers acquire wholesale pricing, allowing them to cover company expenses such as overhead and payroll. Therefore, expect to pay much more than the prices stated in retail coin price guides. Also, keep in mind that coins or paper money may only be worth their face value if it is in bad condition.
4. Get the Most Up-to-date Information On Bullion Prices
If you’re selling gold or silver coins, you will almost certainly get an offer that’s close to the spot metal value of your product. The spot price is the amount of money equal to the bullion metal value of your coins. To put it another way, the melt value. For example, if your coin has a metal content of one-half ounce of gold, its spot value is 50 percent of the value of an ounce of gold, the most often used unit of measure for gold (and silver) pricing. This is where you should look up the current metal prices. Then, when you go to sell coins containing precious metals, you’ll have a good idea of what to expect in terms of an offer.
5. Minimize Your Coin Selling Risks
You should follow a few precautions before and after selling your coins to keep you and your coins safe. First, while you have the coins in your possession, ensure you aren’t being followed. Many dealers and collectors are robbed after being followed on the road by a robber. Keep your transactions private for the same reasons. There’s no need to show off what you’ve got if you’re planning to sell it shortly. Finally, if you’re sending your coins in the mail for an online transaction, avoid using words like “coin,” “bullion,” “gold,” “silver,” and so on on the exterior packaging; words like these merely entice thieves to open the package and take the contents.
Frequently Asked Questions
- What To Do Before Selling Coins?
Learn everything you can about your coins, study the market, attempt to determine the wholesale purchase and sell prices for your products, and learn everything you can about a dealer before selling to them. Look into how long they’ve been in the company and whether they’re members of any organization.
- Are Numismatic Coins A Good Investment?
Coins and banknotes can be excellent diversifiers for your portfolio. Moreover, because more collectors are becoming interested and the supply is comparatively limited, it can be a promising investment avenue for long-term investors.
- Should Old Coins Be Cleaned?
Old coins should not be cleaned in general. While you might believe that cleaning a coin of years of dirt and grime would increase its value, the contrary is true! Cleaning a coin may cause it to get damaged, lowering its value. In the worst-case scenario, you may irreversibly harm the coin.
Find the Best Numismatic Coin Dealer in St. Petersburg, FL
Beantown Coins has been a trusted name in the numismatic industry. We are your one-stop shop for rare coins, bullion products, and other precious metals. From new collectors to seasoned investors, we offer expert guidance on buying or selling with ease. And thanks to our A+ rating from the BBB, you can have peace of mind that you’re dealing with a reputable company.