Now that you’ve put up a magnificent coin collection, what are you going to do? If you’re planning to sell it, you’re in the right place. We’re here to discuss how to sell a coin collection in 10 easy steps.
Having a guide about how to sell a coin collection prevents you from getting ripped off. It also prevents you from getting overwhelmed with pricing and selling.
Closely follow this guide to easily sell your coin collection.
How to Sell a Coin Collection in 10 Easy Steps
- Prepare your coin collection.
Put your valuable coins and documentation in one place so you can easily follow the next steps in this guide.
Handle the coins with care. Hold them by the edges, and avoid touching the surface as much as possible.
In addition, if you need to clean your coins, do so carefully.
Preparing your coin collection might also require coin collecting supplies like coin holders, magnifiers, and gloves.
Not every coin comes with documents. However, it pays to double-check your coin’s documentation (if there are any).
- Identify your coins.
You need to know what kind of coins you have before selling them.
To properly identify your coins, you must look for the date, mint mark, and denomination.
Once you’ve gathered the said information, you must identify the condition of your coins.
The coin’s condition affects its value. Hold it by the edges and closely look at both sides. Are there any scratches? Do they look worn out? Are there any printing mistakes?
The more detailed you go, the more leverage you have at selling your coin collection for profit.
- Categorize your coins.
After identifying your coins, it’s time to categorize them.
There are four main types of coin collections― (1) true, (2) hoard, (3) mint products, and (4) late-night TV.
A true coin collection is composed of coins bought from dealers, auction houses, and coin shops. Contrary to popular belief, it can include gold and silver coins.
A hoard on the other hand, mostly contains silver coins that are newer and heavily circulated in the 1800s.
A mint products collection contains mint, proof, and bullion coins from the 1960s. It can also contain newer coins bought from resellers or the US Mint.
Lastly, late-night TV collections contain Franklin Mint products, framed coins, and documented coins.
- Make an inventory.
Creating an inventory lets you monitor your coins and ensure that they’re under the right category.
A coin inventory has to be as simple as it can be. If you prefer writing by hand, a well-organized notebook will do. Just make sure not to lose it.
However, if you easily misplace things, it’s better to use a reputable coin collection software such as Coin Crate. This way, you can easily access your inventory if any problems come up.
- Understand the current market.
The coin market is always changing. To keep up with the changes, you must be updated.
Understand the trends and current status of the coin industry. These can be done by reading books and reading news online, among others.
Moreover, understanding the market lets you identify the best time to sell your coin collection.
Remember, the market determines how much coins are worth. The value of your coin collection can go up and down depending on its current market value.
- Create a pricing guide.
After understanding the current market, you must make a pricing guide.
A pricing guide helps you remember the exact price for each collection. It also helps you appear confident in front of buyers.
Rare coins and gold coins are usually expensive, so price your collections accordingly.
It also helps create an ideal price range for each coin collection. This allows you and your buyer to adjust the prices.
Tip: The lowest amount must be your ideal price. This allows you to get the price you want. Plus, the buyer will be happy thinking that he got a great deal.
- Ask for more than one opinion.
You can’t solely rely on yourself when selling coins. You have to ask for other people’s opinions about it.
For instance, some collections need to undergo coin grading. It helps using a grading service on top of your own.
In addition, you can easily find other coin collectors and dealers in online coin groups. Some of them will surely help.
Better yet, you can go to a coin shop or pawnshop for a second opinion. These places usually have experts that can assist you.
- Be realistic.
The person who buys coins has to be realistic. The person who sells coins has to be, too.
Some buyers will haggle. Some of them might even try to question your authenticity. However, you can spare yourself the stress by setting realistic expectations.
Moreover, you have to understand that selling a coin collection can’t make you a millionaire overnight.
For instance, many think that all 1943 Lincoln pennies are valuable because one was sold for $1 million. Little did they know that the million-dollar coin was mistakenly struck in bronze, not zinc-coated steel.
- Put the word out there.
Now that you’ve set your expectations right, it’s time to put the word out there.
This step is essential because no one would be interested in buying your collection if they don’t know it’s for sale.
You can post on social media and online coin groups about it. Sell online. If you want to take it up a notch, you can contact auction houses and coin show organizers.
The more people you reach, the more will be interested in buying your coin collection.
- Sell your coins.
Selling a coin collection can be tedious. Despite this, you must be patient.
Treat potential buyers fairly at all times, while being wise. Don’t try to rip off others, while trying not to be ripped off.
Plus, always think twice when agreeing to any coin dealer or buyer. Ask yourself, “Is the offer worth it? Can we meet halfway?”
Offering discounts and package deals can also help make your offers irresistible. Just make sure they’re reasonable.