There are several reasons why someone might start a coin collection. A collector might be interested in numismatics, which is the study of currency, or they may be interested in collecting what are essentially historical artifacts. Many coins are sought after by hobbyists for their unique beauty or historical significance. One of the main motivators behind starting a coin collection is obvious, money. To many collectors, their coins are an investment. Serious collectors look for coins that are significant in some way, whether they are historically significant or made from a precious metal like gold or silver, and purchase these coins expecting their value to increase.
Those who collect coins as an investment will eventually reach a point where they want to sell their coins for a profit. However, there are many factors that go into determining the value of a specific coin at a given time. You must consider factors such as the material and condition of the coin, whether or not is it rare, and the current market value of the coin which is based in part on supply and demand. In addition to determining the value of your coins, you must also evaluate your best options for selling your coins and getting the best price. There are several different ways you can sell your coins from putting them on eBay to visiting a certified coin dealer.
This guide contains tips to help you get your coins ready to be sold to get the best possible price, as well as insight on the different options for selling your coins. If you have any questions about what your coins are worth, the certified coin dealers of PGS Gold & Coin are always ready to help.
Getting the Best Price for your Gold, Silver, and Rare Coins
Before you consider your options for selling your coins, it is important to understand how to get the best price for your coins. It can be difficult to sell your coins for the right price, and it takes some research and preparation to get them ready for sale. The following tips will help you get your coin collection prepared to sell so you can fetch the best possible price.
Know the Value of Your Coins
A common mistake that coin collectors make when they go to sell their collections is overestimating, or underestimating, the real value of their coins. It is not only disappointing to discover that your coins are not worth what you thought they were when you go to sell them, but this also puts you at a major disadvantage when negotiating with a potential buyer. Having an accurate idea of the real value of your coins will help you know what to expect when you go to sell them.
There are plenty of resources available to help you determine the value of your coins based on their material, condition, age, mintmark, and demand. You can also look up your coins online to see what others are selling them for. Once you determine the accepted retail price of your coins, you must understand that you will probably not be able to sell them at their full retail value. You should expect to get around 60 percent of the retail value for your coins. If you have rare coins or valuable gold or silver coins, you can expect a price closer to retail value.
Get your Coins Stickered by CAC
One way you can help get a higher price for your coins is to have them stickered by the Certified Acceptance Corporation (CAC). The CAC is a certification institution that analyzes coins for their quality and gives the coins a CAC sticker to verify that they meet their strict quality guidelines. Rare, gold, and silver coins that have the CAC sticker routinely fetch a higher price compared to non-stickered coins.
Take an Inventory of your Coins
Decide which specific coins out of your collection you are ready to sell. Putting an inventory together of the coins you wish to sell will help you better assess the total price you can expect for them. You can also bring an inventory list of your coins to coin shops and other potential buyers to get a preliminary estimate and learn which of your coins have the highest value and demand. A complete coin set will bring a higher price than an assortment of unrelated coins.
Make your Coins Presentable
The better your coins look, the better the price you can get back for them. An easy way to make your coin collection more presentable is to put your coins in new holders. Old, scratched up holders can make your coins look worse which will affect the offers you get for them. A new holder immediately makes your coins look better.
Where to Sell Your Rare, Gold, and Silver Coins
Now that you have decided to sell your coins and have done your research into their value, the next step is to determine where to sell your rare, silver, and gold coins. There several options by which you can sell your coins, the most common options are explained below:
- Online Auction Website: Selling your coins through an online auction website like eBay is an easy way to handle the sale of your coins yourself. You have the freedom to sell your coins separately or together based on what you think will bring the highest price. However, the one thing you cannot control in this scenario is the choice of the buyers. You may have plenty of people view your listings without putting in a single offer. If you are selling your coins to an online dealer, check the dealer’s inventory first to see the price they charge for similar coins, and adjust your asking price accordingly to fit with their value range.
- Coin Shows: Coin collection enthusiasts and dealers regularly attend public coin shows and auctions where they can buy and sell their coins. At a coin show, you can approach many different dealers in one place and get an appraisal for your coins. This gives you the advantage of choosing to work with the dealer that offers the most desirable price. It is best to approach dealers with a few coins because coming to them with a bag of coins will take up a lot of their time and put you at a disadvantage when it comes to pricing.
- Auctions: If you decide to sell your coins through an auction, there is a chance you can get a great price if the right bidders are present. You also run the risk of getting little to no interest and auctioning your coins off at a lower price than you expected. Auctions are a good option if you really know the value of your coins or if you have a rare coin that is highly valued. Most auctions will charge you a fee to sell your coins.
- Certified Coin Dealers: Going to a local coin dealer is a popular option for people looking to sell their rare, gold, or silver coins. You will have the benefit of a face to face appraisal with a certified dealer who is knowledgeable about your coins and the market for them. This is an especially attractive option if you are a regular at a local coin shop and have a personal relationship with the dealer. However, you must remember that dealers will offer you lower than retail value because they want to resell your coins and make a profit. When a coin dealer makes you an offer, give them a chance to explain why their offer is what it is. If you do not like the offer, you can always politely refuse it. Coin shops are usually very fair in their pricing and want to build trust among their clientele.
PGS Gold & Coin: Certified Coin Dealer
Collectors who view their coins as an investment are always seeking the highest return on their coins to make their investment worth while. Following the preparation tips outlined above and carefully considering your options when it comes to selling your coins will help you get the highest return for your investment.
If you are looking for a reputable coin dealer in the Chicago suburbs where you can sell your gold coins near you, contact PGS Gold & Coin. You can visit one of our coin shops in Wheaton, Schaumburg, or Palatine, IL and talk to one of our trusted coin dealers in person about your collection. Our professionals will give you a fair appraisal for your rare, silver, or gold coins based on the value and market demand for them. We routinely offer better appraisals for gold, silver, and rare coins than other coin dealers in the Chicago area.
Give PGS Gold & Coin a call at (888) 416-2701 or visit our coin shops in Palatine, Wheaton, and Schaumburg, IL.