WHERE IS THE BEST PLACE TO SELL YOUR COINS?
Are you planning on selling your currency or coin collection and looking for the best coin buyers in Chicago? Or planning to sell some rare coins you inherited from your Grandpa or Grandma?
Don’t let them just gather dust. These rare currency bills can even be worth thousands or millions even! Whatever your reasons why you need to trade them for cash, there are important things you need to know first.
- Determine how much your rare coins/currency are worth. Never sell to the first person or shop that offers.
- Never clean a rare coin. Cleaning could make it worth less than it should. A rare coin with a couple of dings is more valuable than a coin that has been cleaned.
- There are many counterfeits out there. While the coins you inherited are genuine, you should hire a professional to authenticate them.
- Sell coins on the coin marketplace rather than posting them on sites like Craigslist. Or you can sell them to your local coin dealer or coin buyer.
Who Will Buy My Rare Coin Collection?
Let’s look at some of the best places to sell coins.
If you prefer to sell coins at an auction house, see to it if the establishment is interested in listing your collection. Keep in mind that the auction house will charge a fee either a percentage or a flat of the sale value.
The increase of interest, the attraction of potential buyers, and the stimulation of spirited bidding for genuine rarities are built by the combination of factors such as:
- Eye-catching catalogs
- Time elapsed before the auction takes place
- Publicity surrounding important auctions
Generally, the reason why many coin collectors choose to sell their precious metals at a public auction is the increasing interest that helps drive prices higher.
Online Auction or Marketplace
Essentially, online marketplaces are an option for you if you wish to get rid of your rare coins quickly. One thing about selling coins online is that it is not limited by time constraints.
One online marketplace we don’t recommend is eBay. The fees to list and sell coins are outrageously high. We suggest you skip using eBay unless you’re an experienced user.
There are establishments that offer two different options for selling your coins, which are selling outright and consignment.
The first option is fairly simple and we highly recommend this one. You’ll first send information about yourself and photos of your coins. When they are done with the assessment, they’ll get back to you on a price.
Since this is selling online, it is most likely that they will offer a lower price for it to protect their interests.
The consignment side, on the other hand, is an option that we can not recommend. You see, you have to send them your coin collections first. They will do the listing for your rare coin collection and you will have to wait after your auction closes.
One major downside is that you’ll have to wait for weeks to get paid. They will also take a certain percentage of your coin collection’s sale value.
Coin Buyers, Coin Dealers, or Coin Shops
Generally, coin buyers or coin shops will buy your rare coins for less than what they are worth and this is normal. They are running a business. And so, they have to make a profit.
If coin shops buy gold and silver coins at a fair value, they can’t make a profit since it will be hard to sell the coins.
So how much less are coin buyers going to offer you?
Well, to give it a fair range, it is between 20% to 40% less than what your rare coins are worth.
Let the coin buyer explain to you why he is offering what he is offering. You can always find another coin buyer if something is a red flag.
It’s no big deal. Most coin buyers assume you go to coin shops and expect to get less than your coin’s true value and so they tend to be fair most of the time.
In conclusion, going to the coin shops is your best option if you want to get rid of all your coins quickly. But don’t be afraid of letting shop owners know you are hopping from shop to shop to sell your coins.
HOW DO I SELL MY COINS?
If you have some old coins that you want to sell but you don’t know where and how to start, we’ve put together a simple guide to selling your coins. We have divided the guide into 3 sections:
- Knowing the value of your rare coins
- Finding coin buyers and
- Selling rare coins
Follow the steps below so you can make the most money with your coin collection.
1.Knowing the Value of Your Coins/Currency
Before you can sell a rare coin, you have to identify what it is that you have.
A. Find pieces of information about your coin such as its:
- Mint mark and
You can seek professional help from coin dealers and other coin collectors. Take a photo of both sides of your rare coin. Make sure the photos are clear before taking them to coin dealers or coin collector groups in person.
B. Note the condition of the coin
The condition of the coin affects value. Examine both sides of your old coin. Does it have scratches? Does it look dirty?
Remember, the worse the damage your old coin has, the lesser will be its value. On the other hand, printing errors on the coin can increase its value. So look for them, too.
Here’s how rare coins are graded:
- Mint condition – 70
- Fine – 12 to 15 (medium amount of wear)
- Good – 6 (very worn)
Again, never try to clean a coin. Old coins are historical artifacts, coin collectors, and coin buyers like them as naturally as possible. Furthermore, cleaning may further damage your coin, thus decreasing its value.
C. Look up for the value of your coin/currency
You can estimate how much your coin is worth once you know exactly what it is. You can find many sites on the web that maintain a list of current coin values.
Or, you can purchase the 2019 edition of the Official Red Book of the United States by R.S. Yeoman and Kenneth Bressett. The book provides a detailed guide of coin values. It is available online and in many local bookstores.
One thing you have to take note though, if you sell your coins individually, you might not get as much since coins are listed at wholesale price.
D. Learning the current coin value by monitoring auctions
Search for recent sales whenever you can. They can provide more information about coin values.
You can monitor numismatic auctioneer sites like Heritage Auction and the Newman Numismatic Portal as all sorts of coins pass through them. You can get a glimpse of how much coin buyers are paying for coins similar to the ones you own.
E. Getting an appraiser to value coin collections
You need an appraiser especially if you want to sell precious metals or large coin collections. The appraisal process involves analyzing your coin, validating its authenticity, and telling you how much it’s worth. You can search online or your local phone directory to find a reliable coin appraiser or coin dealer.
- Make sure to check your appraiser’s reputation by consulting the Better Business Bureau or online reviews from other customers.
- You can also use sites like the Professional Coin Grading Service or American Numismatics Association to find trustworthy coin appraisers.
2. Finding Local Coin Buyers
The best places to visit first when selling coins are your local coin dealers. Generally, what you can sell to them are mostly low to medium-value coins.
Remember to look at their stock. There’s a good chance they’ll give you a fairer price if the coins you’re selling are made of the same metal and quality as a majority of their coins.
You can search online to look for more coin dealers and online auction sites. You can also visit public auction venues. Moreover, you can pick up some coin collector magazines such as Coin World and Numismatic News since they feature ads from all sorts of coin dealers.
3. Selling Rare Coins
Here are some tips when selling your precious metals and old coins:
- When selling precious metals or a rare coin to a dealer, make sure he or she gives you a fair analysis. In the hopes of getting a better deal, an unscrupulous coin dealer might give you very low offers.
- Avoid a coin dealer who offers you a flat price without analyzing your coins. Likewise, never agree to a dealer who pressures you to sell your coins immediately.
- Always choose a coin dealer with good reviews and has accreditation from reputable numismatics organizations.
- The more coin buyers or dealers evaluate your coins the better. Shopping around allows you to get the most of your coins.
- Sell your collections of coins as a whole package. You might encounter a dealer who is only interested in a few coins and only picks out the high-value ones.
As a result, you are left with a less valuable collection that is not profitable. Thus, you should stick to setting a price for the whole collection.
PLANNING TO SELL YOUR GOLD AND SILVER COINS IN CHICAGO?
While public auction houses and online marketplaces are great venues to buy and sell coins, your local coin shop is still the best place to trade your currency and coins for instant cash.
Clark Pawners & Jewelers is one of the most trustworthy currency and coin buyers in Chicago. If you need an honest and professional appraisal of your silver, gold coins, and other precious metals, look no further.
We use advanced research tools to ensure you get the most out of your coin collection. Contact Us NOW for an appointment.