Many Americans have priceless treasure in their own home. Usually among that pile of dusty things in your attic or basement you could find a pair of valuable items, either because of their age or because of their collectible status. Some examples? The $ 1,000 bills, the $ 1 bills with silver certificate and the collections of old american coins. Therefore, below we will tell you everything you need to know to correctly sell your old coins.
But beware! If you plan to have a garage sale to raise money, we recommend that you first evaluate each item on the list. Think that unless that attractive collection of antique coins is the product of your own effort, you probably don’t know its real price. This simple fact could put you at a disadvantage when it comes to dealing with a true collector.
Does this mean that you shouldn’t sell your old coins to make money? Not necessarily. All you have to do is ask a numismatist for help Y familiarize yourself with what you have in hand.
In this article, you will find the key to putting not one but both tips into practice. Everything is focused on classifying each unit and identifying where to sell old United States coins. Thus, you will be able to take care of that “new treasure” that you have in your hands and avoid being scammed by one of those sharks that are in the market.
- 1 How to sell your old American coins
- 2 Tips for Hobbyist Antique Coin Sellers
- 3 Where to sell old coins in the United States?
How to sell your old American coins
Before starting, we want to leave you a small guide of steps that will allow you sell your old coins easily, quickly and safely. Remember that the more orderly you are, the less likely you are to lose money.
1. Sort your collection of old American coins
If you only have one coin, you can skip this step. But If you just found a bunch of old coins, it’s time to gather them all in one place! The best thing would be if they were arranged in a protected catalog, preserved and classified by type of currency, date, country of origin, etc. However, not everyone will find something like this in their home, unless you have inherited your old coins from a collector.
How can you order your catalog? Well, there are certain tips that could help you:
- Select all the old coins you have and put them in the same place.
- Look for any inventory, catalog, or checklist of the coins.
- Open your eyes to see if there is any document related to numismatics.
Tip: If all valuable American coins are in a catalog and are well preserved, set aside the most valuable from the most common. Of course: you should buy some implements in the coin houses (or numismatic houses) closest to you; This is to avoid damaging the units during the sorting process.
2. Sort your old coins
Not all people like to collect coins. Some just pile them up without thinking about their rarity, condition, or value. Therefore, You should start by grouping your coins in separate catalogs, albums or collection boxes. You can help, in principle, by the year of issue and the country of origin.
In the next step, we will explain some effective ways to rank the most valuable coins in your collection.
3. Look for information about American currencies
Once you have all your valuable coins separated from those that are not, group them into the following categories:
4. Take advantage and catalog your old coins
Catalog your coins before taking them to the coin houses. You can do it in Excel or in a collector’s book: this is up to you. What we do recommend is that, in addition to noting its characteristics, take note of its state of conservation. A coin collector will always prefer to buy a perfectly good coin over a damaged one.
5. Estimate the value of your coin collection
You can enter the page of the United States Mint or other numismatic pages to download manuals and coin sales catalogs. Using it, you could estimate how much each of your old coins costs in the market and what the full value of the collection would be.
Note: Take into account that this book that we recommend shows the sale price to the coin collector. A numismatic or antique shop needs to make a profit on what it buys from you. Therefore, it is likely that it will offer you between 30% and 50% less than the value expressed in the manual.
6. Seek professional help
The best way to find out what you have on hand is to hire a professional numismatist to catalog, separate, and value your coins for you. How much does this service cost? Well, it depends on your state of residence and also on the experience of the professional, but – generally – you should expect to pay between $ 35 and $ 50 an hour.
Tips for Hobbyist Antique Coin Sellers
If you are not an expert coin collector, you have a lot to learn! Yes, we know that all of this can be arduous and tedious, but sometimes the easiest or fastest thing to do is not what will leave you the most money, is it? Without further ado, we leave you what you should – and what you should not – do when selling your old American coins:
- Don’t clean your coins! One of the mistakes that those who start in this world of coins make is cleaning them with substances that they have on hand at home. This is a serious error. Any maintenance should be left to a professional.
- Keep your feet on the ground. Perhaps once – many years ago – a 1943 penny was sold for $ 1,000,000, but you must understand that not all coins are worth the same. Even if you have an identical penny, they could offer you hundreds of thousands of dollars less because it doesn’t have the same gloss or trademark. Remember that the value of a coin depends on its year of minting, rarity, details, among others.
- Do not go to a store “I buy gold”. Why? Well, because they don’t usually offer a good price. It is preferable to go to a numismatic house or an antique store.
- If you don’t need the money urgently, go slow! Don’t try to get out of your old coin collection too fast. Take your time to find information for each currency and, since you are waiting, compare several of the purchase prices that are offered to you.
Where to sell old coins in the United States?
A numismatic shop
Antique coin shops work with fair prices. Of course, they will not be able to offer you the sale price -which is the one that most numismatic auction catalogs show- but they will be able to offer you one that goes between 30% and 50% of its value. Ideally, you would visit several mints until you find the one that gives you the best price for your collection.
A collectibles auction
There are two types of auctions: physical and online. If you want to get the most out of your old American coin, the best thing you could do is sell it at auction. Coin collectors will offer what they are willing to pay to keep it and, in their fight, they could raise the price. Many sellers obtain 100% of the value of their currency this way, and they have even gone so far as to achieve much more than this.
Remember: Regardless of the type of auctions you sign up for, you may have to leave a commission of 10% of the total purchase amount.
A collectors website
There are many collector sites out there that work just like Amazon or Craigslist would. We leave you some good examples:
- Great Collections. One of the best because it has pretty low sales rates. If your coin is worth more than $ 1,000, you will pay 0% of the sale. If your coin is worth less than that, only 5% of the sale price.
- Teletrade. Another good option, although we like the first one better. Here they also offer cash advances for your coins for sale. However, we do not recommend that you order them because they do not state very clearly how they work.
- Heritage. This is one of the most important collector-level pages. In fact, each year they sell extremely valuable items, bringing their profits to a billion dollars a year.
You could also try selling your old coin in an app to sell new or used stuff. Just make sure be realistic in price and of check seller ratings. Ebay and Amazon could be good examples.