The opportunity to sell coins for cash is an appealing endeavor, especially in light of the tough economic environment in which we find ourselves. More and more people are making the decision to sell coins to coin buyers for extra cash. The fact of the matter is that the price of gold, silver, platinum, and palladium aren’t far from their all time highs. Additionally, there’s also interest for low mintage or key date numismatic coins, so regardless of the type of coins that you’re selling, there’s likely a market available for you.
However, before you consider selling coins, there are several factors that should be taken into consideration so that you can maximize your payout when you sell coins to a coin dealer.
1. Before you sell your coins, you should become familiar with the type and value of your collection to ensure that you receive a fair price for your valuables. Foreign and domestic coins both have a market, so don’t discount the foreign coins that you have in your collection. In fact, if your foreign coins are composed of precious metals, you can be sure that you’ll have a buyer for your coins. Simply put, understanding the value of your coins will go a long ways in maximizing the price that you receive.
2. Not only do you need to identify the type of coins that you have available for sale, but in order to be successful when you sell coins, it’s imperative that you identify the right coin dealer. Don’t just settle for the first coin dealer that you come across. Make sure that they’re an affiliated member that is in good standing with the Better Business Bureau. We recommend that you only consider coin dealers that have an “A” rating with the BBB. Once you’ve confirmed the coin buyers BBB rating, search for online reviews and testimonials of the coin dealer to ensure that you’re selling coins to a reputable coin dealer.
3. We recommend that you consider more than just one coin dealer – at least from the standpoint of obtaining quotes. This allows you to determine if the first estimate that you received is competitive or not. Coin Buyers that post their buying rates online oftentimes pay the most competitive rates, as they wouldn’t openly share their rates otherwise.
4. Take advantage of other options, such as coin dealers that are not within your immediate vicinity but offer competitive prices through selling coins online. For example, you can be living in California but this should not limit you from the decision to sell coins to online coin dealers in Atlanta, Georgia. To do this, take advantage of programs offered by coin dealers where you can send in your coins, have them appraised, and experience a seamless transaction without having to travel all the way to Atlanta.
5. While there’s another option available; that being selling your coins through an auction service, we don’t recommend pursuing this route. Not only are listing fees and final auction fees excessive, but there’s a good bit of fraud with online auction services. Furthermore, even if you sell your coins to a legitimate buyer, they may claim to have never received your coins, or received them in damaged condition, which may end up costing you hundreds of dollars if a claim is made and the auction service finds in favor of the buyer.
To sell coins is a profitable venture but it takes effort on the part of the seller to be familiar with the ins and outs of the industry. At first, it might require some effort and investment in time but once you gain an understanding of how the industry works, you should be able to effortlessly pick the right coin buyers and sell coins at the best price possible.