Do you have a set of old coins you would like to sell for some cash? Have no idea where to begin? Wondering how to get the best price possible for your coins or what the fastest way is to get cash? These are just a few questions we hope to answer in the post below.
Those who sell coins successfully know these two things:
- First, they understand what makes a coin valuable and know the value of their coins in order to make a fair assessment of price points when selling. Take stock of what you have and how much it may be worth. Have some proof sets or silver half dollars? You may have something of great value on your hands.
- Second, they know that certain coins must be sold to certain dealers because low, medium and high value coins each have their own best-selling practices.
Whether you’re selling to get some quick cash or using the money to upgrade your collection, consider these 6 selling options as well as their pros and cons.
Local Coin Dealers
Selling to a local coin dealer like Twery’s is one of the fastest and most convenient options. These shops will grade your coin and provide you with a fair price. When considering this option, make sure you’re doing business with a dealer who is established and has been in business for some time. Not only will you avoid getting scammed, you will also have the confidence in knowing you’re working with experts.
PROS
- Convenient location
- Immediate cash in hand
- Face-face deals with an expert
- Fair pricing
CONS
- Limited to no options if you live in a small town
- The coin shops will most likely give you the melt value i.e. the value of the silver or gold content that can be derived from melting the coins down
Pawn Shops
Over the years, pawn shops have developed a bad reputation because of their predatory lending practices.
Don’t let this deter you as they do have a place in the precious metals world.
This is a quick and readily accessible option for those looking to get cash for their old coins.
PROS
- An estimated 10,000 pawn shops in the U.S. makes finding a pawn shop easy
- Instant payment in cash upon sale
- They accept most types of precious metals including coins, jewelry, and scrap
CONS
- You will get a lower resale price at a pawn broker than a coin shop
Online Dealers
The power of the internet has made selling old coins readily available to all. A quick search can turn up reputable dealers actively buying and selling coins with many promoting their desire to buy coins.
Here are a few reputable dealers to consider:
The best way to sell your old coins to online dealers is to match the value of your coin to the dealer’s value range. This means rarer, more valuable coins would be sold to a high end dealer while more common, lesser value coins could be sold to a low to mid-range dealer.
PROS
- Plenty of options for reputable online dealers
- Selling from the comfort of your home
- Great resale prices
CONS
- Transactions are not private; they are recorded and electronically stamped
- Delayed payment
- Shipping risks including delay, loss and high shipping costs
Ebay & Online Auctions
Another popular way to get cash for your old coins is to list it in an online auction. With more than than 22,000 listings for old coins on eBay alone, there is plenty of demand.
Of great concern is the 10% and above standard seller fees on online auction sites. This, in addition to additional fees including insertion fees, shipping costs or PayPal costs can eat away at your profit margins. So if this is the case, why would you want to sell your coin in an online auction?
Going this route can be extremely profitable if you’re selling numismatic and rare collectible coins as these command higher premiums.
PROS
- Easy access to many potential buyers
- Rare and numismatic graded coins command high premiums
- Auction style bidding can drive the price up higher than normal
CONS
- By listing your item auction-style, there is a chance your item could sell for less than expected
- Excessive standard fees
- Shipping costs cut into overall profit margin
Coin Shows
Hosted all over the country, coin shows unite hundreds of dealers. Here you can find an extensive range of coins from the low end to the very rare and valuable.
Selling at coin shows yields mixed results. There tends to be more transactions between dealers than from the public. However, attending these shows is still a great way to get several quotes and establish contact with dealers, which could be useful for future transactions.
PROS
- Access to a convention room filled with dealers and experts
- Networking opportunity with other potential buyers
CONS
- Infrequent with shows weeks, sometimes months, apart
- Entrance fee
- Sale not guaranteed
‘Cash for Gold / Silver’ Mail-in System
We can sum this option up in two words: stay away!
These get cash quick schemes often prey on unsuspecting sellers by underselling the value of the coin.
For more advice and an expert opinion on selling your old coins, get in touch with Twery’s. Twery’s is a family owned and operated business that has been successfully purchasing rare coins since 1982.