Private coin collections can vary in size and value, from a small amount of coins you have been collecting since you were a child, to finding a massive collection when you take over someone's estate. Coin collections often include a combination of full collections and rare coins, usually in gold and silver. If you want to earn a profit from selling your private coin collection, the following tips will help.
Learn How to Value Your Coins
There are many factors that go into valuing your coin collection. Some coins are valued based on the collection, such as if you have coins in a complete set. Others are rare coins, and valued individually. You want to value them based no their grade, rarity, demand, and liquidity. If you are not entirely sure how to value the coin collection, find a reputable dealer or appraiser to handle this for you.
Grading – This is one of the most important ways to value your coins. Coin grading is based on the type of coin and its overall condition. There are professional grading services that can do this for you.
Rarity – Gold coins that are rare, which means they are hard to find, will almost always be valued at a higher price. Coin value is often based on supply and demand, so if supply is low and demand high, the rarity value goes up.
Liquidity – The liquidity of a coin or collection is how fast and easy it would sell at auction. This may not be something you can determine on your own, but a professional coin collector or appraiser should be able to tell you.
Don't Clean the Coins
When you are getting ready to sell your coins, make sure you do not clean them. It may seem like this is the right choice because they will look shiny and new, but it negatively affects the grading and value process. Coin buyers and collectors want to see the natural patina on coins, because it can tell them a lot about its age and authenticity. If you alter your coins in any way, they will most likely not sell very well. Unless you need to wipe off a smudge to see the coin up close for authenticity purposes, leave it alone.
Sell at a Coin Show
Coin shows are similar to craft shows, in that there are multiple booths with coin dealers that are buying and selling coins. You can bring part or all of your collection to a coin show and get the input from different dealers. This lets you learn more about a coin's value, and talk to dealers about what your collection might be worth. You may get offers from multiple dealers, letting you decide who you want to sell your coins to. This is a great way to be in touch with multiple dealers, instead of just having one to sell to.
Put Rare Coins Up at Auction
For rare coins, selling them at a coin auction will be your best bet. This is where coin collectors go to find the rarest coins to complete their own private collection or complete a set. You may have difficulty selling rare coins at a high price to coin dealers, especially if it is not a coin they have been looking for. Auction does have the risk of your coin going for a lower price, but it is often worth the risk.