Avid coin collectors don’t necessarily always hang onto their collections all their lives. Many collectors at some point consider selling at least part of their collection in order to make a profit. Whether you need some liquid cash to use as a down payment for a new home, to pay for exorbitant medical expenses, or to pay for your child’s college tuition, the money you stand to make by selling your valuable coins could be enough to cover such huge costs.
You may even want to sell some coins and use the proceeds to upgrade your collection. Whatever your reason for selling your coins, one thing is for certain – you want to ensure that you are getting the best possible price. The only way to do that is to do your homework beforehand, and follow a few crucial tips before handing over your prized possessions. Collectors routinely sell coins, and in every case, the fundamental method of getting top dollar for their coins is virtually the same. Follow these tips on how to sell collector coins to get the amount you deserve.
Know the Value of Your Coins
Many people often over-value or under-value their coins. Unfortunately, this mistake can prove to be costly when it comes time to sell them. You need to be able to put yourself at equal footing with a dealer in order to effectively negotiate on a price. It’s critical to have an accurate understanding of the wholesale value of your coins. The internet is filled with sites that have value charts of different types of coins to help you accurately estimate how much your coins are worth before you sell them.
Have Your Coins Graded
By grading your coins, you can not only maximize their value, but you can also make them more appealing to collectors, dealers and investors since it comes with a guarantee of condition and authenticity. Lots of information is available to you, including auction prices, population data, and so forth.
Sell at the Right Time
Timing is one of the most important factors when it comes to getting the most for your coins, yet it is often underestimated, or forgotten about altogether. When you purchase a coin, it’s important that you are able to hang on to it until the time is right to sell in order to make a profit. Patience is crucial when it comes to selling at the right moment. Much like waiting for a seller’s market to sell your house and get the most profits from its sale, waiting until the value of your coins is high is best to get the most proceeds from the sale.
Sell to the Right Dealer
Although this may be much easier said than done, it’s crucial to deal with someone who is not looking to take you for a ride. Selling to the right person can mean that the potential buyer really wants the coin, and is willing to pay you top dollar for it. Selling directly to a dealer can mean that you don’t have to wait weeks or months to get the proceeds from the sale, which can often be the case when selling at an auction.
Pick the Right Coin
This is an important factor to consider before selling any of your coins. You can obviously buy whatever coin you choose, but for profit and investment purposes, it’s probably best to invest in coins that are going to be easier to sell for good money down the road.
The individual should also determine if the way to sell the coin collection is in pieces, with the different groups of coins being sold separately by type, or if the entire collection should be sold as one piece. Regardless, the individual must know what is in the collection so that the buyers can be informed and also so that he can determine if he is getting a fair offer on the collection.
In the different ways to sell the coin collection, there is almost always a need for the buyer to see pictures of the collection, so this is another step that must be taken. There are magnifiers that can help in the displaying of the coins for photographing them, as well as different lighting techniques that can help to display the coins to their best effect.