Coin collecting has always been a popular hobby and in recent times has grown exponentially. This holds especially true for those US and foreign coins minted in gold and silver. Those particular coins carry not only a market bullion price, but an added numismatic value as well. If I were to sell my coin collection I’d think there was no better time than now.
Thanks to fluctuating economic tides at home and abroad many are searching for alternative forms of investment and income. Coin collecting and the sale of coins is proving to be a near recession proof way of doing this. A US Morgan Silver Dollar minted in 1890 carries far more profit potential than its one dollar face value. Its minted in 90% and there’s only a finite amount, there will never be anymore minted. It carries not only its silver value, but a value attached to its scarcity and condition. A 1895 Morgan Silver Dollar from the New Orleans Mint sold at auction for over $500,000 only a few years ago. Even those coins not minted in silver and gold like Lincoln Wheat Cents and Buffalo nickels can carry huge values.
If I wanted to sell my coin collection there are a few things I’d take into consideration first. A little self-research can go a long way. Despite the best intentions of a majority of the numismatic world, there are many who will jump at the chance to take advantage of uninformed sellers.
• Do some research to see what the average market price is for the coin.
• Make an educated guess on its condition or find pictures for comparison.
• If it’s potentially composed of precious metal get it tested.
• Be knowledgeable of current market bullion prices.
• Most importantly, find a reputable place to sell the coins.
When I sell my coin collection, this last tip is the one I take most seriously. Even if a seller is uninformed about all aspects of their coins a reputable dealer will take the time to explain how much they’re worth, and most importantly why they’re worth that much.
Another good thing to keep in mind is that often times selling the collection as a whole is more profitable than selling the coins off one by one. Selling a collection piece by piece can be extremely time consuming and unless a seller is very savvy about the numismatic field they’re likely to lose out ultimately.
Rather than sell to strangers on online auctions and classifieds, a brick and mortar dealer will leave a seller with not only a better experience, but heavier pockets as well. Once a seller finds a reputable and established coin dealer they can rest assured they’ll receive not only professional service, but the best price for their coin collection.
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