Tampa Bay is great for auctioning your rare gold and silver coins due to its rich culture. According to research, selling rare coins is very lucrative, with numbers within the seven-figure range. This means that the coin market is healthy, as stated by the Professional Numismatists Guild (PNG).
Whether you’ve inherited a collection of coins or spent years building an impressive collection, there may come a time when you wish to sell your coins. For many without experience selling collectibles, this can be intimidating.
When researching how to sell rare coins, people turn to the internet to find information. Online auction sites are always popular, and there are now hundreds of websites offering to convert your coins into cash. If you have some old coins you want to sell, then the steps below will help you become an informed seller.
Determine How Rare Your Old Coin Is
You can refer to the Whitman “Red Book” Guide to US Coins so you can have a general idea of how rare your coins are. You can sort your coins based on denomination and rarity. Always be careful when handling your coins. A scratch can take up to a hundred dollars worth of their value. Cleaning can also take off its patina, and coin collectors will pay less since they become lifeless.
Find Out The Condition Of Your Coins
You can use the PCGS (Professional Coin Grading Service) Online Resource to establish the approximate condition of your coins. Round down if you have any doubts about the grade of your coin.
Find The Value Of Your Old Coins
CDN Greysheet and Greensheet are the most trusted price guides in the coin industry. Note that local prices might differ. These prices are also retail, and you might be offered wholesale prices for the buyer’s profit.
Consider Certifying Your Coins
Your coin can be authenticated and graded by professional coin grading services like Numismatic Guaranty Company (NGC) and Professional Coin Grading Service (PCGS). Coins that are sealed by these two companies have higher liquidity and sell for more.
Where To Sell Your Rare Coins In Person
Different types of coins have different markets:
- Local coin shop. This is best for selling low to mid-range old coins. Check reviews first for several coin stores in your area, and choose some shops to visit. Check their stocks to see if they have the same coins as the ones you are selling, so they will be more likely to give you a fair price. You can also check their website to see which coins they are interested in buying. If a dealer has too many types of coins, they will more likely offer a lower price. Inform the owner that you are not in a rush to sell. Check on other shop offers first before deciding on accepting one.
- Coin shows. Here you will meet up with more than a hundred coin dealers at the same time. You can sell your valuable but hard-to-move coins here. Dealers will be busy buying and selling coins that are in demand with their clients back home. If they ask you to come back, it means that they like what they see.
- Online. One of the best ways to get buyers for your coins is online. You will be able to open up your coins to a wider audience and have the opportunity to close sales faster because of online payments and automatic shipping fees. Your rare coins will be seen by a global audience as well.
- eBay. This is an option; however, eBay has high fees. You should provide high-resolution photos to get several offers.
- Bullion Dealers. Large online coin dealers are always on the lookout for old gold and silver coins. Some of these dealers refuse the purchase if it’s less than $1,000.
- Major Auction Houses. Speak to an auction house that specializes in rare coins. Blackwell Auctions is one of the largest coin auction houses in Tampa Bay. Entrusting your coins to us gives the coins exposure to a global audience of coin collectors. This maximizes your chances of getting the best price for your coins. Note that you need to have your coins processed by NGC or PCGS for authentication before endorsing them in a rare coin auction. Buyers expect this before they buy rare coins.
Places To Avoid Selling Coins
- Pawn shops. They don’t usually deal with coins, so they will pay very little if they do buy.
- Jewelry stores. They are not in the coin business either.
- “We buy gold.” These stores are interested in coins and jewelry for the metal content.
- Hotel room coin buyers. These people travel from town to town and set up in hotels for a few days, guaranteeing high prices for coins. These people have an idea about how much their coins are worth but will never admit it. More often than not, they buy someone’s coins for less than their true value.
Don’t Forget About “Junk” Silver
Dimes, quarters, and half dollars printed before 1964 are made with 90% pure silver. People saved these because of their silver content, and they remain a popular coin-collecting and investment method. Almost all coin shops and pawnshops buy them. They are easy to sell by telephone because they are sold for their metal content. They are usually bought and sold by weight. Their weight is proportional to their silver value.
What Rare Coins Are In Demand?
Silver and gold American eagles usually take the top of most wanted coins. The most expensive coin ever sold is the Flowing Hair dollar which is worth $10,016,875. The most expensive coins were printed between the 16th and 20th centuries.
A good process to determine the market value of your coins is by searching for auction results in Blackwell Auctions. It is one of the largest coin auction houses in Tampa Bay. They conduct official auctions at many major auction shows.
