Many numismatists collect coins purely for the thrill of the find and organizing the collection. Of course, yet another source of the thrill of many other numismatists would be being able to trade and sell their collection. After all, what could be more fun and productive than earning money out of an activity that you truly enjoy?
If you are one such coin enthusiast and you would like to find out how to sell your coin album, then here is a list of the tasks you should do:
First, make sure that you make a comprehensive inventory of your collection. It’s best if you are able to take individual pictures of each type of coin in your collection, then write down some information about each: its year, make (silver, etc), country, weight, and a short description (what’s on the design; what event it pertains to if it is a commemorative coin, etc). Which brings us to the next tip: how to display your collection online.
- It’s recommended that you list this inventory by using your computer. Scan the pictures and save them in electronic form. This way, you would be able to upload your coin album information online and blog about it. Read up on tips on how to lead more web users to your blog. Remember, it’s best to take advantage of highly accessible and virtually free advertising.
- Apart from the advantage of being able to set up a virtual catalogue of your coin supply for sale, completing an inventory would help you determine the range and extent of your own collection.
Just a disclaimer: some numismatists would have literally hundreds to even thousands of a type of coin (especially coin currency of common usage and circulation). If this applies to you, you may not want to waste too much time counting all your coins. An efficient tip would be first, to weigh all of the same kind of coins, and second, to weigh just one of that same coin. Divide the total weight by the weight of the single coin, and the quotient would give you the number of coins altogether.
- Going back to the inventory. Once you have an electronic file of your collection (complete with pictures), print them out and compile them into organized sheets and fasten them into coin folders. Now you have a workable portfolio, which is easier to carry around, and then you could leave your precious coin collection at home.
- Next, do some initial research about the value of your coins. Know that the value of a coin is determined mostly by four factors: its rarity (which is not necessarily determined by the year it was made, but more of how many were minted and how many are known to be in existence); its demand (for example, commemorative coins are generally in higher demand than ordinary ones); the precious metal it is made out of (gold, silver, or platinum, etc); and the condition of the coin. To help you find catalogues and professional reviews of coin values, check out very helpful websites such as mycoincollecting.com; bestcoin.com; privatemints.com and worldcoingallery.com.
- Armed with the basic idea of how much your coins are worth, go to reputable coin appraisal stores and coin dealers or antique stores and manufacturers near your area, bringing along your coin portfolio. Make sure that you don’t sell at the first dealer you go to. Go to at least three different dealers to have the opportunity to get the best price.
- Apart from actually traveling dealer-to-dealer, remember the other avenues you could try out: go to coin shows and find out how you could set up your own booth; join coin collecting clubs as some members would likely be interested in purchasing some of your collection; and of course, as has been mentioned earlier, make full use of the Internet: sell them on such sites as Amazon and eBay, and advertise them through your blog or through social networking sites such as Facebook.
Isn’t this great? Now not only would you be able to enjoy your coins, you would be encouraged by the fact that this is actually a productive venture! So why work for another company for your living, when you can actually own your own company, with your coins? Good luck, and have fun!