Whether you are numismatic or not, selling old coins is always a feasible business. A lot of people are interested to buy old and rare coins at a higher price than the coins’ face value. The older and the better the condition of the coin is, the more valuable it can be. Selling old coins, however, is not as easy as selling in-season items. Many people consider old coins as valuable investments. Buying some coins is a well-thought-of decision. Be guided when selling old coins by following the tips below:
- Prepare the coins. Cleaning the coins increases their value. There are many ways to clean old coins. And these depend on the kind of dirt. But the safest way is to wipe the coins with clean and wet cotton cloth. This can get rid of any dirt on the coin and make the details more apparent. Some older coins, like Roman coins, are cleaned by soaking them in pure olive oil for a number of days. Doing so helps in loosening stubborn dirt by gently wiping away the oil. This is an effective way to make the details more prominent. Consider also to get certification of authenticity in case of highly valuable old coins.
- Decide the coins’ value. Compare the coins to other coins of the same condition and age. That’s the easiest way to determine their prices. But another way is to send them to a professional coin appraiser, who can more accurately determine the coins’ fair market value. But hiring a coin appraiser can be expensive, so most coin sellers consider this option only for highly valuable coins. You may also put the coins on an auction and let the potential buyers decide on the price. After all, the right price is something that is acceptable for both buyer and seller.
- Send the coins to a coin dealer. This can be your fastest, easiest, and simplest way of selling old coins. What you need is decide on each coin’s price before sending them to the dealer. Photographing them is not necessary. Although beneficial, selling old coins to a dealer will provide lower profit compared to selling them yourself to end-buyer. But this can be your best option if you want them sold fast, easy, and simple.
- Put old coins on consignment. Usually, coin stores allow up to 30 days keeping old coins on consignment. This is almost similar to selling the coins to dealers. The only difference is that you don’t get the money right away and you don’t receive a very little amount for them. This works by putting the coins on display. The store will get commission for every coin sold. This can be your best choice if the store does not want to shelve out money and want a surer way to earn.
- Join coins on auction. The good thing about auction sale is that interested buyers are pressured to buy the coins at a higher price than their fair market value. But don’t expect this to happen all the time. Also, selling coins at auction usually charge both the buyer and seller a commission that ranges from five to 10%.
Numismatic is regarded as the “hobby of the kings.” You spend a lot for
rare coins and get the fulfillment of having something that only few
people have. In your case, you will sell old coins not because it is a
physical necessity. It will fulfill the buyers in a different way.
Whatever their reason is, the point is that you can sell old coins—and
most of the time, at a surprisingly high price.