Are you a collector who’s looking to sell some high-value gold coins?
Maybe you’re not much of a collector and are simply trying to sell a couple of rare silver coins that you’ve inherited or came upon somehow.
You’ve come to the right place!
In this guide, we go over all you need to know about how to sell coins, from how to assess the condition of your coin and get a proper appraisal for it to where you can sell your coin.
- Why You Should Consider Selling Coins
- Problems With Selling Coins
- What You’ll Need to Sell Coins
- Where to Sell Coins
- How to Sell Coins: Step-By-Step Instructions
- Things to Consider When Selling Coins
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Why You Should Consider Selling Coins
Understandably, letting go of a coin that holds sentimental value or coin collections that you’ve worked so hard to complete can be a challenge, but there are plenty of compelling reasons to consider:
- Hidden Value: Some of the coins in your collection might be more valuable than you think. Even if you have no intention to sell, you should at least get your coins appraised. You might be sitting on a fortune!
- High Demand: From rare coins and old baseball cards to vintage toys and first-edition comic books, there’s a remarkably high demand for collectibles nowadays.
- Reduce Clutter: If your collection of coins is so large that it’s taking up a lot of your space, selling a portion of your collection can help you declutter while making some extra money on the side.
- Growing Market: Did you know that the global coin market was estimated at $11.5 billion in 2020? Also, it’s predicted to grow at a CAGR rate of 10.2% from 2021 to 2027.
Did you know? You can sell coins as a side hustle, turning a one-off sale into a money-making venture.
Problems With Selling Coins
Although there’s a lot to gain from selling coins, especially if they’re sought-after coins that are rare or vintage, there are a few drawbacks to take into consideration:
- Coins Are Taxable: Collectibles like rare or ancient coins are considered alternative investments by the IRS. If sold at a gain, such investments are subject to a long-term capital gains tax of up to 28%.
- Potential Value Gains: Rare and vintage coins tend to appreciate in value over time. If you decide to sell your collectible coins today, you might miss out on a potential increase in value that might occur in a few months or years.
- Sentimental Value: Selling your coins can be tough if they hold sentimental value. Maybe the coins you’re trying to sell were given to you by a deceased family member or a close friend.
- Finding Potential Buyers: Despite the demand, finding someone who’s willing to give you what your coins are worth might be hard. You might not even get what you want for them if you’re in a hurry to sell.
What You’ll Need to Sell Coins
Selling coins is a straightforward process that doesn’t have strict requirements.
You simply find a buyer or dealer, whether online or offline, and work out a suitable price for your coins.
If you decide to go the online route, you’ll need:
- Marketplace Knowledge: Whether you decide to list your coins on Shopify, eBay, or Facebook Marketplace, you need to figure out the ins and outs of each online marketplace, as well as how to make your listing appealing.
- High-Quality Pictures: You also need to take high-quality, well-lit pictures of the coins you’re looking to list online. The pictures should clearly show the condition of the coins.
- Thorough Description: Write a detailed description of the valuable coins you’re looking to sell. The description should highlight things such as the condition, rarity, metal content, and collectability of individual coins.
- Payment Method: You need to set up a way to receive online payments. A popular option is PayPal, but you can also opt for Payoneer, Venmo, Wise, Google Pay, Apple Pay, or Stripe.
- Shipping Provider: You need to set up a shipping method. You can opt for the United States Postal Service, UPS, DHL Express, Sendle, or FedEx. Compare their delivery speeds and costs to find the best option for your needs.
- Adequate Marketing: It’s important that you market your coin listings so that they reach as many potential buyers as possible. You can do so on relevant Facebook groups, Discord servers, online forums, and so forth.
On the other hand, if you decide to go the offline route (local coin dealers and auctions), all you really need is enough patience and knowledge about coins.
You can obtain the latter by reading some of the best coin books.
Where to Sell Coins
There are many options to consider as far as where to sell your coins.
You can go the offline route and sell your coins to a local coin dealer or at an auction, or you can go the online route.
We recommend going the online route for quite a few reasons.
For starters, listing your coins online guarantees more exposure.
In addition, there are numerous online platforms to try your luck with.
Some of the best online platforms for selling coins include:
APMEX is a reputable precious metals dealer that specializes in gold and silver.
The company is based in Oklahoma and has been in business for over 20 years, with over $1 billion in retail purchases.
Selling your old or vintage coins to APMEX is simple and doesn’t require you to list your coins online.
All you have to do is request a quote through the company’s site or customer service number.
APMEX guarantees payment processing within 1-2 business days.
They also offer discounted UPS shipping rates and professional product assessment.
However, they don’t buy products that are worth under $1,000.
Bear in mind that you won’t get paid until after they’ve seen your coins.
Put differently; you’ll need to ship them your coins and wait 1-2 business days to receive your payment.
- Fees/Commission: Shipping fees (deducted from your payment total)
- Payment Methods: ACH/direct deposit, bank wire, business check, and product trading
Founded in 1976, Heritage Auctions is a specialty auction house that specializes in rare coins.
They have a large staff of experts and they provide some of the best customer service in the coin-selling market.
There are two ways to sell your coins with Heritage Auctions.
The first way is to send them pictures of your coins, along with some key pieces of information, and they’ll give you a quote.
The second way is to consign your coins.
This means you’ll ship them your coins and they’ll put them to auction.
After 45 days of closing the auction, you’ll be mailed your settlement check, and the company will take a 10% fee.
Heritage Auctions are completely trustworthy and have a huge database of collectors.
That being said, if your coins aren’t worth a whole lot, they won’t garner much attention at an auction and you’re better off listing them yourself.
- Fees/Commission: 10%
- Payment Methods: Settlement check via mail
If you’re looking to list your coins yourself and reach a wide audience from all over the world, eBay is the way to go.
On eBay, you can sell your coins at a set price or put them to auction.
There are some downsides to selling on eBay, though.
For starters, it’s not as effortless as getting a quote from a reputable dealer that specializes in coins.
After all, eBay is home to all sorts of stuff, not just coins.
On top of that, since you’ll be the one listing your coins, you’ll need to conduct careful research on your coins and get a good understanding of eBay’s rules and policies.
There’s also the risk of fraud, which means you’ll have to be careful with how you maneuver around eBay.
Apart from that, eBay is a good online marketplace to sell your coins from the comfort of your home.
- Fees/Commission: 25% of the sale price + $0.30 per order
- Payment Methods: Linked checking account
How to Sell Coins: Step-By-Step Instructions
Now that you know what to expect if you decide to sell your valuable coins, let’s cover the steps you need to follow to ensure getting your coins’ worth.
1. Determine Each Coin’s Value
The first step to selling your coins is figuring out what they’re worth.
You can do this on your own by referring to online resources and coin books, or you can refer to a professional appraiser or coin dealer.
Factors like demand, condition, rarity, metal content, and collectability play a major role in determining the value of a coin.
Be sure to learn about the coin grading scale for more insights.
2. Decide Where to Sell Your Coins
If you go the offline route, you can sell your coins to coin dealers, pawnshops, and coin shows.
Bear in mind that coin dealers and pawnshops will offer you less than what they can resell the coins for so that they can make a profit.
If you go the online route, there are lots of options to consider, from online auctions and coin dealers to online marketplaces and ecommerce stores.
Some options will require you to list your coins yourself, whereas others are less hands-on.
Remember that the online route may require some marketing effort on your end.
To add, it may require you to ship your coins to the buyer, be it a big-name dealer like APMEX or a random buyer from eBay.
3. Set a Suitable Price Range
Having researched the value of your coins or got them professionally appraised, you need to set a realistic selling price range that accounts for potential negotiations.
This is especially important if you choose to sell your coins to a dealer or pawnshop.
4. Finalize the Sale
Once you’ve found a buyer who’s willing to pay your asking price, all that’s left to do is to finalize the sale. This is usually as simple as taking care of some paperwork and agreeing on a payment method.
Things to Consider When Selling Coins
Consider the following tips when trying to sell rare and vintage coins:
1. Don’t Clean Your Coins
Coin collectors prefer to buy coins in their current state.
On that account, cleaning your coins can alter their state and lower their value.
Whether or not cleaning a coin is appropriate is to be determined and done by a numismatic expert.
2. Get Your Coins Graded
Before you attempt to sell your rare or vintage coins, you should identify them and get them graded by a professional so that you can determine their value.
Otherwise, you run the risk of selling them for less than what they’re worth.
3. Don’t Rush the Process
The most valuable piece of advice we can give you with regard to selling coins is to take your time.
You need to research the coin market, shop around, and explore different options before deciding to sell.
This will ensure a fruitful sale.
Frequently Asked Questions
How Do I Find Out What My Coins Are Worth?
The best way to find out the value of your coins is to get them appraised by a professional.
You can also refer to online resources, coin books, and coin dealers.
Can I Sell Coins for Cash?
Yes. If you have rare and vintage coins that hold a good deal of value, you can sell them for cash to a coin dealer, pawnshop, coin show, or online buyer.
Make sure to get your coins appraised and graded first.
Similar Tutorials to Check Out
Looking for other ways to make some extra money on the side? Check out the following tutorials:
- How to Sell Gift Cards: If you’re an avid gift card collector, this tutorial highlights the best places to sell your gift cards and how you should go about selling them.
- How to Sell Basketball Cards: The demand for rare and vintage baseball cards is exceptionally high these days. This guide shows you how to sell your baseball card collection.
- How to Sell DVDs: Got some DVDs lying around and collecting dust in your attic? We cover how to make some money selling DVDs in this guide.
There you have it; now you know everything about how to sell rare and vintage coins!
Remember, the process of selling coins takes time.
Rushing into a sale for a quick cash grab can result in selling high-value coins for less than their worth. Be patient and explore all of your options.
Did you find this guide helpful If so, make sure to share it with fellow coin collectors.
And if you have any questions or concerns, leave us a comment and we’ll get back to you as soon as possible.