Our Side Hustles Breakdown
We recommend selling coins as a side hustle for enthusiasts and collectors. It’s an excellent way to monetize a hobby and delve into history simultaneously. Key concern: Authenticating and valuating coins requires expertise or professional assistance.
- Need for Expertise: Authenticating coins requires knowledge.
- Market Niche: The buyer market can be limited.
- Storage and Care: Proper storage is crucial to maintain coin value.
- Monetize Hobby: Turn a coin collection into cash.
- Historical Dive: Engage with history through tangible assets.
- Potential High Returns: Rare coins can fetch substantial amounts.
Do you have a piece of history sitting untouched in storage? Are you a coin enthusiast, and you want to learn how profitable a coin business is?
This article discusses the costs and profits of a coin trading business. We’ll even teach you the best places for selling coins!
An Overview of Selling Coins: A Primer
Selling coins is the buying, selling, and trading of coins with historical significance. It’s a great business idea since coins are among the things to quickly pawn today.
To start, you need to have an eye for what’s valuable. Know that the price of each piece is different depending on rarity.
Hiring a professional coin appraiser or a third-party grading service can help you find out how much each coin is.
When you have an idea of the value of your collection, you can attend various coin auctions or sell directly to collectors.
The more knowledgeable you are, the greater your potential to succeed in selling coins!
How Much Can Selling Coins Earn You?
According to CNBC, you can make up to $100,000 from a single rare coin in mint condition.
How much you earn depends on what coins you have. In general, the more common the coin, the lower its selling price.
High-value coins made from precious metals may be worth millions of dollars! For instance, a 1804 silver dollar coin is worth $10.1 million today.
How Much Does it Cost to Start a Side Hustle Selling Coins?
Building a coin store can cost up to $52,000.
The price includes $20,000 for the initial inventory and $5,000 for grading equipment. Rent is around $2,500 per month, and you’ll need a security system at $1,500.
Any remaining budget should go toward licenses, staff, insurance, and marketing.
If these coin market prices sound overwhelming, don’t worry! The good news is you don’t need much to start a side hustle selling coins. Those without experience can begin with one coin and work their way up.
Even if you have low capital, you may buy and sell valuable coins. The best coin dealers can spot an expensive type of coin getting retailed for cheap!
Where Can You Sell Coins?
Before you start coin selling, there are two types of dealers you should know about.
Wholesalers are more aggressive and will buy coins from anyone for a fair price. Retailers get stock from individual sellers and wholesale coin shops. They may pay you more, but some are also scammers.
Because of this, you should go for companies that are part of the American Numismatic Association. This is a nonprofit organization implementing a code of ethics for coin buyers!
Where to Independently Sell Coins
The first place to independently sell coins is to reputable dealers. A local pawn shop can offer competitive prices, and you don’t need to worry about shipping or consignment fees.
Aside from physical stores, you may sell to online coin collectors and other reputable dealers.
The Littleton Coin Company purchases any coin from the years 1793 to 1964. The U.S. Coins and Jewelry is a family-owned business that buys bullion coins around Texas. Lastly, the Atlanta Gold & Coin Buyers is a reputable source that offers transparent pricing!
Gig Economy Companies That Can Sell Coins
Some companies, like Heritage Auctions, can conduct an online auction for entire collections. These businesses have coin experts who can appraise your items, and they handle all the sales.
Working with an auctioneer is easy but pricey. You need to pay a listing fee, and the minimum consignment fee depends on which organization you go to.
Most companies will take a part of the sales from your coins.
Why You Should Consider Selling Coins As a Side Hustle
Selling coins is a lucrative business that’s easy to set up. Here are a few reasons why you should start selling coins as a side hustle!
- Coins Prices Appreciate: The price of coin collections increases over time. Buying rare coins is a profitable long-term investment.
- You Can Preserve History: Selling coins means you may come into contact with ancient coins. You can help preserve history by keeping these items in optimal condition.
- It’s Fun: Selling coins is fun and fulfilling, especially if you find a rare coin! It’s a hobby that you can turn into a side gig.
Problems With Selling Coins
There are a few difficulties you may encounter while coin collecting. Here are some of the disadvantages of selling coins.
- You May Encounter a Scammer: During coin sales, some dealers may tell you the wrong prices. It’s up to you to research coin values.
- Mistakes Can Get Costly: Having a price guide is essential. If you make a mistake selling coins, you could lose thousands of dollars!
- The Process of Selling Coins Is Complex: To sell coins, you need to involve appraisers and auctioneers. The process can get confusing for beginners.
Frequently Asked Questions
These are the questions people ask about selling coins.
What Is the Best Place to Sell Old Coins?
What Is the Best Place to Sell Old Coins?
The American Numismatic Association recommends selling old coins to local dealers. Doing this means you can avoid any hassle. It further adds that collectors at coin shows may pay you more.
For those with high-value pieces, auction houses may be the most profitable. Through auctions, you can sell five to six-figure coins that a local dealer can’t afford!
Which Coins Have the Highest Values?
Of course, you should pay attention to condition and coin type as well. Mint condition coins have the highest values.