Don't Sell Coins Without These Tips

17 October 2017
 Categories: Finance & Money, Blog


Amassing a respectable collection of coins is something you can and should be proud of. At some point, for many possible reasons, it may be the right time to sell off some or all of what you've collected. Sometimes this is a challenging prospect, as you may be unsure about how pricing should go or have unresolved feelings about selling something that you've treasured for some time. Ensure you're treated fairly and selling your coin collection wisely by using the tips below.

Check Metal Prices

Before investigating each coin and looking up similar coin sales, the first piece of information you'll need is the current metal price. If you're selling a silver coin, for example, you'll need the current silver spot price. The "spot price" refers to the basic ounce price of the metal trading on open markets. A quick glance at business news on television or a look at the day's financial newspapers can reveal this information.

Why do you need it? By using the metal's spot price, you can determine the basic metal price of your coins. That is the absolute lowest price you should sell for, although of course you'll bump up the price based on the type and age of your coins.

Avoid Pricing Emotionally

Rather than listing your coins for bargain basement prices, you may intend to price them at a high premium. You may hope for a tidy, good profit or refuse to let a piece go for less than a certain arbitrary amount. This can leave you with many unsought coins. If you expect to sell coins, you can't go by your own emotions. Price coins according to what people are willing to pay.

Sell Pieces Individually

If you need some money on hand or feel impatient, there's temptation to price your entire collection as one piece. This can seem expedient but can actually work out horribly for you and against your interests. Like many collectors, it's possible that you've got a handful of very valuable and sought-after coins that on their own could fetch prices that are far higher than the rest of the collection. Such pieces should be sold on their own so that you can get what they're truly worth; if you then want to sell some lower value pieces as a group, ensure with research that you wouldn't make out better selling those individually too.

Work with retailers and coin appraisers to get more information.