If the coin collection was well cataloged and the more valuable coins are easily identified, you may want to separate those coins from the ordinary coins in the collection. Depending upon how the coin collection was initially stored, you may need to buy some basic coin collecting supplies to avoid damaging the collection during this process. Be careful where and when you do this and try to maintain secrecy to avoid theft or robbery of the coin collection.Īdditionally, make sure you take proper precautions to ensure that the coins do not get damaged while you are cataloging and inventorying the collection. Therefore it is best to gather the collection and any supporting documentation into one location where you can start the process of inventorying and valuing the coin collection. This may provide valuable information when trying to get the collection appraised. Also, see if there is an inventory/catalog or checklist that the coin collector kept of his coin collection. To start the process of evaluating the coin collection that you inherited, you need to get your arms around the size of the collection. When in fact, the million-dollar coin was made out of copper and not out of zinc-plated steel. They assume that all 1943 Lincoln cents are valuable coins. People here that a 1943 Lincoln cent sold for $1 million.
Selling gold coins how to#
Take the time to learn how to identify the coins you have and estimate the condition they are in. 2000-year-old coins can be purchased for a few dollars. Many people look at an old coin and assume and must be valuable because it is old. The dealers that quickly throw a number at you are sure to lowball their appraisal in an effort to score a quick and hefty profit. Additionally, don't go to a business that sets up in a hotel or other temporary location.įinally, do not go to a coin show or dealer and ask "How much will you give me for this?" All of these approaches will usually result in you getting ripped off with extremely low offers on the coins that you inherited. The best you will do here is get bullion value for coins that could be worth several times more.
Selling gold coins professional#
A professional coin dealer will be able to spot a clean coin immediately. No matter what you think, cleaning coins reduce their value dramatically. Here are a few essential tips to get you started: The education process may take a while, but it is more than worth it to avoid getting ripped off when you sell your coin collection. The more information you possess will give you the advantage when it comes time to sell. If you are not a coin collector, there is a lot to learn.
Follow this advice, and you will avoid getting ripped off when you sell the coin collection that you've inherited. Take time to learn how to identify individual coins and banknotes. Take some time looking over the coins that you've inherited to familiarize yourself with the variety of items in front of you. However, you must arm yourself with some knowledge and experience in order to avoid the pitfalls of selling a coin collection below its market value. Unfortunately, if you do not have a family member or trusted friend that is familiar with coin collecting, you need to arm yourself with some information and knowledge. The same can be said about selling a coin collection. Having a guide to help you when you buy your first car will prevent you from getting ripped off. This is due to the fact that they are unfamiliar with the retail car industry. Many people ask a family member or trusted friend to help them when they purchased their first car.
A vast majority of coin dealers are honest businessmen that run their businesses with integrity and fairness. The good news is that these unscrupulous coin dealers are few and far between.
Unfortunately, there are a few "sharks" in the coin collecting hobby that would love to take advantage of you. Congratulations! You've inherited a coin collection, and you would like to sell it.
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