How to Get the Maximum Value for Your Coin Collection

Finance

Whether you’ve bought rare gold or silver coins, or rare jewelry as an investment for hard times or as a hobby, there may come a time you wish to sell them for a high percentage of cash. Various coin editions such as the Eisenhower Silver Dollar or the liberty gold eagle dollars can have quite a decent market value depending on their circulation and rarity. Even if they appear to be just old coins that have lost their shine and purity, you never know what you might turn up. You can always get a price for old coins based on their melt value, but if you believe you have some pieces that are truly special, you might want to find a place that offers a “Sell my coin collection chicago il” option for most if not all of its current value.

You Need to Have Your Coins Appraised at the Right Place

The main idea to selling your coins at the right price is making sure you’re not so eager to get cash that you end up selling them short, but also so you aren’t too eager to get cash at a price nobody will buy at. As this Wikihow article states, getting the correct value for your coins from a certified appraiser is one of the first steps towards being able to sell since you want to know where to negotiate a sale from. But as the article also states, between the appraisal and settling on offers, you want to give yourself enough time to go through all of them, which sometimes could take months.

You Should Sell Your Coins at a Local Dealer Store, Auction or Smelter

One thing you have to be careful of when choosing where to sell your coins at is not getting allured by certain online companies offering coin buys. As Kiplinger mentions here, some of these online dealers have tried to offer prices well below the market value of precious metals sometimes as low as 9℅ of their value, and even the top offer was still only 60℅. If you have coins of real value, auction houses are where you should go first because collectors at these places sometimes offer more than their market value in bidding wars. A local jewelry or coin dealership should also be explored because in this case you don’t have to worry about mailing jewelry and have difficulty getting it back if you don’t want the sale. Plus, even though you may not get quite the full value of your coins here, you still will usually get much more than the unscrupulous online dealers offer. For coins that cannot be sold for rarity, a reputable local smelter can still offer a decent melt value price.

The bottom line is even though selling your coins can be more difficult than buying good quality ones, doing your homework is still worth the effort. You can always check the reviews on a local gold or silver coins dealer to see what others have said about offers they’ve received from them. But never start the sale process without a plan.