If you have recently acquired or inherited a rare coin collection and you are not an avid coin enthusiast, you may not be seasoned on the best way to make a profit on these items should you decide to sell them. To protect your valuables, it is best to take a few precautionary steps before accepting a monetary offer. Here are some tips to take in making sure you get the highest return possible for your rare coins.
Check Standard Rates
If you have gold or silver, you will want to find out an approximate value of each before trying to sell your coins. Knowing the rate of exchange for these precious metals will give you a starting point for haggling over a price for selling the coins. Many pawn shops and jewelry dealers will have access to the rate of the day and will use this for their offer. Do not settle for this amount as it is merely taking the weight of the metal in the coin into consideration. For coins, looking at the age, the features, and the condition of the piece will help determine a fair market value.
Get An Appraisal
Have your coins appraised by an impartial appraisal service. Do not have someone who purchases coins do the appraisal, as you risk them giving you incorrect information which they may use to try to buy your coins at a lesser value than their worth.
Find A Reputable Dealer
Once you are armed with some pricing ammunition, you can start looking for dealers in the area or online who may be interested in purchasing your coins from you. Let them know what value you wish to get for your coins and see if they will come back with a fair offer in return. Start your proposed value a bit higher than what you intend to receive for your coins as many dealers will offer a lower price than your initial offer.
Consider An Auction
If you know your coins are high-value and they will bring in a substantial amount of cash, consider holding an auction to sell the pieces rather than bringing them to a dealer. People who collect coins will come to the auction in hope to be able to purchase a rare piece for their collection. Contact auctioneers in your vicinity to see if they would be able to introduce your collection at an antique auction. The auction service would do the advertising for the event and people who have an interest in coins would be alerted so they attend.
For more information, contact a business such as Penny Pincher Coins & Jewelry.