| So, you feel it is time to sell your coin
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| | offer? Here is the painful truth. Coin
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| long-time collection, or you have
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| | Dealers are in business to make money.
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| inherited a collection and you know
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| | Sure, many of us chose this profession
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| nothing about coins and you want to sell
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| | because we love it, but like everybody
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| them. As with the sale of anything, you
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| | else, we still have mortgages, car
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| want to make sure you get a fair price.
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| | payments, and college for kids, etc. Many
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| Sounds simple enough, right? In the area
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| | people will look in the latest Coin
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| of numismatics, when it comes time to
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| | Prices magazine to come up with an idea
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| sell, offers for your collection can vary
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| | of what there collection is worth.
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| greatly. The following tips will help
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| | Magazines such as Coin Prices are really
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| guide you to getting a fair and
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| | a list of prices of what you can expect
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| reasonable offer. I will talk more on the
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| | to pay a dealer for a specific coin, not
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| term "reasonable" a little bit later.
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| | what you can expect to get paid. Markups
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| Coin Dealers, like any other profession,
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| | can range from 20-50% or more for smaller
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| number in the thousands. From part-time
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| | denomination coins such as wheat cents.
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| single person businesses to huge
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| | As I mentioned earlier, some dealers just
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| companies that buy and sell millions of
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| | may not want what you have. Also, many,
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| dollars of coins annually. And like other
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| | if not all dealers, reserve the right to
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| professions and industries, we have a few
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| | revise the offer on inspection of the
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| crooks. By following the general tips in
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| | collection. If you think all your Morgan
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| this article, you should be in a better
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| | Dollars are BU, but they are really AU,
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| position to realize your collections
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| | this would make a huge difference in
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| value. So here we go!
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| | price. Grading is highly subjective.
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| First and foremost, you need to know what
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| | Also, for larger, more diverse
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| you have. Why? If you do not know what
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| | collections, a dealer may spend a
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| you have, how do you know you are getting
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| | considerable amount of time reviewing the
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| fair value? If you have thousands and
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| | collection to ensure a fair price.
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| thousands of wheat cents, I am not saying
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| | So, what to do? Take the best offer and
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| you need to inventory them all. In fact,
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| | run? Maybe, maybe not. If this is an
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| it may not be worth your time. The
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| | inheritance, and you have no emotional
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| chances of finding a key coin are slim at
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| | attachment, you can just sell and never
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| best. But you should know how many
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| | look back. If this is your collection of
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| pennies you have. How? Simply weigh them.
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| | 50 years, well this may be painful. You
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| Wheat pennies come to about 148 pennies
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| | can continue to contact different dealers
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| per pound. The same rule can apply to
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| | and wait for a better offer. If you feel
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| other common coins such as pre 1965
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| | your collection is really worth more, you
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| Roosevelt Dimes and Washington quarters
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| | can always consign it for auction. With
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| as you may just a bullion price on these.
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| | some of the fees the major auction firms
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| For the rest of your collection, you may
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| | charge, it may not be worth it. You can
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| want to count the number of each piece.
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| | also try your hand at eBay but unless you
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| Make sure you have a complete list of
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| | have a strong feedback profile, many
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| your collection.
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| | buyers will not bid on your items. You
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| OK, time to contact a dealer? No, not
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| | can also locate eBay members who will
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| yet. How do you know you are getting an
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| | auction off your collection for you for a
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| honest one? Before contacting a dealer,
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| | percentage of the take. Sometimes this
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| you need to do some homework. Does the
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| | works out well and sometimes not.
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| dealer belong to any organizations and
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| | For now, let's assume you have a
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| clubs such as ANA or BBB? How long has s
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| | reasonable offer and you decide to sell.
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| he been in business? What is their
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| | By the way, this should be a written
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| reputation? Check out a couple of dealers
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| | offer sent via the mail or sent via
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| before you make that call. Also, just
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| | email. Many times, the buyer may be
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| because they advertise in a major coin
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| | located in another city/state. No buyer
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| collecting publication, does not make
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| | will send you a check until they have
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| them honest. I know of one dealer who
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| | seen the collection. If the collection is
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| advertises in a major publication and
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| | large enough (many, many thousands of
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| sells cleaned coins as BU/Unc originals.
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| | dollars), some buyers will come to you.
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| Most novice collectors would not know the
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| | If not, your very viable option is to
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| difference.
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| | send the collection to the buyer via
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| Now that you have done some research, it
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| | mail. Yes, that is right, via the mail.
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| is time to contact the dealer. This can
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| | Wait you say, that sounds risky. It can
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| be done in many ways. You can give them a
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| | be, but if you take precautions, you will
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| call or if you are the shy type, just
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| | have no problems. First, package the
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| send them an email. In your email,
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| | collection up very well. Make sure there
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| identify yourself and that you have a
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| | are NO LOOSE coins jingling around. The
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| collection for sale. Include in the email
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| | sound of jingling coins is music to a
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| the inventory you completed. This may
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| | thief's ear. So be sure to wrap them up
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| come as a shock to many, but some dealers
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| | well and tight. When sending via the
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| will NOT want your collection. Many
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| | mail, the USPS is fairly safe. Usually,
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| dealers specialize in certain types or
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| | you will want to use USPS Priority Mail.
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| series, or just may have too many coins
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| | Contact your local post office as you can
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| in their inventory. If your collection is
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| | usually get free boxes. Generally, you
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| an average collection of common coins,
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| | will want to use the Flat Rate options as
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| you may be disappointed to learn that
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| | you can ship up to 70 pounds for under
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| many, if not all of the big dealers
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| | $10.00 (not including insurance), but ask
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| simply do not want to bother with you. It
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| | your local postal clerk for options. For
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| is too time consuming to sort the common
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| | your protection, you MUST insure your
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| collections and the margins are too
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| | package and pay for delivery
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| small. Do not fret, all is not lost. Many
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| | conformation. Include in your package an
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| smaller dealers will welcome the chance
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| | itemized list. Most dealers will
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| to obtain your collection. Many of these
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| | appreciate this as they will audit the
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| dealers work in mail-order only and may
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| | shipment to the list. If all is well, you
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| have only email or a PO Box as contact
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| | can expect a check in the mail in no
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| information. While they may appear shady,
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| | time.
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| these folks generally are quite
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| | In summary, here are the tips
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| reputable. As before, contact the dealer
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| | 1. Know what you have, prepare a
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| and ask if they are interested. If they
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| | comprehensive inventory
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| are not, just move on to the next dealer.
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| | 2. Research some dealers before you
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| If they are, ask them for their "buy
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| | contact one.
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| price" list. Many dealers will publish a
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| | 3. Talk to dealers before sending coins
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| list of what they are willing to pay for
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| | to gage interest
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| certain coins.
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| | 4. Send your coins. Package them well and
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| After some hard work, you have a couple
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| | insure them
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| offers on the table. The offers are not
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| | 5. Review the offer
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| anywhere near what you expected. Remember
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| | 6. Collect the cash!
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| what I said above about a "reasonable"
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| | As always, happy collecting!
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