| So, you feel it is time to sell your coin long-time | | | | Dealers are in business to make money. Sure, |
| collection, or you have inherited a collection and | | | | many of us chose this profession because we |
| you know nothing about coins and you want to | | | | love it, but like everybody else, we still have |
| sell them. As with the sale of anything, you want | | | | mortgages, car payments, and college for kids, |
| to make sure you get a fair price. Sounds simple | | | | etc. Many people will look in the latest Coin Prices |
| enough, right? In the area of numismatics, when it | | | | magazine to come up with an idea of what there |
| comes time to sell, offers for your collection can | | | | collection is worth. Magazines such as Coin Prices |
| vary greatly. The following tips will help guide you | | | | are really a list of prices of what you can expect |
| to getting a fair and reasonable offer. I will talk | | | | to pay a dealer for a specific coin, not what you |
| more on the term "reasonable" a little bit later. | | | | can expect to get paid. Markups can range from |
| Coin Dealers, like any other profession, number in | | | | 20-50% or more for smaller denomination coins |
| the thousands. From part-time single person | | | | such as wheat cents. As I mentioned earlier, |
| businesses to huge companies that buy and sell | | | | some dealers just may not want what you have. |
| millions of dollars of coins annually. And like other | | | | Also, many, if not all dealers, reserve the right to |
| professions and industries, we have a few crooks. | | | | revise the offer on inspection of the collection. If |
| By following the general tips in this article, you | | | | you think all your Morgan Dollars are BU, but they |
| should be in a better position to realize your | | | | are really AU, this would make a huge difference |
| collections value. So here we go!First and | | | | in price. Grading is highly subjective. Also, for |
| foremost, you need to know what you have. | | | | larger, more diverse collections, a dealer may |
| Why? If you do not know what you have, how | | | | spend a considerable amount of time reviewing |
| do you know you are getting fair value? If you | | | | the collection to ensure a fair price.So, what to |
| have thousands and thousands of wheat cents, I | | | | do? Take the best offer and run? Maybe, maybe |
| am not saying you need to inventory them all. In | | | | not. If this is an inheritance, and you have no |
| fact, it may not be worth your time. The chances | | | | emotional attachment, you can just sell and never |
| of finding a key coin are slim at best. But you | | | | look back. If this is your collection of 50 years, |
| should know how many pennies you have. How? | | | | well this may be painful. You can continue to |
| Simply weigh them. Wheat pennies come to | | | | contact different dealers and wait for a better |
| about 148 pennies per pound. The same rule can | | | | offer. If you feel your collection is really worth |
| apply to other common coins such as pre 1965 | | | | more, you can always consign it for auction. With |
| Roosevelt Dimes and Washington quarters as you | | | | some of the fees the major auction firms charge, |
| may just a bullion price on these. For the rest of | | | | it may not be worth it. You can also try your |
| your collection, you may want to count the | | | | hand at eBay but unless you have a strong |
| number of each piece. Make sure you have a | | | | feedback profile, many buyers will not bid on your |
| complete list of your collection.OK, time to contact | | | | items. You can also locate eBay members who |
| a dealer? No, not yet. How do you know you are | | | | will auction off your collection for you for a |
| getting an honest one? Before contacting a dealer, | | | | percentage of the take. Sometimes this works |
| you need to do some homework. Does the | | | | out well and sometimes not.For now, let's assume |
| dealer belong to any organizations and clubs such | | | | you have a reasonable offer and you decide to |
| as ANA or BBB? How long has s/he been in | | | | sell. By the way, this should be a written offer |
| business? What is their reputation? Check out a | | | | sent via the mail or sent via email. Many times, |
| couple of dealers before you make that call. Also, | | | | the buyer may be located in another city/state. |
| just because they advertise in a major coin | | | | No buyer will send you a check until they have |
| collecting publication, does not make them honest. | | | | seen the collection. If the collection is large enough |
| I know of one dealer who advertises in a major | | | | (many, many thousands of dollars), some buyers |
| publication and sells cleaned coins as BU/Unc | | | | will come to you. If not, your very viable option is |
| originals. Most novice collectors would not know | | | | to send the collection to the buyer via mail. Yes, |
| the difference.Now that you have done some | | | | that is right, via the mail. Wait you say, that |
| research, it is time to contact the dealer. This can | | | | sounds risky. It can be, but if you take |
| be done in many ways. You can give them a call | | | | precautions, you will have no problems. First, |
| or if you are the shy type, just send them an | | | | package the collection up very well. Make sure |
| email. In your email, identify yourself and that you | | | | there are NO LOOSE coins jingling around. The |
| have a collection for sale. Include in the email the | | | | sound of jingling coins is music to a thief's ear. So |
| inventory you completed. This may come as a | | | | be sure to wrap them up well and tight. When |
| shock to many, but some dealers will NOT want | | | | sending via the mail, the USPS is fairly safe. |
| your collection. Many dealers specialize in certain | | | | Usually, you will want to use USPS Priority Mail. |
| types or series, or just may have too many | | | | Contact your local post office as you can usually |
| coins in their inventory. If your collection is an | | | | get free boxes. Generally, you will want to use |
| average collection of common coins, you may be | | | | the Flat Rate options as you can ship up to 70 |
| disappointed to learn that many, if not all of the | | | | pounds for under $10.00 (not including insurance), |
| big dealers simply do not want to bother with | | | | but ask your local postal clerk for options. For |
| you. It is too time consuming to sort the | | | | your protection, you MUST insure your package |
| common collections and the margins are too small. | | | | and pay for delivery conformation. Include in your |
| Do not fret, all is not lost. Many smaller dealers will | | | | package an itemized list. Most dealers will |
| welcome the chance to obtain your collection. | | | | appreciate this as they will audit the shipment to |
| Many of these dealers work in mail-order only and | | | | the list. If all is well, you can expect a check in the |
| may have only email or a PO Box as contact | | | | mail in no time.In summary, here are the tips1. |
| information. While they may appear shady, these | | | | Know what you have, prepare a comprehensive |
| folks generally are quite reputable. As before, | | | | inventory2. Research some dealers before you |
| contact the dealer and ask if they are interested. | | | | contact one.3. Talk to dealers before sending |
| If they are not, just move on to the next dealer. | | | | coins to gage interest4. Send your coins. Package |
| If they are, ask them for their "buy price" list. | | | | them well and insure them5. Review the offer6. |
| Many dealers will publish a list of what they are | | | | Collect the cash!As always, happy collecting!Keith |
| willing to pay for certain coins.After some hard | | | | Scott has been a collector for over 30 years and |
| work, you have a couple offers on the table. The | | | | owns a small internet-based coin store at his |
| offers are not anywhere near what you | | | | website, for a history of US coins, metal market |
| expected. Remember what I said above about a | | | | updates and news about your favorite coins. |
| "reasonable" offer? Here is the painful truth. Coin | | | | |