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