3 Smartest Ways To Cash Out Your High-Value Coins
Written by
Nicholas Morine
Edited by
Amber Barkley
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Whether you’re a seasoned coin collector or just started looking into precious metals and numismatics during the recent resurgence of interest surrounding this investment community, it’s important to know when — and where — to eventually unload some of your prize pieces.
There are options aplenty, ranging from reputable coin shops to travelling coin shows and traditional auction houses. What exactly are the smartest ways to sell your most valuable coins?
Established Coin Shops and Dealers
The tried-and-true method when it comes to selling your most expensive coins, established coin shops in your area can be a convenient — and financially beneficial — place to do business.
“Selling to a local dealer is one of the easiest options; it doesn’t require any shipping, minimum values or extra hassle. You get paid up front for everything, hand it over the counter, and you’re done,” wrote Lianna Spurrier for the American Numismatic Association (ANA) blog.
There is at least one major downside to selling to a coin shop, local or otherwise, according to Spurrier. Allowing that the dealer has to make a profit on your coins after having purchased them, you may not receive close to full retail value for your collection.
With that being said, having cash in hand as soon as you exit the shop is a major point in favor of this option. Those who opt to sell their product to reputable online dealer, such as APMEX, may have to wait slightly longer for payment to clear — largely due to shipping and processing times.
Travelling Coin Shows or Coin Expos
Travelling coin shows or coin expos can be very exciting, both for buyers and sellers. If you’re looking to lighten your collection, however, there are a few things to consider when thinking about selling to a vendor at one of these shows.
One advantage? The capability to comparison shop for the best price is placed right at your fingertips when you attend such a show.
“Once you’ve gotten a few offers, you can return to whomever offered the most and sell them your coins. This will sometimes yield a higher price than selling directly to a local dealer, but it can be a hassle if you have to travel very far for the show you plan on attending,” Spurrier wrote.
A major risk facing more inexperienced sellers could be the reputability of the vendors involved in a smaller show, particularly if the show isn’t backed by a major dealer or numismatics organization. Be sure to conduct your due diligence before attending, and you could save yourself from being swindled by a fly-by-night purchaser.
Sell Via a Reputable and Popular Auction House
If your collection is hefty enough, or contains a lot of rarities, it may actually be wisest to consider getting those gems out in front of an affluent audience. If this is the case, heading to an esteemed auction house to have them put your coins up on the block could net you the biggest payday.
“Auctions, of course, also open up the possibility of bidding wars between multiple interested buyers, which can sometimes result in a much higher price than expected,” Spurrier wrote. “When dealing with an auction house, it’s important that you remember to factor in buyer’s fees. And keep in mind you will have to wait for your coins to be processed, auctioned and for the auction house to send your payment.”
When local dealers may not have the financial means — or local customers with the payroll — to purchase your collection, talking to popular auctioneers — such as Heritage Auctions or Stack’s Bowers — about their processes could be warranted.
Steps To Take Before You Decide To Sell Your Most Valuable Coins
Before you take the plunge in deciding to sell your collection, there are a few steps you may want to consider first, according to CoinAppraiser and Coinfully.
- Separate your stack: Ensure you are separating your high-value coins from your pure bullion, junk silver or scrap gold, and other items with negligible numismatic value. Less scrupulous buyers will often try to offer you something closer to the melt value of your collection. While this may be acceptable for junk silver or scrap gold, it is often more appropriate to sell bullion for spot price and high-value collectibles for their — much higher — secondary market value.
- Inventory is important: Create a detailed inventory of your entire collection, taking into account quantity, quality and condition, and any graded items. Taking note of sold listings or completed auctions concerning identical or nigh-similar items is also key to understanding prospective value.
- A second opinion: If your collection is particularly large and/or valuable, consider a professional appraisal after the previous steps have been undertaken.
Protecting yourself and your investment by taking the time to thoroughly vet your collection — and those you would sell to — before doing so could earn you thousands of dollars, or more, versus what you might have placed in your pocketbook otherwise.
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