Coin collecting can be a lucrative hobby for those who know what they are looking at. Individual coins can be worth thousands of dollars on their own with entire collections fetching six-figures or more at auction. If you have a coin collection that you would like to liquidate, how would you go about doing so?
Take An Inventory of Your Collection
The first thing that you need to do is take stock of everything that you own and create a comprehensive list. This list will be helpful for those who evaluate your collection or who may want to make an offer. In minutes, an appraiser can estimate the value of your collection just by reading your list. Later, a buyer can reference the list when looking at the coins before any official sale takes place.
Get Your Coins Graded Before Having Them Evaluated
By grading your coins ahead of time, you can verify that your collection is as good as you say it is. Furthermore, you can get more for your coins because a buyer won’t have to spend money getting your coins graded prior to reselling or displaying them. Professional grading can cost hundreds of dollars, so be sure to account for this among the other costs of selling your coins.
Get Offers From a Variety of Buyers
Selling your coin collection is a lot like selling a car. Professional buyers are going to offer you a percentage of what the collection is actually worth because they have to make a profit when they sell it to the next buyer. Private buyers may pay more, but you have to spend time marketing your collection and dealing with them on your own. While you could turn to an auction house or an online auction site, the fees that they charge could be more than the convenience they provide you.
Come to Terms
Get Paid and Deposit Your Money
Assuming that the inspection goes according to plan, the final step is determine how you will be paid. Most buyers prefer to pay with cash or check. In some cases, you may be able to receive payment through a bank wire or a Paypal deposit if that works better for you.
If you have some old coins in the attic or inherited a collection that you don’t want or need, selling them can help you raise money to buy a house, a car or pay your bills. When done correctly, you will get a fair offer and receive payment in a matter of days.