Step1: Figure Out What Type of Collection You Have
There are basically four types of collections :
- True Collector Coin Collection – This is a group of coins that was put together by someone buying from dealers or at auction. There was an intelligent goal to the collection and real time and money were spent to assemble the collection.
- Coin Assemblage or Hoard – A coin assemblage is something that a picker or opportunist put together. Most of these types of collections have lots of 90% silver and/or heavily circulated coins from the 1800s and newer.
- Mint Products Collection – This consists of proof sets, mint sets, and bullion products from the 1960s and newer that were purchased directly from the US Mint or its resellers.
- Late Night TV Collection – These types of collections usually have Franklin Mint products, coins that are framed, certificates of authenticity, etc.
It is important to understand what type of collection you have. The amount of money you can get for your collection, and the dealer interest in your solicitation, will strictly depend on what character of coins you have. As an case, if you have a true collector coin collection with a couple twelve coins with a full value of over $ 100,000, then you will have a cable of dealers looking to pay lots of money. If you have a drug addict collection then you might only get 50 cents on the dollar and you might have a hood time finding anyone flush bequeath to quote a price. Common and despicable coins are fair compressed out unmanageable to sell. Rare and attractive coins are easy to sell. It is that simple.
Step 2: Understand Spreads and Profit Margins
This tone ties in with step1 and the different types of collections. It is authoritative to understand that different dealers require different returns on their meter and money. A dealer working at a flea market might be volition to pay $ 4 for a mint he can sell for $ 5. A bombastic national dealer who sells several million dollars ’ deserving of coins on an annual footing might not tied pay $ 1 for a coin he should be able to sell for $ 5. It good wouldn ’ metric ton be worth his clock to try and market it to his hearing. On the other hand, the flea marketplace dealer might only be able to pay $ 500 for a $ 4,000 mint, but the big home trader might be able to pay $ 3,750 for the $ 4,000 coin. The flea market trader probably doesn ’ deoxythymidine monophosphate know anyone with more than a few hundred dollars to spend, but the national dealer might have a customer ready to cut the $ 4,000 bridle the lapp day .
good because something is listed on eBay or in a record with a price of $ 500 doesn ’ t mean that any dealer can magically get that ledger price for every coin. There is a distribute of make and expense involved in running any level coin operation and maintaining a client base. If you show the lapp mint to ten different dealers you will credibly get ten different offers. One or more of the ten will probably try to rip you off. however, the person who offers the most money international relations and security network ’ t the most honest, it just means that he has the best market and ability to sell the coin at a price that justifies his time in dealing with it .
Step 3: Create An Inventory Of The Coin Collection
We get contacted by lots of people who are looking to sell a mint collection. It is much easier for us, or anyone for that matter, to make an extend to buy a collection if we know precisely what is in it. Getting a big group photograph shoot of album pages or plastic containers just in truth international relations and security network ’ metric ton particularly helpful. On the other hand, sending us hundreds of pictures of individual coins isn ’ triiodothyronine solving the problem either. What we very need is an inventory ( typed on a Word document or Excel spreadsheet ) that details precisely what is in the collection. Just listing the year, mintmark, and appellation is a huge mistreat in the right direction. We ( or any other technical ) can cursorily look at the tilt and see if you have any coins that are potentially rare. Once we have the list we can tell which coins are worth a closer inspection.
Read more: Why Do Bitcoins Have Value?
“What we really need is an inventory that details exactly what is in the collection.”
Every coin denounce loves to see person walk in with a big pile of stuff because that is a bespeak that you don ’ t in truth know what you have. The mint shop will then try to pick off the best coins and leave you with the remainder, or more likely, they will equitable make a lowball volunteer for the solid deal and peck out the cream of the crop after you leave. They do this because they are not true coin experts who take your fourth dimension and measure into their consideration. Having an stock of the solicitation is a signal that you know what you have and are serious about getting a real offer .
Step 4: Have Realistic Expectation
There is just a distribute of misinformation floating around the coin avocation. It can get particularly badly when dealing with an inherit collection. Just because a bang-up uncle paid $ 35 for a coin in the 1980s doesn ’ t mean it is worth importantly more than that nowadays. And again, good because a coin is listed for sale on eBay for $ 5,000 doesn ’ deoxythymidine monophosphate beggarly it is worth $ 5,000 or even anywhere finale to that monetary value. The people who list on eBay are not always coin experts. Coins are priced based on how much money they have sold for in the past. If a mint regularly sells at auction for $ 2,000 then it is worth $ 2,000 and it is reasonable to expect person to pay within 10-25 % of that price.
Step 5: Get More Than One Opinion, But Be Fair
If you have a late night television receiver or modern mint products solicitation then you can price those fairly accurately without any expert aid. In that site, you may lone need one public opinion. however, let ’ s assume you are deciding on selling a $ 50,000+ collection that has some nice collector coins in it. needle to say, you don ’ deoxythymidine monophosphate want to walk into a coin denounce with no cognition and just accept the first number you get. Every mint principal understands that he is likely not the only person making an crack so you aren ’ deoxythymidine monophosphate going to offend anyone if you tell the trader you are taking other offers. At the end of the day, the goal is to get arsenic much money as you can for the collection, and any coin adept will know that. Odds are the sale represents a windfall or could be the entirety of an inheritance. It is crucial to take its sale badly. however, there is a all right line between trying to get a fair price and being avid and ambidextrous .
Step 6: Sell to the Coin Experts You Choose
once you have decided on the two or three dealers and/or auction houses you want to get a quote from then explain the situation to them. “ here is the inventory of a collection I am looking to sell. I can provide more details and pictures at your request. I am seeking a couple of offers and I wanted to get a price from your company. ” That is a 100 % allow introduction that will always get a positive response from coin experts. The last matter you want to do is start lying about offers you have received or telling what other people have offered. The people who have the most success in painlessly and productively selling a collection are people who take their clock time, screen the people they involve in the foremost station, and honestly represent their intentions and actions .