Selling coins can be a profitable endeavor, whether you’re a seasoned collector or simply looking to divest an inherited collection.
Here’s a detailed guide on how to approach the process:
- Identify your coins: Determine the denomination, date, mint mark, and any distinguishing features.
- Research online: Utilize online search engines like The American Numismatic Association’s website or the PCGS Price Guide to identify the coin type and estimate its value.
- Consult professionals: Consider getting appraisals from reputable coin dealers or appraisers, especially for valuable or extensive collections. Look for certifications from organizations like the Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Service (PCGS), and check reviews or recommendations from other collectors.
- Assess condition and rarity: Condition significantly impacts value. Coins are graded on a scale from 1 (Poor) to 70 (Mint Condition). Rarity, determined by factors like mintage numbers and surviving examples, also plays a crucial role.
- Check auction results: Review past sales on sites like Heritage Auctions to understand the market value of similar coins.
- Online marketplaces:
– eBay: Offers a vast audience and a platform for both auctions and fixed-price sales. Be aware of potential fees and the risk of scams.
– Amazon: Has a dedicated “Collectible Coins” section, attracting both private sellers and dealers.
– Facebook Marketplace and Groups: Good for connecting with local collectors and avoiding listing fees. However, be cautious about scams and the lack of seller protection.
– Coin-Collecting Apps (e.g., CoinWorld Marketplace, NumisCorner, Coin ID Scanner): Connect you with qualified buyers and offer valuation tools. May involve membership fees or commissions.
- Auction houses: Ideal for selling high-value and rare coins to serious collectors. Consider platforms like Heritage Auctions or Stack’s Bowers. Be prepared for commission rates and potentially longer waiting periods for payment.
- Coin dealers: Can offer a quick and convenient way to sell your coins, especially for lower and medium-value items. Shop around for the best offers and be mindful of dealers needing to make a profit.
- Your own online store: Platforms like Shopify enable you to build your own online storefront and brand, providing greater control and potentially lower fees compared to marketplaces.
- High-quality images: Take clear, well-lit photos of both sides of your coins.
- Detailed descriptions: Include the coin’s type, year, mint mark, condition (graded or not), and any unique features or errors.
- Set realistic prices: Utilize price guides, auction results, and competitor research to determine an appropriate asking price.
- Use sturdy packaging: Pack your coins securely in a durable cardboard box to prevent damage during transit.
- Protect coins from shifting: Fill empty spaces with packing material like crumpled newspaper or packaging peanuts.
- Wrap individual coins (optional): Consider wrapping delicate coins in archival-quality holders like coin flips or capsules.
- Insure your shipment: For valuable coins, purchase full insurance for the declared value.
- Require signature confirmation: Ensure the package requires an adult signature upon delivery.
- Use reputable shipping services: USPS Registered Mail is a popular option for valuable shipments.
- Ship only to verified addresses: Confirm the buyer’s address before sending the package.
- Capital gains tax: Profits from selling coins are subject to capital gains taxes.
- Short-term vs. long-term: Short-term gains (held for a year or less) are taxed as ordinary income. Long-term gains (held for more than a year) have a maximum rate of 28%, which is higher than for other assets like stocks.
- Inherited coins: Receive a stepped-up tax basis, which can potentially reduce the capital gains tax liability.
- Consult a tax professional: It’s always best to consult with a tax professional to understand the specific tax implications of your coin sales and manage your income strategically.
- Never clean your coins: Cleaning can significantly reduce their value, especially for numismatic pieces.
- Avoid pawn shops and “We Buy Gold” stores: These often offer significantly less than fair market value.
- Be wary of high-pressure tactics or unrealistic offers: Always get multiple appraisals and offers before making a decision.
- Protect yourself from scams: Be cautious when selling online and only deal with reputable buyers or platforms with strong buyer/seller protection.
By following these steps and exercising caution, you can successfully sell your coins for a fair price and avoid potential pitfalls.
What is the best way to sell my coins?
Craigslist — Local sales with no fees, but always meet in a safe location. USA Coin Book — An alternative to eBay with fewer fees. Local Coin Shops — Offer immediate cash but may pay below market value. Coin Shows and Auctions — Great for high-value collections and rare coins.
How do I find out what my coins are worth?
I can help with that. Hire a professional appraiser to grade your coins and tell you how much it is worth. The American Society of Appraisers and International Society of Appraisers have searchable directories of professional appraisers. A dealer might also be able to help.
What coin is worth $40,000?
PCGS values a 1966 Jefferson Nickel in MS66 FS as worth $40,000 and the reason is the grade (MS66) and the striking designation “Full Steps” or “FS”. The 1966 nickel is extremely rare when the steps are fully struck and in the grade MS66 it’s a registry quality coin.
How to give coins for cash?
Most national banks, local banks and credit unions will accept coins in exchange for cash. However, policies and procedures vary by institution and location. For example, national banks like Chase and Capital One exchange pre-rolled coins for cash for account holders.