Selling your coins can be a rewarding and profitable experience when approached from an informed perspective. Unlike cryptocurrencies, there are many avenues to sell and purchase coins. So what should you consider when seeking a place to sell your coins?
Always consider your coins’ value and spot price when choosing a place to sell; this should guide you in evaluating the rates across multiple dealers. The reputation of the prospective dealer is a critical consideration that will determine the safety of your transaction. Consider the bonuses and other offers provided by dealers outside their baying rate. Coins often have a market price, and the offers are the determining factor.
Here are five considerations as per the United States Gold Bureau.
1. Value And Spot Price Of Your Coins
Precious metals like gold coins are measured in troy ounces. About 0.068 pounds make up a troy ounce; it’s also 2.75 grams above the regular ounce. Knowing the distinction helps you accurately value your coin based on purity and weight. Coins with a historical value can be worth more than just their weight.
Most coins have a mint mark, date, denomination, portrait, and other identifying factors. Conduct an online search to learn more about what value other sellers valued the coin in the past. Knowing precisely what you have can guide you on whether to send it off for grading before you sell and whether to sell or hoard your coins.
Knowing the coin type should also guide you on the best time to sell the coins and where. For example, numismatic coins are purchased mainly by collectors. The price of such coins is dependent on factors like how rare it is rather than the market price. On the other hand, bullion coins are commonly purchased by gold investors, and their values largely depend on the market price.
2. Get Rates From Reputable Dealers
Conducting your research can give you a ballpark idea of the value of similar coins. Once you have this value, you can shop where you can earn the highest profit with the most convenient sale process. It will also help you identify offers that are too good to be real and avoid con artists and scams.
Since the price of coins, especially gold fluctuates rapidly, time is of the essence. Once you find the place to sell your coins, make the sale quickly to lock the price. Waiting too long with your coins can cause them to lose significant value. If the ballpark figure you got is significantly less than the cost of the coin, you can hold off until the market price increases.
Like with any sale, collect multiple offers for comparison. No matter where you’re selling, it’s always necessary to collect multiple offers. Do not shy from negotiating to get the best price. The best deals go beyond more than just the value of the coins. Look for free shipping on both ways, 24 hours period of payment after accepted offers, an A+ rating on Better Business Bureau, and other bonuses.
The offers selection is where reputable dealers will stand out as they will always be forthcoming with their rates. Consider buyers that are ready and willing to offer consultations and price quotes. There’s also a wealth of online resources and exchange sites that can guide you when reviewing offers.
3. The Reputation Of The Dealers
Unless you are talking to a reputable dealer, never reveal the coins you have right away. Reputable coin dealers, however, require and appreciate straightforward communication on the coins you have for sale.
Reputable coin dealers will also share buying rates and percentages on the spot. They’ll even have the rates on their website. While some dealers may seem like quick sales, you may end up selling your coins for a much lower value.
Check the dealer’s customer ratings and reviews. How long have they been in practice? Their longevity can show you how they endured in the rise and falls of markets, especially if you’re looking to establish a relationship for future coin transactions. Check their ethical standards. If a buyer makes you an offer without considering crucial details like rarity, condition of the coins, and mintage, they are likely operating ethically.
Only bring out your coins when you’re comfortable with the rates or the terms offered. Remember, the end goal of the buyer is also to make a profit.
4. Consider Whether To Get Your Gold Coins Graded First
Many gold dealers will offer higher prices for graded coins. If your coins are in mint condition, consider sending them to a grading company. While there are coin grading fees, if your hunch is correct and the coins get graded, you will enjoy a higher value during a sale.
Check the value of graded coins before grading yours. The turn-around time could differ from a few weeks to a few months, depending on your grading option. If this is your first time grading, always call the grading company to inquire about the cost, turn-around time, and overall process before going through with it.
5. Your Safety When Delivering The Coins For the Sale
Safety is one of the most crucial considerations when choosing a place to sell your coins. No matter how good the rates are, how safe are you when completing the sale in person? Ensure that the dealer you are selling to is insured and certified.
When shopping for a place to sell your coins, always inquire about closing the transaction. Find out where, when, how, and what time it will take place. How safe are your coins if you’re delivering them through shipping?
Sell Your Coins Today
The overall approach to selling your coins is taking your time with a sale. Do your due diligence on your potential buyer. Research every prospective dealer before settling on one. You also need to research the type of coins you have and their value. Remember that selling your coins can take time but is often worth it at the end of the day. Follow these tips for a profitable and safe process of selling your coins.