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As person who sells a lot of coins, I have some sell tips/tricks/thoughts that I ’ d like to contribution, specifically about selling your coins .
Don’t Get Into a Forced Sale Situation
When it comes to buying coins, most people ( dealers and collectors ) are sharks. If they know that you are in a situation of desperation, it is likely that they ’ ll take advantage of you. The worst thing that you can do as a seller is to tell someone–even person that you have a “ close ” relationship with–that you have to sell a coin and that you need a honest offer. In my experience, selling your coins in a constrained sale can cost you 20-30 % or more.
ideally, you want a sale of an individual coin ( or collection ) to take at least 45-60 days ; possibly more for an in-depth speciate solicitation. That will give you enough prison term to prepare the mint for sale, market it, and give the buyer time to pay if this becomes a factor .
Pick the Right Time for Selling Your Coins
Although the internet is blurring the traditional mint seasons, the two best times of the year for selling your coins are hush around the FUN show in January and at the summer ANA in July or August .
This holds on-key for selling a coin yourself, on cargo, or through an auction. You are likely to do better when people are in the temper to buy coins ; not when they are preoccupied with summer vacation or cook for the Winter holidays .
Send Your Coins to CAC
I don ’ thyroxine subscribe to the hypothesis that you “ have to ” buy CAC coins and nothing else. If you are a understanding, educated buyer you should be able to discern what is nice and what isn ’ deoxythymidine monophosphate within your forte .
But when you are selling your cons I think it does make a difference to have a CAC poser. I think the best thing about CAC is that it instills confidence in buyers and makes a mint more fluid. I surely notice that CAC coins at auction tend to sell for more money than non-CAC, and appear to sell to retail buyers/end-users more often than non-CAC coins .
Strike While the Iron is Hot
Let ’ s say you read about an auction that contains some great Liberty Head eagles that bring very solid prices. You own alike coins. Should you turn around and sell arsenic soon as possible ?
Yes and no. sometimes you get lucky and can find the underbidder who fair missed out on a record-setting mint. But more much than not he was an underbidder who might not feel so good about the degree he was at a moment time. As a seller, replicating an all-time phonograph record price can prove unmanageable. But it might be worth an feat to at least experiment, no ?
Clean Your Slabs
This sounds cockamamie, but dirty, grating slab can cost you money. Let me give you an example .
About a year ago I saw an interesting gold at an auction. Well, I sort of go steady it ; the holder was thus scratched up you literally couldn ’ t see the surfaces of the coin. I took a luck and bought it, chiefly because it sold sol cheaply, then sent it to a grading service to be re-holdered. Lo and behold, it was actually very nice. It late got a CAC spine and I sold it for a commodity profit ; all because it looked big in its new holder .
Leave Your Old Holder Coins in Old Holders (Sometimes)
OK, I ’ ll be the first gear to get up in front of the group and admit that I ’ m an Old Holder-aholic. I get excited by coins in older PCGS and NGC slab and tend to overpay for them ; as do most dealers. But for a seller, there ’ s a catch to this, which is why I put the “ sometimes ” after the affirmation .
If you have a $ 2,000 previous holder coin that has the likely to be a $ 4,000 mint if it upgrades, leave it entirely, and price it consequently. Let the buyer take the gamble. But if you have a $ 2,000 old coin that could be worth $ 10,000, and it has a commodity upgrade… hmmm, that might necessitate regrading the coin yourself .
Attribute Your Coin(s)
It ’ second probably not going to happen to you, but what if the humble 1794 penny you barely sold to another collector across township turned out to be a $ 35,000 rare assortment ? That ’ second going to make you feel equitable big, right ?
Take a few minutes and attribute your coins. If you don ’ t know how, then send them to NGC ’ s attribution service or have a sure collector ally do it for you .
Have an Emergency Plan
life sentence is fully of unexpected turns. Have you fully planned what would happen to your coins if you were to abruptly die or become incapacitated ? You obviously don ’ thymine want your wife walking into the local pawn denounce and getting taken advantage of. Make it easy for her or your heirs and leave denotative instructions on how to dispose of your coins .
true narrative : a few years ago, a good node of mine passed away without a will and without leaving instructions on how to dispose of his coins. He was a close ridicule so I ’ meter assuming the invoices for his coins weren ’ thyroxine around and he peeled my armory stickers off the back of the slab which indicated what he paid. The coins were left to his sister who proceeded to take them to a “ road buyer ” at a local anesthetic hotel. I would have paid conclude to a million dollars for the coins if she had called me. I ’ m told the road buyers paid her reasonably less than $ 200,000.
Read more: Possum Magic Coins
Do Your Due Diligence When it Comes to Pricing
Depending on the types of coins that you are selling, it should be possible to price your coins. But there are authoritative things to consider .
In certain series, PCGS coins sell for premiums over NGC coins. Are your coins worth a bounty ? Is your mint approved by CAC and, if sol, does this make a dispute ? Do you own a coin that ’ s presently “ hot ? ” Is your coin high end for the grade ?
coarse issues and generics are easy to price. rare coins and very rare coins can be very difficult. Examine holocene auction records. Are they coherent or all over the plaza ? Has there been a comparable mint that has sold at auction in the death year ?
If you have an extremely rare mint, it is probably best to put it in an auction. But specialist dealers can be a big resource for selling rarities as well and they may be able to help you maximize the prices you get .
Leave a Little Bit on the Table for Everyone
hoggish sellers .
Everyone knows them, and no one likes them. I ’ molarity talking about sellers who want to squeeze every final dime bag out of every transaction when selling your coins and make each sale an ordeal .
When I sell coins to other dealers I intentionally try to leave a little room so that they can make money on what they ’ ve just bought. This makes them happy and it makes them want to buy more coins from me in the future .
When I buy from collectors I try to be extra fair and pay the most that I can while however leaving some room for myself to mark up the mint and resell it .
Do you have any tips for selling your coins ? If so, I ’ five hundred love to know what they are and for you to share them with me. Please add them at the end of this blog or email them to me at [ e-mail protected ].
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About Doug Winter
Doug has spent much of his life in the field of numismatics ; beginning collecting coins at the long time of seven, and by the clock time he was 10 years old, buy and sell coins at conventions in the New York City area .
In 1989, he founded Douglas Winter Numismatics, and his firm specializes in buying and selling choice and rare US Gold coins, particularly US amber coins and all arm mint substantial .
Recognized as one of the leading specialize numismatic firms, Doug is an award-winning generator of over a twelve numismatic books and a recognized expert on US Gold. His cognition and an exceptional eye for properly graded and original coins have made him one of the most respect figures in the numismatic community and a sought principal by collectors and investors looking for professional personalize service, a blue-ribbon inventory of impeccable choice, and fairly and honest pricing. Doug is besides a major buyer of all US coins and is always looking to purchase collections both boastfully and small. He can be reached at (214) 675-9897.
Doug has been a contributor to the Guidebook of United States Coins ( besides known as the “ Redbook ” ) since 1983, Walter Breen ’ s Encyclopedia of United States and Colonial Coins, Q. David Bowers ’ Encyclopedia of United States Silver Dollars and Andrew Pollock ’ second United States Pattern and Related Issues
In addition, he has authored 13 books on US Gold coins including:
- Gold Coins of the New Orleans Mint: 1839-1909
- Gold Coins of the Carson City Mint: 1870 – 1893
- Gold Coins of the Charlotte Mint: 1838-1861
- Gold Coins of the Dahlonega Mint 1838-1861
- The United States $3 Gold Pieces 1854-1889
- Carson City Gold Coinage 1870-1893: A Rarity and Condition Census Update
- An Insider’s Guide to Collecting Type One Double Eagles
- The Connoisseur’s Guide to United States Gold Coins
- A Collector’s Guide To Indian Head Quarter Eagles
- The Acadiana Collection of New Orleans Coinage
- Type Three Double Eagles, 1877-1907: A Numismatic History and Analysis
- Gold Coins of the Dahlonega Mint, 1838-1861: A Numismatic History and Analysis
- Type Two Double Eagles, 1866-1876: A Numismatic History and Analysis
finally, Doug is a penis of about every major numismatic arrangement, professional trade group and major mint association in the US .