Coins for cash: where and how to sell rare coins from your collection
By Michael McConnell
In past columns, we have addressed the joys of getting started with a rare coin collection, learning about different types of coins and precious metals, and purchasing new pieces from dealers in order to expand your collection and enjoy the accumulation of enduringly valuable and fascinating rarities. However, many collectors eventually choose to sell rare coins from their personal treasure troves: and in order to get the best price for precious coins, it is important to understand the many avenues through which to find buyers – and where to go to avoid complications, hidden fees and added risks.
The process of selling rare coins can seem daunting; but with proper guidance and adequate research, any coin collector can serve as his or her own personal dealer – or alternatively, opt to work with a local coin shop for optimal ease and convenience. First, a collector must study current metal prices and stay up to date on value fluctuations in order to assess a reasonable price range. Next, he or she can compare rare coin prices on eBay or other auction sites to get a feel for what the market will bear. Reading additional articles on the subject of coin collecting and sales will also help collectors prepare to broker their own deals. However, a word to the wise: auction sites maintain certain rules regarding user fees and time commitment, while private sales can be risky. Of course, these methods can also be rewarding if you can commit the time to do them properly. But if you decide to take on the task of selling coins yourself, make sure to carefully research and understand auction fees and private sale risks before proceeding.
Get the best value for your coins: contact a local rare coins dealer today
For those who prefer to keep their coin sales simple and free of charge (or for those in need of quick cash without loopholes), a local rare coins dealer is your best bet for an informed sale and a great value. However, it is important to make sure you are selling your coins to a dealer who is also an active retailer and not just a buying location that wholesales out your items. Furthermore, beware of buyers whose offers are only good for the limited time that you are there in the store: as a general rule, most rare coin prices don’t change in a matter of days, and a dealer who is offering you competitive prices will be comfortable with you shopping your coins around to a few different stores. Don’t allow yourself to feel pressured into selling precious items on the spot. Take your time and make good, informed decisions regarding this and any other important financial decisions.
At The Coin Shop in La Jolla, we buy and sell gold, silver and platinum coins and gold bars while also offering appraisal services for those interested in obtaining a professional price assessment before selling their collections. We pride ourselves on maintaining a retail inventory of rare coins for our large customer base, and look forward to helping you with your sale. If you are looking for an honest and dependable coin dealer, San Diego boasts one of the best right here at The Coin Shop in La Jolla. To learn more or get started converting your coins into cash, stop by and pay us a visit or contact us online today: www.sandiegocoin.com.
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- Buying precious metals: a beginner guide
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