How to Sell Coins for the Best Price
Current demand for commemorative and collectible coins will determine how much money dealers are willing to pay. While specific criteria are used to determine the value of a coin, factors such as demand and favorability also influence price. When selling coins, you must do your research. In fact, when possible, cross-compare information to ensure you have the most current value range and selling price across the industry.
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Instructions
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Value the coin based on its manufacture date, physical condition, mintmark -- a mark on a coin that identifies the mint where the coin was produced -- and bullion value, which is calculated based on the value of the precious metals it contains. Use a value chart (see Resources) or hire a coin appraiser.
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Select the value chart based on the type of coin you wish to value. Wheat penny values, Morgan dollar values and buffalo nickel values are examples.
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Place coins in a value range and separate them into groups accordingly. Divide coins as low-medium and high value coins, based on the valuation provided by a value chart or appraiser.
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Value collectibles separately. Collectibles possess rare dates and valuable mint marks and are in excellent condition. For example, U.S. dimes, quarters and half-dollars minted before 1916 -- if not heavily worn -- start to carry a premium above silver value, according to CoinStudy's website.
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Find a dealer for each coin's value range. Start your search locally at coin shops around town. If you're willing to travel, visit a number of coin shows and auctions. Search dealer ads in numismatic periodicals, which are dedicated to the study and collection of currency (see Resources).
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Tell each dealer your asking price and provide a written valuation of the coin, if requested. Depending on demand, you may be able to sell a coin above its fair market value.
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Find your coin's annual rate of return using a rate of return coin calculator, which you can obtain for free online. Provide the purchase date and buying price of the coin along with the selling date and selling price of the coin to obtain the return rate. Haggle the coin's price based on how much it is expected to increase in value with each year of age.
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Quote the Collector's Index, which is an online report issued by the American Numismatic Association (ANA) library, when settling on the best price. The index uses value trend data to estimate a coin's future value over many years. All estimates are based on previous value trends and expected growth patterns. Emphasize that your price is based on information obtained by the ANA library.
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Tips & Warnings
To get the highest return for your overall collection, push coins that have manufacture dates worth considerably more than other coins manufactured after that date.
Always double-check each coin's value before settling on a price.
Never let a dealer tell you how to price your coins, regardless of his "years" of experience. Price your collection based on what researchers and industry professionals -- such as the ANA library -- have to say about coin values.
