Coin Collecting: 6 Ways to Get the Most Money out of Your Collection

Coin collecting is a time-honored and highly enjoyable hobby. Every collector, at some point, will need to understand the intricacies of selling, however. Whether you wish to sell a single coin or need to sell your entire collection, you will want to get all the money you can for it. Here are six ways to get the most money out of your coin collection.

Find the Right Buyers

Collectible items such as coins are only truly worth as much money as a buyer is willing to pay for them. Finding the right buyer can be tricky but you should take your time if at all possible. The right buyer will be willing to pay what the coins are worth and perhaps even more.

Get It Appraised

The first step when a collector decides to “sell my coin collection“, is to find out how much the collection is worth. And a lot of a coins price is based on its “grade” or condition plus its “mint mark” and “date”.

For instance, recently Heritage Auctions sold this beautiful 1884 Silver Dollar in MS-64 condition for $126. Which may sound like a lot for a coin “worth a dollar” until you realize that this coin in excellent condition and is over 135 years old! Now if it had been an 1881 with a CC mint mark (meaning that it was made in Carson City) and still an MS-64 grade, it would have been worth $440 because fewer were made in Carson City.

But then you look at this 1881 Silver Dollar. It is in a little better condition rating an MS-66 and it sold for $1500!

So if you don’t know anything about coins, a knowledgeable and qualified appraiser can help determine the value of what you have. They will also help you figure out how best to sell it.

Don’t Clean Them

If you are an inexperienced coin collector, you may think cleaning your coins if they are dirty will increase the value. In fact, the opposite is true. Attempting to clean the coins can even cause damage to them if you don’t know what you’re doing, so it’s best to avoid this altogether.

Put Them in Good Holders

While you shouldn’t clean the coins themselves, the holders you display them in should appear nice and attractive. Holders should also complement the coins they are displaying. Buyers are more likely to want coins that are displayed in quality holders and slabs. There are several grades of holders with everything from cardboard and cellophane to vinyl to hard plastic. Some are “archival” grade and others are not. Some of the vinyl “flips” can actually cause your coins to corrode due the chemicals in them and so they should only be used for short periods of display (or better yet not at all).

Get Higher Quality Coins Professionally Graded

There are several coin grading companies. Some are trustworthy some aren’t. The biggest and most trusted is PCGS who graded the above two coins. The next most trusted is NGC, and finally there is ANACS. Other grading companies may cost less but if they aren’t trusted (or are known to purposely overgrade coins) buyers will pay less for your coins.

Don’t Be Desperate to Sell

Never, ever be desperate to sell your coins, or if you are, don’t tell anyone that you need to sell. Forced sales can cost you 20-30% of what you might get for it, and perhaps more. Don’t wait until the last minute when you need the money and don’t rush the process. You’ll get the most value for your coins that way.

Selling a coin collection will entail some preparation and research. However, the time spent on that will be well worth it when you are able to sell the collection for a very good price. The above tips will hopefully make the process easier for you.

You might also like: