Do you inherit or have valuable ancient coins but don't know how to sell them? Selling coins is not difficult if you are patient. Before selling coins, you should read a special manual called "The Official Red Book" or other sources on the internet to check the value of the coin. After that, look for ancient coin buyers and people who often deal with coins of the same material and value as yours. Handle this matter well to maximize investment returns.
Step
Part 1 of 3: Measuring Coin Value
Step 1. Identify the coin
You should know what coins you have before selling them. First, look at the coin's denomination value, then check the issue date and logo of the minted note. These two things will be imprinted on the surface of the coin. In addition, you can also search for information via Google to find out what type of coin you have.
Coin buyers and collectors can help you too. Take a clear photo of both sides of the coin and send it to an online coin collector's group if you can't show it in person
Step 2. Check the condition of the coin
The condition of a coin can determine its value. Check both sides of the coin again. Are there any stains or scratches? The more severe the damage, the lower the value will be. However, look for typos as this can actually increase the coin's value.
- Coins are rated on a scale of 0 to 70. A score of 0 means that it is in poor condition, while 70 means that it looks like new. Coins that are rated good or worth 6 usually look like they have been used a lot. While coins that are of very good value or on a scale of 12-15 indicate money that has been used.
- Don't try to clean the coins! Coins are historical artifacts and collectors love their natural appearance. Cleaning coins can actually damage them.
Step 3. Check the coin value
Once you know what coins you have, you can estimate how much they would be worth cashing. There are many sites on the internet that list the latest coin values. In addition, you can go to Gramedia and buy a guide book called The Official Red Book. This book contains a detailed guide to the value of various types of coins.
Coin prices displayed are usually based on wholesale prices. You won't get much money if you sell them individually
Step 4. Watch auction events to find out how much your coins are worth
There is more information that can be found by searching for recent sales data. All kinds of coins are available on sites like this like on the Heritage Auctions page. Look for coins that are similar to your own to be able to estimate the price other people will pay for your coins.
Step 5. Find an appraiser to estimate the value of the coin collection
You will need the services of an estimator when selling large or high-value coins. Reliable bidders for appraisal services can be contacted by telephone at the number in the telephone directory or from the internet. They will analyze each coin, confirm its authenticity, and tell you its value.
- Look for other consumer reviews on the internet or consult a trusted business agency to check the reputation of an appraiser.
- There are many coin sellers who also belong to groups such as the American Numismatics Association or the Professional Coin Grading Service. Use these sites to find a trusted appraiser.
Step 6. Group the coins by value
Different buyers will specialize in different types of coins. If you sell multiple coins at the same time, separate the coins by value. Group coins that are of high, medium, to low value. How they're grouped is up to you, but the easiest way to do this is to give them wholesale value.
You can separate coins based on how they look, the type of metal used to make them, or where they were made
Part 2 of 3: Finding Buyers
Step 1. Talk to a trusted coin seller
Coin sellers in the area around your house can be the first people you go to when selling coins. Usually, you sell low to medium value coins here. Also, take a look at the stock that coin sellers have. If they have a lot of coins made with the same material or similar quality as the one you are going to sell, they will most likely charge a fair price.
- There are many sellers who also have rare coins, but you'll usually get more money selling them to private collectors or at auction.
- Remember that coin dealers are in business too. Thus, they will pay you less than the wholesale selling price.
- It is better to ask several dealers at once to check the price of your coin. Be polite while asking questions.
Step 2. Visit the coin fair
Events like this attract the attention of many sellers and buyers. Look for people who do business with coins of similar quality to the coins you are going to sell. Discuss an agreeable middle price, but don't feel pressured that you have to sell it. You won't always get a pretty good deal at fairs like these, but you can get the chance to meet a trustworthy coin dealer. In addition, you can also get to know people who can direct you in the right direction.
Step 3. Find a coin dealer online
This is a quick way to sell coins from home. You can find sites that are willing to buy both common and rare coins. Again, look for a dealer who specializes in the type of coin you are selling. Dealers who like rare gold coins won't be attracted to old, mundane coins like the 1991 Rp 500 note.
Provide good photos of coins to get a more attractive and fair offer for the coins. Take the photo in a bright place so that the text and print can be seen as clearly as possible
Step 4. Take the coin collecting magazine
Magazines such as "Numismatic News" and "Coin World" usually have advertisements from coin traders. Besides you can get more information about buying and selling coins, you can also get information about potential buyers. Purchase a copy from the nearest coin shop or from the internet.
Avoid placing ads in local newspapers. The person you meet, even in a safe place, could be a thief who wants to take your coins
Step 5. Register coins for auction
Coin auctions like this can be found on the internet or in special places. The scale can be local, regional, or national. Look for events that display coins of the same material as yours, such as silver and copper. However, auctions are often unpredictable. Thus, you may end up with less money than the coin dealer offers or even a lot more than expected.
- Auctions usually require a commission from the seller and buyer of 10-15% of the final selling price. Calculation of this commission before determining the initial auction price.
- Internet auction sites like eBay can also be used, but beware of scams. You should know how to avoid scams on eBay.
Part 3 of 3: Handling Sales
Step 1. Choose a buyer who provides a fair analysis
Fraudulent buyers will bid low and hope to get a better deal. Pay attention to how someone evaluates your coins if possible. They have to analyze these coins individually. Avoid anyone hitting the average coin price without looking closely. Also don't sell coins to people who force you to sell coins.
Look for traders who have positive reviews and accreditations from well-known numismatic organizations
Step 2. Let the coin be evaluated by multiple buyers
Compare prices to check the coin's highest price. Usually different buyers will evaluate the coins and then make offers for the coins. Say you'll think about the offer and come back later. After that, if you are ready to sell it, choose a dealer that suits you best.
Step 3. Sell your collection wholesale
When selling a large collection of coins, it is better to offer them in packages. There are many coin buyers who will be interested in buying just a few coins. They will only take high value coins, then ignore other coins that are not very valuable and difficult to sell. So, set a price for the entire collection and don't budge.
Step 4. Record all your sales
Even the coins you get for free can get you into legal trouble. For example, the government may tax the profits you make from selling ancient coins. Therefore, keep a detailed record of all coin sales and purchases.
