What You Should Know if You Recently Inherited a Coin Collection

If you’ve recently inherited a coin collection, you might decide to sell it. But if you want to get the most amount of money for the coin collection, you will need to be familiar with the process.

Here are some common questions and answers if you are thinking about selling a newly acquired coin collection.

Where Can I Find Buyers for My Coin Collection?

There are plenty of potential buyers for your coin collection. Some of the possibilities include:

• Collectors. If you have a coin that is particularly rare and valuable, you’ll probably get the most money by selling it directly to an individual collector. The only drawback to finding an individual collector is that it can take a while to find the right person. In some cases, this process could take months or even years.
• Coin dealers or coin shops. If you want to sell your collection quickly, this is your best bet. But you should know that you will not get the maximum amount of money by selling this way. The dealer also needs to make money when they turn around and sell, so you will probably get somewhere around 60 to 80 percent of the value they expect to get by selling to a dealer or ship. 
• Auction houses. Auction houses frequently have relationships with collectors, so this can be a more lucrative way to go. But you should keep in mind that they will take a cut of the final sale price. They also tend to have strict standards as to the types of coins they will accept. Often they will limit coins to only those that are most valuable. 
• Online sites. eBay is just one of the places you can potentially reach many prospective buyers. Of course, these sites will also take a cut of the sales price, and this can be a very time-consuming way to try to sell your coin collection. 

What Else Should I Know About Selling Coins?

Here are some other things you should know:

• When you have old coins, it can be tempting to try to clean them. But cleaning collectible coins, and removing the patina, can work against you by lowering the value of the coins. 
• Try to figure out the value of your coin collection before you start negotiating prices with potential buyers. There are plenty of websites and books you can take a look at to help with this process. It’s important to note that not all old coins are collectibles, but they could have value if they are made up of gold or silver.
• Choose a buyer based on your needs. Choosing the right buyer will depend on several factors: the type of coins you have, the value of the coins, and how much work you want to put into the process. 

You can also take your collection to a shop such as Mile High Coin. We can buy your collection, but even more important, we can educate you on the process. You can schedule an appointment with us by calling 720-370-3400. Give us a call today!