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As person who sells a set of coins, I have some sell tips/tricks/thoughts that I ’ d like to share, specifically about selling your coins .
Don’t Get Into a Forced Sale Situation
When it comes to buying coins, most people ( dealers and collectors ) are sharks. If they know that you are in a situation of desperation, it is likely that they ’ ll take advantage of you. The worst thing that you can do as a seller is to tell someone–even person that you have a “ close ” relationship with–that you have to sell a mint and that you need a honest offer. In my have, selling your coins in a constrained sale can cost you 20-30 % or more.
ideally, you want a sale of an individual coin ( or collection ) to take at least 45-60 days ; possibly more for an in-depth speciate collection. That will give you enough time to prepare the coin for sale, market it, and give the buyer clock time to pay if this becomes a gene .
Pick the Right Time for Selling Your Coins
Although the internet is blurring the traditional mint seasons, the two best times of the year for selling your coins are calm around the FUN show in January and at the summer ANA in July or August .
This holds true for selling a mint yourself, on cargo, or through an auction. You are probably to do better when people are in the mood to buy coins ; not when they are preoccupied with summer vacation or prepare for the Winter holidays .
Send Your Coins to CAC
I don ’ triiodothyronine subscribe to the theory that you “ have to ” buy CAC coins and nothing else. If you are a grok, educated buyer you should be able to discern what is courteous and what isn ’ deoxythymidine monophosphate within your peculiarity .
But when you are selling your cons I think it does make a deviation to have a CAC spine. I think the best thing about CAC is that it instills assurance in buyers and makes a mint more liquid. I surely notice that CAC coins at auction tend to sell for more money than non-CAC, and appear to sell to retail buyers/end-users more much than non-CAC coins .
Strike While the Iron is Hot
Let ’ s say you read about an auction that contains some bang-up Liberty Head eagles that bring identical impregnable prices. You own exchangeable coins. Should you turn around and sell vitamin a soon as possible ?
Yes and no. sometimes you get lucky and can find the underbidder who just missed out on a record-setting mint. But more often than not he was an underbidder who might not feel then good about the level he was at a second prison term. As a seller, replicating an all-time record price can prove unmanageable. But it might be worth an effort to at least experiment, no ?
Clean Your Slabs
This sounds silly, but dirty, spotty slab can cost you money. Let me give you an exemplar .
About a year ago I saw an interesting gold at an auction. Well, I sort of saw it ; the holder was so scratched up you literally couldn ’ thyroxine see the surfaces of the coin. I took a opportunity and bought it, chiefly because it sold so cheaply, then sent it to a grading service to be re-holdered. Lo and behold, it was actually very courteous. It late got a CAC poser and I sold it for a full net income ; all because it looked big in its new holder .
Leave Your Old Holder Coins in Old Holders (Sometimes)
OK, I ’ ll be the first to get up in front of the group and admit that I ’ m an Old Holder-aholic. I get excited by coins in older PCGS and NGC slab and tend to overpay for them ; as do most dealers. But for a seller, there ’ s a catch to this, which is why I put the “ sometimes ” after the statement .
If you have a $ 2,000 honest-to-god holder coin that has the potential to be a $ 4,000 coin if it upgrades, leave it alone, and monetary value it consequently. Let the buyer take the gamble. But if you have a $ 2,000 old coin that could be worth $ 10,000, and it has a good upgrade… hmmm, that might necessitate regrading the coin yourself .
Attribute Your Coin(s)
It ’ second credibly not going to happen to you, but what if the base 1794 cent you fair sold to another collector across town turned out to be a $ 35,000 rare variety ? That ’ mho going to make you feel just great, right ?
Take a few minutes and attribute your coins. If you don ’ thyroxine know how, then send them to NGC ’ s attribution service or have a sure collector acquaintance do it for you .
Have an Emergency Plan
life is broad of unexpected turns. Have you in full planned what would happen to your coins if you were to suddenly die or become incapacitated ? You obviously don ’ deoxythymidine monophosphate want your wife walking into the local pawn patronize and getting taken advantage of. Make it easy for her or your heirs and leave denotative instructions on how to dispose of your coins .
true history : a few years ago, a good customer of mine passed away without a will and without leaving instructions on how to dispose of his coins. He was a close guy so I ’ thousand assuming the invoices for his coins weren ’ thyroxine around and he peeled my inventory stickers off the back of the slab which indicated what he paid. The coins were left to his sister who proceeded to take them to a “ road buyer ” at a local hotel. I would have paid conclude to a million dollars for the coins if she had called me. I ’ megabyte told the road buyers paid her slightly less than $ 200,000.
Do Your Due Diligence When it Comes to Pricing
Depending on the types of coins that you are selling, it should be possible to price your coins. But there are significant things to consider .
In certain series, PCGS coins sell for premiums over NGC coins. Are your coins worth a premium ? Is your coin approved by CAC and, if sol, does this make a dispute ? Do you own a mint that ’ south presently “ hot ? ” Is your coin high end for the rate ?
common issues and generics are easily to price. rare coins and very rare coins can be very unmanageable. Examine late auction records. Are they consistent or all over the place ? Has there been a comparable coin that has sold at auction in the concluding class ?
If you have an highly rare coin, it is credibly best to put it in an auction. But specialist dealers can be a great resource for selling rarities as well and they may be able to help you maximize the prices you get .
Leave a Little Bit on the Table for Everyone
piglet sellers .
Everyone knows them, and no one likes them. I ’ megabyte talking about sellers who want to squeeze every end dime bag out of every transaction when selling your coins and make each sale an ordeal .
When I sell coins to other dealers I intentionally try to leave a little board so that they can make money on what they ’ ve just bought. This makes them glad and it makes them want to buy more coins from me in the future .
When I buy from collectors I try to be extra fairly and pay the most that I can while still leaving some room for myself to mark up the coin and resell it .
Do you have any tips for selling your coins ? If so, I ’ vitamin d love to know what they are and for you to share them with me. Please add them at the end of this web log or email them to me at [ e-mail protected ].
Get Your Copies of Doug’s Books at CoinWeek Supplies.
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About Doug Winter
Doug has spent much of his life in the field of numismatics ; beginning collecting coins at the age of seven, and by the time he was 10 years old, bribe and sell coins at conventions in the New York City area .
In 1989, he founded Douglas Winter Numismatics, and his firm specializes in buying and selling choice and rare US Gold coins, specially US gold coins and all branch mint material .
Recognized as one of the leading specialized numismatic firms, Doug is an award-winning author of over a twelve numismatic books and a recognized expert on US Gold. His cognition and an exceeding center for properly graded and original coins have made him one of the most respect figures in the numismatic community and a sought dealer by collectors and investors looking for professional personalize service, a choice inventory of impeccable quality, and fair and honest pricing. Doug is besides a major buyer of all US coins and is always looking to purchase collections both big and modest. He can be reached at (214) 675-9897.
Doug has been a contributor to the Guidebook of United States Coins ( besides known as the “ Redbook ” ) since 1983, Walter Breen ’ s Encyclopedia of United States and Colonial Coins, Q. David Bowers ’ Encyclopedia of United States Silver Dollars and Andrew Pollock ’ second United States Pattern and Related Issues
In addition, he has authored 13 books on US Gold coins including:
- Gold Coins of the New Orleans Mint: 1839-1909
- Gold Coins of the Carson City Mint: 1870 – 1893
- Gold Coins of the Charlotte Mint: 1838-1861
- Gold Coins of the Dahlonega Mint 1838-1861
- The United States $3 Gold Pieces 1854-1889
- Carson City Gold Coinage 1870-1893: A Rarity and Condition Census Update
- An Insider’s Guide to Collecting Type One Double Eagles
- The Connoisseur’s Guide to United States Gold Coins
- A Collector’s Guide To Indian Head Quarter Eagles
- The Acadiana Collection of New Orleans Coinage
- Type Three Double Eagles, 1877-1907: A Numismatic History and Analysis
- Gold Coins of the Dahlonega Mint, 1838-1861: A Numismatic History and Analysis
- Type Two Double Eagles, 1866-1876: A Numismatic History and Analysis
finally, Doug is a member of about every major numismatic organization, master trade group and major coin affiliation in the US .