You’ve inherited a coin collection, and you want to sell them. But the problem is, there are certain people who would take advantage of you. So you need to get some knowledge and earn experience for you to avoid the pitfalls of selling them lower than their market value. Here are a few advices when you sell coins that you’ve inherited.
Do’s and Don’ts
Having enough knowledge is an advantage when you sell them. The process may take some time, but later on you will realize it’s all worth it. Here are some tips:
- Avoid cleaning your coins
Never clean your coins as it will reduce their value. Discoloration and stained coins are more valuable than the polished ones.
- Don’t rush, educate yourself first
Even if you desperately need money, you need to take some time to educate yourself about how coin collecting works. Educating yourself will take you to the best deal for your coins.
- Avoid grabbing cash quickly
Don’t go to a coin show or dealer and ask how much they will give you for that. Don’t go to a jewelry store or any business set up in a temporary location. Take a look at this and find out the right business running with integrity and fairness.
- Set expectations reasonably
Just because your coins are old does not mean they have a higher value. A 1943 Lincoln cent may be more valuable than a 2000- year old coin. Take time to identify the coins you have and estimate their physical conditions.
Gather and take them into one location
It is best to gather your coins into one location where you can begin the inventorying and start estimating their value. Consider when and where, and keep it confidential to avoid theft. And also, be careful not to damage the coins. Start identifying the ordinary and valuable coins and separate them.
Separate your coin collection into Groups
Group them and place into separate box or container. Label the box or containers depending on the types of sets — collector sets, mint sets, proof sets, etc.. It is better if you find storage totes for slabbed coins.
Identify the coins and group them in categories
- US coins
- US paper money
- Foreign coins
- Foreign paper money
- Medals and more
Focus on the metal composition of the coins – copper, gold, silver, etc. This way, you can organize your coins and pay attention to the ones with a higher value.
You should bear in mind that older coins don’t mean they are of higher value than those that are not. And also, coins made of copper does not always mean that they have lesser value than those composed of gold.
Determine the value of your coins
You educate yourself and study the coins’ values. There are many books and other sources to learn this. However, the easiest way to value your coins is to have someone else to do this. A professional numismatist can organize, do the inventory, and value your coin collection.