Knowledge and Resources are Important while Selling Rare Coins to Avoid Common Mistakes

Coin collection is taken as a hobby and is enjoyed by all age groups. It completely depends upon your skills how easily you gather unique coins. There are various kinds of pattern that can be chosen for coin collection. Some people prefer collecting current coins of foreign countries and also the ones that don’t exist any longer. Some collect coins of all countries which have faults due to uneven designs and patterns, dyes used, re punched etc.

There are also people who love to collect rare coins for investment purpose. Rare coin market is large and much in demand. There are various coins, pricing from one dollar to thousands. These are coins that are rare due to the year when they were used or because of its scarcity in the market. These coins were out of the market hundreds of years ago and are hardly known by many.

However, the price of rare coin is determined by its condition. The price differs if the coin is in poor condition. However, if it’s in brilliant state then, the same coin’s price rises. NGC and PGS are the third party renowned agencies that determine the value of any coin. According to them, uncirculated good coins are rarest and have best price in the market.

People also use these coins for investment and therefore try to sell it in the market to get optimum value. However, there are few things that you know before selling them –

  • Instead of selling your coins to friends and family who are choosy and pick the rarest ones which are in good condition, try selling them to dealers who will buy all of it at the best price.
  • If you sell your coins to relatives then you may have to compromise because you know your family and friends can’t afford to pay you more. However, dealers will always give you a reasonable price for them and they start a deal only when they have money to do so.
  • Buying coins from a dealer saves you from people who can charge you more than expected as they know you aren’t sure of the price. However, a dealer fixes the rate depending upon the current market trend.

  • It is a sensible act to shift all coins from old holder to new holder because keeping it in the same holder for more than ten days can make them lose their value as they get damaged.

Since these coins are rare therefore, they are expensive which increases the chances of theft. It is better to convert them to silver and gold bullion which can be easily dealt with.

Post Author: Owen Jamie