ExecutiveChronicles.com | It’s a Collectors’ Game: 5 Tips for Selling Your Coins | If coin collecting is one of your favorite past times, you might be wondering about your next move. Selling some of your less favorite pieces is a great way to get money to continue to diversify and grow your coin collection. Although parting with coins may seem counterproductive, selling two coins at a great price could end up getting you enough money to buy another coin that’s rarer or in better condition. Here are five tips that will help you successfully sell your coins.
Start the process virtually.
If you have a large collection, it’s not a bad idea to have a photo record of everything that’s there. From a collection standpoint, you’ll be able to easily create a visual database according to date and type. In terms of selling, having a digital catalog ahead of time makes it very easy to garner interest and get a solid estimate of what any given coin is worth.
To keep all of those photos in one place, use ibi to store photos. Having photos ahead of time means you don’t have to take your coins out of storage every time you want to share them with potential buyers. Ibi can share securely with private online photo storage, helping you to maintain the privacy of your collection. If your collection is extensive, ibi can store over 250,000 photos. You’ll have more than enough room to store everything you need.
Sell online to someone you can trust.
You might be hesitant to sell online because what you’re offering is legitimately expensive. You can sell online to SD Bullion with peace of mind knowing that you’ll get upfront pricing, be paid in a timely manner, and receive payment at industry leading rates.
They accept gold, silver, platinum, and palladium. This means you can sell your 2020 1 oz US gold eagle or a 1oz American Gold Buffalo to SD Bullion without any hassle. They do ask that you sell a minimum of at least 20 ounces of silver or one ounce of the other metals to make it worth the process.
Legitimize your collection.
Get your coins certified, especially before selling. If your coins are certified by the CAC (Certified Acceptance Corporation) you will get your coins graded for their condition. Condition plays an important role in sales. It’s also worth noting that having a sticker from the CAC shows that you are a serious collector with authentic coins to sell. Adding legitimacy to your reputation as a collector could allow you to try to sell for a higher price.
Know your market.
Do your research when selling. Coins may have different prices depending on a variety of factors. If you have a high-end grade or another impressive appraisal, make sure to account for that. Examining auction records can be particularly helpful for rare and ultra-rare coins. If you don’t feel like you’re getting the deal you deserve, don’t make a sale. The last thing you want is to part with a rare gold coin only to discover after the fact that you could have gotten more money for it.
Make a plan for a rainy day.
Have a plan for emergencies. If you unexpectedly pass away, your heirs may not even know about your valuable coin collection. Particularly when it comes to collectible coins that can be worth thousands of dollars, setting up clear instructions in your will can help ensure that your family gets the appropriate value from your collection. Nobody wants his or her spouse or child to get ripped off by going to a pawnshop instead of selling to a reputable organization.