Top 20 Tips on Selling Old Coins for Cash

Many people have old coin collections gathering dust in attics, basements, or spare rooms. Those vintage coins could potentially be worth much more than their original face value. With the right approach, you can sell old coins for cash and make that collection pay off.

This guide provides key strategies to help you successfully convert your old coins into profits. By properly appraising, preparing, and marketing your coins to buyers, you can maximize returns on your numismatic treasures.

Tip #1 – Carefully Research and Appraise Your Coins

Don’t assume your old coins are only worth face value. Carefully research each coin’s details to assess real market value before selling old coins for cash. Important points to assess:

• Age and Origin – Older coins are often more desirable to collectors. Record each coin’s year and country.
• Mint Location – Where coin was minted matters. Note mint on each like Philadelphia, San Francisco, etc.
• Condition – Heavily worn or damaged coins are worth less. Grade condition like “Good,” “Very Fine,” etc.
• Rarity – Key date and lower mintage coins command higher prices. Verify mintage numbers.
• Precious Metals – Gold/silver coins have intrinsic bullion value on top of collector value.
• Errors/Anomalies – Oddities like double-strikes and off-center strikes have added value to collectors.

Professional appraisal services can authenticate and accurately grade your coins. This provides a fair estimate of real market value. Do not just rely on coin dealers’ offers.

Tip #2 – Organize and Catalog Your Coin Collection

Once you’ve researched and valued your coins, organize them into an inventory list detailing:

• Coin type
• Date/mint mark
• Condition grade
• Description of any errors
• Precious metal (if applicable)
• Appraised value

Well-documented collections attract more buyer interest and higher sale prices.

Tip #3 – Safely Store Coins Prior to Sale

Properly storing your coins preserves condition:

• Leave coins raw if unset. Never clean or polish.
• Use inert plastic sheets, flips, or holders designed for storage.
• Store in cool, dry place away from humidity and chemicals.
• Do not handle coins with bare hands to avoid oils/dirt. Use cotton gloves.
• Separate and cushion coins in storage to prevent rubbing or scratching.

Proper storage keeps your coins in original pristine state for maximum value.

Tip #4 – Consider Certification for Key Pieces

For very valuable coins, professional grading firms like PCGS or NGC can certify and encapsulate coins. This authenticates key details like grade, origin, and authenticity. Certification attracts buyers by removing questions on quality. The service fee improves sale profits for high-end pieces.

Tip #5 – Take Quality Photos of Your Coins

Great photos highlight your coins’ appeal. Follow these tips:

• Use a good DSLR camera, not phone camera. Adjust settings for close-up shots.
• Take photos in indirect natural light. Avoid flash glare on shiny coins.
• Fill the frame with the coin. Crop out any distracting background.
• Show both obverse (heads) and reverse (tails) of coin.
• For proof coins, capture reflective mirror-like fields.
• Shoot raw images and use photo editing software for color correction and brightness optimization.

Sellers with professional, high-resolution photos prove they are reputable and get better responses.

Tip #6 – Pick the Best Marketplace for Your Coins

You can sell old coins for cash through:

• Auction houses – Major houses like Heritage Auctions have online and live auctions focused on coins. High visibility for rare pieces but steep seller fees.
• Dealers – Coin shops and dealers offer direct purchase for collections. Quick and simple option but lower profit margins.
• Shows – Numismatic shows connect with dealers and fellow collectors in-person. Opportunity to display coins to niche dealers.
• Online platforms – eBay, forum classifieds like CoinTalk, and specialty sites like VCoins provide high market reach. Lower fees than auctions.

Evaluate options to pick marketplace matching your coin type, time frame, and profit goals.

Tip #7 – Price Your Collection Competitively

Review recent sold prices for your coin type and grade to set fair asking prices. If selling through auctions or dealers, expect a certain markdown from your appraisal value. Price competitively based on current market rates to attract more buyers.

Tip #8 – Know the Buyer’s Premium on Coin Auction Sites

Major auction houses charge a “buyer’s premium” – an extra percentage added to the final auction price. This premium is typically 15% to 20% of hammer price. Understand the total fees buyers pay when setting your reserve prices. Price high enough to sufficiently profit after premiums.

Tip #9 – Offer Bullion Coins to Precious Metal Dealers

Coins like American Eagles, Canadian Maple Leafs, or South African Krugerrands contain a portion of physical gold, silver, platinum, or palladium. These have inherent bullion value separate from collector numismatic value. Selling to precious metal refinery dealers extracts maximum metal value if bullion price is your priority.

Tip #10 – Consider Graded Coin Dealers and Collectors

For certified graded coins still in original plastic cases, market specifically to dealers and collectors seeking that graded type. The certification verifies quality, boosting appeal and potential sale price for these buyers. Advertise the certified status like “MS-65 WASHINGTON QUARTER NGC” to attract interested buyers quickly.

Tip #11 – Break Up Less Valuable Collections into Smaller Lots

Common date, lower grade coins in bulk quantities have less appeal as an entire collection. Consider breaking up into smaller lots of like coins, selling one type at a time. This draws bidders interested in completing a specific set rather than your whole general collection. Smaller lots also allow dealers to mix with their current inventory for quick resale.

Tip #12 – Time Auction Endings Strategically

For online coin auctions, schedule endings during peak site traffic times:

• eBay – Sunday evenings attract the most bidders. Avoid holiday weekends.
• Heritage Auctions – More activity toward ends of auctions, especially for key collections. Schedule hotly anticipated coin lots accordingly.
• GreatCollections – Sundays generate optimum bidder participation.

Timing the close of your auctions during high-traffic periods boosts visibility with active bidders.

Tip #13 – Provide Detailed Descriptions and Clear Photos

Create auction/sale listings with all details a potential buyer needs:

• High resolution photos showing obverse, reverse, edges, mint marks, etc.
• The coin’s year, denomination, issuing country/authority
• Condition grade from your assessment
• Certification info if professionally graded
• Variety details like doubled die, overdates, etc. if applicable
• Total weight and precious metal purity for bullion coins

Thorough details paired with great photos provide confidence and maximizes bids. Avoid vague, sparse descriptions.

Tip #14 – Know Auction House Customer Bases

Major coin auctioneers have varying buyer demographics:

• Heritage Auctions – Top choice of wealthy collectors for rare U.S. coins worth $10K+. Large worldwide bidder pool.
• Stacks Bowers – Clients focused on early U.S. coins, colonials, and expensive rarities.
• GreatCollections – Broad customer base including novice collectors and bullion buyers. Good option for inexpensive coins.
• eBay – Very wide audience including everyday coin hobbyists. Often the best venue for common coins.

Match your coins with the auction house attracting buyers most interested in your type of material.

Tip #15 – Answer Buyer Questions Quickly and Courteously

Responding promptly and knowledgeably to bidder inquiries builds trust. Savvy coin buyers ask lots of detailed questions before purchasing:

• Provide clear extra photos if requested.
• Answer condition questions honestly – don’t overhype your coins.
• Disclose any flaws or details not clearly visible in photos.
• Share your sources for valuation estimates if asked.
• Link to your listings on third-party grading sites like PCGS Price Guide or NGC Coin Explorer.

Complete transparency and friendly communication converts more interested shoppers into happy repeat buyers.

Tip #16 – Offer Shipping Discounts on Large Purchases

On platforms like eBay or online coin stores, offer combined or discounted shipping on large purchases. This incentivizes buyers to purchase more of your listings at once:

• “Free shipping on additional coins – buy from my other listings and save on shipping!”
• “Buy any 3 coins, get discounted shipping!”

Promotions attract buyers who wait for combined shipments to save on costs.

Tip #17 – Know Shipping Regulations for Precious Metal Coins

When selling coins containing gold, silver or other precious metals:

• Familiarize yourself with postal regulations – restrictions can apply when mailing valuable coins.
• Package with care to avoid damage – use stiff cardboard, bubble wrap, and do not overstuff packages.
• Insure shipments – prices vary by carrier but insure precious metal coin shipments for full value.
• Require signature confirmation on delivery – this protects against lost packages or porch theft.
• Let buyers know shipping day – they appreciate the chance to expect and track shipments.

Follow all regulations and ship securely. This protects your investment and feedback reputation.

Tip #18 – Build Up Affiliate Relationships with Coin Dealers

Developing ongoing relationships with coin dealers benefits both parties. Here are tips for mutually beneficial affiliations:

• Offer dealers preferential access to inspect and make offers on your coins before wider listing.
• Get guidance from dealers on optimal timing and pricing for your collection based on current market trends.
• Ask dealers to partner on highly valuable consignments – combining rarities attracts major collectors.
• Negotiate finder’s fees if dealers directly connect you with major buyers for your collection.
• Show willingness to buy interesting new inventory from your dealer partners. Two-way relationships are best.

Affiliate with reputable, high-visibility coin dealers to gain valuable exposure and relationships with premium buyers.

Tip #19 – Use Coin Consignment Services Cautiously

Some firms like Sarasota Vault, Bellevue Rare Coins, or Bullion Exchanges offer consignment services – marketing your coins for a commission. Benefits include wider exposure and simplified selling. However, consign with caution:

• Vet companies thoroughly – check reputation, security protocols, and sales performance. Get references.
• Ensure your collection is insured during consignment – require bonded couriers for transporting coins too.
• Read consignment contracts carefully – know key details like minimum prices, length of consignment period, sales fees, etc.
• Discuss marketing strategy – understand how they intend to promote and sell your specific coins.
• Avoid sending especially rare coins – consign more common pieces first to judge performance and honesty.
• Stay involved – monitor your coins’ listings and check-in for status updates periodically.

Consignments make sense for busy owners or collections needing specialized sales expertise. But diligently qualify any consignment company first.

Tip #20 – Explore Coin Liquidation Firms If Seeking Quick Cash

Looking to simply liquidate your entire collection for fast cash? Companies like The Nostomania or Midwest Coin Concepts buy accumulations outright. Benefits are speed and no listing/shipping work on your part. However, know that:

• These firms pay well under appraised values – expect to receive about 30% or less of actual worth for convenience.
• They focus on melting value for precious metal coins, not collector value. Bullion-wise decisions may be better.
• You lose chance to maximize value selling individually.
• Upfront cash offers still take days or weeks to finalize after coins are appraised. It is not instant.

Liquidation makes sense if you want to quickly cash out a lower-end collection. But you sacrifice maximizing potential profit compared to directly selling yourself.

Key Takeaways on Successfully Selling Coins for Profit

Selling your coin collection successfully takes research, planning, care, and most importantly patience. Avoid rash decisions – investing time into the process maximizes profits.

• Appraise coins accurately – authenticate details using reputable price guides and experts.
• Organize and store properly – catalog in detail and use archival grade holders.
• Understand true market value – price competitively based on recent sales.
• Photograph professionally – clear, high-res photos show coins’ appeal.
• Select the optimal selling platform – evaluate options based on your specific needs and coins.
• Market extensively – expose coins to as many targeted potential buyers as possible.
• Communicate professionally – answer all inquiries promptly and honestly.
• Ship very carefully – follow regulations and insure coins.
• Build partnerships – affiliate with dealers and collections synergizing with yours.

While intimidating at first, successfully selling old coins for cash simply takes patience, care, and shrewd marketing tactics. Follow these tips, and your old numismatic collection can deliver substantial newfound income.

Frequently Asked Questions About Selling Coins for Cash

Busby Antiques & Collectibles, LLC
838 Eyrie Drive, Suite 1060, Oviedo, Florida 32765 USA
Phone: (407) 529-6952 | Email: busbyantiques@gmail.com