Do you need some quick cash? If so, you can make some big bucks with old coins. Check out these three things you need to know before selling your coin collection.
We all know the feeling too well.
You’re already living paycheck to paycheck, struggling to keep to a budget.
Suddenly, an unexpected expense slams into your bank account. Maybe your furnace goes out, or you get sick and can’t work for a week, or you hit a patch of ice and rear end someone at a stop light.
You need money, and fast.
Lucky for you, you have a coin collection that you’ve kept in pristine condition. If you cash in, you could get all the money you need to pay for your expenses—and maybe a little extra.
Selling your coins could bring in a huge chunk of cash, but it isn’t a walk in the park. If you don’t know what you’re getting yourself into, you could find yourself disappointed, exploited, and ripped off.
Here are three things you need to know before selling your coin collection.
Do Your Homework
If you want to get the maximum value of your coins, you need to know what that value is.
Before you go out selling, do some research to the value of your coins. Search for auctions of similar coins online to get an idea of what your coins might be worth—just be honest about the condition of your collection.
Visit an appraiser to get an expert opinion on what your coins are worth.
Before you even think about finding a buyer, create an inventory of your coins and their values. Knowing the value of your coin collection will prevent would-be buyers from low-balling you.
Choosing Between Value and Time
Just because your collection has a maximum value of a hundred thousand dollars doesn’t mean you’ll be able to find a buyer willing to pay that amount.
When you’re selling any kind of collection, you have to make a choice between getting the maximum value and getting money quickly.
For example, you will always get more money if you sell your coins individually than at a lot. But it will probably take much longer to piece out your entire collection.
On the other hand, selling all of your coins to a single buyer won’t bring you the full value of your collection, but you will get more money sooner. Nobody wants to sell themselves short, but if you’re in a high-pressure situation and need money fast, it will be better to sell your coins as a lot.
Similarly, if you sell your coins through a consignment dealer, you will have to give a cut of your profits to the seller. But, you won’t have to put in the legwork to find buyers. Just make sure to check if they’re trustworthy.
Stand Your Ground
When you’re selling coins, you can almost count on meeting some sharks.
It’s not uncommon for buyers of coins, metal, and other valuables to try to take advantage of sellers in desperate situations.
They’ll try to give you an offer far below your asking price. When you hesitate, they tell you that it’s the best price you’re going to find. You give in and sell your coins.
The next week, you’re racked with regret while they’re selling your collection for five times what they bought them for.
Remember: you can always say no to an offer. If someone pressures you to go below your minimum asking price, just walk away and find another buyer.