Last updated on October 31st, 2018 at 02:13 am
Last Updated on October 31, 2018 Posted by Colonial Acres Coins
You inherited some coins and would now like to sell them. When you have coins for sale, you can be taken advantage of if you have no prior experience with the procedures. Unfortunately, there are people in the coin collecting business that will may try to take advantage of you. We’ve already covered some selling tips in Part 1 of this two-part series, so here are some more to keep in mind when selling the coins you’ve inherited safely and for top dollar:
- Identification
- Catalogue & inventory
- Properly understanding your collection’s value
- Easy & cheap don’t go hand-in-hand when it comes to coins
Identification
You should begin to identify the types of coins or money you have in your collection.
There are various methods you can use for this, but it is common to separate the items into one of five major categories, which are:
- National Coins
- National Paper Money
- Foreign Coins
- Foreign Paper Money
- Medals and Exonumia
There are two things to pay attention to in this phase. First, a coin isn’t necessarily worth more just because it is old. Many ancient coins can be purchased for just a few dollars even though they’re thousands of years old. Second, a coin made from copper isn’t necessarily worth less than a coin made from gold. Many copper coins have sold for hundreds of thousands of dollars.
Catalogue and Inventory
You can begin the task of cataloguing the collection once you have the coins sorted into logical groupings. You can do that on a piece of paper with a couple of columns for collections that have under 100 pieces, but for larger collections you should probably use a computer and spreadsheet. This will help you to better organize the information. After cataloguing, you can move on to determining the grade of each coin (uncirculated coins are in greater demand than circulated ones due to wear and tear). Grading coins can be tricky sometimes, but all you need is some education and practice and you’ll be able to estimate the grade of your coins easily.
Properly Understanding Your Collection’s Value
You can try and determine the approximate value of your coins once you have them catalogued and organized. When it comes to coin value, they are only worth what someone is willing to pay for them, even though several factors can influence the value of a piece. But, keep in mind that a ballpark estimate of your coin collection worth is a good way to better understand what you have on your hands and minimize the chances of a “shark” significantly underpaying for it.
Easy & Cheap Don’t Go Hand in Hand When it Comes to Coins
Having someone take a look at your collection is probably the easiest way to determine its true value. You could hire a professional numismatist to organize, catalogue, inventory and value your collection if you feel overwhelmed by the amount of work you’d have to put in. This is a nice option to keep in mind even though you’ll likely be charged by the hour for it, but an upside is that you’ll gain the wisdom and knowledge of a professional coin dealer.
Need More Knowledge About Your Inherited Coins? Check Out Colonial Acres
When it comes to getting your hands on first-class knowledge, experience and professional advice about your coin collection, there’s no better resource than Colonial Acres Coins. Colonial Acres is home to experienced professional numismatists who enjoy sharing information and trading in rare and valuable coin pieces. If you have coins for sale, swing by Colonial to have them appraised and get top dollar for them. The same goes for enriching your collection with new and interesting pieces, so waste no more time and get in touch with Colonial Acres right away.