Selling coins can be difficult and tedious. After sorting through your coins and deciding which to sell there is the daunting task of deciding how to sell.
This is a ranking I would recommend, but it may depend on your circumstances and what you plan to sell. In this article I will refer mostly to ‘coins’ but I think this ranking works well for gold and silver bullion as well.
1.) A trusted coin dealer
There is a reason I differentiate between a coin dealer and a trusted coin dealer. A coin dealer is someone who makes money by buying and selling coins. They may have a brick and mortar shop, an online store, or work by word of mouth.
A trusted coin dealer is someone you know and have done business with before. You trust that they have your best interest at heart as well as their own. They can help you find deals you wouldn’t otherwise be able to get.
Even if a coin dealer can’t get you the top price for a specific purchase or sale, it may be worth it to do business with them to build rapport in hopes of better future deals. They may also alert you if a coin comes in that you are looking for.
If you have inherited a collection and do not know the value of your coins, definitely go to a coin store if you do not want to learn how to value coins yourself. There are many tiny details that can make a coin more or less valuable. If you try to sell the coins yourself online you will not know how to describe the coins in the best way to sell them.
Ebay has been my go-to for selling coins. The benefit of eBay is that there is the potential of your coin being seen by millions of people.
Auctions can drive the price of the coin up to well beyond what you thought it was worth. The problem with selling on eBay, is that you are dependent on eBay algorithms for who your post gets shown to.
You can get around this by adding descriptive keywords into your eBay post, but even that may not be enough. I have sold coins on eBay that sold for less than they were worth simply due to eBay not showing my listing to enough people.
If you plan to sell on eBay, do not start by selling valuable coins immediately. Buyers are very suspicious of buying fakes from online dealers with few reviews. Start by selling other items or low-valued coins. Watch out for eBay fees and shipping costs as they can eat into your profit!
3.) A coin dealer
Not everyone has a local coin dealer they see regularly. It is no surprise given the ease of shopping online. It is worth going into your local dealer and asking what they would offer you for your coins.
Even if you don’t think they are giving you the best deal it may be worth it to sell to them to build rapport, or avoid the hassle of selling yourself. Many people looking to sell online forget the added cost of shipping.
Some online dealers will pay your shipping costs. If you want to know more about buying and selling from large online distributors, Money Metals Exchange has a good article on it here: “Selling Gold, Silver, Platinum & Palladium to Money Metals Exchange”
If you haven’t been to a coin store much and have some anxiety about what to expect, check out “What to Know Your First Time in a Coin Store”.
Reddit has a great community of coin collectors, coin dealers, and precious metal enthusiasts. There is a dedicated subreddit called r/PMsforsale where redditors sell precious metals and r/Coins4Sale where redditors sell coins.
I have used reddit to buy coins and have a lot of trust in many of the sellers on Reddit. Here are things to be aware of if you are selling coins on Reddit.
- Age of your account
- Currently, neither sub has explicit rules on how old an account must be, but Redditors are less likely to trust new accounts.
- Trustworthiness of the buyer
- People aren’t scammed on these subs often, but it has happened. Some Redditors do not pay, or request a refund after the items are received. All of the responsibility is on the buyer and seller to complete a transaction.
- Shipping Cost
- You should discuss the cost of the item and shipping before you sell someone your coins or precious metals. Make sure you have an idea before you post on the maximum shipping could cost you and how much you are willing to spend.
5.) Pawn Shops
A pawn shop is my least-preferred place to sell coins. Most pawn shops know a little about coins, but not often enough to give detailed prices. Usually, pawn shops are looking to turn a profit on items as fast as possible, so a pawn shop will rarely offer above the spot price for precious metals and coins.
This isn’t true for all pawn shops however, and it may be worth it to go in and ask what they would offer you for coins or precious metals. The benefit of a pawn shop is that they are easy to find, have lots of connections, and will give you a price quickly.
What is your preferred way to sell coins, silver, gold, and copper? Vote in our poll and share a comment below!