How to Identify the Best Estate Coin Dealers When Selling Coin Collections
Today’s article is going to highlight some of the qualities and characteristics that you should consider when attempting to select the best estate coin dealers to whom you can sell your coin collection.
It seems like today, more than ever, there are a large number of coin collections coming to market that were left as part of an estate or inheritance. Individuals that grew up during the Great Depression understood the hardships associated with record high unemployment and low wages, and therefore, commonly collected and saved coins of all denominations.
While the Great Depression eventually passed, the philosophy of saving for a rainy day didn’t.
Unbeknownst to many individuals at the time, there were a number of key date or low mintage coins that they were collecting and saving, which today has resulted in the value of some coin collections reaching into the hundreds or thousands of dollars.
Since coin collections can be extremely varied, it’s important that you identify a coin dealer that is familiar with a broad spectrum of coins and currencies so that you can be sure that you’re receiving the full value for your collection.
First and foremost, does the estate coin dealer you’re considering have the level of expertise that is necessary to properly evaluate and value your coin collection? Are they a member of the American Numismatic Association or have they shown a dedication to consistent learning and development in the field of coin collecting and numismatics?
Secondly, what is the coin dealer’s reputation? The internet can be a coin dealer’s best friend, but can also be extremely harmful. For the most part, individuals choose not to leave reviews when they have a positive experience. However, when they feel like they’ve been taken advantage of, they tend to be very outspoken when sharing their experience with others. Checking the coin dealer’s status with the Better Business Bureau and conducting searches of the name of the coin dealer followed by “reviews” or “reputation” should result in plenty of relevant searches.
Thirdly, what is the coin dealer’s form of payment and how quickly are they willing to pay for your collection? Ideally, when conducting business the first time with a coin dealer, a cash transaction is preferred, as an invalid check could end up costing you hundreds, if not thousands of dollars.
Furthermore, is the coin dealer willing to purchase your merchandise from you outright or will they only consider selling the coins on a consignment basis? If the latter, we suggest that you look for someone who is willing to directly purchase your collection, as selling on a consignment basis can be a timely ordeal.
Lastly, it’s important to know going in to the transaction what type of prices you can expect to receive when you sell your coin collection. Ideally, the coin dealer that you’re considering will post their standard buying rates online with the caveat that low mintage/key date or uncirculated coins will sell for a premium.
It’s important to remember that not all coins are created equally, so you shouldn’t settle for less than the full value of your collection.
In summary, when evaluating estate coin dealers to whom to sell your coin collection, take your time to locate knowledgeable and reputable coin dealers, who not only know how to properly evaluate and price your collection, but who will also pay you immediately at the time of the transaction.
Furthermore, the coin dealer should be transparent with respect to the prices that they offer for various coins, and should never pressure you into a decision that you’re not completely comfortable with.
Looking to sell your coin collection? Give us a call today at 678-922-4909!