Old coins offer more than just a glimpse into history. While they can no longer be used to make daily transactions, they have the potential to fetch a fortune if one knows the ideal time of sale and location. Moreover, the internet has increased global access to rare, old coins, providing traders with a platform to connect with prospective buyers worldwide. Knowledge of both online and offline avenues can help one trade old coins profitably.
Best places to sell old coins today
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Auctions
These days, several collectibles auctioneers conduct large-scale auctions, allowing coin traders around the world to sell their valuable old coins. Some of these also allow one to submit their coins and bills for review; this can sometimes be free of cost. If one’s coins match their market value, they proceed with offering the trader an auction evaluation and offer. It’s always best to stay tuned to such auctions, their dates, scale, and profitability margins.
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Local dealers
One of the best and most profitable ways to trade old coins is to find local coin dealers who can ensure maximum profits. A reputable coin association, such as The American Numismatic Association (ANA), can help shortlist reliable dealers suitable for one’s requirements. For example, the ANA offers a comprehensive directory of local coin dealers, which buyers can utilize to find the best dealers and places to sell old coins nearby.
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Coin collecting and numismatic magazines
Advertising in a coin collecting and numismatic magazine is a direct—and highly effective—way of reaching out to potential coin buyers and fellow numismatists. In addition to direct advertisements, one can also connect with individual collectors who write articles or columns in these magazines regularly. This way, one can easily find coin buyers and stand a chance to earn a significant profit.
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Coin shows
These are events flocked by coin collectors and dealers interested in buying and selling old coins. Undoubtedly, coin shows are excellent places to find potential buyers for one’s coin collection and earn an incredibly high amount. These shows usually have long aisles lined with tables, where coin dealers and sellers can display their coins. A lot of these shows take place over weekends.
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Online trading and e-commerce platforms
While offline numismatic shows and events can never become outdated, online platforms have considerably increased the ease of trading and access to buyers. So, trading coins on online platforms is a great way to find the right buyers and connect with numismatists around the globe. But before trading on such platforms, one should ensure they are safe and reliable by conducting a quick online search for foolproof information.
Tips to find the right buyers for one’s old coins
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Seek help from reliable coin associations
When finding coin dealers and buyers, one should take help only from reliable coin associations, such as the American Numismatic Association, instead of relying on hearsay or other unauthorized sources. This way, one ensures absolute safety in the trading process, especially for those who are new to this coin-trading world.
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Avoid cleaning old coins
While it may be tempting to sell spick-and-span, refurbished coins, this may not be the best coin-selling strategy because many buyers actually prefer coins in their old, rustic state. Cleaning old coins can reduce their value and discourage prospective buyers.
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Identify the coin and determine its worth
The most important aspect of striking the right deal on one’s coins is knowing everything about them and determining their value. To this end, one should identify the coin’s denomination by searching its date and mint mark online, preferably on a reliable platform for like-minded collectors like the American Numismatic Association. Based on the collected information, one should systematically determine the worth of the coin one owns.
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Ensure picture clarity in case of virtual trading
If one cannot meet the dealer or buyer in person, one should take clear pictures of both sides of the coin and send them across to the dealers or collector groups. One can find such collector groups by looking up the American Numismatic Society’s Coin Club Directory or joining the NGC Collectors Society.
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Get the coin graded
Usually, coins are graded on a 70-point scale, with 0 being “poor” and 70 indicating “mint condition.” The thumb rule is that coins rated a score of 6 or “good” are quite damaged, while those rated anywhere between 12 and 15 are “fine” with a minimum amount of wear and tear. Buyers usually prefer graded coins to those that aren’t.
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Consult numismatic experts
It’s best to speak to experts with considerable experience in the numismatic field and expertise in dealing with different types and denominations of coins. The more one understands how coin trading works, the more prepared one is with the best strategies and ways to attract potential buyers.
