Make Money Buying Selling Coins
"But it's not just about the potential financial reward. It's the thrill of the hunt and the joy of discovery," Donn Pearlman, a long-time collector and spokesperson for the Professional Numismatists Guild, a non-profit organization for rare coins and paper money experts, told CNBC Make It.
make money buying selling coins
According to the president of the Professional Numismatists Guild (PNG) organization, even during times of economic uncertainty (like 2020), the coin selling industry was not affected and continued to exceed monetary sales from previous years. Firms reported selling more than $167 million of U.S. rare coins in online public auctions despite the economic impact of last year.
On the other hand, online coin selling helps you reach a wider audience, provides you with the opportunity to advertise your collection on social media, including Facebook groups dedicated to the topic, and allows you to sell your coins on an already existing customer base like eBay or Amazon. Ultimately, selling coins online can help you close deals and get paid faster than if you were to use other methods.
To make good money, start selling coins after you determine their value. Contact an appraiser who will analyze your coins and give an opinion on the value of your coins. You can then sell the coins to a coin shop, auction house, on eBay, or run your own website.
You must be aware of what kind of coins you have in your possession before you start selling them. Knowing the worth of a coin requires you and the buyer to know the exact history and type of coin that is being sold. Here are a few tips to help you identify what kind of coin you have:
Coin Shops. As we talked about in the previous sections: you can sell your coins for cash at any local coin shop. Just make sure their prices are fair and check with multiple coin dealers before settling for an offer.
Coin Shows. At a coin show, hundreds of people come together to buy and sell coins. You can end up landing a great deal by attending a coin show, although this is not always the case. When it comes to selling coins at a coin show, it will all depend on the buyers attending the show and how well you can communicate with them.
Online marketplaces such as eBay are another popular option for selling coins online. The big benefit of this option is that it offers sellers an opportunity to get their coins in front of an already engaged and ready-to-buy audience.
Pricing your products correctly can mean the difference between great success and total failure when you sell coins online. Price too high and nobody will buy, price too low and you will struggle to make a profit.
Selling coins on eBay is not difficult. Creating an accurate and quality eBay listing for your coins will help you build a good reputation and realize top-dollar for your coins. If done well, you will get more money for your coins on eBay than if you sell them at the local coin store.
eBay is not free. It is a for-profit corporation that exists to make money. First and foremost, it makes money by charging eBay sellers a fee for their listing. This includes listing fees and final value fees. Depending upon your seller rating, eBay may allow you to list up to 250 items per month for free. However, final value fees are always assessed based upon a percentage of the sale price. Additionally, eBay will collect sales tax if required by law.
When you first start selling on eBay, you need to begin with low-cost coins that people would be interested in buying on the Internet. For example, a circulated wheat cent that is worth four cents would not be worthwhile to sell on eBay. A good place to start would be any coin that has a value between $5.00 and $15.00. That way, when you make a mistake, your loss will not be significant. Remember to use these mistakes to learn before you progress into selling more expensive coins.
When selling coins on eBay, you need to know the approximate value of the coin you are selling. Several resources can help you determine this. The industry leader in wholesale coin values is the Coin Dealer Newsletter (A.K.A. The Greysheet). They publish a monthly periodical as well as online access for subscribers with up-to-date value information. Use this information to set a reasonable expectation for what your coin will sell for.
the best way to get top dollar for the coins you are selling on eBay is to use high-quality and accurate photographs. Invest in a decent camera and learn how to use it to photograph coins. Poor quality photographs that are blurry or out of focus will make buyers suspicious. Additionally, do not use any photo editing software to remove any imperfections. Finally, today's smartphones have very high-quality cameras that can capture adequate photos of coins. Remember, even the best cameras will not be able to take great photos if the lighting is poor.
We know that a coin collection is just a small part of the estate liquidation you are responsible for. However, it is worth your time to do a bit of research, learn about the coins in the collection and have a rough idea of the values to make sure you obtain the best price for the collection.
Most dealers will provide pricing information with the understanding that adjustments may need to be made upon physical inspection of the coins. To make such a list, group the coins as listed above and then enter the quantity and general condition of each coin.
This option may allow you to realize slightly higher prices for individual coins rather than selling the collection to a coin dealer. However, keep in mind that your final payout will be reduced after factoring in auction house fees, commissions, which are typically in the 20% range, and the time and expense to ship the collection to the auction house.
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Typical reply from somebody here on ebay! The problem was and still is that I use to sell on eBay but because of the fees I had to find another location to sell instead of being able to sell on eBay! So this is and was a problem trying to sell on eBay but because I have figured out a way to make more money away from eBay I use ebay instead of them using me!!! Ha, ha, ha...
What he is saying is that eBay has become a place for buyers, not sellers (unless you live in China). I hope the stuff he is buying real cheap isn't coming from China? Most of the Chinese sellers on eBay are selling knock off items.
Coin dealers have to get their inventory from somewhere, and one of those places is from their customers! Almost every coin dealer is well accustomed to purchasing coins brought into their shops. You can bring in one piece or an entire collection and your local dealer may well be interested in buying it. If not, they are usually more than happy to point you in the right direction.
Not everything does well at auction. The biggest mistake many collectors and dealers make is to consign material to auction that they have been unable to sell through other channels. I have seen lots of fellow coin dealers purchase nice collections and then start selling the best coins at the first opportunity. They are quickly left with the off-quality or unpopular material.
To avoid the above scenario, you should save the best coins for auction and sell the off-quality coins at a discount as soon as possible. This advice might sound simple, but it is vital to have the greatest success when consigning coins. To achieve the best results, you should only consider selling coins at auction that a collector would be eager to purchase. You want collectors to be bidding competitively for your coins and not dealers who are buying coins, especially since they have factored out the commissions.
For instance, there is no need to sell generic gold coins in an auction setting. The auction commissions would be higher than selling directly to dealers who specialize in this field. On the other hand, if you owned a 1932 Double Eagle, collectors would be happy to battle each other in an auction format to purchase the coin.
One of the biggest questions facing consignors these days is whether to place reserves. The auction houses make more money if all your coins sell, so their advice on this issue can sometimes be self-serving. Consigning a valuable collection to auction without reserves can be a scary proposition; however, there are several reasons to consider this option.
Millions of people collect coins of one type or another. It is truly an enjoyable hobby that you can start at any age and continue for your entire life. For many collectors, there comes a time when they want or need to sell one or more coins. This could be because they need some extra cash, they have duplicates of certain coins, or want the money to invest into another coin or set of coins. Whatever the reason, it is important to know exactly how and where to sell your coins for top dollar. For those who are looking to sell coins on Long Island, our pawn shop is an ideal option. We are a coin dealer and expert coin buyers who would be more than happy to buy your coins any time you are looking to sell.
Another thing that many coin collectors like about working with us when they sell coins is that we are also coin collectors. While we do it as a business, the fact is we really love the coins we buy and sell. Many of our employees have in depth knowledge about all types of coins that come in and out of our shop, which makes it much easier for collectors to work out a fair deal.
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