Selling precious coins in the market is easier said than done. It’s a market of chances, but you will need to be smart if you are to make a killer sale. The prices of the coins will vary depending on factors such as how rare they are, whether you sell them through an auction or a dealer etc. Let’s take you through a few tricks and tips to help you get the best deal when you sell your precious coins.
- Don’t be forced to sell
It is important not to sell them out of need or under pressure unless you have a pressing reason. Most dealers are that smart, and they can detect desperation from a distance. When the dealer realizes that you are in dire need of selling your coins, they will take advantage of you buying at a lower price. A forced sale situation can sometimes cost you up to 20-30% or even higher compared to what you would have accrued. To get a good deal, you will have to take the time to prepare your coin collection and find the right place and time to sell.
- Find the Right Time to Sell
Yes, timing is also critical if you are to get a good deal for your precious coins. Research has shown that the best times to sell the precious coins are usually around January, July or August. It’s around this time when coin buyers are in a better mood and are willing to spend. Prices will tend to fall when people are preparing for winter holidays or vacations.
- Get Your Coins Certified by the Certified Acceptance Corporation (CAC)
Having CAC certified coins can show the value of the coin, and the odds of getting a buyer will increase. Customers, especially newbies, will often have more confidence in CAC certified coins than those with no labels. It might not be an issue though with experienced coin collectors who know what to look at in coins. But again, having a CAC label will help increase your chances of selling your precious coins.
- Pedigree Your Coins
This another way to make your coins worth more than it might be. It refers to tracing the journey of the coin historically. If it has an interesting journey connected to some famous people, then it will certainly be worth more. If your coin doesn’t have a PCGS or NGC insert, then you might want to send it to them for help in tracing the history and, ultimately, it’s worth it.
- Price Your Coins Smartly
It is also important to know the coins you have and how much each coin could fetch. While pricing, there are vital things to consider such as the coin valuation in the market, its pedigree, the certification, and the likes. If you have a rare coin, it is better to place it on sale through high-grade rare coins for savvy collectors to get the best deal possible. A good marketplace or dealer will attract serious collectors, and this might lead to excellent prices. Some rare coins can attract up to millions of dollars per piece in a good marketplace.
- Clean the coins
Appearance also does have an impact on the chances of you selling. For example, a coin that looks good and has a CAC sticker is more likely to be sold than a coin that looks dull and rusty. Smart buyers are known to take advantage of such scenarios. A buyer can get that dull looking coins, send it out grading services, and reap big in resale value. So, don’t let your precious coins go off cheap. Do the cleaning and grading and sell it for its best price.
- Build Long Terms Relations with Dealers
If you are to stay in the business for long, you will need dealers on your side. One way to do so is to be fair with the selling prices to those piggy sellers buying from you. Let them have room to make some profit as well when they sell your coins. Of course, they will be happy to keep working with you in the future. Don’t forget to be fair when buying from other collectors as well. It’s that symbiotic relationship that ensures you have a supply and a place to sell your coins. You will pretty much have a constant business.
What we have looked at are a few tips to help you up to your game in the precious coins business. Remember, just like any business, selling your coins can either be profitable or it might be at a loss. Success on your side will depend on how good a collector you are and obviously how good a seller you are. The beauty is that you will get better with time as you get to understand the coin business.