If you’ve been contemplating selling coins now is a good time to do so considering the strength of the precious metals market. Overall, the coin market is also performing well, whether or not your coins are composed of precious metals. Regardless of the reason for considering the sale of coins, you would be well advised to follow some simple rules of thumb so that you can receive more cash when you sell your coins.
The first thing that you need to determine is which coins, bullion, bars, and rounds are valuable and which ones aren’t. In general, all coins composed of gold, silver, platinum, and palladium, whether minted domestically or internationally, are considered valuable. The mere composition of these coins makes these coins valuable and in somewhat high demand; as such, it would not be difficult to find coin dealers to whom to sell these coins.
As you would expect, the precious metals value of the coin isn’t the only factor that should be considered when evaluating the value of your coins. In fact, besides precious metals, there are three other factors that come into play when determining the value of your coins, which includes the mintage, demand, and condition.
We’ve already discussed that the underlying metal, if a precious metal, contains inherent value. The mintage is the number of coins that were produced. In general, lower mintage coins are higher valued coins. The demand of a coin typically goes hand in hand with the number minted. Low mintage coins, or rare coins, are typically in higher demand. Lastly, the condition of the coin can be a large determining factor in determining the value of the coin. The condition of coins ranges from “Poor” to “Uncirculated” condition. It goes without saying that uncirculated coins, those that have never been used in circulation, fetch better prices than those with substantial wear. If you happen to be lucky enough to possess coins that meet all of these factors, you might have in your possession coins that may command hundreds or even thousands of dollars in the market.
Beyond old, numismatic, and collectible coins, there are junk silver coins. These are coins that sell primarily for their silver content, which are less than .999 fine silver.
Junk silver coins are U.S. dimes, quarters, and half dollars minted prior to 1965. These coins contain 90% silver composition, which differs from many numismatic and collectible coins, which are oftentimes composed of 99.9% fine silver.
Still, “junk” silver coins can fetch substantial prices, especially when the price of silver is performing well, which is currently the case. Some transactions can even involve huge sums in the thousands of dollars even as the items in consideration are considered junk. This in itself is a testament to the value and strength of the precious metals industry; specifically when it comes to coins.
Indeed, selling coins or buying coins can take some time to master, but with enough motivation, anyone can learn the ropes and do well in the industry. Likewise, no matter the size of your coin collection, there’s the opportunity to profit when selling coins. So whether you’re selling coins for quick cash or liquidating an investment that you have long kept, don’t be afraid to ask questions and do your research! You will find that the industry of selling coins is a thriving business with big rewards and the industry rewards those who go out of their way to become informed sellers.
Learn more about selling coins. Stop by Atlanta Gold and Coin Buyers’ site where you can find out all about how to sell coins and how you can most benefit from your endeavor.