Buying and Selling Coins can be Great Fun and Profitable
Collecting coins starts as a hobby for many coin collectors. Drawn by the desire to possess rare coins, most coin collectors find themselves drawn to selling and buying coins.
Today rare coins are considered as an investment. Some coins' prices fluctuate with the prices of some metals. The good news is that the prices of metals tend to go up regardless of age. Sometimes you may find one of the rarest coins in an old basement where your grandparents stored their hobby items. This may be enough for you to sell and rake millions of dollars. Apart from rarity qualities, beauty and design are also features that coin collectors look for. Beautiful coins have a unique luster and are flawless, while the design is the artistic nature of the coin. Today, the internet has simplified the buying and selling of coins.
How to Find the Proper Coin Value
Finding valuable coins is not always a walk in the park for many collectors. Below is a list of steps to follow to find proper coin value:
- Consult the red book - 'A Guide Book of United States' is a book that can give you an idea of your coins' value. It is updated and published each year, and most coin collectors refer to it as the "Red Book." The book has a list of retail prices for all coins in the United States based on their grades.
- Check Errors - In proper lighting and using a magnifying glass, you can pick out errors that may not be noticeable at a glance. Some of the errors to look for include, the edges and words on the coin. There could be cracks, doubling and missing sections on the coin. Coins that appear “out of rotation” have more value than the “perfect” coins.
- Mint marks - The mint marks on U.S. coins appear on the head side of the coin. Some ancient coins have marks on the tail side. The place where the coin was minted makes it more valuable
- Is it fake? - Some rare coins are either double-headed or double-tailed. Some coins may be illegally joined in some cases, and though they appear unique, they have no value.
Exciting and Rare Coins to Look for in the U.S.
- 1933 Saint-Gaudens Double Eagle - It is one of the gold coins that were not taken back for smelting in 1933. It was found again in 1992 and was sold for an estimate of seven million in 2002.
- 1804 Draped Bust Dollar - Dated 1804, these silver dollars were minted with just eight coins. Currently, each of these rare coins values over a million dollars.
- The Brasher Doubloon - These were made by Ephraim Brasher using gold specimen’s material instead of the mint copper coins he had been contracted to mint. Today only seven of these coins exist.
- 1974 Aluminum Penny - When the copper prices went up in 1970, the U.S. Mint looked for alternatives such as the aluminum penny. It was never to the public, and only a few V.I.P.s possessed it.
Knowing When to Sell Your Coin
Though you may be desperate to sell your coin, you can easily be a target to buyers who might rip you off. It is important not to be in a rush to sell your coin. Carefully prepare your coin, have it marketed, and give the buyer ample time to pay for it. If it appears scratched up, consider having it re-soldered as the new look increases its value. As a seller, research your coin's value to get the right leverage with the dealer as you negotiate prices.
For years, coins have been sold traditionally during the January F.U.N. show and at the summer ANA. It is advisable to sell your coin around this time still as people are psychologically prepared to buy them then.
The profit margins for a rare coin are determined by the market demand, the dollar's value, and the current coin market condition. There are different places where you can easily sell your coins in the U.S.A. The most popular is Stack's Bowers, where they give certified auctions. Next is eBay, an online platform where live auctions can be viewed. Lastly, is CoinWorld, which offers an online classified platform for coins.