Selling U.S. Coins? Before You Sell A Coin, Read This!

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Selling coins is something that must be done with careful consideration beforehand.

After all, you wouldn’t want to sell your coins for the wrong price, or wind up having to hang onto them for longer than necessary because you chose the wrong (uninterested) market for selling your coins.

I’ve sold coins many times over the years. Every time I sell my coins, these are some of the things I factor into my thinking before I commit to selling them:

• Is it time to sell my coin?
• Will I want this coin later on?
• Am I trading up for a better coin or do I simply want cash for the sale?
• What is my coin worth?
• Does this coin have any problems?
• Where should I sell it?
• Is it really time to sell my coin?

That last one — is it really time to sell my coin — is an important one!

Are You Sure NOW Is The Right Time To Sell Your Coin?

Do you simply not want this coin anymore?

Should you hang onto it a little longer… because it may fetch a higher price later on?

Maybe it’s a coin you will want later on — more than you want it right now.

Plus, coin values fluctuate. Maybe your coin would bring in more money if you waited a little longer to sell it. On the other hand, perhaps the coin’s value is on the way down, and the earlier you sell it the more money you will make.

For all of those reasons, it’s wise to avoid making a quick decision. You should at least “sleep on it” overnight to evaluate whether you still want (or need) to sell — and evaluate the likelihood that you will later want (or need) this coin for your collection.

Deciding when to sell a coin (or coins) can be difficult. Be sure to research coin values and trends if investment matters are coloring your decision to sell. 

I wrote this article to help you understand when coin prices rise and fall… and when most people sell coins.

Before You Sell Coins To A Coin Dealer…

#1 – Are you selling your coin simply because you wish to upgrade it?

A lot of collectors do this, as have I. There are numerous coins I have sold to dealers over the years simply because I wanted a better example of the coin, or another that is of higher value.

Some dealers may give you relatively more if you are trading your coin up. If you desire a higher-grade coin, see if you might get more for it if you buy the upgrade during the same transaction with the dealer, as well as of course, the extra money to cover the difference in the quote the dealer offers for your coin — plus the cost of your new acquisition. At any rate, be sure the dealer to whom you sell actually works with coins like yours.

#2 – How much is your coin worth?

This is perhaps the most frequently-asked question I have come across within online coin dealer message boards.

You must consult coin value guides before you sell your coin. Let me say that again: read a good coin value guide before you sell your coins! Do not sell your coins while blind to their value. This can lead to disappointment, and you might even be taken advantage of by an unscrupulous buyer who knows the value of your coin but believes you to be naive.

#3 – How much will a coin dealer give you for your coin?

The Handbook of United States Coins (famously called the “Blue Book“) is published by Whitman and is perhaps the most popular guide to prices that a coin dealer would offer you if you were to sell your coins. Note that the values in this book are considerably lower that the retail prices quoted in A Guide Book of United States Coins, which is another popular Whitman publication (often called the “Red Book“) and in most any other price guide.

Simply put, coin dealers cannot offer full retail value for your coins — because they must pay the rent, cover overhead, and take in profit.

Here’s what you can expect when selling coins to a coin dealer.

Before You Sell Coins On eBay…

Another option you have as a coin seller would be to sell your coins on eBay. 

I have bought and sold many coins on eBay over the past several years, and I’ve found it to offer a truly mixed bag of results for me.

The question to ask is: are you up to marketing your coins on eBay?

If you think you can handle taking photos or making high-quality scans of your coins, as well as keeping communication with bidders and the eventual auction winners, and safely shipping your coins promptly after the sale… then you may want to give eBay a shot! Just know that it might be a gamble for you.

Coin dealers usually offer immediate cash (or sometimes checks), however they tend to offer less than you can get on eBay. And they are likely to be more discriminating buyers than you will encounter on eBay.

You will reach a much broader market on eBay. Just be sure to list your coin as honestly and as objectively as possible to keep things on the up and up. You don’t want your coin sale to result in a customer complaint. Complaints will lower your reputation on eBay and, for goodness sake, simply make for bad business and bad feelings all around.

Here’s what you can expect selling coins on eBay.