Basic Guidelines

Selling your US coins shouldn’t be a problem, assuming you own coins of marketable quality. (See our Bullish US Coins and Coin Value Tables™ sections for selecting high demand coins and our Coin Buying page for advice on where to find them). There are many potential coin buyers out there, but let’s first talk about some basic coin selling guidelines. By taking them into consideration, you will increase the chances of selling coins on your terms. Then we'll follow up with some of the best selling options available to you.

In the opinion of many collectors, coin selling is generally not as fun as coin buying. Fortunately, with all the avenues available today for the coin seller, it needn’t be a frustrating experience. If you own Bullish US coins to start with, observe these common sense guidelines, and adopt one or more of the effective coin selling options described below, you should have no trouble finding an eager buyer.

Wholesale to a Local Coin Dealer

Coin dealers, large and small, replenish their stock, in part, by purchasing coins from collectors wanting to sell. However, there are a few facts you should be mindful of before you approach a dealer to ask for an offer on your coin:

eBay

At any given moment in time, many tens of thousands of coins are being auctioned off on eBay. Yes, there is a lot of competition, but the coin buying traffic is immense and motivated. eBay is fast, convenient, and a powerful apparatus for the coin selling collector.

As a seller, potential buyers are carefully scrutinizing your Feedback Rating. If you have not yet established a Feedback Rating, you really ought to generate some positive feedback for yourself by purchasing a few items, not necessarily coins, before putting your coins up for sale.

Do not bother to list your coins without a good photo or scan. Would you bid on a coin without at least seeing a good photo of both the obverse and reverse? Can you expect potential buyers to think otherwise?

Buyers are more confident bidding on certified coins. If you estimate a coin to be worth more than $200, it's a good idea to get it certified using one of the better respected grading services mentioned above in the Guidelines section.

Acquaint yourself with how to create listings. After the first few sales, this becomes a breeze, as far as the step-by-step techniques are concerned. But what about writing compelling listings? We have a word or two to say about that below.

Set terms for your sale. This includes return policy, acceptable methods of receiving payments, shipping and handling fees, and more. If you're clueless where to start, observe how some of the eBay "Power Sellers" of coins do it.

Get signed up to accept payment through PayPal. Buyers love the security and convenience of transferring money for purchased online merchandise via PayPal. Paypal will nick you for a small fee, but having the Paypal logo displayed on your auction will likely result in more bids. PayPal benefits not only the buyer, but also you, the seller. If you can swing it, sign up to accept payments from major credit cards. Here again, buyers appreciate the added security afforded by the credit card companies.

We recommend you read our "Coin Buying" section too, where, nestled in with other topics, we lay out a few pointers on the purchase of coins on eBay. Understanding what prospective buyers are thinking will help you to become a better seller.

eBay the Smart Way is an exceptionally fine reference for getting started on eBay. Veterans of eBay can also find nuggets of wisdom too.

Some eBay coin selling folks are a bunch more successful than others. If your goal is to become one of them, we recommend reading eBay for Dummies, written by eBay expert Marsha Collier. This is a straight-forward “how-to” manual in the typical "Dummies" style, to get you started selling (and buying too, for that matter) effectively on eBay. It is justifiably one of the hottest selling books about the Internet. Collier's affordable book demystifies any trepidation you might have over tapping into the Web's #1 auction site.

We also like eBay the Smart Way, by Joseph Sinclair. Readers of this book are taught step-by-step how to prepare eye-grabbing listings, and introduces the little and big things you must do to establish a high level of credibility within the eBay community. Check out all the five-star reviews on Amazon.

Other Places to Sell Coins on the Internet

Even without considering the impact of eBay, the Internet has proven to be a valuable resource for linking coin buyers with coin sellers (Internet matchmaking is not limited to romance only!). The tremendous surge of online transactions within the last five years or so has served to improve the liquidity of collectible coins, which in turn is partly responsible for the strong coin market we’re enjoying in 2007. Here are some of the other Internet options for coin selling:

Online Stores. Most major coin dealers operate online store sites; almost all of them are interested in buying good quality specimens from the coin collecting public and are perhaps in a stronger position financially to make a better offer than the average local coin dealer. Be sure to carefully read their instructions before mailing your coins in for a quote. Obviously, working with a reputable company is essential, since you will be vulnerable while the dealer has your coins in his possession under review. At the very least, check to see if the dealer is a member of the American Numismatic Association or the Professional Numismatist Guild.

For would-be coin sellers not certain where to turn, consider the following true story: The webmaster for this site, Daniel Goevert, in 1985 bought an 1885-CC silver dollar from Jake’s Marketplace, a famous dealer based for decades in Chicago. Jake's judged the non-certified coin (this was before the rise of third-party grading services) to be worthy of an MS-60/65 split grade. Years later, in 1998, Dan approached Jake’s to sell the coin back. Jake’s promptly bought back the still non-certified coin at the same grade, at a very fair price. No hassles. No games. Just integrity. Happily, there are tons of honorable coin dealers doing business today, and Jake’s Marketplace ranks amongst the finest.

There are a few other large Internet coin auction websites. eBay is not the only game in town, just the biggest. Amazon sponsors a sizeable operation worth checking out. Perhaps you’ve heard of them too!

Increasingly today, collectors are selling coins over the Internet, without the assistance of numismatic professionals. This routine for coin selling is already widely accepted, but the interest level is still on the rise, believe it or not, as new hobby participants begin chipping in.

Consigning Your Coins to an Auction House

Some collectors prefer selling their coins at traditional, "on location" public auctions, complete with live auctioneer and gavel. Under this scenario, owners physically consign their coins to an auction house, which in turn lists the coins on the roster of one of their upcoming sales.

Expect to pay a 5% to 10% commission. Naturally, no one generally provides valuable services for free. It's expensive to properly conduct a coin auction. Sellers commissions are but one income source the auction company taps into to keep the lights on.

Consign your coins at least 60 days prior to sale: The auction house must have all consignments turned in by this deadline, so plan accordingly. Time is needed to prepare for the auction. This includes, but not limited to, develop promotional materials, organize a catalog, and printing press lead time.

Not every coin will excite bidders. Common date coins in conditions below the highest tier of Grades have little potential on the bidding floor of the larger, better known firms. If this is what you have to sell, don't be surprised if the auctioneer politely refuses your consignment attempt. Check out some of the other coin selling options. Circulated key dates (let's say, for example, a 1916-D Mercury dime in Good condition) do OK at auction, but you're also probably better off looking for a buyer elsewhere (hint: eBay). It will sell easily and you won't have to pay a high commission to anyone.

The highest quality or extremely rare stuff gets bidders jumping out of their chairs. If you had the wisdom to acquire high quality or extremely rare coins earlier in your numismatic career, you're sure to benefit from spirited bidding. You'll be rewarded for your foresight by receiving a handsome price at auction, and other than submitting the consignment, you won't even have to lift a finger to get it done!

Heavily promoted coin auctions bring in big dollars: Large auction houses promote their sales extravagantly, and almost always, manage to parade an impressive number of ultra-rare coins across the auction block. People with lots of money come from all over to cast bids. In this environment, coins bringing five or six figures are commonplace. More frequently these days, we see $1,000,000+ coins exchange hands. Record-shattering prices headline the numismatic press. Does this sound like an appropriate venue for the caliber of coins you're selling? If not, spare yourself a heaping of humility and consider smaller auction companies or other coin selling options.

Most of the best coin auction companies have established websites of their own. They use the Internet to increase the participation level for their sales, for both sellers and buyers. Potential buyers worldwide can peruse the online catalog at their leisure long before the auction date, and with the click of a mouse, place advance bids if so desired. Some companies accept real-time Internet bids in conjunction with the action on the bidding floor. All this helps to intensify the competition for your consigned coins.

It takes a long time to get paid. Here's a little "heads-up", just in case you haven't figured it out already: several months will elapse from the day you consign your coin until the day you receive a check. For coin selling individuals adept at planning ahead, this is usually not a concern.

Don't consign your valuable coins over to just any auction house. Does the company specialize in numismatics? Do their sale catalogs appear professional? Do they have an Internet presence? Get a copy of their consignment rules, and read all the fine print. If you still have questions, ask a coin dealer or experienced coin collector for an opinion. Red Flag Warning: If the company name is not recognizable to veteran numismatists, what are the odds that bidders know who they are, either?

Consigning Your Coins to a Dealer

Consigning your coins to a dealer can be an efficient, convenient option for coin selling. The basic idea is very simple: You consign your coins to a dealer, who then maintains your coins in his inventory. When one of your coins sells, you get the cash, minus a commission fee. It's easy for you, plus you benefit from the the dealer's experience and established connections. Dealers enjoy the consignment option too, because they increase their inventory and the opportunity to earn additional income, all with no new capital outlays.

If structured properly, consigning your coins to a dealer is a classic "win-win" proposition. If this option has piqued your curiosity, here are a few pointers to keep in mind:

Commission fees vary. There is no set fee structure. Some coins require more work to sell than others, and for these slow-movers, the dealer charges a higher commission. Popular, in-demand coins that fly off the shelves with little effort deserve smaller commissions. Here again, refer to the Coin Value Tables™, to recognize proven performers. It's no coincidence that coins with the best growth over time are the easiest to sell, and are charged commensurately lower commission fees.

Expect to pay a commission in the range of 15% to 20% for the slower moving merchandise. Alternatively, popular coins sought by salivating collectors are charged much smaller commissions, generally in the neighborhood of 5% to 10%. Of course, get this all nailed down before leaving your consignment in the hands of the dealer.

Does the dealer carry enough insurance? There always is the possibility of theft or damage. Wouldn't it be terrible to loose your collection simply because the consignor failed to insure against loss? Ask to see the dealer's written insurance policy. A good dealer expects this question and is proud to let you examine the policy. This is also a good indicator that he is worthy of your business.

Is the dealer active in the coin market? Dealers who carry a nice inventory and regularly travel to coin shows are good candidates to handle your coins. Dedicated, energetic dealers already have contacts throughout the business and can effectively market your coins.

Request a list of references. Have other collectors consigned coins to the dealer? A solid dealer is quick to provide names of happy coin selling consignees. Cynics always charge that reference lists are a joke, but seriously, if something here is amiss, at least you stand the chance of spotting it. Don't be shy about asking.

The consignment option definitely has some advantages for you, the coin seller. The main challenge is to choose a trustworthy dealer who understands that his success is linked to yours.

Coin Clubs

Coin clubs, in general, seem to be enjoying a resurgence in popularity, even as new technology provides coin hunters with other means of finding desirable acquisitions.

Coin clubs are great for selling coins in person to other collectors. With no commissions or fees to pay, you can afford to sell at bargain prices for the buyer.

To locate a coin club in your area, consult with a local coin dealer. He should certainly know of any active clubs in the vicinity. Also, www.coinclub.com has quite a few clubs registered there.

Some clubs are highly specialized. This is great if you specialize in a certain numismatic area and wish to associate with collectors of the same mindset. These days, thanks to the Internet, you can participate in a coin club from a remote distance. An example of a specialty club is Early American Coppers.

If you’re the personality type who enjoys the camaraderie of others with similar interests and are open to learning new things, then maybe joining a coin club is the thing for you!

Coin Shows

If you’ve got highly merchandisable coins (see Bullish US Coins or Coin Value Tables™) coin shows are fine for obtaining competing offers relatively fast from multiple dealers.

Be organized and well prepared as you approach a dealer's table. Know what you have and how much you are asking for it. In a busy coin show setting, you'll win instant respect if you display a businesslike demeanor.

Dealers do some of their most important business at coin shows and cannot allow themselves to get bogged down over a bag full of wheat pennies. As coin collectors, we have to remind ourselves that dealers are entrepreneurs first and foremost, and because of this, we should respect their time.

Be polite and friendly. A smile will likely engender reciprocal behavior, making it easier to cut a deal. If a coin dealer is a grouch, pick up your belongings and skedaddle. There are too many friendly coin dealers eager and deserving of your business, so why waste time on a sour face?

Information about upcoming coin shows is found online at many places, including www.coinshows.com. Check out magazines such as Coin World and Numismatic News, as they too publish dates, times, and places for most coin shows held in the United States.

Selling Wholesale Coins Through the Mail

There are hundreds of very fine coin dealers scattered across then nation who do a large volume of business through the mail. Mail order firms can be found advertising in coin publications, where some of them also post "Want to Buy" lists and pricing information. Collectors wishing to sell their coins at wholesale prices just need to mail their coins as instructed in the publication. Bear in mind:

Do not overestimate the value of your coins. You would not want to pay a "Very Good" price for a "Good" coin, so why should anyone else feel differently? Be realistic in your expectations, and don't waste your time or theirs.

Just about all of the reputable mail order firms also maintain Internet websites. Much of the advice shared above in the "Internet" section under Online Stores applies here likewise. If you have questions or want to know more about the company, log onto their website for quick information.

If a mail order firm acts improperly after you submit coins for selling, and you cannot negotiate a fair solution, be sure to inform the publisher of the magazine where you found the advertisement. The reputation of the publisher could be on the line, so they won’t hesitate to exert pressure on the company to rectify the situation. Fortunately, this is rare.

Years ago, coin selling through the mail was one of the few choices available to collectors wishing to liquidate their holdings. Thankfully, modern technology has expanded the range of options for coin selling. But as long as mail service continues to run (probably forever), you can bet coins will still maintain a presence in your mailman's daily appointed rounds.