If you have inherited a coin collection, selling the collection (either as a whole or as individual pieces) can be lucrative. But in order to get as much money as possible in exchange for your collection—money that you can use to pay down debt, become more financially secure, or simply buy something you’ve had your eye on—it’s important to know what you’re doing.
What is the best place to sell coins?
There are many places online and near you that buy gold and silver coins, including pawn shops, gold exchanges and jewelers. Our No. 1 recommendation is CashforGoldUSA which has an A+ rating with Better Business Bureau, pays within 24 hours, and insures every shipment round trip.
What is the best place to sell a coin collection?
At the end of the day, you can sell a coin collection (as a whole) the same way that you would sell individual coins. Coin dealers, pawn shops, auction houses, individual collectors, and metal buyers can all be excellent options, depending on exactly what you are selling.
If you are not yourself a coin collector and don’t have a clear understanding of what your collection might be worth, working with a coin dealer or auction house can be a great way of learning about your collection so that you are sure you are getting a fair price when you sell. Of course, these options involve their own fees which will eat into your profits.
If you know that your coins are not worth much as collectibles, but consist of precious metals, then going through a metal buyer like CashforGoldUSA is likely to be the fastest way for you to sell your collection. Because CashforGoldUSA pays approximately 95% of the melt price for gold coins, this is also an excellent way of maximizing your profits as well.
What to know before you sell a coin collection
Below, I’ve answered some of the most common questions that people have about selling coins, including an overview of how coins are valued, the best places to consider selling your collection, and more:
- Who buys old coins?
- Local coin buyers
- Online coin buyers
- How do I sell my old coins?
- Which coins are worth money?
- How do I find out what my coins are worth?
- How do you value a coin collection?
Who buys old coins?
If you’ve got coins to sell, the good news is that you will have no shortage of potential buyers, including:
- Individual collectors: If you’ve got an exceedingly rare or valuable coin, selling that coin directly to an individual collector is likely to get you the most money for your coin or collection. Of course, finding the perfect collector can take months or even years, and requires you to do a lot of work on your own to make the sale happen.
- Coin dealers/coin shops: Selling your coin to a coin shop or dealer is likely to get you your money much quicker than if you were to try to sell directly to a collector yourself. But it is important to note that the dealer will likely not pay as much as the collector would. After all, they need to make money when they make the final sale. In general, it is not uncommon for a coin shop to purchase a coin at 60%-80% of the price that they themselves will sell it.
- Auction houses: An auction house can be a great way of selling valuable coins or collections, because it allows multiple bidders to drive up the final price. Auction houses also tend to have relationships with collectors, which can make it easier to sell the piece. Of course, the auction house will take a cut of the final sale price for their work, and most will have strict limits for the coins they accept. This is likely only a route for exceedingly valuable coins.
- Online marketplaces: An online marketplace like Ebay, Etsy, or countless other sites can put you in touch with thousands of potential buyers online. However, as the majority of these sites tend to charge a fee to list each individual item (on top of the percentage of each sale they take) this can be an expensive way of selling your coins — as well as very time-consuming.
- Metal buyers: If your coins consist of precious metals like gold or silver and are not otherwise valuable as collectibles, then selling them to a metal buyer like CashforGoldUSA is likely to be your quickest path to getting the most money in your pocket.
Ultimately, where you sell your coins will depend on the status of your collection. Coins that are truly valuable as collectibles may warrant being sold to dealers or through an auction house. For other coins that consist of precious metals and which do not hold value as collectible, though, a metal buyer like CashforGoldUSA is an excellent alternative.
Local coin buyers
Typically, you should be able to find these coin buyers in your community. A Google search “coin buyers near me” is a good place to start. Word-0f-mouth is the best way to learn about quality buyers in your area.
- Individual collectors
- Coin dealers/coin shops
- Jewelry stores (sometimes)
- Auction houses
- Local cash-for-gold shops or metal dealers
Searching for where to sell coins near me?
If you are searching for local places to sell your coins, then your most common options are likely to be pawn shops or local coin dealers. Depending on where you live, you might have many buyers to choose from, or your options may be limited.
The good news is that the internet has made it much easier to find potential buyers for your coins even if your local options are limited.
Online coin buyers
There are a number of online outlets where you can sell your coins:
- CashforGoldUSA is our No. 1 recommendation for all but the rarest of coins. Read more in our review.
- Some online auctions deal in coins, including Sotheby's and Christie's
How do I sell my old coins?
To sell your old coins, you’ll need to:
- NOT clean them: Cleaning old, collectible coins can potentially reduce their value. When in doubt, leave them as they are with their patina intact.
- Determine the value of your coin or collection: In order to be sure you are getting a fair price, you need to know how much your coins are worth. There are many websites and books that you can reference to determine if a particular coin has any value as a collectible. If it does not, but it consists of a precious metal like gold or silver, you can value your coins based on the purity of the metal and weight of the coins.
- Choose a buyer: Where you sell your coins will depend on the type of coins you have, their value, and how much work you want to put in yourself. An online metal buyer can be a good option for gold or silver coins with little to no value as collectibles. Coins that do have value as collectibles, or which do not consist of gold or silver, can be sold to coin shops, pawn shops, online marketplaces, or through auction houses.
How do I sell my old gold coins?
If your gold coins have value as collectibles, then you’ll need to decide how you want to sell your coins to get as much money for them as possible.
If your gold coins do not have value as collectibles, though, selling them becomes much easier. Gold buyers use two factors to determine the price of items they buy: The purity of the metal, and the weight of the object. The closer you get to 24 karats, and the heavier your coin, the more it will be worth.
How do I sell my old silver coins?
Selling silver coins is a lot like selling gold coins. First determine whether or not the coin has any value as a collectible. Learn more in this post on valuing and selling silver coins.
Which coins are worth money?
Coins can be valued in a number of different ways. For example, you might value a coin based on its:
- Rarity: The rarer a particular coin, mintmark, or series, the more valuable the coin will likely be. Coins that were misstamped, misprinted, or which otherwise contain errors can likewise be worth significant amounts of money.
- Grade: The condition of a coin can be graded on a scale from Poor to Mint State (with a number of steps along the way). The better the coin’s condition, the higher the grade will be, and the more valuable it is likely to be.
- Metal composition: Many coins, especially older coins, consist of precious metals like gold, silver, platinum, and various other alloys. In addition to any value these coins have as collectibles, they also have an inherent value depending on the purity of the metal that they contain.
- Face value: So long as the currency is still in use, every coin will be worth at least its face value, even if it has no worth as a collectible.
How do I find out what my coins are worth?
A visit to a local coin dealer, reading about coins through books and quality internet posts, as well as info like on this video can help you get started learning about buying, selling and collecting coins — including selling coins:
How do you value a coin collection?
A coin collection can be graded in one of two ways.
On the one hand, you might choose to value each coin individually. This is commonly done when a coin collection consists of random coins. In this case, you would likely base the coin’s value on its rarity, grade, and metal composition.
On the other hand, you might choose to value the coin collection as a whole. This is especially common for collections consisting of a particular type or series of coin. In this case, in addition to the factors listed above, the completeness of the collection can significantly affect how much it is worth.