A frequent question from numismatic newcomers: “I have a coin. What is it worth?” With certainty, the answer is that no one can tell anything about that coin from the owner’s all too brief description. If you have coins to sell, it is natural that you might wonder where you can sell the coins. The first, and most obvious answer is that you can buy and sell coins at your local coin shop. Coin shops serve as excellent locations where you can sell coins, as well as get more information about coins in general.
At Andrews Coin and Jewelry in Delray Beach, we have been proudly serving the Delray Beach community for over 20 years.
If you want to know how to sell old coins, or any coins for that matter, you need to start with a detailed description of the merchandise. Tell us as much about the coin as possible – denomination, date, mintmark, anything that looks “wrong.” Always helpful is to note the apparent metal, if you want to sell gold or silver coins in Delray Beach, or just modern clad coins, make a note of the coin’s composition. A sketch of the coin, and a record of the wording on both sides, may be vital to identification, even if you include a photo or scan.
Don’t make the mistake of trying to sell your coins by putting an ad in the local newspaper. You are asking to get your coins hijacked, even if you meet your potential customers in a bank. It’s unsafe at any speed. Most local coin clubs have swap meets or auctions where you are likely to do better and be in a safe environment. Like most aspects of numismatics, research is important, knowing where you can sell a silver coin isn’t just about having silver coins to sell, it is about knowing the value of the coin, and taking safe, reasonable measures to realize that value.
When selling a collection, sell the coins as a group. Don’t let anyone “cherry pick” the collection by buying the valuable coins and leaving the lower valued pieces behind. Make a list of your coins, showing exactly what you paid for each one. If you cannot show proof you paid a premium for a coin, the IRS will take the difference between the sale price and the face value of the coin as taxable profit. Picture what that does to $20 gold coins you might sell. Copy this paragraph and post it where you can’t miss it.
When selling, take your list and a few sample coins and shop them to several dealers to find the one with the most interest in your collection. Talk to a dealer you trust if you have questions about where you can sell, especially if you have rare old coins, or gold and silver coins. If the collection is large or valuable, you will want to find an appraiser to give you an idea of the value before you try to sell it. Here again, the list comes in handy.
Andrew's Coin & Jewelry, Inc.
135 South East 5th Ave
Delray Beach, FL 33483