Grandpa passed away a few years ago. When he was gone, he wanted you to have his coin collection.
Knowing his family did not share his passion for coin collecting, Grandpa sold a lot of the less valuable coins in his collection. But, a few, favorite coins he just couldn’t sell. You see, Grandpa’s collecting gene was strong.
Now, you face tough economic times. You lost your job. You found another, intermediate position, but it does not pay nearly as well. You have bills to pay and a family to support.
You know Grandpa wanted you to have his coins for a “rainy day.” Getting deeper in debt and with bill collectors calling, you decide the “rainy day” has arrived.
You pull the coins out to look at them. You fondly remember being small and standing at Grandpa’s knee while he told you about the coins, their history and what made them valuable. With a hint of sadness, you regret not spending more time with Grandpa and his collectible stories as you got older.
Now, you look at what’s left of Grandpa’s collection and do not know any of the details about the coins. They shine with gold and silver brilliance in their protective holders, but what is their value?
You’ve seen and heard the “mail your gold to us” ads on TV. You’ve seen the billboards and the bus stop signs with “we buy gold” messages. Banners hang from jewelry stores and pawn shops saying, “buying gold.”
It’s confusing – where should you go to get the best price for your Grandpa’s coins? And, what about the silver coins?
Very simply, do not send or take your coins to one of the “we buy gold” places.
Your best alternative for selling coins is a coin dealer.
The “we buy gold” people consider the value of the gold. Unless they are also a coin dealer or collector, they do not take into account the value of the coins. In many cases a coin’s value can be significantly higher than the value of its metal content.
Depending on the quantity and the rarity of the coins, you could lose hundreds or thousands of dollars by selling your coins to the wrong place.
Look for coin dealers, either in coin shops or at coin shows. Keep in mind that most coin dealers are generalists, but they also have specific areas of interest and expertise. Additionally, coin dealers operate under different business costs and profit margins – meaning some dealers pay stronger than others.
Ask several dealers for their best offer on your collection and deal with the one you feel most comfortable with their expertise and offer.