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Who Should Buy Your Coin Collection?
by Richard "Rick" Raaf
You have had your coin collection for a long time. You would like to keep it, but the bills are piling up and you need the money. What can you do to get the best price possible? Some tips are set forth below.
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The place to sell: There are essentially four options for places to sell your coins: classified ads, Ebay, pawn shops and coin shops. For most everyone, the coin shop is the best choice.
In today’s marketplace, classified advertising (including on-line advertising) is simply not an effective way to reach potential buyers. It takes the time to write and place the ad, and providing enough information about the coins to attract the right buyer requires a significant investment. It also takes time to determine the best placement, and the rates for a publication targeted to other collectors and dealers is likely to be cost prohibitive.
Ebay requires its own expertise and as with classified advertising, there is a significant investment in the drafting of the ad. The seller must also be certain to consider the cost of shipping and insurance when using Ebay. Ebay is frequented by bargain hunting, and if your need for money is immediate, you may sell for a lower price that you would get from a reputable dealer.
Pawn shops are a poor choice for a sale. It is unlikely that a pawn shop worker will have any particular experience or expertise in coins. While a pawn shop may be a way to leverage your collection to get through a short term cash-flow problem, it is probably not the best choice.
Coin dealers provide a full array of services, from buying rare coins to precious metals to more common coins destined to be sold on the wholesale market. For even the most experienced coin collector and seller, a coin dealer is the place to start.
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What to look for in a coin dealer. Ideally, the coin dealer will be certified by the Professional Numismatic Guild (known as "PNG certified"). The Professional Numismatic Guild is a not-for-Profit organization composed of the world’s best dealers in rare coins, paper money and precious metals.
You should speak with other collectors, as well as family and friends, about any coin dealer with whom you are considering working. Information from the Better Business Bureau is available on-line (www.bbb.org).
Go to the business: is it well lit inside? Proper ceiling lights are necessary for the employees to accurately evaluate your collection. Is security obviously present? Are the employees welcoming and knowledgeable about your collection?
If you have special pieces, ask questions to assure yourself that the dealer has access not only to channels to sell coins wholesale, but can also access legitimate avenues to gain top dollar for special pieces.
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How to get the best price for your collection. It is a difficult to sell your collection, but do not let emotions get in the way of the negotiation. Your coins and paper money are special to you – you remember when and where you bought them and what you paid, you have stored then carefully and enjoyed sharing them with your friends and family. To the coin dealer, they are a commodity and your sentimental or emotional attachment has no impact on value. Be prepared with information on value and negotiate with a cool head.
Richard "Rick" Raaf has been a serious coin collector for over 30 years. He is certified as an Appraiser and has extensive experience valuing coins and has worked at coin shows for 20 years. He is employed by Scotsman Coin & Jewelry Buyers (www.scoins.com) as a Senior Numismatist He may be reached at 314-692-2646 or rick@scoins.com.
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