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Pricing, Buying, and Selling Coins
Home » Coin Collecting » Coin Collecting Overview » Pricing, Buying, and Selling CoinsThe most interesting and most difficult parts of coin collecting are the buying and selling of coins. The smallest flaw on a coin can send its value skyrocketing (if it is a mint error) or plummeting (if it is a manmade alteration), so it is easy to make pricing mistakes. Unfortunately, there are vendors on the market who will sell unsubstantiated coins, so don’t make a purchase until you are sure the coin you are purchasing is the coin you want.
The monetary value of coins can vary widely, depending on the coin’s condition, markings, etc., so the best way to assure correct pricing is to let an experienced coin collector examine the coin in person. Experts will determine the identification, authenticity, and grade of a coin, and from those details, they can tell you the approximate value of the coin.
As a shortcut, you can look on websites such as eBay that sell coins, but online numismatic information and pricing is often amateur work, so you are taking a chance. In addition, several companies release coin price guides, which, if you can properly identify your coins, can tell you the monetary value of the coins.
If you want to buy a coin, use the resources described above to get an approximate idea of the amount you should pay for the coin. Then, try and examine the coin in person; the best coins have a shine and a detail. Mint errors make coins rare and very valuable, but manmade alterations to a coin reduce the authenticity, and thus the value, of the coin. If you plan to regularly purchase coins, find a dealer you can trust, perhaps one who is recommended by the Professional Numismatists’ Guild.
Some dealers have coin shops, but many dealers simply travel to coin shows around the country. Another good place to look for coins is in antique or hobby stores. Garage sales and streetside markets often have old coins, so you never know when you will stumble across a find; London’s famous Notting Hill market, for example, has several coin collecting booths. Finally, the Internet is now a viable option for coin collecting enthusiasts. Simply make sure you can trust the seller before you make a purchase.
Related Coin Collecting Overview Articles
- Introduction to Coin Collecting
- Getting Started in Coin Collecting
- Caring for your Coin Collection
- Pricing, Buying, and Selling Coins