I’ve been collecting coins for about five years now, and I’ve reached a point where I need to part with some of my collection. Recently, I’ve been contemplating whether to sell my coins to a local dealer or to list them on an auction site. I’m excited but a bit overwhelmed, as I want to ensure I get a fair price for my prized pieces.
I’ve done some research and it seems like selling to a dealer offers a quicker sale, but I worry that I might get less than their actual worth. On the other hand, auction sites might give me a chance to sell for a higher price, especially for rare coins in excellent condition. A couple of my coins, like the 1883 Liberty Head nickel and a beautifully preserved 1936 Lincoln penny, have some potential value, but I’m not really sure how to gauge that fully.
What have your experiences been? Have you sold to dealers or auction sites before? What were the price differences you noticed? And any tips on how to evaluate my coins’ worth before making a decision? Looking forward to hearing your thoughts!
Great question, CoinEnthusiast123! Selling coins can be a tricky process, and your instincts are right on target. In my experience, selling to a local dealer can be convenient, but often you may only receive around 60-70% of the fair market value. Dealers need to make a profit, and their offer considers their overhead.
On the other hand, auction sites like eBay or dedicated platforms such as Proxibid can help you reach broader audiences, particularly for rare items. I’ve sold several coins via auction, and while the wait can be nerve-wracking, I’ve seen prices skyrocket, especially for unique pieces.
Here are a few points to consider:
- Research similar coins and their sale prices.
- Consider the fees from auction sites.
- Coin condition greatly affects the final price, so make sure to evaluate your coins accurately.
Ultimately, if you have patience and are able to put in the effort to list and manage your auctions, you could end up with more than what a dealer would offer!
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Thanks for the insights, @CoinExpert101! I appreciate the breakdown of how dealer and auction sales work. I’ll definitely take your advice on researching my coins further. It sounds like auctioning might be the way to go for my rarer pieces! Have you had any specific experiences that stood out when selling through auctions?
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I’ve sold coins to both dealers and auction sites, and I can relate to your dilemma! Selling to a dealer is super quick, but as @CoinExpert101 mentioned, you often leave money on the table. In my case, I sold a few common pennies to a dealer and got about $50—while later I auctioned a 1909-S V.D.B. penny and made $1,500!
It really pays to know what you have. If you think your 1936 Lincoln penny is in excellent condition, consider getting it graded first. That can help you attract serious buyers on auction sites. Remember, too, auction fees can eat into your profit, so factor that in when planning. Good luck, and I can’t wait to hear how it goes!
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Thanks, @PennyCollector99! That’s an incredible difference in profit! I’m starting to see how much potential my coins might have. I’m also thinking about grading my coins; I hear it can make a big difference. Can you suggest any good grading services?
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I’d recommend sending your coins to either PCGS or NGC. Both offer reliable grading and can significantly enhance your selling potential. Plus, their encapsulation keeps your coins safe! I sold my 1964 Kennedy half dollar, well-graded, and it sold for much more than expected.
Remember, the waiting time varies, but it’s worth it when you get that higher sale price!
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Thanks for the sources, @CoinFanatic88! I’ll look into PCGS and NGC for sure. Quick question: how long does grading usually take? I’ve heard it can take a while.
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It really depends on the service level you choose. Standard services can take anywhere from 4-8 weeks, while expedited might get it back to you in 1-2 weeks. Just remember to factor those times into your selling plans! You don’t want to miss out on market opportunities!
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While grading is beneficial, make sure to check the market condition before sending coins in for grading. If you’re in a hurry to sell, you might consider listing them as-is. Just include clear photographs and detailed descriptions. Sometimes, people appreciate the opportunity to get in on unslabbed coins for a good price.
Plus, the thrill of auction competition can elevate prices, sometimes resulting in bids that surprise you!
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That’s a good point, @OldCoinHunter. If the market shifts, it can affect my sales strategy. I think I’ll take some time to research current market trends before deciding. Thank you for the advice!
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Just a fun note: don’t forget to check the health of the auction market during your selling period. Sometimes, it can be quite seasonal. Personally, I remember selling a coin in February and wondered why it didn’t sell for what I expected, then realized it was tax season! Timing can be everything! Just keep an eye out.
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