When it comes to selling coins of value for money it really boils down to two main methods. The first is auctioning, both physical coin auctions and online coin auctions. The second method is to sell your coin to a specialty coin buyer who makes a living off of buying & selling valuable coins.
Coin auctions are a common way people go about selling coins both online and in person. Coin auctions have a higher risk because you are ultimately leaving it in the hands of the auction audience. Since auctions have a higher risk, that also means there is a potential for a higher reward.
When it comes to auction pay outs keep it mind that often times coin auctions vary and you might receive less than your coin is truly worth. On the other hand, although rare, a bidding war can occur between two collectors which would result in a higher payout. Once an auction ends it can take anywhere from a couple weeks to a few months to actually receive your money.
A common online coin auction misconception is seeing coins for auction on a website such as eBay and assuming the listing price or ‘buy it now’ is the price the person actually receives for the coin. Often times sellers are bombarded with low bids and messages attempting to buy the coin for a fraction of its listed price. Just because people are asking extremely high prices for their coins doesn’t mean they will receive that for them.
Coin buyers differ from coin auctions in fundamental ways. Firstly, when you bring your coin to a coin buyer you have no obligation to sell your coin. They will provide you with a proper coin appraisal and offer you a selling price. This is a risk free method because you can either take the offer or leave it, as opposed to a coin auction where you are locked in. The great part about this is you can have a coin expert evaluate all your coins and you can determine which are actually of value and worth selling and which are worth keeping for your own collection.
Another way selling to a coin buyer varies is the speed factor which is huge in many peoples busy lives. Coin buyers pay cash on the spot for your coins and often offer bonuses for selling multiple coins at once or entire coin collections. Coin buyers are also highly educated and have years of experience which enables them to detect when a super rare coin comes in their doors. Many people are sitting on highly valuable rare coins and don’t even know it!
Which Should You Pick?
This truly depends on your certain situation and your expectations when it comes to selling. Some people love the higher risk factor that is involved with coin auctions. However, it has been our experience that being able to walk into a store with your rare coins and out with a pocket full of cash rather than waiting weeks to get paid from an auction is the most safe & convenient method for the majority of people.
Looking to see what your coins are worth? Get your free appraisal today!