What may be viewed as a hobby by some, is a serious endeavor for others. Collecting and maintaining a catalog of precious metal coins can result in a tremendous financial windfall, or a valuable asset to pass down for generations. Like any good investment, there is a good time and a bad time to sell your coin collection. How do you know when the time is right?
Know What You Possess
For serious collectors, this is a no-brainer. If you aren’t a savvy numismatist, then this is an important section to read. Knowing what you have in your coin collection can make all the difference in the world. Generally speaking, this means knowing every coin in your collection, including the year of minting, mint that issued the coin, and precious metal content.
Specifically, it is important to understand the diversity of your coin collection in order to aid in determining when to sell. If you hold recent bullion or proof coins, there may not be a rush to run out and sell those coins. However, if you possess rare coins, such as pre-1933 US gold coins, the market for these coins is hotter now than ever before as few of those coins exist after 80 years out of circulation.
Know Prices
As with any commodity or stock, the spot prices for the precious metals contained within your coins is a vital determining factor. If gold and silver prices are low, it’s best to hold onto your coins for a few more months or years to see what happens to prices. In recent years, prices have stood higher than at previous points in the past few decades. You can always stay up to date on precious metal prices with the help of Liberty Coin & Currency.
Get an Honest Appraisal
What you think your coin collection is worth and what the market dictates your collection is worth might be two drastically different figures. Before you go selling your coin collection, turn to a grading service or authorized dealer to conduct a thorough examination of your collection to determine its true value. Whether you sell to that dealer or not is your choice, but at least you’ll know an accurate value of your collection.
Shop Around
Last but not least, don’t just take the first offer or appraisal that comes along. When you’re getting your collection appraised, don’t be afraid to take it to a secondary appraiser if you truly believe the value is being undercut significantly. Additionally, don’t rush to sell to the first potential buyer without considering multiple offers for your collection.