Where Can I Sell My Old US Coins? Complete Guide
Many people are collectors, from key chains, pencils to coins. The latter usually have a high cost in pawnshops or specialized sites. Of course, to sell them, it is first necessary to know a series of aspects so that you do not lose money for not being aware of their real value.
If for a large part of your life you have dedicated yourself to collecting special $1 dollar bills or silver certificates, in the following sections we will explain how and where to sell your old coins in the United States as well as everything you need to know to put them in sale.
Steps to sell your old American coins
First of all, it is necessary to know every aspect of your collection. Not knowing its price could lose you thousands or hundreds of dollars, therefore, do not embark on a transaction without first being sure of the details to follow.
Before discussing the steps to sell your United States coins, it is recommended that you contact a specialist in numismatics, that is, in this matter. The dimensions that we are going to provide you will make the process of marketing your collection much easier and safer.
STEP 1. Collect the old coins you have.
This procedure will not be useful to you if you have a pair or a single, but if you suddenly found a treasure trove, so to speak, of coins from years gone by, it is best to identify them. One piece of information that is recommended is to get a kind of notebook or notebook to order them by date.
Once you start to recognize them, you are likely to find some more valuable than others. For this you must be very attentive. If you already have some experience, you will know that you have to proceed to clean them with special products. That way they will remain better preserved and ready for sale.
STEP 2. Proceed to count them
In line with the above, what follows is to group them correctly according to the type of currency. If you have many, it is possible that some are identical, what we are looking for with this is to find the rarest, since these will be the ones that will surely have a higher value. Also, if you hold from other countries, you will also want to know how many of these you have.
STEP 3. Research ancient coins
For this, an excellent option is to group them into categories that can be according to their origin, type of paper money, if they are commemorative or simply American. Once you have entered the world of numismatics, you will know that their value lies in their particularity and if they are indeed collectible. For example, if you have some made of copper and you find someone interested in this metal, it is likely that you will get a lot of money for them.
STEP 4. Classify them according to their status
If indeed your intention is to sell them, proceed to catalog them according to the condition in which they are found. This is very important, since much of the value of a coin depends on its state. If it is found to be deteriorated, it will not cost the same and its price will depreciate .
STEP 5. Calculate the value of your coins
For this you have websites where you will know the price. One of them is “Silver Gold Bull”. There you can find out about the costs of the most prominent currencies in the United States. You also have the page of the National Government Mint where you will obtain information about it
If you prefer, buy the book “A Guide Book of United States Coins” (you can get it on Amazon). This one will especially help you if you are a beginner and want to learn about the market in question. However, do not get carried away by the prices of this, since, in a pawn shop or old coins, they will give you a certain percentage less than the real value. This is because they need to make their own profit from the acquisition.
STEP 6. Get an expert in numismatics
Without a doubt, this option is essential. A specialist in this subject will facilitate the entire procedure of cataloging and separating the most curious and striking coins that you have in order to sell them. Although, the service will not be free. Typically, these professionals work between $35 and $50 an hour, but it can vary depending on the knowledge you have.
How can I know the value of an ancient coin?
According to information provided by David Escobedo, a renowned numismatist from Mexico, and in turn reported by the online newspaper Infobae, the main thing is the issuance of the currency . This means that the scarcer or rarer it is, the higher its value will be.
In other words, if its circulation is shorter, its cost will increase. Another detail to find out for the price of an old American coin has to do with its metal. If it is silver, it would also mean a higher value.
Something similar happens if these are commemorative, that is, they were issued to celebrate a special occasion. If the piece had an overgravure, such as having one date on top of another, it would still cost a lot.
Although there are several additivities in this regard, in some cases it might not be a rare coin but a common one. For this reason, it is always necessary to be aware of what is truly worth in this very particular market.
What American coins have considerable value?
If you have one of the ones that we are going to present to you below, it is likely that you will earn a lot of money if you decide to sell them. These are the 5 United States coins that their price could be very significant, according to “The Fun Times Guide”:
1. Pre-1982 Lincoln Memorial Pennies
Its particularity is that it is made of copper . From that year on they have been forged in Zinc. The cost handled by specialists is 3 cents and up.
2. Old Lincoln Wheat Penny
Its creation dates from 1909 and 1958. Although they are still in circulation, over time they have become practically scarce, which is why their value has been increasing. Even if they have particular characteristics, they will be quoted at a higher cost. For example, if you were to have one from 1943, made of bronze, we would be talking about close to $100,000 dollars.
3. Buffalo nickels
While they are hard to find, they can currently be seen in circulation. The interesting thing about these is that most of them do not have a date, so according to experts their value is between 50 cents and $1 dollar , while those with a year of issue cost a little more.
4. Old Jefferson Nickels
Its price is between $1.50. They dated between 1942 and 1945, during World War II. Its particularity is the letters P, D or S placed on Monticello on the back of it. These 5-cent coins or others from the 1930s, for example, are not easy to find , so their value is usually very high.
5. Silver coins
If you have these types of coins in your collection, it is likely that you will get a lot of money for them, especially if you have the ones with the figure of Roosevelt. These cost between $2 and $3, while those in Washington cost $4 and $5. But there are other more particular 50 cents. These are the ones with Kennedy‘s face on them. Its value ranges from $3.50 to $7.
List of sites where to sell ancient coins
As we previously informed you, do not go to a pawn shop. There are several sites where you can find out the true price of your coins. Although they will be looking to take some profit, this is part of the procedure, so you should not worry about this. Of course you can learn to haggle.
If you think that the web is an ideal alternative to sell the coins you have, there are several sites dedicated to it. Among these we have:
Teletra
It is a good alternative, especially if you are looking for a cash advance for these objects. They have a list of cents or nickels, both American and world. So you can inform yourself in a general way about it.
Great Collections
Its fees are very low, which is why it is one of the main options if you want to sell your coins on the Internet. For example, if you have a coin whose price is greater than $5,000, the transaction will be 0% . However, if it costs less than $1,000 then you will be charged 5%.
Heritage
If you are a collector, this website is ideal for you. You can even participate in live coin auctions. There you will also know which are the rarest and see if by chance you have one of them that you can sell.
Numismatic shops
Of course, you can also play it safe and sell your old coins at a coin shop near you . In these places you make sure you receive a correct amount.
Remember that the cost of sale can be between 30% and 50% of its value. For all this, the most recommended option would be to go to different establishments of this type to find out which one offers you the best price for your collection of old coins.
Read Also: List of United States Coins and Their Value
Recommendations before selling your old coins
If you are still learning the art of collecting this type of valuable object, the following tips will help you enormously when putting the most valuable items in your possession up for sale:
- Don’t be fooled by appearance
It is important that you do not think that by having a foreign currency you could obtain thousands of dollars. Although, in some particular cases, some of these have been sold for millions, this does not mean that the same thing can happen to you. Therefore, it will be valuable to you to properly educate yourself on the true details that make the cost of one considerable.
- Avoid pawnshops or where they buy gold
These sites are not swayed by the rarity of the coin, so you will lose out. It is best to go to an antique store or specialist in collector coins. This way you make sure that you will receive a fair price.
- Don’t go for the first option
Think very well before selling it. It is possible that because you do not have so much experience you think that they are giving you a good figure, but the reality is that it is better to go slowly. Given this, it is advisable to compare all the options that are presented to you. So don’t sell them impulsively.
- If you are going to clean it, let it be with an expert
In some cases, people who find a box with a lot of coins may think that it is convenient to clean them. Although this is an alternative, do not do it on your own, since you could be taking away its value. For this, specialists have special tools that will not damage the material from which it is made.
