Coin Collecting Information

Nicholas Tan asked:


When is the perfect time to sell coins? This may be a dumb question if asked of a coin collector however timing really does make a difference. There are times when a collector wakes up in the morning and suddenly makes a decision to sell his precious collection of coins. There are also times that a collector needs to give up his coin collections due for personal reasons and the idea of selling his precious coins may be the most difficult part. No matter what the reasons are, it is a fact that this does occur in the life of a coin collector.

There are many reasons why coin collectors sell their coins - there are coin collectors who are dealers at as well. Selling coins is their option and they may use it to generate income so that they can acquire other coins that they like.

Some collectors travel in search of a coin they want and during that travel, they may encounter coins that may not be qualified for their own collection but they buy them anyway. Upon returning home, they sell the coins they have purchased and make use of the money to buy the coins they are looking for.

There are also coin collectors who gather coins not just as their hobbies; these coin collectors use the coins as their source of income. They make a living from selling the coins that they collect. Sometimes they sell the coins to other collectors and price them higher than the usual price of the coins and this is appropriate if the collector owns limited edition or rare coins.

On the other hand, some collectors sell their coins because of other factors. They may sell coins because of personal reasons. Collectors sometimes decide to “give away” their collection because they no longer have any option but sell their coins. This is the most difficult situation for coin collectors as they often value their coins and as much as possible would not want to give them away - the coins may be memorabilia or may have sentimental value to the collector.

Once a collector has decided to sell his coins, he must consider if it is really the right time to sell the coins. Is the collector ready to give away his coins? Is the coin at higher price now? Will it do well and will he benefit from selling his coins? These factors should always be considered.

There are other options available to determine where a coin collector could sell his coins. He may want to sell the coins at auctions. Many people now prefer the option of putting their belongings up for auction and this is not limited to coin collections.

There is also a higher chance of having the coin sold at a higher price since auctions include bidding processes. Buyers may bid for a higher price especially if the coin being sold is of rare quality and has a higher value.

A collector may also want to put up a website to advertise the coins that he would like to sell. The Internet is the easiest way for collectors to search for coins. In addition, putting the coin on the Internet will make the selling an easier task. The collector may put up his own website and place the pictures of his coins and some brief descriptions on it. He should also note how much he is willing sell them for.

There are other options too: the seller may want to do a dealer-to-dealer negotiation. He can go directly to coin dealers and sell his coins. The dealers then can sell the coins that they purchased to other dealers.

It is important to compare prices between one dealer and another as there is always a chance that one dealer may buy the coins at a higher price than other dealer. It is wise to shop for dealers and then decide which you one you want to deal with.

It is also recommended that collectors who decide to sell their coins use a coin grading service. It is very important so that the seller not end up a loser when he sells his coins. By using a grading service, the seller will be able to set a price that is based on the assessment made by the grading service who will determine the actual value of the coins.

Most importantly, coin collector should not clean their coins once they have decided to sell them. If they do, the value of the coins will depreciate.

Muna wa Wanjiru asked:


For those of you who think that auctions are only for collecting antiques¸ I can assure you you’d be much mistaken. An auction is a great place for the coin collector to get some good coins, and coin collections.

There are also a number of rare coins which you can get your hands on if you’re so inclined, have the money, and most of all aren’t out-bidded by another rare coin collector. Rare coins though aren’t the only type of coins you’ll find at coin auctions.

You can also get your hands on coin sets as well as other type of world coins, and you’ll find that you’re privy to larger selection of coins than normal. Besides which, you also get the chance to examine them first.

Although coin auctions are a great place to find all the rare coins you need, if you are a first time buyer or this is your first time going coin auctions, then you might find yourself intimidated by the whole process.

When you’re just starting off though it might be a good thing for you to just go and scout out one or two coin auctions first before you do any serious bidding. This holds especially true if you’re as yet unable to establish for yourself whether the coin you’re bidding for is genuine.

Of course it might be certified and graded so that you feel comfortable enough to bid for it, in which case go ahead and get your feet wet. You’re still new enough to the game that you don’t need to sweat the small initial stuff.

On the other hand, if you want to get right into it from the word “Go!” you might want to look at getting an agent to handle your bids for you. You will of course need to pay them a fee, but it might be well worth it in the end.

Make sure that you look around first and get an agent whom you’re comfortable with. It’s no use going into it if you don’t trust your agent to look after your best interests.

If on the other hand, you do want to start right from the get-go, but you don’t want to go to an agent because you want to experience the pleasure and thrill of it for yourself, don’t worry. Start methodically and work your way up.

So first things first, you need to do some research first before you do anything else. Find out where the auctions are being held, find out what’s up for grabs, then do your research to find out if it’s anything you need or want, and whether you can conceivably afford it.

Since coin auctions aren’t necessarily held in one place, and since the world is a large place, you might have to do a bit of travel to get to these coin auctions. The really large ones can come later though. In the beginning I’d suggest just sticking to one or two that are close to home and which you can get to with a minimum of hassle.

If the coin auctions bug strikes you though I have to say that it’s very hard to resist the lure of the auctioneer’s gavel, and the quick breathless beating of your heart as you raise your hand or your card, and bid on a coin.

Watch out though, a combination of coin auctions and the coin bug can leave you broke and counting your pennies, and not in a coin collecting, hobby kind of way either but in all aspects of life.