To make money through coin collecting and selling you will first be required to have the requisite startup funding and investment. You will then have to establish a coin selling marketplace that prospective buyers can visit, sample and hopefully buy whichever of your coins they fancy.
Both requirements will take time and effort to materialize but once you do, this could be a really enterprising venture that will have mutual rewards for you and your customers.
What are the Different Types of Collectible Coins?
The following are some of the different coin types that you can search for as you start building up your collection:Business strikes (regular coins) – These are coins that are minted for general circulation, i.e., for day to day transactions.Rare coins – These are really scarce in supply and tend to be more expensive depending on their rarity. The 1933 Saint-Gaudens Double Eagle is a good example; only one specimen exists and it’s the world’s most valuable coin.Bullion coins – These are made from precious metals like gold, silver and platinum, and are maintained as a store of value. They are bought and sold at premium prices.Error coins – These coins feature mint or striking mistakes and since they are very rare they have a high coin collections value.Antique or ancient coins – These are coins that were used in the antique eras and include Roman coins, etc. The Lydian Lion from 600BC is known to be the oldest coin.Exonumia – This term basically refers to ‘coin-like’ numismatic items, i.e., collectibles like medals, tokens, challenge coins, casino chips, and elongated coins that are not government-issued currency.Proof coins – These are collectible coins that have high visual appeal thanks to their excellent luster which is a result of them being struck using chemically-treated dies. Modern versions will mostly bear matte or frosted texture cameo portraits that contrast with their otherwise shiny surfaces.Commemorative coins – These are also known as commems and they are minted in commemoration of various important events or persons. A good example is the 9/11 coin.Reproduction coins – These are coins that have been intentionally copied so as to be used as souvenirs and collectible items.Others – thematic coins and bimetal coins.
Where Can You Find Collectible Coins to Sell?
To start stocking up your coin collection inventory you need to find some really good wholesaler sources from whom you can find a wide variety of coins to keep your customers interested.
One of the most recommended of these is Jake’s Marketplace, Inc. Established back in 1963, this wholesaler is a renowned appraiser, buyer and seller of US and foreign coins. From them you will also get a wide variety of coin supplies from many different manufacturers.
Another good source is CollectorsInternet.com , which has one of the world’s largest stamps and rare coins collection.
The same can be said about WSCoin.com where wholesale deals are offered.
You should really keep abreast with the latest in the market so as to know what is best to offer and where to buy. This means that you should have access to the latest coin price guides, coin auction news, mint release news, coin news sites and coin forums which are frequented by avid collectors.
You never know where you’ll find a big hit…it may be from family and friends, a coin expo and so on. Financial institutions also need to be in your scope. The two best numismatic periodicals to read are Numismatic News and Coin World.
In addition to the coins, you will also need to purchase coin collecting supplies like coin albums, coin holders, coin folders, coin collection protectors, coin literature, etc. These can be sourced from The Coin Supply Store and Mark Johnson Coins & Supplies.
What Types of Collectible Coins Tend to Sell Best?
The best coins to sell in terms of ease are the certified coins. These are essentially what you need to look for when looking to buy for resale purposes. Such coins have been graded and encapsulated by respected grading/certification companies including Professional Coin Grading Services, Numismatic Guaranty Corporation, ANACS, and Independent Coin Grading Company.
Where Do You Sell the Coins in Your Collection?
Having accumulated a decent coin collection you will now have something to offer prospective buyers, i.e., coin collectors. There are quite a number of platforms for you to do this including:eBay – This is the biggest stage for any collectible coin seller. The market is immense by virtue of the huge online coin buying traffic, and the safety of online transactions is more or less assured. To get started you will have to register as an eBay seller and it is best that you grasp the basics first before plunging headlong with your coins collection. Take time to visit the eBay University Learning Center to learn the ropes of using eBay. You need to know how to set your terms for sale, how to go about payment issues, listing your coins using scans or photos, etc. With eBay the potential to earn good prices is better compared to selling your coins to dealers, with respect to your wholesale purchasing price.
Preparing Your Coin Collection for Easier Deals…
When offering to sell a collection of coins it is best to have everything organized for seller and buyer convenience. Have all the coins inventoried on paper and provide details including the different types of coin, number of each coin type in the collection, mintmarks, grades, and dates. Presenting this information in a professional manner will definitely attract a professional response from prospective coin dealers looking to buy.Using other internet auction platforms – Apart from eBay there are a couple of other respectable coin auctions on the internet. These include auction house like Goldberg Coins , David Lawrence , Heritage Auction Galleries, Stacks, Teletrade and Bowers & Merena .It is particularly important to establish the credibility of any coin auction house before handing over your collection. The advice of trusted veteran coin collectors and coin dealers should be sought when there is doubt. Any such coin auction house should give a confident display of knowledge in numismatics, a professional internet outlook, well-defined rules of consignment, and of course a fine name in the trade.In selling coins via this approach you need to know that you’ll have to pay a commission of 18%, you will have to meet consignment deadlines accordingly, not all your coins will be accepted, and typically only the rarest coins really generate excitement.Selling through community coin auctions – Such are relatively localized public gatherings replete with live auctioneers who auction off collections from owners after having listed them on sales bills in advance. The coins sold in these auctions tend to be less expensive and owners are subjected to commissions as much as 25%. The returns are however much better than could be achieved through outright wholesale. Participating in such auctions can be a very good way to make new acquaintances and create networking possibilities.Wholesaling your collection to an online coin dealer – There are many of these across the US and since they have quite extensive customer bases they can purchase different sizes of coin packages as long as the coins have a collectible value. You will often have to send your collection over to them using a mailing system that they’ll advise and this is something to exercise caution over. It is best to work with an online dealer who has a solid market reputation. In doing so you’d want to approach them with realistic coin value estimates and prices, of course knowing that you will be dealing in wholesale terms. Where do you get the best of these dealers? You’ll find possible contacts in publications like the Numismatic News and Coin World. It is advisable to ascertain that the dealers are members of industry organizations like the Professional Numismatist Guild or the American Numismatic Association .Wholesaling to local coin dealers – These dealers often need to replenish their stocks and will do so by finding people who need to sell. It is arguably the easiest and fastest way to liquidate your collection and as expected your returns may not be as high as you’d want them to be; sixty percent of the retail value is a feasible amount to receive. This may be an option you’ll want to pursue after others have proven futile.