subject: Selling Coins Is An Art That Takes Practice [print this page] Coin selling is almost like an art for those that do it on a regular basis. Being able to spot a good buy is where it all starts. Coins do not grow in value quickly for the most part, and even older coins do not increase in value like some would think so it comes down to finding a good buy.
Once a good buy is made on a silver or gold coin, then the marketing process begins. Some people like to set up at actual live coin shows and auctions where they will display their goods to other coin enthusiasts and collectors. Most of the time, a buyer will know what he or she is looking for and will know what they want to spend. Some will carry around a booklet of the most current coin prices.
Just like baseball or football cards, different coins will be "hot" at certain times while others or not. When a coin goes in high demand for whatever reason it can be sold for more. So selling coins is also about being able to predict the future market. Coin dealers who can predict a certain coin being in high demand can buy them up before it actually happens. This takes a lot of experience and research to keep up with certain market trends. Even the best coin dealers will predict wrongly and get stuck with a bunch of coins that nobody wants. But when they predict correctly, they can make some good profit and turn it in a hurry.
For the beginner, selling coins can be an exciting time. Those getting into coin collecting will normally start out by making some safe purchases, usually based on coins that look neat or that may appeal to them rather than based on turning a profit and there is nothing wrong with that. They will then attend some local coin shows and get a feel for the industry. Just hanging out at some coin shows will allow beginners to pick up on some of the lingo floating around. Coin dealing and selling lingo will help them in better understanding transactions and in making good decisions. Dealers like to use a lot of lingo to test the buyer as to their level of experience in coins.
Selling coins online or by sending them into a coin dealer is probably the quickest way to make some extra cash. Online coin dealers buy and sell coins every day and will evaluate coins fairly and will offer the seller a fair market value. Once the offer is accepted by the coin seller, a check will be sent out immediately.
Normally the seller has to pay a portion of the shipping and handling charges but for the most part, an ethical coin dealer will quote coins at the spot on price or even slightly above. A coin dealer at a coin show would most likely make an offer below the spot price so he can turn around and sell the coin for a profit. Hanging out at coin shows and reading literature on coin collecting will surely teach anyone interested in coins the ins and outs of the business.
