Chris Coal 2016-07-24 15:00:00
Regardless if you are buying or selling coins, the first time you deal with a coin dealer can be a bit overwhelming. If you don’t know what to expect, you may have some questions and uncertainty about the process. Here are a few tips you might find helpful.
Each coin seller is different and your strategy on dealing with him or her will change depending
on if you are selling or buying coins. Some dealers will offer you better deals on coins you are selling but will charge you an arm and a leg for ones you buy. Some will give you a fair prices for the coins you sell and some will do what they can to get the most money out of you if they feel you don’t know what you are doing.
1.) Don’t ever walk into a coin shop if you don’t know anything about the coin you have in your hand. Research as much as possible online before you go. Don’t just walk in and ask “How much will you give me for this?” You could end up with an offer for $5 on a coin that is worth $150, and won’t know the difference until it’s too late, if at all. It makes zero sense to accept $10 for a $80 coin if it only takes a couple of minutes to look up some information on it before you go.
2.) If you’ve recently acquired some coins and you are thinking about selling them, get a detailed price guide. There’s a book called the Red Book, which gives an estimated price for coins and also has close-up photos so you can look for any special identifying marks on your coins that could make them worth more than others. Several different prices are listed depending on the grade of the coin. Find the lowest grade for each coin in that book and if it says $30 you know not to accept much less than that. It’s hard to distinguish between grades if you’re just starting out.
1.) Shop around. There may be more than one coin dealer in your area and if you’re looking to buy coins, visit a few different ones to see what they have to offer. After you’ve been to two or three different dealers and looked at the same types of coins you will get a better idea of what you should pay for the ones you want.
2.) You should already have a price guide to give you an idea of the value of the coins you want to buy, but you should also have some knowledge about coin grades, too. In some cases there is a huge price jump between one grade and the next, based on differences that could be hard to tell if you’re not an experienced collector. You could get ripped off if a dealer tells you a coin you’re looking at is worth $400 when it’s actually only worth $175.
3.) Always make up a list of the coins you want before you actually go into a coin seller’s shop. You likely won’t remember exactly what mints and dates you need for your collection, so a short list of the ones you especially want to buy is handy so you don’t get pressured into buying one or more that you don’t actually need.
Tip: Always have the most possible knowledge about the coin(s) you are buying or selling, before you go to a shop. To learn more about the different types of coins, visit the Canadian Coin & Currency website.