The Best Places to Sell Old Coins

By Brock Cooper
Old coins on display at coin shop
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Coin collecting is one of the oldest and most profitable or expensive hobbies you can have. Numerous books have been written about coin collecting, value of coins and the best places to buy and sell your coins. Whether it is a misprinted wheat penny or a sesquicentennial half-dollar, there are many options for amateur numismatists to sell their coins.

On-line

Online view
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Anyone wanting to sell their coins can do so on-line at auction sites like eBay and have a good chance at making a decent profit on their merchandise. Numismatists scout the sites looking for the best deals and are willing to get into a bidding war for that treasured piece. You can also hedge your bets by putting a minimum bid on it to guarantee you will get what you want. The only downside is that it is not guaranteed to sell and there is a small fee for selling a product on eBay.

There are online stores that are willing to buy coins, but their prices may not be what you want. Often, they will have a list of any specific coins they are looking for, but their goal is to sell the coin to the next person for a hefty profit. Often, their prices will be well below the value and many prey upon the those who are selling the coins out of desperation.

In-Person

17th-20th century european coins, display, coin trade show
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The best place to sell your coins is to someone that knows what the coins are worth and has a passion for collecting. You can often find these people at coin shows, especially those sanctioned by the American Numismatic Association. Here you can buy, sell or trade coins with others who want to get the best deal. Many of them are not in it for the money and are willing to pay top dollar for that prized piece. You can also visit coin shops that specialize in selling coins. They are often knowledgeable about the value of the coin, but will likely not give you top dollar as they will want to sell it as well.

Another place to sell your coins is to a pawn shop, but this should be done as a last resort. Pawn shops sell many things including coins, but they often give you anywhere from 10 to 20 percent of the actual worth of the merchandise. Along with making a profit, pawn shops are under strict state and federal regulations that require extensive tracking and paperwork, adding to their cost. They make up for this by inflating the price and giving you only a small part of what it is actually worth.

About the Author

Brock Cooper attended Illinois Wesleyan University in Bloomington, Ill. He was a reporter for seven years with a daily in Illinois before branching out into marketing and media relations. He has experience in writing everything from press releases to features on a variety of subjects and forums. His work can be seen in NewsTribune newspaper, Chicago Parent magazine and several websites.