How to Sell My Coin for Cash

By Johnny Kampis

If you have a rare or collectible coin you would like to sell there are a number of options for you. The popularity of online auction sites makes selling coins a snap, while many cities have a number of coin dealers that may be willing to take coins off of your hands. Take stock of what you have and read below for possible sources for your sale.

Place your coins in protective holders. You can easily find paper or snap-tight plastic holders for your coins at coin shops or major bookstores. You need these both to protect your coins and to make them more attractive to prospective buyers.

Grade your coins. The value of a coin varies greatly based on its grade, in a scale that ranges from About Good (AG-3) to Perfect Uncirculated (MS-70). Newer coins that aren't MS-70 or similar are not worth much, except for odd varieties, while older coins can be worth a lot, even if they are at the lower end of the grading scale. "Whitman's Red Book" is probably the best source for grading information, with a detailed description of each coin for each grade. Most dealers will also be honest with you in determining the grade of your coin if you want to sell to them.

Take your coins to a dealer. This is the quickest way to turn your coins into cash, but dealers usually pay less for coins because they will resell them. Check your Yellow Pages to find a local coin dealer.

Sell on an auction site. eBay is a popular choice for millions of Internet users, but it can be too overcrowded in supply. If your coin is not rare or unusual it may not stand out from the other listings on the site and may fetch a low price. Unless you have a really good item, don't be disappointed if your auction brings a low final bid.

Seek professional assistance for very rare coins. If you have a coin that you think may be worth upwards of four figures, your best bet may be an auction house. A professional auctioneer will be better able to assist you sell your coin for a high price.

About the Author

A veteran of the newspaper industry, Johnny Kampis has worked as a freelance writer since 2005. His articles have appeared in various publications including "The New York Times," "Atlanta-Journal Constitution" and the "San Francisco Chronicle." He currently serves as an editor of poker-based "Rounder" magazine and writer for the Alabama football publication "Crimson" magazine.