5 Places to Sell Coins
Today’s economy is more unstable than ever, and some of the most reliable items of value are precious metals. There are probably many sources of precious metals around your home – jewelry, dishes, housewares and more. But one of the most popular forms of precious metal is coins, which are often made of valuable substances like silver and gold. In addition to being made of valuable materials, coins are also desirable collector's items with a lot of cultural and historical significance. If you are hoping to sell some coins for money, check out this list of five great places that will buy your coins.
1. Jewelry Stores
Some but not all local jewelry stores purchase coins made of gold and silver for cash. Many jewelry stores want the precious metal to sell themselves; others want to melt the coins down to make new jewelry. Ask your local jewelry store if it will buy coins from you. If not, many will be able to point you to a store that does or a dealer of precious metals.
Pawnshops are more popular than ever now that the recession is in full swing. Lots of pawnshops are accepting gold, silver and other coins for cash. Pawnshops will test your coin to make sure it's authentic; then they will offer you a price. You won’t get as much money from a pawnshop as you will at some other places, but pawnshops are easy to find and simple to do business with. They can also sell your coins back to you, if you end up wanting them back — if they are still there.
3. Coin Collectors, Dealers and Coin Shows
Lots of coins are valuable because of what they’re made of, but some are valuable because they are old, rare or unique. There are people who make their whole life’s focus the collection of coins, and they are experts about what great coins are worth. They are also eager to buy items to add to their collection. Try selling your coin to a coin collector or dealer if you think you have a really rare and special find. You can find coin specialists online, or check local listings to see if you have a shop or specialist near you. There are also regular gatherings of coin enthusiasts around the world called coin shows, where coin dealers get together to buy new coins or sell old ones. Attending one of these events will expose you to a bunch of people who might have an interest in your coins.
4. Auction Houses
Do you have a really rare coin? You might want to consider selling it to an auction house, which you can find by searching local listings and online. Many auction houses have regular rare-coin auctions that draw coin enthusiasts from all over the world. If you draw the right crowd for your coin at an auction, you could end up making a lot more money than any other avenue. However, if you end up with the wrong or an uninterested crowd, you might get no or very little money in return for your coin. The riskiness can be fun, but it’s also not a guaranteed way to get a lot of money for your coins.
5. Gold Buy Events
If you have gold coins, consider taking them to a gold buy event. There are traveling companies that hold events throughout the country to buy people’s gold. The events usually take place at hotels or convention centers. They are a popular way for many people to get gold coins off of their hands for cash. Unfortunately, people who sell their gold at these events often feel cheated, since the events are so short and there is a lot of pressure to sell. Make sure you do your research and know the value of your coins before you attend the event if you’re intending to sell.