How to sell coins without getting taken advantage of
Guide
Sending photos doesn't commit you to sell
How do I sell coins without getting ripped off?
Learn what you have, leave it as it is and get more than one offer. Keep your coins in sight, and never ship them to a buyer you don't know or pay anything to sell.
1. Learn what you have first
Before you ask for offers, learn the basics of what you have. Don't let anyone hurry you.
For each coin or group, look for:
- The date and, if there is one, the mintmark: a small letter that shows which mint made the coin.
- Whether it is silver. U.S. dimes, quarters and half dollars dated 1964 or earlier are silver.
- Whether it is sealed in a grading service's plastic holder with a printed label.
Get more than one offer before you decide.
2. Leave it as it is, and photograph it
Don't clean, polish or dip anything. Cleaning can't be undone, and experienced buyers can spot it.
Keep coins in their albums, holders and Mint packaging, with any certificates or cards that came with them.
Before anything leaves your hands, photograph each piece, front and back, and make a simple list. Keep both for yourself.
When a buyer examines your coins, keep them in sight the whole time.
3. Get more than one offer
Get more than one offer before you decide. Show your coins to at least two buyers, and don't be surprised if the offers differ a lot.
- With a large collection, start by getting offers on a small group of your best coins.
- Tell each buyer you are getting other offers.
- Ask how each offer was reached.
- When you sell, get a written receipt that lists what was sold.
Questions about taxes on a sale are for a tax adviser.
4. How to check a dealer
You can check some things yourself:
- Membership. Numismatic organizations such as the American Numismatic Association have online directories of their dealer members, searchable by name or location. Members agree to a code of ethics.
- Explanations. A dealer should be able to tell you how an offer was reached.
- Patience. A dealer who objects to your getting other offers, or pushes you to sell right away, is a reason to move on.
5. Watch for pop-up buyers, strangers and the mail
Be wary of buyers who contact you out of the blue, and of buying events set up for a few days in a hotel. Consumer protection offices warn that such buyers may push you to sell quickly and leave town when the event ends.
If you meet a buyer in person, pick a safe public place, go in daylight and bring someone along. Some police stations have exchange zones for this, and your bank is another safe place to meet.
Don't mail coins to a buyer you haven't dealt with. Once they are out of your hands, getting them back can be hard.
You should never have to pay anything to sell, and never send money back to a buyer who overpays. We never ask you to ship items or pay anything up front.
6. If a coin may be rare
For a coin that may be rare, consider having it graded before you sell. A grading service such as PCGS or NGC confirms whether a coin is genuine, grades its condition and seals it in a labeled holder.
Grading has fees and takes time, and most everyday coins don't need it. Ask a dealer which coins, if any, should be graded.
Each service takes coins from its own collector members and through dealers it authorizes.
7. Selling to us
Send photos here on our website or on our Facebook Page. We pay cash.
Sending photos doesn't commit you to sell, and you can turn down any offer. If it makes sense to go further, we'll arrange a time and place to see the items in person. Offers are made after inspection.
