Collecting coins is an interesting and sometimes lucrative hobby. Old or rare coins can turn out to be surprisingly valuable and can get a good price from a Coin Dealer in Oklahoma City. The following are some tips for anyone who has coins to sell but isn’t sure how the process works.
First of all, it’s helpful to know that there are two types of coin dealers: wholesalers and retailers. Wholesalers generally want to get as much stock to turn around as possible, so they attend coin shows, advertise for coins, and buy in large quantities. Wholesalers sell their coins to retailers, who sell them again. Retailers typically sell to individual clients, so they don’t seek out a large amount of stock. They may pay higher prices than wholesalers since the coins don’t have to go through a middleman, but they may not be as highly motivated to purchase coins and may be more concerned with making a profit.
Another important thing a seller should know is the ballpark value of his or her coins. One place to research this information is a publication called the Coin Dealers Newsletter, also referred to as the Grey Sheet. This newsletter lists up-to-date wholesale buying and selling prices for all types of U.S. coins and mint sets. Of course, any coins will have to be appraised before the dealer suggests a price, and the price will include a retailer’s profit margin. The Grey Sheet only gives the seller a general idea, but it can be a useful starting place.
Because dealers are used to seeing a lot of coins that have little value, they will probably look through a collection of coins very quickly, just to get an idea of the general condition and years. Then they will make a low offer based on the value of silver in the coins rather than taking time to look for a rare and valuable coin. Consequently, coin sellers need to sort their own coins into sets according to decades, separating out any unique or potentially valuable coins for the dealer to appraise.
The best place to sell coins is with a local dealer who is established in the business community and has a reputation to protect. For information about selling coins from a Coin Dealer in Oklahoma City, visit .
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