How to Sell Old Dollars & Coins

Written by david stewart
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How to Sell Old Dollars & Coins
(Thinkstock/Comstock/Getty Images)

If you are looking to sell your old coin collection, acquired through inheritance or through self-collection, take into account the current market for the coins. According to the National Coin Grading Service (NCGS), coin collection activity in the U.S. has increased once again and U.S. collectable coins are going on strong. There are different options available to you to sell your old coins. Whatever method you use, it is important to know the value of your coin collection before you sell it.

Skill level:
Moderately Challenging

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  1. 1

    Identify the coins. The country name is usually indicated on the coin in the vernacular. Use the Guide Book of United State Coins (Red Book) and The Handbook of United States Coins (Blue Book) to identify U.S. coins by their appearance. Compare images on Don's World Coin Gallery (or other such site) for identifying world coins.

  2. 2

    Estimate the value of the coins. Visit the NCGS website to know the current pricelist of U.S. coins. Check prices quoted for coins such as yours on auction sites. Have the coins graded by a professional to know their true value. You can use professional grading services such as NCSG or the Numismatic Guaranty Corporation (NGC).

  3. 3

    Sell your old coins to a reputable coin dealer for fast cash. If you are going through dealers, they usually perform coin grading themselves. Some dealers offer coin appraisal services, including grading, for free.

  4. 4

    Know what amount the dealer is willing to pay you. If you are not satisfied with the price, consider selling your coins through online auction sites. To sell online, you need to place close-up photographs of your coins to give the buyer a clear idea of what they would be buying.

  5. 5

    Selling through local auction houses is also an option. Auction houses can fetch you best prices, especially if you really have a rare coin.

  6. 6

    Approach a coin or currency dealer to sell old paper money. Paper money is usually graded by dealers depending on the condition and extent of circulation. You can also use auction websites, or sell through auction houses. You should get your paper money graded by a professional before putting it to auction.

Tips and warnings

  • Selling your coins as a collection fetches more money than single transactions. However, ensure that you don't group irrelevant coins.
  • Do not clean the coins as it reduces their value.
  • Exercise caution while auctioning online.

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