Maybe you got started with coin collecting when you were just a kid – picking up pennies and carefully checking the markings. Perhaps you picked up the hobby later in life, intrigued by changes in the value of collectible coins and currency and drawn by the many varieties available at the local antiques fair.
No matter what your reason for getting started as a coin collector, it is important to know when the time has come to sell the collection you have so carefully built through the years. Whether you exit the collectible coin market once and for all or start over with a new market niche, recognizing your own needs and circumstances can help you choose the right time to sell.
Selling Makes Sense if You Can Find a Great Dealer
You may find it difficult to sell an extensive coin collection because you haven’t found a dealer you can trust. Some dealers will try to undersell you, offering only a fraction of what your coins are really worth. Others may not even know what your coins are worth, while others may not have taken the time to build a market for their wares.
A good dealer will be able to make a thorough assessment of your collection and offer you a fair price that is of market value. If you have already found where to sell rare coins, and the buyers are members of the top authentication services in the United States, you are one step ahead of the game.
Sell Into a Strong Market
The market for collectible coins is influenced by a number of factors, from the price of the underlying precious metal to the demand for the coins themselves. Before you decide to sell, you need to research all of these factors, starting with the price of gold, silver and other precious metals.
You can check those gold and silver prices easily enough by going to your favorite financial website or consulting a publication like the Wall Street Journal. The price of gold will not tell the whole story, but it will give you a good baseline to work with.
Sell If You Have Your Eye on an Alternate Investment
Collecting rare coins is a fun hobby, but it can also be a wise investment. If your collection is intended to be an investment, you need to recognize when the time has come to sell.
If you think your money would do you better elsewhere, it may be time to diversify your holdings by selling your collection. Whether you put the proceeds in the stock market, in a savings account or somewhere else, diversifying your risk can make a lot of sense.
Whether your coin collection includes a few select pieces or hundreds of pieces of currency, knowing when to sell is an important skill to have. The tips listed above can get you started, and you can go from there.