How to Sell Coins Without Getting Lowballed

Sort before you sell

Selling a coffee can of coins as one lot is how people leave money on the table. A buyer looking at a mixed can prices it for the worst case. Spend an evening sorting and you change the conversation.

Pull out anything in a grading holder (a hard plastic slab from PCGS, NGC, ANACS or another service) and list it by certification number. Next, separate silver: dimes, quarters and half dollars dated 1964 or earlier, Kennedy halves dated 1965 to 1970 (40 percent silver), war nickels dated 1942 to 1945 with a large mint mark over Monticello and any silver dollars. Gold goes in its own pile. Then look for key dates in each series, such as the 1909-S VDB and 1914-D Lincoln cents, the 1916-D Mercury dime or the 1932-D and 1932-S Washington quarters. US Mint proof and mint sets in original packaging stay together. Everything else, including clad coins and worn wheat cents, is bulk.

You now have up to five groups. Each one has a different best buyer.

Where to sell coins and what each venue is best for

Coin shops: quick, local and honest when you pick well

A local shop is the right first stop for silver, common gold and mixed accumulations. You walk out paid, usually the same day. The catch is that you are dealing with one buyer. A general shop may not have the market for an early copper rarity or a scarce variety, so it bids low to protect itself.

Call ahead if you have a lot to show. Bring your sorted groups and your list. Ask the dealer to make an offer group by group rather than one number for everything. That makes it easy to sell the bulk silver here and take the key dates elsewhere if the offer on them seems light.

Coin shows: many buyers in one room

A coin show puts dozens or hundreds of dealers under one roof, which makes it the easiest place to get competing offers. Specialists set up at shows: someone who only buys Morgan dollars, someone else who wants early type coins, another who handles paper money. Walk the floor first with your coins secured, then show your best pieces to two or three dealers who clearly handle that series. Regional and state club shows are common. The American Numismatic Association holds a spring show and its larger summer World's Fair of Money.

Auction houses: highest ceiling, slowest money

For a genuine rarity or a high grade certified coin, a well-advertised auction exposes it to the most serious bidders in the country. Auction houses charge the seller a commission on the hammer price and charge buyers a premium on top. Commissions are often negotiable for larger or better consignments. Some houses offer a cash advance against the expected result. Expect to wait weeks for the sale date and more weeks for payment after it. Ask for the consignment agreement in writing and read the parts about photography fees, reserves and what happens to lots that don't sell.

An auction is overkill for bulk silver or common coins. Their lot minimums and fees make little sense below the collector premium band.

Online marketplaces: more of the price, more of the work

Selling online can bring close to full retail for certified coins in popular series, because you reach collectors directly. You also do the photography, write the listings, pack and insure shipments and deal with questions and returns. Selling platforms take a percentage of the final price and payment processors take another cut. Raw coins sold online invite disputes about grade, so most experienced sellers only list certified coins of meaningful value. Watch for buyers who ask you to ship outside the platform or pay by unusual methods.

Bullion dealers for silver and gold

Bullion dealers price silver and gold from the spot metal price, the live market price for one troy ounce. They buy below spot or near it and sell above it; the gap is their margin. Common 90 percent silver coins are quoted by face value, so it helps to count your silver by face first (ten dimes, four quarters or two halves make one dollar face). Modern bullion coins like American Silver Eagles and Gold Eagles are quoted per coin.

Bullion buyers are the right home for worn common silver and for gold that has no collector premium. They are the wrong home for anything with collector value, because they pay for metal and nothing else.

How to avoid lowball offers

• Know what you have. Look up each key coin and its condition before you show it. A buyer can tell when a seller has done homework.
• Get at least two offers on anything significant, from buyers who don't know each other.
• Ask for itemized offers. One lump sum hides low bids on the best coins.
• Keep the best coins out of bulk lots. A key date in a roll of junk silver gets paid as junk silver.
• When a dealer asks what you want for it, it's fair to ask for their offer first, especially if you don't know the market.
• Don't sell on the first visit if you feel rushed. A good offer will still be good tomorrow.
• Get a written receipt listing each coin or group sold.

Frequently asked questions