It’s possible to inherit rare gold, silver, or bronze coins without knowing their value. Unless you are a coin collector with appreciable knowledge, you may be conned out of your inheritance. The current coin market is around $17.59 billion, a whopping sum indicating that you might be holding on to a treasure. For detailed information on how to sell them, please read this article for more insight.
Never clean your inherited coins
Did you know that cleaning your inherited coins or attempting to give them the perfect shine reduces their value? Believe it or not, this is a real deal in the coin collection industry. A professional numismatist can quickly differentiate a recently-cleaned coin from an original one. Unfortunately, several people who inherit old US Coins are tempted to give them an artificial shine because of the seemingly dull look.
Moreover, there is a general misconception that a shiny coin holds more value than a dull one. Even though you are advised against cleaning them, you are responsible for storing and keeping them away from the weather’s effects. For proper storage, ensure that the coins are wrapped up properly to avoid water damage.
Create a comprehensive inventory of your collection
Just as a storekeeper will take inventory of their goods, you must do the same for your inherited coin collection. This involves taking stock of each coin and grouping them according to specific features like the year, type of metal, etc. These categorizations will give you a fair idea of what you own and how to identify them when it’s time to sell. An easier way to do this is to use the internet to track the coins you have in your collections.
Most websites have detailed information dating back to several years and will be helpful in your inventory process. Even if the coin collection you inherited already has an inventory, experts recommended doing it again for confirmation purposes. Indeed, taking stock of the collection can be time-consuming but will be worth your time.
Determine where to sell the coin collection
Determining where to sell can be confusing, and you may lose your collection if care is not taken. You can contact a professional numismatist who has no conflict of interest with your inherited coins. You can also try retail or wholesale options for the best deals. However, the secret to finding the right market is to attend coin auctions. Most coin buying companies and agencies are regulars at these auctions because of their high success rates.
That said, you can meet establishments that trade in rare coin collections. Moreover, minted US Coins have become excellent economic trading tools in the country. Furthermore, other credible outlets such as Heritage Auction coins ply their trade online.
Indeed, there are several security levels to check before online coin trading can be authenticated. As a caution, pay particular attention to these online coin transactions because some are scammers. Hopefully, you’ll follow these tips to get the best deals for your inherited coin collections.