My son recently came to own a lovely collection of old coins… Many are from his great Grandparents and we have little idea about their value or worth.
However, it got me thinking about these old coins and their value. Are they valuable and how do you go about selling your coins for cash?
Well, I have zero experience in coin collecting or selling coins up until this point.
Therefore, I decided to do some research online and I will share with you what I have found – hopefully it will help you out!
To be honest, I basically thought these coins were junk, (sorry!)… Quite cool to look at, but not really a money-making venture.
Turns out…. I was right. (Just kidding) I was only semi-right.
The coins that WE have personally in our home, are not worth very much, (but I could still definitely sell for a small sum!).
But that doesn’t mean that YOUR old coins are not worth much. See, that all depends.
In my post today, I’m going to be sharing with you the following:
- Getting Started Collecting Coins – Choosing A Niche?
- Have You Inherited Coins Of Value?
- Discovering Coins Of Value.
- How Much Can You Sell Coins For?
- Some Useful Resources & Tips For You.
- What Do I Think About Coin Collecting?
- Other Ways To Make Money Online.
So, let’s dive in.
PIN ME FOR LATER 🙂
Getting Started Collecting coins – Choose A Niche?
Perhaps you stumbled on this post because you haven’t even started your collection yet, (if not – you can skip this section!).
One common thing that coin collectors will do, will be to go into a certain niche, (rather than randomly collecting any random coin they find!).
Here are some of the more common ways to collect coins….
- By date – whether an era, or even a particular year.
- Sticking to a certain design theme – for example; coins that have ships on them.
- Coins made of valuable material – such as gold and silver.
- Commemorative coins, (limited edition coins for a certain period of time).
- Coins with errors, (can often be valuable due to being rare).
Some people actually ask for whole rolls of coins from the bank, so that they can carefully go through them, looking for any errors on the coins!
Or, some will look for coins that are BOTH rare in some way and also have an error.
For example; I’m in the UK and just saw on Ebay this rare 50p, that also has a printing error.
It’s only on £5.50, (around $7) but has some bids and 5 days to go.
So, for example, you could be in the 50p niche, collecting rare and limited editions.
According to this source, rare £1 coins with errors could fetch up to £15,000.
It will make me think twice about checking any pound coins that I come into contact with!
Just be careful, as some Ebay sellers will deceptively create a high buy-it-now price, when the coin isn’t rare.
So, doing your research first and only going with high quality 100% rated sellers would be the wise thing to do.
There are tonnes of different options, but rather than going blindly into it, it’s a good idea to think about what particular area you’d like to go into and start learning about that.
Have You Inherited Coins That Are Valuable?
Perhaps most kids start off interested in coins to begin with…. Before my son was interested in the old coins from his great Grandparents, I had them too!
I used to find it interesting to look at the dates and imagine how long ago it was, (always long before I existed).
I found it interesting to think about all the different hands that these coins had come into contact with and all the lives they had briefly touched – all to end up in front of me, in a little glass jar.
That’s as far as my interest spanned however, I never got into collecting.
In any case, the coins we had given to us were not rare, or made of gold or silver and there were no commemorative coins.
Generally, you’re going to want to either have coins that are rare and deemed as special or unique in some way.
Or, it could be that they’re made from gold or silver and therefore, the material alone have some value.
Many people that inherit a collection of coins, head straight to online auction sites like Ebay.
But selling online may not be the best way for you to make the best profit.
Although, they could be your first point of call for research, you may want to Google your individual coins and try and find them on online auction sites.
Some other routes you could take to sell your coins include, selling at auction houses, coin dealers, and even coin shows.
This post on warrickandwarrick.com has some useful information, for how you can go about selling rare coins.
Just don’t go to a pawn broker – they won’t give you anything like the real value and may not even be aware of what your coins are worth.
Discovering Coins That Are Valuable….
Maybe you haven’t inherited anything, but are looking to find and buy coins and sell them on.
There are various ways you could start looking for coins….
- Get a metal detector! … I see people several times a week with a metal detector on large grassy area behind my house. One thing these people could be looking for, are old coins. In fact, my son has asked for a metal detector for his birthday.
- Antique Stores,
- Garage sales, (bootsales UK!),
- Thrift stores,
- Take up hiking/walking… you may find old coins out and about, in rivers, or under bridges…
- Check the coins that you come into contact with, for misprints and errors!
Yes, finding coins will take considerably more effort in investing in them – but it also adds to the fun doesn’t it?
It’s like your own personal treasure hunt and must be exciting when you actually do find something.
How Much Can You Sell Coins For?
Naturally, this is going to depend on so many factors – including how rare or valuable your coin is, where you sell your coin and how much demand there is at any particular time.
I think the important thing here, is that you do your research.
For example; some people try and trick people on Ebay into thinking coins are rare, by having listings with a, “buy it now,” or start auction price of hundreds of pounds/dollars.
But, you will also see the very same coins with a really low auction price too – trying to fool you into thinking, that perhaps you could snag a bargain.
Unfortunately, where there is money to be made, there are always going to be scammers.
So, be sure to do a check on both the coins you buy and the ones you’re ready to sell.
However, if you’re looking to collect coins as an investment that you can sell later – coins are a decent thing to invest in!
Coins made from gold and silver, for example; are always going to hold value no matter what.
So, from that angle, purchasing coins of value in this way, is going to be solid.
Limited edition coins that are rare, are also something you can expect to grow in value over time… As long as they are rare!
Ultimately, it’s unlikely you’ll lose money on your collection – if you’re careful with your purchases and there is a good chance you can sell for a lot more!
To me, coin collecting seems a lot like saving for a rainy day.
Create a nice collection, that you can one day sell off for a nice lump sum…. Or pass down to the next generation.
Some Useful Resources & Tips For You:
If you want to sell coins online, or collect them to sell at a later date – the first thing you want to do is learn about this stuff!
If you already have a collection ready to sell, do some research and find out how much they could be worth and the best place to sell them.
If you don’t have a coin collection, but are interested in starting – research what niche you’d like to go in.
You may want to consider how you will purchase the coins – whether you’re going to look directly online, or start treasure hunting!!
Look up any local coin shops, antique shops, antique fair events and dealers.
Some Helpful Links:
- 10 tips for selling coins on Ebay.
- Coin collecting for beginners – Books!
- Coin collecting tips for beginners article.
- Success story of man selling rare coins on Ebay.
- How to sell old coins, step-by-step.
Let me know how you get on, or if there is something else you’re looking for.
What Do I Think About Coin Collecting?
During the time I’ve been researching this post, it’s really sparked my interest.
So much so, I’m planning on going to a local coin show in a few months and looking towards starting a collection.
I figure it could be a fun hobby – but potentially a supplemental income too.
There are even opportunities for some coin collectors to build up full-time businesses, although of course this would take significant dedication, knowledge and effort.
As a hobby that could potentially start very cheaply, or even for free… AND a high chance of getting a return on your investment…
It’s a hobby that could pay you back several fold in future.
Other Ways To Make Money Online:
There are tonnes of ways to make money online, but the ways that interest me most, involve passive income.
Passive income involves continuing to get paid…. long after your work is done!
A classic example of passive income would be… writing a successful book.
You write the book once, but could continue to earn money for that work years into the future.
Another example is, having your own successful blog or website – where you could earn money 24/7 for work that you did months, or years ago.
Not all the articles I write pay off! Some posts barely ever get read, (sobs!)
….But other posts get thousands of visitors per month.
Visitors to your site can = money. This is especially true when you have Ads on your site, because you will always earn, as long as you have visitors.
Another way to earn, is through recommending products and services on your website and generating a commission.
Once you have traffic, (visitors) there are lots of ways to potentially earn money.
It’s not easy and it won’t bring you in tonnes overnight, but it is worth investing your time.
If you want to find out how it works, this training helped me get started.
Have you had any success selling coins? Let me know in the comments.