A key to turning a profit when you sell your coin collection is knowing when it is time to sell. If you have kept track of the price that your coins will fetch and you think you can get a nice return on your investment then it is probably time to sell. If there is an unforeseen spike in the price of your coins then decide if you will take advantage of this right away, acknowledging that such a spike is never sustained over a long stretch of time. However, if for personal reasons you find you have no choice but to dispose of your collection, take heart because there are ways for you to come out winning when you sell.

Be Ready with an Updated Inventory

Many hobbyists and investors make the mistake of not having complete information about their coins when it is time to sell. This often leads to either under pricing or overpricing the items. Sometimes, poor assessment of the collection results in selling a coin separately when it should be the centerpiece that can push for the sale of a whole set. All these mistakes can be avoided if you know your coins and their actual market value before you make your offers. This means that if you want to do well when you sell then preparing an updated inventory is a must.

Take Out the Guidebooks and the Price Guides

Once your catalogue is ready, begin the process of checking current prices. Go through the guidebooks, the price guides and the online journals to find out what your coins are worth. Check and double check the information you have on your catalogue against what the guidebooks say. If resources mention factors such as market demand or metal prices as drivers that can bring prices up then get to know the exact status of these factors at the time you want to sell. As you do your research, it is good to be sensitive to business trends and see if there are dots to connect between them and the price of coins.

Set Your Price

Once you have done your research, figure out a viable price for your items. Take into consideration all the fees and taxes you will pay when you sell. Decide also whether you want to sell by the set or by the piece but be prepared for either eventuality.

How You Will Sell Your Collection

If you are finally ready to sell your coin collection, make a survey of how you will do the actual selling. If you belong to a club you might want to ask members if they are interested in acquiring the pieces or sets you are selling. If you choose this option, be ready for requests for professional grading and figure out if the expense will not bring prices up too much.

You might want to sell to a shop. A good place to start in this instance is the shop you buy from. If the shop has a buy-back window then the task of selling becomes simplified. Or, if your collection is valuable enough and large enough, you might want to try selling through a public auction. Again, the auction house will charge you a fee for selling your items. You will have to negotiate about starting bids when your coins go into public auction but people have been known to get the best deals from this option.

An online auction is also a good venue for coin collectors today. Just be ready with a good description from your updated inventory of the items for sale. You also have to post accurate pictures of your coins and be ready to accept payments through PayPal. Remember to take into consideration the fees that PayPal will charge.

Selling your coin collection demands research and discipline. It is a business activity that collectors sometimes go through unwillingly. But if you make the necessary preparations, you know you can sell your coin collection successfully, armed with a confidence that can only come from knowing your coins and being sure that you are pushing for the sale at the right time and the right price.