Selling your Coin Collection
You got an inheritance from your Gramps. Being his most favorite grandchild, you are to receive his most prized possession, his Silver Coin Collection. The coins sure look shiny and costly. You are impressed by the size of the collection and its beautiful presentation in a huge velvet box. But what do you do with it? You don’t know anything about coins. You don’t know any other collector. Or any dealer, for that matter. What are you going to do with your inheritance?
Photo: Selling your coin collection online or at an auction.
Most people become coin collectors by chance. Only a few people get into collecting coins on their own interests. Yes, a lot of people are fascinated with rare coins, or any rare collection, for that matter. But not all of them get into the hobby. It takes a very strong passion to be a collector of anything, especially something as expensive as silver coins. Not only the coins are pricey, but taking care of them also costs a fortune. Not to mention the security measures one has to take if the collection has become so large and extensive that it’s already worth a huge fortune. So most of the time, coming to an inheritance like this would make one want to sell right away and turn it to liquid cash.
If you’re one of the few lucky ones who inherited such a fortune and you have that same thought of liquidating the silver coins right then and there, you may want to hold on to it for a bit and sleep on the thought for a few nights. A silver coin collection may appear boring and scary at the same time to most because of the cost and the danger it may present if it’s a huge and expensive collection.
However, there are joys in having a great collection and who knows? You might actually enjoy it or earn more by selling it at a much later date when you are more familiar with the trade. Don’t rush selling. Haste is waste, as they say. You may end up selling your collection short when you could have earned a fortune from it. So, try to know as much as you know about silver coin collection before looking for a buyer, or even before talking to a dealer. It’s always better to know a little something before entering into a discussion or negotiation with a dealer. This way, you would not be totally ignorant of the trade and will be least likely to be scammed. Know the basics first, at least.