Getting Into The Coin Game: Beginners Tips For Selling Your Rare Coins On Online Auctions

Finance & Money Articles

If you're a beginning coin collector, chances are it was pretty simple to identify reputable dealers and even snag a great deal on some pretty rare pieces. Unfortunately, if this is your first time selling, you might find that it is far more difficult to find a buyer who is willing to purchase your coins for a fair price. From flea markets to rare and valuable coin shows, there are several places you can sell your coins. However, if you don't have connections because you are so new to the game, selling your coins on an online auction could be your best option. Here are a few tips to help you successfully sell your coins on an online auction:

Know Your Coins' True Value

Before you even set up an account on any of the online auction sites, it is important to know exactly what your coins are worth. There are many options available to help you determine the price. For example, the US Coin Digest is a yearly publication that can help you determine the price of your coins. There are also several online sources that can help you determine the value of your coins based upon their appearance and their potential future value.

However, when it comes to your truly rare and valuable coins and collections, your best option is to have them checked over by a professional coin grading service. These professionals have the knowledge and tools to provide you with an accurate assessment of your coins. The coin grading service will also determine the authenticity of your collection.

Any potential buyers will definitely take notice if your coins are professionally graded and will be more willing to pay top dollar for the collection. To find out more about coin grading services, visit this site right here.

Consider the Fees and Costs of Selling Online

The convenience and access to millions of potential buyers are two reasons why you should consider selling your coins in an online auction. However, there are a few downsides, particularly the potential fees and shipping costs.

The fees that the online auction house will charge will depend upon several factors. For example, according to eBay, they charge a variety of different fees depending on the listing. These include an insertion fee and fees if you add the "advanced listing" feature.

Additionally, you need to factor the cost of shipping and insurance into your final price. Remember, if your coin collection is very valuable, chances are your buyer will expect insurance. If you expect the buyer to pay for the entire cost of shipping and insurance, this may send them to another seller who has cheaper fees.

Listing Your Coins So They Will Sell

Now that your coins are graded and you have found the best online auction site for your collection, it is time to actually start listing your items. Even though most auction sites provide you with straightforward instructions on how to use the site, they won't tell you how to be successful. Here are a few simple tips you can utilize to help you get the most out of your coins on an online auction site:

  • Take pictures that accurately depict the condition of your coins. Be aware that depending on the online auction site, you might be charged a fee for posting more than one picture. It is, however, worth it to post multiple pictures of each coin. Make sure the pictures are clear and well lit.
  • Offer a competitive starting price. Check out the other sellers with similar products and try to offer a slightly lower opening price. However, avoid undercutting yourself too much, especially if you are paying higher shipping costs.
  • Set up an "About Me" page, including photos and a brief biography. The buyers will appreciate getting to know something about you, and they might even be more inclined to buy from someone they consider a friend!

From having your coins professionally graded to posting amazing images, there are several things you can do to successfully sell your coins on an online auction site. 


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