Selling an Old Coin Collection: Find the Value First and Choose Buyers Carefully
Many families have a jar, a box or an album of old coins in a closet. Some may be worth only their face value. A few may be worth more. The trick is to find out before you sell, and to sell in a way that feels safe.
A sale like this is usually a one-time boost, not a monthly income. Still, the money could pay a few months of a bill, such as a $15 streaming plan. Prices vary a great deal, and nothing here is a promise of what your coins will bring.
Step 1: Learn what you have
The American Numismatic Association (ANA) advises against selling anything before researching its possible value. A coin’s worth depends on rarity, demand, condition and how many were made. A collector coin may be worth more than the metal inside it.
- Sort coins by type and year, and write down what you find.
- Look up each type in a current coin price guide at your library.
Step 2: Get more than one opinion
The Minnesota Attorney General’s office advises getting a second opinion on a coin’s grade and value before agreeing to a deal, and not simply taking a dealer’s word for the value. It also suggests checking whether a “grading company” is tied to the dealer.
The ANA explains that a dealer’s buying price is usually lower than the price at which the dealer sells, because the dealer must make a profit. So an offer below the “book” price is normal. Offers from two or three dealers will help you see what is fair. The ANA notes that its member dealers follow a code of ethics, and it keeps a dealer directory on its website.
Step 3: Know the warning signs
- Cold calls or offers for “instant cash” from people set up in a motel or other temporary location, which the ANA warns about.
- Pressure to decide today, or “once-in-a-lifetime” deals, which the Minnesota Attorney General lists as red flags.
- Anyone asking for your Social Security number, bank account or card number over the phone. The ANA says not to share these with unknown callers.
If you meet a scam, report it at ReportFraud.ftc.gov. Meet any buyer in a public place, bring a friend, and never carry a large amount of cash alone.
Taxes and benefits
The IRS says gains from selling collectibles such as coins are taxed at a maximum rate of 28 percent, and most sales are reported on Form 8949 and Schedule D. What you paid (your “basis”) matters, and inherited coins follow different rules. If you receive SSI or Medicaid, ask the Social Security Administration or your state office how a sale could affect you before you sell. This is general information, so check your own situation or ask a tax professional.
More on Replace a Bill
- Selling Old Gold Jewelry: How to Get a Fair Offer
- Selling Old Silverware: Sterling or Silverplate, and Where to Sell It
- Selling Your Used Books Online: Find the Ones Worth Money
