How to Make Money Selling Coins Online

13 min read

Thinking about selling some old coins? Maybe you’ve got a coin collection at home you’d like to earn some extra cash by selling, or you’re simply considering diving into the coin selling niche. It can be stressful not knowing where to start, or how to make the most of your coin collection.

But there’s no need to worry; now it’s easier than ever to sell coins online. We’ve put together this quick guide to help you sell old coins and get the most from your coin’s value, regardless of your reason for selling them.

Continue reading as we walk you through the best ways to sell your coins and learn all about selling coins online. In this guide, you’ll find out how to connect with potential buyers, how to get the most from your coins, the best places to sell coins online, and how to start making sales without having to invest a fortune upfront.

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Is Selling Old Coins Profitable?

According to the president of the Professional Numismatists Guild (PNG) organization, even during times of economic uncertainty (like 2020), the coin selling industry was not affected and continued to exceed monetary sales from previous years. Firms reported selling more than $167 million of U.S. rare coins in online public auctions despite the economic impact of last year.

Statistics like this, plus the testimonies from thousands of others benefitting from the selling of coins, speak volumes of the industry’s resilience and sustainability, setting it as a smart one to venture into.

Can You Sell Coins Online? Is It a Good Idea?

If you are thinking about selling old coins, selling them online is one of the best ways to get the most from your coins’ value. There are not many options when it comes to selling coins face-to-face, and some of the ones available can be risky or problematic. For example, going to a coin shop is not always the best option as oftentimes coin dealers offer prices way below the coin’s value, especially if they can tell you are new to the game.

On the other hand, online coin selling helps you reach a wider audience, provides you with the opportunity to advertise your collection on social media, including Facebook groups dedicated to the topic, and allows you to sell your coins on an already existing customer base like eBay or Amazon. Ultimately, selling coins online can help you close deals and get paid faster than if you were to use other methods.

Before You Start Selling Old Coins Online

Before you decide the best route for you to sell your old coins, there are a few things to take into consideration. You’ll probably want to think through things like coin identification, condition, and appraisal before putting your coins out there for sale; this way you can ensure you know how much your coins are worth and avoid under or overpricing.

Identify Your Coins

You must be aware of what kind of coins you have in your possession before you start selling them. Knowing the worth of a coin requires you and the buyer to know the exact history and type of coin that is being sold. Here are a few tips to help you identify what kind of coin you have:

First, check your coin’s date. This is one of the easiest ways that can help you identify an old coin. In the case the date is not there, don’t panic, there are a few other factors that can help you determine a coin’s value.

Check for the denomination. When trying to identify a coin, you can also check for the denomination. This is found on the coin; simply check if it has a face value or not. If it doesn’t, it might be a medallion. These two can be easily confused, with many people thinking they have a silver coin when they have a silver medallion instead.

Check the language. Determine if you can understand the coin’s language or text; this will help you identify the coin’s region of origin. if it happens to be in a language you can understand, it might be from your region or one nearby.

Check the coins’ shape. Coins minted before the late 1700s tend to have an irregular shape. Those printed from 1037 to 1967, for example, have more of a polygon shape, very similar to a circle.

These are all important telltale signs of a coin’s worth, but they are not the whole story when it comes to coin identification. You should also check for factors like the image on the coin, the coins’ size, thickness and diameter, its condition and more to help you understand your coin collection. All of these are helpful when identifying what kind of coins you have, therefore helping you know how much these can be sold for.

Get Your Coins Appraised & Where Can You Get Them Appraised

Even if you think you’ve identified the kind of coins you have, it is always good, and sometimes necessary, to have an appraiser take a look at them to help you figure out their exact value. This can prevent you from losing money or overpricing your coins, which leads to no sales. An appraiser will analyze each of your coins, checking for shape, condition, etc., and let you know each one of your coins’ prices.

Finding an appraiser

You can find an appraiser by doing a quick online search or asking someone in the industry for recommendations on a trustworthy one. Even if you think you’ve found a reliable appraiser, we advise doing some research before and after appraising your coins to make sure you are getting the most value for what you have. Finding a trustworthy appraiser is not always easy, but you can always consider coin grading companies like Professional Coin Grading Services and Numismatic Guaranty Corporation, which are known for their ethics and reliability.

When it comes to coin appraising prices, it will vary depending on each of your coins’ value. For example, a coin worth $150 might only cost you $20 to get it graded, while a coin worth $50,000 could cost you $125. In the end, deciding whether or not to have a coin appraised will mainly depend on the coin’s rarity and uniqueness.

Quick Do’s and Don’ts When Selling Your Coins

If you are new to coin selling, or simply lack experience, you’d always want to take the time to research and educate yourself on the topic to get the most from your coins. Never rush the process and fall for the first deal. Also, avoid cleaning your coins. You should never clean your coins as this could drastically reduce the value of your coins. Last but not least, you’d want to avoid asking coin dealers how much you can get for your coins. This could immediately set you as a beginner, which means you could end up receiving low offers.

How Can You Sell Your Coins?

Now that you have an idea of what kind of coins you are dealing with, it is time to get those sales! We understand your options are many, which can get overwhelming. We’ve put together a shortlist with a few recommendations on how to sell your coins, with one of them requiring nothing else from you but a computer, yes no need to even leave your bed. We are not joking!

Coin Shops. As we talked about in the previous sections: you can sell your coins for cash at any local coin shop. Just make sure their prices are fair and check with multiple coin dealers before settling for an offer.

Auctions. You can choose to submit your coins to auctions. These tend to happen either online or in person, and can be either locally, regionally, or nationally. Just be mindful that auctions can be unpredictable, and many times you could end up earning less for the value of your coin.

eBay. Consider selling your coins on eBay. Selling online is ultimately your best bet when selling old coins. eBay allows you to introduce your coins to an already existing customer base, exposing your coins to hundreds of potential buyers. You’ll want to make sure to include high-quality images and competitive prices to stand out from other eBay sellers. Just keep in mind that eBay takes a percentage of your sales which can be a problem for many.

Coin Shows. At a coin show, hundreds of people come together to buy and sell coins. You can end up landing a great deal by attending a coin show, although this is not always the case. When it comes to selling coins at a coin show, it will all depend on the buyers attending the show and how well you can communicate with them.

Your Own Website. Although many of the options mentioned above can work to get your hands on the game, ultimately, you’ll want to have a website if this is something you see yourself diving deep into. Having your own website is probably the best way to start selling coins online; you’ll not only have full control of the prices of your coins but will get the full profit from any of your sales. A website is also a great tool to advertise your business and provide your customers with secure transactions when purchasing any of your coins. Last but not least, if you were to sell your coins on platforms like eBay, with a website you can easily sync it to any 3-party listing.

Setting up Your Coin Shop with Ecwid

If you are ready to get started on selling coins online or are simply looking for a way to expand your brick-and-mortar coin shop, you can easily set up your own site for free with Ecwid. With our free plan, you’ll get a one-page website with up to ten products that can be easily synced to any platform you’d like. There is no experience necessary as you can easily add your products and photos with just a few clicks.

We are a PCI DSS Level 1 Certified Service Provider; all of your payments and transactions data will be safe and securely stored. With Ecwid, there is no need to worry about language barriers, no matter where your customers are from or where in the world they are visiting your store. Ecwid offers over 45 automatic translations for your storefront, making it easy for international shoppers to shop from your store. This is something not many competitors can offer, setting you ahead of the competition.

Ready to Start Selling Coins Today?

No matter the path you choose to sell coins online or face-to-face, always remember to focus on coins that are high in demand, make sure to educate yourself on the topic and identify your coins so you can get the best offer for your coin’s value, and most importantly take it slow and don’t rush things. Become an Ecwid merchant today and get ready to start selling your coins at a price most convenient to you and your buyers, with no need to worry about coin dealers or 3-party fees.

Do you want to learn more about starting a local business?

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About the author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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