Selling Rare Coins? Tips To Help You Maximize Your Payout

Collecting old or rare coins can be a wonderful hobby. Finding coins that were created long ago takes you back in time, often causing you to ponder on the societal conditions during that period and possibly giving you a new historical period to learn about. Once you have a hefty collection, you might decide to sell off a few of your pieces to make some extra money. If you've never sold coins before, you might be a bit confused about the process. The tips below provide you with a few suggestions you can implement to get the most money for your rare coins.

Cleaning Your Coins May Not Be A Good Idea

As you survey your coin collection, you might notice that several items tend to appear quite dirty. It's actually normal for this to occur because the coins may have exchanged many hands and been in several different destinations before reaching you. Although you might be thinking it's best to clean the coins, the exact opposite could be true. Taking your coins to a dealer after cleaning them could mean you walk away with much less money than you imagine.

The natural aging process of each coin often causes a patina to form over the surface. The patina is essentially a protective coating that forms on the surface of the coin. If you use harsh chemicals to clean the coins, the ingredients in the solution could remove the patina, leaving the metal much more vulnerable to damage. Also, cleaning coins could remove tiny bits of the metal itself. This devalues the coin, making it worth less than it was before. Simple washing with a touch of water should be able to loosen up surface debris without ruining the coin itself. 

Know When To Sell

Selling your coins at the right time is very important. There are ebbs and flows in the world of rare coins and you definitely want to sell at a point where your precious metals are valued at their highest.

Keep track of the current prices for gold, silver, and copper so you'll know when the metals are at their peak. By doing this, you should be able to get as much money as possible.

Some rare coin dealers will appraise your haul and present you with a cash offer right there on the spot. If you're ready to sell and want to make the most of it, the information above can help you get there.

Contact a local coin dealer to learn more.