Selling Often More Difficult Than Buying
Question: I have been a minor coin collector 15 or more years and have three large briefcases of miscellaneous coins. I wish to sell them, but do not have the expertise to know how much they have increased in value. Where can I take the coins to sell them and obtain the best price?--R.S.
Answer: Buying coins is easy. If you have the money, you can buy whatever you like, perhaps even negotiating the price a little, because there is often some room for give and take in a coin transaction. But selling--that’s another matter.
You indicate that you don’t know how much your coins have increased in value. The first thing you should do is evaluate your coins. It’s possible that not all of them have gone up. The only way to be sure is to satisfy yourself that they are graded properly, then check each one out with a price guide.
The one most relied upon is the Coin Dealer Newsletter, which is issued weekly with bid and ask prices listed for most individual U.S. coins.
The newsletter, commonly known as the Gray Sheet, is not the only price guide available. Also, it’s important to know that the Gray Sheet is a wholesale listing for dealer-to-dealer transactions.
Buy and sell prices to the public are, in effect, retail, so you can’t expect to get top dollar, but you should be able to get fair dollar.
Besides knowing generally what your coins are worth, it’s also a good idea to shop them around to several dealers. A dealer looking for the material you have is likely to pay more than one who is overstocked or not particularly interested in what you’re selling. You can contact dealers in person or by telephone.
Coin shows are good because many dealers congregate in one location and it doesn’t take long to comparison-shop. But remember, the dealers will always have the upper hand. This is how they make their living and they have bought and sold a lot more coins than a collector could ever imagine. Even so, if you do your homework, you should be able to get a fair price.
Q: Recently I inherited a set of the Danbury Mint Medallic History of America. These were purchased from 1973 to 1976. These 200 sterling silver medallions cost $11.50 each, plus 50 cents postage. Could you please tell me the value?--L.Y.
A: Private mint sets have a tough time in the numismatic market. Most dealers will offer only the silver-content value. However, many such sets are works of art and might carry a premium from dealers of antiques, collectibles and the like. Shop around for the best offer.
Q: We have the following gold coins and are keen to know a realistic market value for each of them. They are all uncirculated and in good condition. Coins are: 40 francs 1811 Empire Francais; 10 francs 1860 Napoleon III; 10 francs 1905 Republique Francaise; 10 francs 1892 Austria; 10 korona 1898 Magyar; and 1965 Rhodesia--Independence, Peace, Justice, Freedom.--H.W.
A: The 1811 40-franc piece is in the $250-to-$400 range; the two 10-franc French coins are $75 to $100 each; the Austrian 10 francs is $65; the Hungarian 10 korona is $75, and the Rhodesian piece is $125.
Coin News
The mania for large silver medals may have reached its peak with the issuance of a 16-troy-ounce piece (pictured) marking the 200th anniversary of the U.S. Constitution. Only 2,500 pieces will be issued, each numbered on the edge. The privately minted medals are $325 each from Colonial Coins, 909 Travis, Houston, Tex., 77002; telephone (713) 654-0047.
An auction featuring treasure from the Spanish galleon Atocha will be featured at the San Diego Coin Show on Sept. 18 and 19. More than 500 Spanish coins will be sold, along with other Spanish artifacts in addition to Colonial American coins and currency, Colonial newspapers and other numismatic material. Catalogues are $5 (be sure to ask for the Atocha supplement) from the San Diego Show Inc., P.O. Box 3341, La Jolla, Calif. 92038; telephone (619) 273-3566.
