Selling coins is a great way to earn some extra cash. While the economy has been struggling, and the stock market has been less than stable, many people are turning to their coins for additional funds. While the prospects of selling coins may appear to be a bit overwhelming at first, taking some time to learn the rules of thumb when it comes to selling coins can go a long ways in helping you to receive the most when you sell your coins.

The first factor to consider is whether or not your coins are composed of precious metals. As mentioned above, the precious metals market has been performing well in recent years, so if you have coins, bullion, bars, or rounds that consist of gold, silver, platinum, or palladium, you’re likely looking at some fairly substantial value. This is the case whether the coins were minted in the U.S. or abroad. Furthermore, there’s quite a liquid market for these coins, so you should be able to sell your coins without much effort.

As you would expect, the precious metals value of the coin isn’t the only factor that should be considered when evaluating the value of your coins. In fact, besides precious metals, there are three other factors that come into play when determining the value of your coins, which includes the mintage, demand, and condition.

We’ve already discussed that the underlying metal, if a precious metal, contains inherent value. The mintage is the number of coins that were produced. In general, lower mintage coins are higher valued coins. The demand of a coin typically goes hand in hand with the number minted. Low mintage coins, or rare coins, are typically in higher demand. Lastly, the condition of the coin can be a large determining factor in determining the value of the coin. The condition of coins ranges from „Poor“ to „Uncirculated“ condition. It goes without saying that uncirculated coins, those that have never been used in circulation, fetch better prices than those with substantial wear. If you happen to be lucky enough to possess coins that meet all of these factors, you might have in your possession coins that may command hundreds or even thousands of dollars in the market.

While our focus thus far has been primarily on old and rare coins, there are other common issued coins that can sell for a substantial amount, such as junk silver coins. They’re referred to as „junk“ because they’re primarily bought for their silver content as opposed to some of the other factors that we’ve previously discussed.

For those unfamiliar with the term, junk silver coins are most commonly associated with U.S. dimes, quarters, and half dollars minted prior to 1965, or 1964 and earlier. The silver content is 90%, as opposed to .999 fine, as is the case with many of the collectible coins mentioned above.

While the term „junk“ insinuates that these coins don’t have much value, that’s far from the case. In fact, when selling coins, it’s common to sell hundreds or even thousands of dollars of junk silver coins. This in large part has to do with the strong performance of the silver market in recent years.

While the selling of coins can take a while to master, anyone that takes the time to learn the basics is sure to do well and receive a fair price. Whether you’re interested in selling coins for some immediate cash, liquidating an investment, or selling an inheritance, learning the basics can result in more money in your pocket.

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