Many people start coin collections for their family members to leave in their last will. Others like to buy and sell to make money and enjoy watching the demand go up and down of the many different coins available in the marketplace.
If you decide that you would like to sell your coin collection the best thing to do is have it valued by a reputable coin dealer. Once that has been done, you can sell coins in Chicago to the most reputable coin buyer available. However, before you do that you should know the four biggest factors that impact on how value your coins are or are not.
Rarity
The biggest factor is how rare or scarce the coin is. Coins that are very rare sell for much more than a coin that is more common and easier to find. Rarity can be determined by the number of coins that were minted and how many are known to be around today.
Grade
The coin’s condition is also very important in determining its true value. If a coin is in bad condition or its grade is poor, it does not have the same value as another that has a higher grade. Coins have a grading system known as the Sheldon Scale. The scale has been accepted by dealers and collectors as a reliable way of determining the grade of a coin.
Supply and Demand
Coins that are relatively common can have much higher demand if many people are collecting them. If a particular coin is in high demand by coin collectors then it eventually is going to be of more value as many collectors want it, making its demand increase and supply less.
Amount of Precious Metal
Gold as well as silver coins usually sell for higher prices than the melt value unless the coin’s condition is very poor. However, gold and silver coins have appreciated the past few years in value and that means coins that are in poor condition may still have more value if sold to collectors rather than those who melt them down. Nevertheless, the more gold or silver the more its worth.
If you are looking to sell coins in Chicago, please visit Chicago Gold Gallery or http://www.ChicagoGoldGallery.com. Follow us on google+.
