How to Sell Coins in 2023: Start Selling Your Coins Online (2024)

Ecommerce, with the rise of website builders, social media, and marketplaces, has opened the door to all types of collectors to run successful stores dedicated to the collectibles they know and love.

The possibilities and potential profit are endless – especially if you collect items that can be found at low prices and then sold much higher, such as coins.

In this article, we’re going to walk you through everything you need to know about successfully selling coins online.

So, whether you’re a keen numismatist who wants to turn their passion into profit, or you just want to try your hand at selling something new and exciting online – read on!

Why Sell Coins Online?

Unless you’re already a keen coin collector, the idea of selling coins online might seem a little, well, unusual. After all, aren’t coins just worth what they are worth?

…nobody is going to pay you two dimes for a dime, right?

Well, of course, coins that are in circulation today tend to only be as valuable as they’re marked. However, many older coins are considered collectible and can reach a considerable price when sold.

The opportunity in this space is huge. It’s estimated that the coin collection market was worth a massive 14.07 billion USD in 2022 and is set to grow in the coming years.

With many rare coins worth thousands of dollars, there’s good room for profit in even one coin sale. In fact, some of the rarest and most valuable coins such as the 1794 flowing hair silver dollar reached over $10 million at auction.

Valuing Coins to Sell Online

One of the best things about selling coins online is the fact that you can often find high-value coins at low prices – but only when you know what you’re looking for.

The first step to valuing coins is to learn as much about them as possible. This is easier than ever with free guides available online as well as countless books that help you to identify and value potentially valuable coins.

This approach is useful when buying lower-value coins. However, with higher value coins a lot more is at risk, and potential oversights and even fake replicas can be incredibly costly. This is why it’s always worthwhile consulting an expert in order to value any high-value coins you may want to sell online.

Selling Coins Online: Step-by-Step

Find out how to sell coins in our simple walk through!

#1. Select Your Platform

So, where is the best place to sell coins online?

Luckily, there are several places you can sell coins online, each with its own benefits and downsides. Below we explore these options to give you the insight you need to pick the best one for you.

Online Store

Online stores are the go-to for those looking to sell online – and for good reason.

When you set up an online store to sell your coins you start to develop a central location where you can develop your brand and generate trust with your audience. This trust is especially important for those selling coins because buyers will need to feel confident that what they’re buying is genuine.

Online stores can also help you cut commissions from third-party providers and often offer you the tools you need to grow your business online, such as email marketing and social media scheduling.

For those looking to sell coins online, we strongly recommended checking out Shopify and Wix.

How to Sell Coins in 2023: Start Selling Your Coins Online (1)

Given the control that you have over your own website, this is arguably the best place to sell coins online – however, pairing this with other methods can be a smart way to reach more people.

(read our Wix review here).

Best Online Store Builders to Sell Coins Online

  1. Shopify Best overall online store builder
  2. Wix Best value for money
  3. Squarespace Easiest to use
  4. Square Online Best free plan

Online Marketplace

How to Sell Coins in 2023: Start Selling Your Coins Online (2)

Online marketplaces such as eBay are another popular option for selling coins online. The big benefit of this option is that it offers sellers an opportunity to get their coins in front of an already engaged and ready-to-buy audience.

However, online marketplaces tend to charge relatively high commissions which can eat into your profits. It is also important to remember that they “own” your audience and can change the terms of accessing them at any time – such as increasing the amount you need to pay on each sale.

Online Auction

Specialist and general online auctions can be a great way to sell coins online. This is especially true if your business model is focused on targeting other keen collectors.

When you sell your coins at an online auction you can guarantee that they will sell on the day you auction them, as long as they reach your desired reserve price. This can be a great way to shift stock quickly.

Specialist heritage auctions are also a great options for reaching passionate collectors and resellers.

Of course, you do face the risk of the item not meeting the reserve and therefore not selling. Plus, if you do sell you’ll have to pay the auction house a percentage of the amount you sold the coin for.

Coin Dealer

Selling to coin dealers can be fantastically lucrative if you have a knack for picking up coins well below market value. All you need to do is take the coins to the dealer and work out a price you are both willing to accept.

As coin dealers will typically sell your coins on, it’s likely that they will offer you less than what they can sell them for. After all, they need to make a profit themselves. So, this approach is often less profitable than selling directly to the end collector.

#2 Prepare Your Coins for Sale

Preparing your coins for sale can help you present them in the best way possible, helping you grab attention and increase your chances of getting them noticed by the right buyer.

Cleaning and Preserving Coins for Better Presentation:

  • Use a mild soap with warm water to gently clean coins.
  • Avoid using any harsh chemicals, abrasive materials, and excessive cleaning – as this may damage your coins.
  • Use a microfiber towel to pat coins dry.
  • Store your coins in individual coin holders or acid-free archival sleeves.
  • Only handle coins with clean, dry hands or wear cotton gloves to minimize oil and dirt transfer.

Grading Your Coins Accurately to Determine Their Value:

  • Familiarize yourself with coin grading scales such as the Sheldon Scale for U.S. coins.
  • Examine both sides and the edges of the coin for wear, scratches, dents, and any other imperfections.
  • Use good lighting and a magnifying glass when inspecting your coins.
  • Refer to reputable coin grading guides, books, or online resources for assistance.
  • Grade coins based on factors such as luster, strike quality, surface preservation, and eye appeal.

Organizing and Categorizing Your Coin Collection:

  • Sort your coins by factors such as type, denomination, country and era.
  • Use coin albums, folders, or plastic coin pages to organize and display your coin collection.
  • Label and catalog your coins with essential information such as mintmark, date, denomination, and grade.
  • Consider creating a digital or physical inventory list to track your collection – this can be using a simple tool such as Microsoft Excel.

#3. List Your Coins

Whether you’re starting your own online store or selling on an online marketplace, you will need to list your coins so people can check out what they’re buying.

Although listing on a platform such as Shopify or a marketplace such as eBay is relatively straightforward, doing it in a way that captures the attention of your potential customers and compels them to buy takes some knowledge and practice.

Take High-Quality Photographs of Your Coins

It is important to take high-quality, clear pictures of your coins so people can check out their condition before they buy. Online, people can’t pick up and examine the products, so be sure your product photos show different angles and close-up shots of your coins. Ensure your photos are well-lit, uncluttered, and clear (not blurry or out of focus).

These days you can take good quality product photos with your phone, but we do advise you to source a white background (a roll of white paper will do) and a good source of light. Artificial light is better than natural light because it’ll give you a sharper, cleaner final image.

Write Compelling Descriptions

Like any product you sell online, you’ll also need to write a product description so people have all the information they need to hand. Valuable information about your coins, whether that’s key features or information on the historical significance of the coin, can all help push a customer toward hitting the “Buy Now” button. After all, customers want to know as much as possible about what they’re spending their money on. We suggest avoiding vague descriptions that leave readers confused and make sure all of your information is accurate before sharing online.

#4. Decide on a Price

Pricing your products correctly can mean the difference between great success and total failure when you sell coins online. Price too high and nobody will buy, price too low and you will struggle to make a profit.

Pricing your coins should be relatively straightforward. For example, you may consult books and online guides from reputable sources such as the Professional Numismatist Guild. You can also look at online auctions, marketplaces, and competitors to check how much they’re selling the same or similar coins.

How to Sell Coins in 2023: Start Selling Your Coins Online (3)

Finally, if you are still not sure how to price your coins you could consult a specialist.

#5. Choose Your Shipping Method

It isn’t the most fun part of selling coins online, but shipping products certainly is crucial. Working out how you’re going to ship your coins will play a big part in how much profit you make and how desirable your coins are to collectors.

Being able to offer your customers several options for shipping will help you meet their various needs. For example, being able to offer next-day shipping will help customers who want to get their coins quickly, and offering international delivery will help you sell to a much wider reaching audience.

Which option is best for you for shipping will depend on several factors including your location and the typical weight/size of your parcels. Ensure you get multiple quotes from shipping companies such as FedEx and UPS to find the best price for you.

TOP TIP: As some coins can be of a high value, check that you are covered by the insurance of the shipping company should the coin be lost or damaged. If not, then you may want to consider taking out your own insurance to cover the value of the coin.

#6. Market Your Coins

So, you’ve built a fantastic online store to sell your coins. You’re all set for success, right?

Well, not exactly…

In order to generate sales, you will also need to drive traffic to your website. There are countless ways to do this, we give you a brief overview of the top and most widely accepted marketing methods below:

Social Media

Social media should be a go-to marketing method for any online store. After all, your store is online and social media is where the attention of your audience will often be focused.

Doing this is as simple as setting up your own social media accounts and regularly publishing quality content that will be of interest to your audience.

To further engage with those who may buy from you, you could also consider becoming an active part of online coin-collecting communities such as the American Numismatic Association Members group on Facebook.

How to Sell Coins in 2023: Start Selling Your Coins Online (4)

Email Marketing

Using email to communicate key messages with your audience is a great way to drive sales. You may set up emails for several reasons such as:

  • Notifying people of new coins coming into stock
  • Weekly or monthly newsletters
  • Educational content around coins

You can check out some email marketing examples for inspiration if you need an idea of how to get started, or find out more about email marketing best practices!

Search Engine Optimization

A huge percentage of buyer journeys start on search engines. For example, someone looking to buy a specific coin is most likely to go to Google and type in something like “buy [insert specific coin name]” in order to start their search.

This is why optimizing your website for better search engine rankings is so important. There are countless ways to do this, such as:

  • Writing your website content with specific keywords in mind
  • Publishing high-quality content around your specialist subject
  • Ensuring that your website works well on all platforms such as phones, tablets, and laptops

Read more about the benefits of SEO here.

How to Sell Rare Coins Online: Summary

It’s clear that selling coins can be a lucrative business. Using online methods such as setting up an online store, using marketplaces, or selling via online auctions can both streamline the process as well as allow you to access wider markets.

So, what are you waiting for? Why not start selling coins online today?

FAQs

Selling coins can be a very lucrative business. However, time must be taken to learn which coins can be sold at a profit. Once you’ve established a system for finding and buying coins under the market value, selling coins on your online store or via auction can generate substantial profits.

There are several options for selling coins online. Arguably the best option is setting up your own ecommerce store as this allows you ultimate control over the selling process. However, you may also choose to sell your coins on online auctions, online marketplaces or to other coin dealers.

Keeping your coins cleaned and organized is an important part of selling coins online. Avoid using harsh chemicals or abrasive materials that may damage your coins, a mixture of mild soap and warm water is more suitable. You should then dry your coins using a microfiber cloth.

There are many marketing methods you may be able to use to promote your online coin store. For example, you may publish engaging content on social media, optimize your website to appear on search engines and invest in email marketing.

Alright, let's delve into the world of selling coins online. I'm no stranger to the intricacies of numismatics and the e-commerce landscape.

Firstly, the article rightly emphasizes the potential in the coin collection market, which was valued at a staggering 14.07 billion USD in 2022. That's no small change, and it reflects a thriving market for collectors and sellers alike.

When it comes to valuing coins, the importance of knowledge cannot be overstated. Understanding the nuances of coin grading scales, like the Sheldon Scale for U.S. coins, is crucial. It ensures that sellers can differentiate between common and high-value coins, especially when dealing with older and collectible ones. Moreover, consulting experts to appraise high-value coins is a prudent move, given the risks involved.

Now, let's talk platforms. The article covers various options, from setting up your own online store using platforms like Shopify or Wix to leveraging online marketplaces such as eBay. Each has its pros and cons, and the choice depends on factors like control, commissions, and audience ownership.

Preparing your coins for sale is an art in itself. From cleaning them with mild soap and warm water to using coin holders and grading accurately, these steps enhance the visual appeal and value of your collection.

Listing your coins involves more than just putting them up for sale. High-quality photographs showcasing different angles and close-ups are essential. Compelling product descriptions, rich with historical significance and key features, provide potential buyers with the information they need to make a decision.

Pricing strategy is crucial. The article rightly advises consulting reputable sources like the Professional Numismatist Guild and checking competitors' prices to strike the right balance between profit and attracting buyers.

Shipping, though less glamorous, is a pivotal aspect. Offering various shipping options tailored to customers' needs, along with ensuring adequate insurance coverage, adds a layer of professionalism and convenience.

Lastly, marketing your coins is the key to success. Leveraging social media, email marketing, and search engine optimization (SEO) are vital methods to drive traffic to your online store. Being part of online coin-collecting communities and engaging with potential buyers enhances your reach and credibility.

To sum it up, the article provides a comprehensive guide for anyone looking to turn their coin collection passion into a profitable online venture. So, what are you waiting for? Dive into the world of online coin selling today!

How to Sell Coins in 2023: Start Selling Your Coins Online (2024)

FAQs

How can I sell my coins easily? ›

5 Best Places To Sell Rare Coins and Paper Money
  1. Heritage Auctions. Heritage Auctions is the largest collectibles auctioneer and the third-largest auction house in the world. ...
  2. eBay. ...
  3. Stack's Bowers Galleries. ...
  4. APMEX. ...
  5. Your Local Coin Dealer.
Jul 11, 2024

How do you sell rare coins without getting ripped off? ›

Because you're dealing with valuables, make sure you choose a reputable, trustworthy business or individual to transact with. Scams and even robberies are possible. Using a trusted local coin dealer or coin shop will usually be your safest option.

How do I sell my oldest coin? ›

They include:
  1. Completely understand the product you're selling.
  2. Know your market and who will buy your product.
  3. Position the product as a solution to a problem or make something easier.
  4. Make your customer comfortable with you as a seller.
  5. Show first, then sell.
  6. Don't talk down to your audience.

How do I find out what my coins are worth? ›

Hire a professional appraiser to grade your coins and tell you how much it is worth. The American Society of Appraisers and International Society of Appraisers have searchable directories of professional appraisers. A dealer might also be able to help.

Where is best place to cash in coins? ›

Your local bank branch is a good place to exchange coins. The branch will typically give you coin wrappers for free. Credit unions or community banks are more likely to have free coin-counting machines for members.

What is the cheapest way to turn coins into cash? ›

For the best chance of avoiding fees when exchanging coins for cash, visit your own bank or credit union and make an appointment to save time.

Is it worth selling coins? ›

Depending on the market, currency with gold or silver in it could get you more than face value. Condition matters to an extent, primarily if it's in uncirculated or very good condition. On the flip side, age does not really come into play. There is no sliding scale based on the year the coin was produced.

What coins sell for a lot? ›

  • 1933 Double Eagle. This U.S. gold coin, with a denomination of $20, is one of the most highly sought-after because only 14 are known to exist. ...
  • 1794 Flowing Hair Dollar. ...
  • 1787 Brasher Doubloon. ...
  • 1861 Paquet Liberty Head Double Eagle. ...
  • 1913 Liberty Head Nickel. ...
  • 1804 Draped Bust Dollar. ...
  • 1915 Panama-Pacific $50 Gold Piece.
Mar 4, 2024

What do I need to know before selling coins? ›

Things You Should Know
  1. Identify your coins by noting the denomination, date, and mint mark. ...
  2. Determine your coins' value by having them graded. ...
  3. Use a reputable coin association like The American Numismatics Association to find trusted coin dealers, coin shows, collector magazines, or online auctions.
Dec 12, 2023

What is the best time to sell coins? ›

Although the internet is blurring the traditional coin seasons, the two best times of the year for selling your coins are still around the FUN show in January and at the summer ANA in July or August. This holds true for selling a coin yourself, on consignment, or through an auction.

Where is the best place to sell coins with errors? ›

American Rarities Numismatic Company is by far the best place to sell coins online. We've been in business for decades, making over $400 million in numismatic transactions since our founding in 1990.

How can I sell my coin for the most money? ›

How to Sell Your Coin For Top Dollar
  • Step1: Figure Out What Type of Collection You Have. ...
  • Step 2: Understand Spreads and Profit Margins. ...
  • Step 3: Create An Inventory Of The Coin Collection. ...
  • Step 4: Have Realistic Expectation. ...
  • Step 5: Get More Than One Opinion, But Be Fair. ...
  • Step 6: Sell to the Coin Experts You Choose.

How do I start selling old coins? ›

Selling to a local dealer is one of the easiest options; it doesn't require any shipping, minimum values, or extra hassle. You get paid up front for everything, hand it over the counter, and you're done. This approach, however, may not always get you the best possible price for your coins.

How do you get paid for old coins? ›

Trade or buy coins privately or through coin clubs. Coin dealers buy or trade coins. You may want to ask an experienced collector to suggest reputable dealers. Buy coins at national or local coin shows.

Where is the best place to value coins? ›

Coin Valuations
NameWebsiteInstore
ACT
Online Coinswww.onlinecoins.com.auYes
Sydney Coins and Jewellerywww.sydneycoins.com.auYes
Town Hall Coins & Collectableswww.townhallcoins.comYes
17 more rows

Which site is safe to sell old coins? ›

Auctions: auctions, especially online auction sites like eBay, are a popular option among sellers.

What is the best app for coin collection value? ›

Coin collectors finally have the resource needed to make informed numismatic buying, selling and trading decisions, thanks to the PCGS CoinFacts mobile app. The world's largest encyclopedia of U.S. coins now fits in your pocket and is 100% free to use.

How do you get the best price on coins? ›

Coin dealers are experts who can appraise your coins and offer a competitive price based on the current market value. They can also advise you on how to sell your coins, such as which ones are rare and common. You can find a local coin dealer online or ask other coin collectors for recommendations.

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