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    4 Frequently Asked Questions when Selling Coins

    Posted on January 16th, 2020 by Joe G

    If you’ve never done it before—or even if you have—the process of selling coins in Chicago may be a bit confusing. Fortunately, it doesn’t have to be, especially if you’ve found yourself on this page.
    In the following few sections, we’re going to answer five of the most frequently asked questions we hear when people decide to sell coins in Chicago.

    What’s the value of my coin based on?

    The value of your coin will depend on its date, mintmark & condition, rarity ( coins with low mintages are rarer than coins that have a high production mintage), or in the case of some gold and silver coins the value of their intrinsic precious metal content. For example, if you have a coin that has a low mintage date and scarce mintmark, it will have value for coin collectors ( numismatic value). Similarly, if you have a gold or silver coin with a common date, mintmark and high mintages they will normally be valued based on the price of gold and silver the day.

    How do you know if my coins are counterfeit?

    It’s frustrating when you think you have a valuable coin only to find out that it’s a fake. Experienced professionals know that there are coins that are fakes and know the procedures to determine authenticity ( many fakes of U.S. coins were also produced in other countries outside the United States) and counterfeits have been around since the 1800’s and earlier. An experienced coin buyer in Chicago can tell which are real and they know which types of coins are likely to be counterfeited. ( usually rare and key date coins like: 1916 D Dime, 1914 D penny, 1893 S Silver Dollar , 1932 D & 1932 S Quarters to name a few.

    How can I learn more about selling coins in Chicago?

    When you’re looking to sell coins in Chicago you can depend on Chicago Gold Gallery to explain these factors during the process while evaluating your coin collection. Keep in mind the books, magazines and even internet sites generally show the retail hobbyist values that in most cases in most cases the actual market values. Do not clean your coins no matter how they look! In most cases patina enhances the coins value and if you clean them you can & will decrease their value.

    Where Can I Sell Coins in Chicago?

    You can sell coins in Chicago to Chicago Gold Gallery. Give us a call at (773)338-7787 or come for a visit.

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