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Common Mistakes Made When Selling Coins

Posted on June 30th, 2017 by JoeG

When a coin buyer in Chicago is looking at your coin collection, they will be looking for distinct characteristics. If you are a new coin collector starting the selling process, here are a few common mistakes that coin buyers in Chicago suggest you keep in mind:

Do Not Clean the Coins!

People misunderstand and make the mistake that the cleaner something is the more valuable it is. This, however, does not apply to selling coins. Even if you have experience in selling coins, you have likely made this mistake. Experienced coin experts say do not clean the coin at all! Don’t reach for the silver cleaner & put away the vinegar and baking soda, and bring in the coin in its natural, aged patina state. Cleaning a coin can cut its value by 80% or more and damage its value.

 Jewelry Coins:

Coins set in bracelets, rings and pendants as Jewelry Coins can appear beautiful & decorative jewelry by it’s owners and creative artists, but if you are trying to get the most value for your coin from a coin buyer in Chicago, it is best you understand these coins will be only be worth the gold value in most cases. Although you may believe your handcrafted-coin jewelry is more valuable than the coin itself, this will unlikely be the case. Again, coin buyers in Chicago are more interested in the natural state of the coin.

Do Not Alter the Coins in Any Way:

Unfortunately, people sometimes chemically clean and alter their coins to make them appear in better condition and higher in value. If you attempt to alter your coin in this way, it will essentially ruin and depreciate it’s collectible numismatic value, thus making it in most cases worth only the precious metal value rather than it’s rarity numismatic value. Be sure your own coins are left in the original condition, and be wary when you are also buying coins from telemarketing or TV infomercial companies and websites that could leave you with a worthless collection.

If you have any questions or concerns about selling your coins, you’re invited to contact Chicago Gold Gallery to consult with a coin buyer in Chicago that is a knowledgeable numismatist in the industry, helpful, and passionate about coins and other precious metals.

 

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