When a loved one passes away, you can become grief stricken. Not only did someone close to you die, but you’re also left with stress due to dealing with their affairs and paying for expenses such as a funeral or an estate sale. While estate sales make sense for liquidating your loved one’s personal items, don’t throw money away by quickly selling precious metals and coin collections.
These assets often have more value if you go through an alternative method of selling them—namely through a reputable coin dealer. So, before you sell anything of this nature, make sure to follow these tips to get the best liquidation value.
Places to Avoid Liquidating Metals and Coins
Convenience is one of the foremost reasons why people choose pawn shops and jewelry stores to sell coin collections and precious metals. But don’t fall into this trap. Pawn shops are in the business of resale. Thus, these shops will make low-ball offers, oftentimes at pennies on the dollar. Jewelry stores aren’t much better. Instead of relying on intrinsic value or numismatic value, jewelry stores look solely at the weight value of gold, silver, or platinum. As a result, you once again won’t get a fair value for the collection.
Why You Should Go Through a Reputable Coin Dealer
Estate sales don’t come without extra costs. In most scenarios, estate sales companies can charge up to 50% commission, effectively cutting into your profit margin. As a result, coin collections and precious metals lose half their value. That’s why a coin dealer is the better avenue for liquidation. Through their honesty and fair value appraisals, you can maximize your return and lessen the blow of death-related expenses, such as a funeral, lawyer fees, and other costs. At London Coin Galleries of Newport Beach we have helped customers sell, buy and trade at the best value possible. Whether it’s one coin or an entire collection, you’ll always get the most value for your precious metals and coin collections.
Tips for Selling Precious Metals and Coin Collections
Before you take precious metals and coin collections to sell, follow these tips to make the process easier and maximize your return.
Organization Is Important
If possible, organize your loved one’s coin collection into like categories. This includes putting foreign currency together, as well as separating bills from coins. You should also keep them safe by putting them into plastic totes, coin binders, or a safe. Also, never clean any of the coins. This can ruin their value, especially if you’re not familiar with how to clean coins. Once you complete this task, you’ll make it far easier for buyers to browse your collection.
Basic Evaluation
Another task you can undertake to improve your return on coins and bullion is to educate yourself. Start by purchasing a resource book, such as “The Official Blue Book: A Handbook of U.S. Coins” or a similar text. Books such as these can help you discern the value of the coins. Then, when you go to sell, you have a basic idea of how much something is worth or what you’re willing to sell it for.
By adhering to these suggestions and ignoring the urge to go to pawn shops or selling through estate sales, the liquidation value of your coin collection and precious metals soars. By choosing us as your Orange County coin dealer in Newport Beach, you can enjoy the gift of financial security that your loved one left behind for you. It’s part of their legacy, and something that you shouldn’t take lightly.
