What To Do If You Want To Sell A Coin Collection You've Inherited

There are many people who collect coins and hand them down to their loved ones when they pass away. If you've inherited a coin collection, but do not have a desire to store the coins, you may want to consider selling them. The following guide walks you through a few things to consider when you want to sell a coin collection:

You Need to Get the Collection Appraised

Before you sell the collection to anyone, you need to get it appraised. This allows you to know the value of all of the coins and determines if it would be best to sell the coins individually or as a lot. The appraiser will be able to tell you if the coins are real or not and what each coin's value is currently. The value of coins can fluctuate, so it is best to get an appraisal near the time when you plan to sell the coins.

Determine If You Want to Sell the Coins to a Private Buyer

There are private buyers who are on the hunt for specific coins. You can meet with a private buyer to discuss what he or she is willing to pay for any of the coins that you have that they want to buy. Selling to a private buyer allows you to know exactly how much money you are going to get when you sell the coins. Be sure to put the sale down in writing so that you both have proof of the transaction when everything is said and done.

Determine If You Want to Auction Off the Coins

You can also sell the coins in an auction. This is a great option if you have rare or very valuable coins. You can sometimes get more for the coins at an auction than you would if you were to sell them to a private seller. The auction house that auctions the coins for you will make sure to contact local coin dealers that they know are interested in the coins that you have for sale. You will have to pay a fee for their services, but if you are able to get top dollar for the coins the fee is worth paying.

It is important to make sure you really want to sell the coins before you agree to sell them. Once they are sold to a private seller or auctioned off you will not be able to change your mind. 

Contact a company like Harlan J. Berk, LTD for more information and assistance.