Expert: Dan Moore - 2/5/2009

Question
Dumb Question.. If I was to sell a small collection.. maybe 2000 Coins.. Is there a way or place that buys for or near Book Price.. is there such a thing.. Where and how would be the best way to sell such items.. by the roll (16 rolls Merc. Dimes) Singles?? Pennies.. ?? By the Pound?? ( 80 pounds unsearched pre 1983) Several rolls Eagles?? Etc?
Ebay?? People seem to pay a bit over at times? Other sites?
Coin Shop?
Thanks?

Answer
Joe,

Where to sell your collection depends on how much work you want to do.

You may get a bit more money selling on eBay, but you have to do a lot more work, and you will have fees to pay for listing on eBay.

I suggest you go to www.greysheet.com and get a copy of the weekly & monthly newsletters -- these are the price sheets that dealers use, and give the most accurate prices.  Figure on about 80% to 90% of the prices listed, for the amount you can expect to get from a dealer.

Common silver coins (like Merc. dimes in the 1940's) will only sell for the silver they contain -- currently about 9 to 10 times the face value.

Lincoln cents with the memorial reverse have no added value.  Those with the wheat ear reverse are worth about 2.5 cents each.  If you find an older, rarer one that is listed on the monthly greysheet, it can be worth significantly more.

The best thing to do is to sort out the no-added-value stuff, sort out the common wheat cents and common silver, then take what you have to a local coin show.  There will be several dealers there -- in competition with each other -- so you can check with several dealers and take the best price.

I hope this helps,

Dan