Be a Successful Collector and Get the best Possible Price for your Coins

Be a Successful Collector and Get the best Possible Price for your Coins

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Coin collecting is a hobby which was started long time back during ancient times. None of us know whether at that time it was just a hobby or coin hoarding. This hobby was started suddenly when people found sparkling extraordinary coins floating around. A foreign coin, or from other country that had unusual carving or color drew attention of many people and they started collecting it.

Archeologists have determined that coins were gathered in medieval period in Mesopotamia and Ancient Rome by state treasurers. It is also assumed that people collected coins as a form of art. It was in the 14th century that kings and queens started this as a hobby. Petrarch, an Italian scholar, was considered the first to collect coins.

Now, there are many shops that collect such coins and keep it with them. These shops can contain coins from ancient times to modern times which no longer exist. These shops buy and sell coins to the consumer at a fair price. In case, you’re looking for a shop you can always type coin shop near me in your search engine and you can get a list of renowned shopkeepers that are authorized and authenticated with third party certification.

When you feel like selling your coins, you need to consider three kinds of market –

  • Retail
  • Market
  • Wholesale

Retail

When you plan to trade your coin, always remember the price quoted to you is the retail price. The most common guide of coin price is The Redbook. Most dealers quote their price taking reference of this guide but, the coin is generally sold in market rate which is decided by looking into the demand of that particular coin. Generally, consumers are suggested to disregard retail price because the price of your coin depends upon its demand.

Market

This is determined after looking into the retail price. Every coin has its own value and that value is derived after various auction sites come to a point. Inflation too plays an important role in determining the market price. When there are rare coins that don’t get their market price then, such coins are referred to certain sites that help in deriving it

Wholesale

Most dealers will buy coins from sellers at wholesale price. With changing trends and demands of coins they keep changing their price. Dealers will generally pay you 70 to 90 percent of the current price. Coins that get affected much are silver coins of any era.

There is no fixed value for any coin. It is date, condition and mintmark on your coin that will determine its price.