Coin dealers in NYC: the rules they follow, and how to choose one

Where To Sell Silver Coins is an independent referral service, not a buyer, pawnshop or dealer, and it does not name or rank any dealer. When you call or send your coin list, we pass your details to an independent buyer in New York, who makes any offer.

The licence: Secondhand Dealer General

A business that buys or sells used goods in New York City, other than cars, must hold a Secondhand Dealer General licence from the Department of Consumer and Worker Protection (DCWP), under NYC Administrative Code section 20-265. That includes businesses that buy coins, jewelry and precious metal from the public.

• The licence must be posted where customers can see it, along with the DCWP complaint sign (6 RCNY 1-03(a)).
• The licence number must be printed on receipts, cards and ads the business gives customers (6 RCNY 1-05).
• Some are exempt: garage sales, not-for-profits, certain items, and businesses that buy or sell exclusively online.
• Lending is licensed separately. A business that lends money on pledged goods needs a DCWP Pawnbroker licence. A pawn loan is not a sale.

So the first check is simple: you can ask to see the DCWP licence. It should be posted, and the licence number should be on your receipt.

The scale and the troy weight

A business that buys gold, silver, jewelry or other precious metal in the city must have a scale and tell the seller the troy weight of the metal (6 RCNY 3-81). The scale must be a type approved by the New York State Department of Agriculture and Markets, read in divisions of 0.01 troy ounce or smaller, and be marked Class II or III (1 NYCRR 220.1(a)).

That matters for coins. A troy ounce is 31.10348 grams, heavier than the 28.35 gram ounce of a kitchen scale, and silver is priced per troy ounce. For 90% dimes, quarters and halves, a buyer may count face value rather than weigh, since every dollar of face value holds 0.7234 troy ounces of silver at full weight. Either way, you are entitled to know the troy weight the offer rests on.

ID, signatures and records

• Every seller shows ID (6 RCNY 2-101): an official document from a US, state, county or city government, a public agency or an employer, with a signature, or a numbered police, fire or postal badge. The buyer records its type and number. A copy of an ID is not enough.
• You sign in front of the dealer.
• The buyer records every purchase (Admin. Code 20-273(a)): a description of the items with identifying marks, your name, address and general description, and the date and time. The records are kept for three years.
• Precious metal gets photographed. For precious metal items, the buyer also keeps electronic records with digital photos of each item on LeadsOnline, for six years (20-273(b)). Records are open to DCWP inspectors and the NYPD (20-273(e)).
• Buyers cannot buy from minors (20-268(b)).
• A 15-day hold. Used items cannot be resold within 15 days of purchase (20-268(d)).

All of it protects you as a seller. A buyer who skips the ID, the record or the scale is not following the city’s rules.

Kinds of coin dealers in NYC

Kind	What they buy	Good for
Neighborhood coin shop	Common silver coins, silver dollars, collections	A first look at a mixed lot
Bullion dealer	Silver Eagles, rounds, bars, bags of 90% silver	Coins valued for their metal
Specialist dealer	Particular series, early coins, important collections	Scarce dates and high-grade coins
Coin show dealers	All of the above, several at once	Comparing offers in one visit
Jewelry and gold buyers	Gold, silver and jewelry	Mixed boxes of jewelry and coins
Pawnshops	Loans against items	Short-term cash, not a sale

Searches for coin buyers near me or coin dealers near me bring up a map of whichever shops are closest. Distance is the least important thing about a buyer. What matters is that they explain the offer, weigh where you can see, put it in writing, and follow the rules above.

The Diamond District

Manhattan’s Diamond District runs along 47th Street between Fifth Avenue and Sixth Avenue (Avenue of the Americas). According to the 47th Street Business Improvement District, it has the largest concentration of diamond and jewelry related companies and retailers. The BID traces the trade back to about 1790 on Maiden Lane in lower Manhattan, then Canal Street and the Bowery in the 1920s, before the move to West 47th Street that began in 1923 and grew in the 1940s.

The BID lists these ways to get there: the B, D, F or M train to 47-50 Streets Rockefeller Center; the 6 to 51st Street; the 1 to 50th Street; or the N, Q or R to 49th Street. Buses M1 to M5 run on Fifth and Madison Avenues, the M50 on 49th and 50th Streets, and the M7 on Broadway. If you are selling jewelry along with coins, it is a place where many buyers are close together; check hours with any business before you go.

Selling coins in each borough

The same DCWP rules apply in Manhattan, Brooklyn, Queens, the Bronx and Staten Island. Whichever borough you sell in, the licence should be posted, the metal weighed in troy units on an approved scale, your ID recorded and the sale written down. Calls to this site’s line are answered in New York City, whichever borough you are in.

Coin dealer or jewelry buyer?

Both kinds of business buy silver, and both follow the same city rules. The difference is what they look for. A coin dealer looks at dates, mint marks and condition, and can tell you when a coin is worth more than its silver. A buyer of gold and jewelry is often focused on metal by weight. If your box holds silver dollars, old coins or a collection, show it to someone who handles coins every day before you sell any of it as metal. If it holds only bullion or worn 90% silver, either can price it, and the written offer and the troy weight are what to compare.

If you live outside the five boroughs, the city’s DCWP rules may not apply where you sell, and this site states no rules for other places. The questions to ask any buyer are the same: show me the scale, tell me the troy weight, put the offer in writing.

Where to sell coins in NYC: a checklist

1. Sort your coins into silver dollars, 90% coins dated 1964 and earlier, 40% halves dated 1965 through 1970, bullion, and everything else.
2. Count face value of the 90% coins and work out melt at the day’s spot price.
3. Bring official photo ID with your signature.
4. Look for the DCWP licence on the wall.
5. Watch the scale and ask for the troy weight.
6. Get a written offer, and compare a second one.
7. Keep the receipt, with the licence number on it.

Each kind of coin has its own guide: sell silver coins, where to sell silver dollars, sell junk silver, where to sell old coins and sell Silver Eagles.

Red flags at a coin counter

• No DCWP licence posted, and no licence number on the receipt.
• A scale you cannot see, or weights given in plain ounces with no troy figure.
• No request for your ID, or a request to leave your coins without a receipt listing them.
• One price for a pile of silver dollars before any coin has been looked at.
• Pressure to accept now.

A profit on coins may be taxed as a capital gain, at a maximum federal rate of 28% for collectibles (IRS Topic 409). Ask a tax professional about your sale.

Questions people ask