A coin collection is rarely just coins. It is albums filled over a lifetime, rolls put away decades ago, a few silver dollars in their own envelopes, and maybe a box of things nobody can identify. Whether it is yours or you have inherited it, the way to sell a coin collection well is to slow down at the start: keep it together, understand what is in it, and only then ask for offers.
How to sell a coin collection, inherited or your own
Where To Sell Silver Coins is an independent referral service, not a buyer, pawnshop or dealer. When you call or send your coin list, we pass your details to an independent buyer in New York, who makes any offer.
Keep the collection exactly as you found it
A common mistake with an inherited collection is breaking it up before anyone has looked at it. Coins in albums, folders, holders and envelopes were often placed there for a reason. A coin in its own envelope with a note may be the best coin in the box. Do not take coins out of albums, open rolls, remove coins from holders, or combine boxes. And do not clean anything: cleaning cannot be undone.
Make an inventory
A simple list makes every later step easier, and it protects you and other heirs. You do not need to identify every coin; you need to record what is there.
- Albums and folders: the title on the cover, and roughly how full each is.
- Rolls: the denomination, and any dates you can see on the end coins, without opening them.
- Silver dollars: each date and mint mark, and whether it is loose or in a holder.
- Graded holders: the label details of each.
- Bullion: Silver Eagles, rounds and bars, by count and weight marked.
- Loose coins: sorted by denomination, with the face value of anything dated 1964 or earlier.
- Paperwork: receipts, old price lists, letters or notes the collector kept.
Photographs of each album page and box are worth taking too. They take minutes and give everyone a record.
Separate the silver from the collectibles
Most collections hold two different kinds of value, and they sell differently. The first is silver: dimes, quarters and halves dated 1964 and earlier are 90% silver, halves dated 1965 through 1970 are 40%, and silver dollars and bullion are silver too. Silver is valued by weight, and every dollar of face value in 90% coins holds 0.7234 troy ounces. The second is collector value: dates, mint marks and condition that make some coins worth more than their metal. Our guides cover each: sell junk silver for the common silver, where to sell silver dollars for dollars, and where to sell old coins for everything else.
Work out the melt value of the silver part before you ask for offers: troy ounces x the day’s spot price. It tells you the floor under the collection, so you can see how much of any offer is for the silver and how much for the collectibles.
Appraisal or offer?
An appraisal and an offer answer different questions. An insurance appraisal states what it would cost to replace a collection, not what a buyer will pay for it, so an insurance appraisal is not an offer. A buyer’s offer is what that buyer will pay today. Written offers from two buyers show you what the collection would sell for. For a collection that may hold important coins, you may also want an independent opinion before you sell.
Where to sell a coin collection
| Route | Suits | Trade-off |
|---|---|---|
| One dealer buys it all | Most family collections | Simple and quick; ask for the offer broken down by part |
| Sell in parts | Collections with common silver and a few better coins | More work; the silver can sell fast while the rest gets a closer look |
| Auction house | Collections with scarce or high-grade coins | Fees and a wait; prices set by bidders |
| Coin show | Getting several opinions | Time-consuming with a large collection |
| Pawnshop | A loan, not a sale | A pawn loan does not sell the collection |
Whatever route you choose, ask for the offer in writing and broken down: how much for the silver, at what troy weight or face value, and how much for the coins valued as collectibles. A single round number for a whole collection, with no breakdown, gives you nothing to compare.
How to sell coins without getting ripped off
- Know the melt value of the silver before anyone else tells you.
- Do not let anyone take the collection away to look at it without a written receipt listing what was taken.
- Ask for written offers, broken down by part, from at least two buyers.
- Ask why any coin is valued above or below what you expected.
- Never feel rushed. A collection that took decades to build can take a week to sell.
- In New York City, check for the DCWP Secondhand Dealer licence on the wall and the licence number on the receipt.
Inherited coins: heirs and paperwork
If the collection belonged to someone who has died, make sure whoever sells it has the right to. If there is an executor or several heirs, agree how the collection will be sold, and share the inventory and the written offers. Questions about who owns what, or how an estate should be handled, are for the executor or a lawyer.
Do I pay taxes if I sell my coin collection?
Possibly. The IRS says that net capital gains from selling collectibles, such as coins, are taxed at a maximum 28% rate (IRS Topic 409). Whether you have a gain, and how much, depends on what the coins cost or how you came to own them. Some larger sales of certain bullion coins and bars may be reported by the dealer to the IRS on Form 1099-B; most small sales of single coins are not. Keep your inventory and receipts, and ask a tax professional about your sale.
What a buyer will ask you for
Expect to show photo ID. In New York City, a licensed buyer must see an official ID with your signature, record its type and number, have you sign in person, and keep a record of the purchase, including a description of the items. The step-by-step checklist is in how to sell silver coins.
Have a collection to sell? Call, or send your coin list with a few lines about what is in it.
Questions people ask
What is the best way to sell an inherited coin collection?
Keep it together, make an inventory, separate the silver from coins that may be collectible, and get written offers broken down by part from at least two buyers.
Should I take coins out of the albums before selling?
No. Leave coins in albums, rolls and holders as you found them, and let a buyer look at them where they are.
Do I pay taxes if I sell my coin collection?
You may. Net capital gains on collectibles such as coins are taxed at a maximum 28% federal rate (IRS Topic 409). Ask a tax professional about your sale.
Is an appraisal the same as an offer?
No. An insurance appraisal states replacement value, not what a buyer will pay. An offer is what a buyer will pay today.
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