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Why you must weigh up the costs of selling your collectible coins before parting with them

by , 25 June 2015

If you invest in collectible coins to make money over the long-term, there will come a time when you want to sell some of your collection.

The two main options you have for selling your coins is through dealers and through auctions.

So which is the better option? What are the costs involved?

Let's take a closer look…

The costs of selling collectible coins

The costs of selling your collectible coins can be quite significant. So before you even contemplate selling, unless you’re in dire need of the cash, you need to weigh up whether the sale will in fact leave you richer or poorer.

When you buy collectible coins, you’ll have likely paid a premium for them. To cover your costs and make money on the sale leg, you need to receive at least what you paid in the first place plus enough to cover selling commissions and fees.

Let’s see what you can be looking at cost wise when selling your collectible coins…

Selling your collectible coins at auction

When selling your coins at auction, there are different costs you need to consider.

The auction house may charge you extra for photographs they take of your coins for their catalogues. You need to check whether this is the case or not.

The biggest cost consideration with selling at auction is the commission. This can be up to 15%, which is a large chunk of selling price, says Tax Free Gold.

Using an Internet auction site like eBay may work out cheaper on the commission side. You’re looking at just over 5%, but there are other costs you need to cover including listing charges and reserve fees adds Tax Free Gold.

Selling your collectible coins to a dealer

Opting to sell your coins through a dealer may work out a better way to sell your coins if you can find one willing to purchase the coins you want to sell.

When you sell through a dealer the cost to you tends to be through the price the dealer pays you. In other words, he will buy it from you at a lower price and sell to another collector at a higher price.

But depending on the coins you’re selling, you may find it hard to get the amount you want for your coins. This is because the dealer will want to cover his costs and make a profit too.

Selling your collectible coins will come down to the coins you have. If you own rare coins in mint condition, which are in demand, selling them on will be easier.

So there you have it. Why you must weigh up the costs of selling your collectible coins before parting with them.

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Why you must weigh up the costs of selling your collectible coins before parting with them
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