How do I avoid getting ripped off when selling coins?
Know What You Have
Before selling, identify your coins using a coin catalog or online price guides. Look at the date, mint mark, and condition. Even a small difference in condition can change value dramatically. For example, a 1909-S VDB Lincoln cent in good condition might be worth $500, but in mint state it can be thousands.
Consider getting a professional appraisal if you have many coins or suspect a rare one. Appraisals cost $25–$100 per hour, but they can prevent you from selling a valuable coin for pennies. Some dealers offer free verbal appraisals to entice you to sell to them, but get a second opinion.
- Use a coin catalog like the Red Book
- Check recent auction prices on eBay or Heritage
- Look for mint marks and key dates
- Assess condition: wear, scratches, cleaning
- Get a professional appraisal for rare coins
Shop Around and Protect Yourself
Get offers from at least three different dealers or coin shops. Prices can vary by 20–50% or more. Don't accept the first offer unless you're confident it's fair. For valuable coins, consider consigning to an auction house that specializes in coins; they often get higher prices but charge a commission.
Always get a written receipt that describes the coins and the agreed price. If selling online, use a reputable platform with buyer/seller protection. Be wary of buyers who want to pay by wire transfer or cryptocurrency only, as these are hard to reverse if something goes wrong.
- Get at least three offers
- Ask for a written purchase agreement
- Use insured shipping with tracking
- Avoid high-pressure 'today only' offers
- Check dealer reviews with the BBB or coin forums
Common mistakes
- Selling to the first dealer without comparing offers.
- Cleaning coins to make them look better, which actually reduces value.
- Believing that all old coins are valuable; many are common and worth face value.
