Miami Valley Coin Club

Be Careful! – good advice about selling coins

 

As of the moment, gold is selling for about $1853 per ounce and silver is at close to $43.  As a result of those high prices, many people in these tough times are tempted to sell to one of the hoard of fly-by-night buyers setting up at local hotels and elsewhere. You’ve seen them – they offer to buy your coins at “top dollar” and “highest price guaranteed” with big ads in the local papers and on TV. Be careful! As this article at CoinWeek.Com revealed recently, many sellers are getting only pennies on the dollar for their coins. Most collectors know better, but we can easily imagine the general public getting ripped off.

So what’s the answer? Well, to get a fair price for your coins, it pays to know something about what you’re selling. For  many years collectors have used the Guide Book of United States Coins, known as the Red Book (because its red) to get an idea about what their coins are worth. The Red Book is cheap and widely available at local coins stores and  book stores – heck, if you join our club we’ll give you a free one every year for just attending the meetings. If you also want up to date information on what the metal in your coin is worth, this web site is is a good place to go.

Finally, consider selling to a local coin dealer. They’re usually people who have been in business for a long time – they’ll be here tomorrow after the hotel buyers have packed up and left town. We have a small listing under “Miami Valley Coin Dealers” in the  links section of this site (happy to list other dealers who send us an e-mail at daytonketteringcoinclub@gmail.com). You can also look for Dayton coin dealers in the local phone book or on line. Remember, if you really want a fair price, it pays to deal with someone who knows coins.