How to sell old coins? Where to avoid and some precautions

How to sell old coins – Friends, today I am going to tell you a very mysterious thing. Friends, on the occasion of Dhanteras and Diwali, most people buy gold and silver, and also buy gold and silver coins together, this custom has been going on for thousands of years, when coins are bought at home, grandmother takes care of them. Huh. Friends, do you know – what is the value of these old and unique coins very much, for you it is only equal to the cost of silver or gold.

So do you have some old coins you want to sell but don’t know where to start? Often, people who are not collectors fail to get the best price when selling old coins. This guide will help you become a knowledgeable seller and know if you are getting a fair price for your old coins.

How To Sell Old Coins

People do not know what is the real value of these coins, people throw these coins in the dustbin. When you sell these coins in foreign coin market and get lakhs of rupees, the value of these coins increases. Friends, you will also have old coins with your grandparents, with the help of these coins, you can become a millionaire sitting at home. You have to be more discriminatory in the support you provide to other people.

Old Coins Can Make You a Millionaire

Friends, you will be surprised to know that in the year 1981, the 100 rupees which were made by the Government of India, the price of this coin was ₹ 400000. In 1939, the K manufactured by the British government was sold for Rs 6.5 lakh. The coin was sold to a middle class family in Kolkata for Rs 6.5 lakh. How many coins are there in the price room, these coins are from the Mughal period, you just have to pay attention to identify such coins and notes.

old coins value in india

Friends, we want to tell you that you don’t need to go anywhere or worry about selling these coins, if you have this type of coins then you can get higher price by doing online auction. There are a variety of online websites that allow you to buy and sell these types of coins. If you have such coins then suppose your money will double in 4 years. A British era coin with the year 1885 engraved on it, if you have such a coin then you can earn ₹ 1 billion by auctioning it online.

100 rupees old coin value up to 400000 rupees

  • Silver coins of 100 rupees and 100 rupees denomination in challan were issued by the Government of India in 1981.
  • The coins were later discontinued by the Reserve Bank of India.
  • The price of these coins is now between ₹ 40000 to ₹ 400000 in the coin market.
  • Few days back, 1 Coin Collector Alok Goyal sold ₹ 100 silver coin of Government of India for ₹ 400000.

old coins price list

  • The oldest and rarest coin was the portrait of Sitaram ji minted by Akbar.
  • The coin was made of 4 to 5 grams of gold.
  • There are only 2 such coins in the world.
  • The first coin is in New York and the second is in a museum in Vienna.
  • The coin was of Rs 200.
  • The second coin belonged to Jahangir, who presented it to the King of Saudi Arabia.
  • This coin was sold in 1988 in London for 800000000 rupees.

Where are old coins sold?

Old and rare coins are sold in China, Asian countries and European countries etc., as there is a huge market to sell these coins.

  • Beijing Guangzhou’s coin and stamp market is the most famous market in China.
  • The value of coins in these markets is up to lakhs of rupees.
  • India is new to this.
  • There is currently no coin market here.
  • In India, neither the seller nor the buyer knows the exact value of the coin.

[You should read this: How to earn 1000 rupees per day in India? 12 Realistic Methods ]

What to do before selling your old coins?

1. Determine how rare your old coin is.

Always be careful with your coins. One extra scratch or hole can cost thousands or even millions of rupees from the value of a rare coin. There is no need to be careless and throw money in the drain.

When it comes to old coins, cleaning is also considered a disadvantage. A coin stripped of its original color may be shiny, but it is also lifeless. Coin collectors will pay very little for a clean coin if they even buy it.

Identifying what type of coins you have is an important first step.

2. Find the status of your old coins

Before you can determine how much they may be worth, you need to have an idea of ​​the condition (grade) of each coin. Professional Coin Grading Services (PCGS) is one of the top coin grading companies in the world. You can use their Photograd™ online resource to establish the approximate position of your coin.

If you have any questions about the grade of your coin, round down. If one side is worse than the other, go with a lower grade. Anyone you sell your coins to will do the same thing. Take care to avoid disappointment later.

3. Find the Value of Your Old Coins

After you best determine a coin’s condition, begin researching its value.

Pro Tip: Consider Authenticating Your Coins

If your old coin is sealed in a clear protective case labeled with the coin information and a grade, all the work is done for you! Your coin is certified and graded by a professional coin grading service.

Two of the largest and most popular of these “third-party grading services” are Numismatic Guarantee Company (NGC) and Professional Coin Grading Service (PCGS).

Coins graded and sealed in a protective “slab” by these two companies have high liquidity and often sell for more than non-graded coins.

Where to Sell Your Old Coins Personally

Personally Purane Coins Kaise Beche

Now that you have an idea of ​​what your coins might be worth, it’s time to decide where to sell them. Different types of coins have different markets. A vintage store in your city may not be the ideal buyer for you, and a fancy showroom and a coin dealer with gold coins on display may not be the best place to sell it.

1. Local coin shop

The obvious place to sell your old coins is your local coin or antique shop. They will be your best bet for selling low- to mid-range vintage coins.

Check out online reviews and feedback for coin stores in your area, and visit them two or three times. Check their stock to see if they buy the same type of coins you’re interested in selling. These dealers want your coins and give you a fair price. Some dealers will note on their website which coins they are always interested in buying.

If a dealer has a lot of different types of coins you want to sell, they will likely offer a lower price than the store that operates them. This is why you may want to go to more than one coin dealer. Local coin shops are not high-volume businesses, so they try not to keep money tied up in excess inventory.

Tell the owner early on that you’re not in a hurry to sell. If they make you an offer, say that you would like to consider it first. After visiting a few coin shops, you should have an idea of ​​the prices in the local market. Never say that you need to sell the coin immediately. This gives you an instant markdown on the given price.

2. Coin Show

Coin shows offer an opportunity to meet multiple dealers at the same time. More than a hundred coin dealers have been set up for buying and selling at the largest show. This is a “valuable but hard-to-move” place to sell coins. Heritage Auctions will often offer free appraisals at major coin shows – another reason to participate.

On the other hand, dealers will be busy selling and buying coins whose customers are in a hurry to go home. They may not have the time to dedicate to carefully looking at your coins, especially if they are busy. That said, if a dealer asks you to come back later, it means they are interested in your coins. If you have coins that are in demand, you will get a good price at the coin show.

[You should read this: How To Make Money With Cryptocurrencies? ,

Where to sell your old coins online

Online Purane Coins Kaha Beche

There are many options available when selling your old coins online. The method you choose depends on your estimate of the value of your coins, and how much effort you are willing to put into selling them.

best places to sell coins online

1. eBay

It has become an unofficial coin market for thousands of sellers around the world. Its Auctions and Buy Now features perfectly match the coin seller’s needs for e-commerce benefits: wide audience, easy rules, small commissions – what more do you need?

eBay is an option for selling your coins online, but the high fees and dealing with bidders and buyers personally discourage many sellers from taking this route. Needless to say, an eBay coin auction auction with clear, detailed images can fetch you more money than you expected.

2. OLX

  • Now you have to click the picture of your rare and ancient coin.
  • An image of this coin should be uploaded on the OLX site.
  • How much do you charge for a coin? It is also necessary to mention it openly here.
  • Those who are interested in buying these old coins will get in touch with you as soon as they have access to this information.
  • You can schedule payment and delivery with that customer.

And in this way you get lakhs of rupees for your coin.

You can sell your rare and old coins by creating your ID on OLX as well as on other websites.

3. Amazon

The Collection Coins section is an excellent alternative to eBay. The good thing is that it has become a home not only for private sellers but also for primary dealers. Amazon has the largest audience of customers in the world. Do you need any other reason to start selling coins on Amazon?

4. Internet Auctions

Usually sponsored by major off-line dealers, listings on these online marketplaces can be difficult to obtain, and have extensive deal completion processes. Online currency auctions have a large flow between sellers and products (coins), so it is average to wait 30 days to visit their website. Plus, they charge a large commission for each closed deal. However, these auctions have an excellent reputation and often attract the wealthiest and most motivated buyers.

Some great platforms to start with: Heritage Auction Galleries, Goldberg Coins, David Lawrence, USA Coin Book

5. Your Website

The platforms listed above can make good primary distribution channels, as they have a built-in audience. But who said you only have to use third-party listings? Build your own online store for coins, with exclusive deals and promotions. With a website, you can collect emails to run lucrative campaigns, advertise on Google and via social media, and most importantly keep all the money for yourself (no commissions!). Another benefit is that your website can be synced with eBay and Amazon, allowing you to automatically improve your ability to sell rare coins online.

6. Bullion Dealer

Online bullion and coin dealers are another option to explore when selling your coins. Particularly suitable for selling bullion and slab coins, large online coin dealers are always in the market for vintage gold and silver coins as well. Large online coin dealers buy a larger range and larger collections of old coins than a traditional coin shop.

Some online bullion dealers only deal with large orders, refusing to make purchases less than $1,000. Others, such as Gainesville Coins, buy your coins in both large and small amounts.

7. Major Auction Houses

If you have a popular and valuable rare coin, it may be time to talk to an auction house that specializes in rare coins. Heritage and Stacks Bowers are the two biggest players in the rare coin market. Sending your coins to a major auction house gives them exposure to a global audience of coin collectors, which increases your chances of getting the best price.

You should submit your coins to a third party coin grading service, such as NGC or PCGS, for certification before placing them on a rare coin auction. Buyers expect coins to be certified at major auctions. If yours doesn’t, they’ll get a particularly low price.

Depending on when you shipped your coins, it could take a month or two before they come up for auction. Seller’s fees can compare favorably with eBay fees at large online coin auctions, and you don’t have to worry about shipping to the buyer.

You should read this: What are the easiest ways to earn money in India?

places to avoid selling old coins

There are some places where you should not sell your old coins. Here’s where and why:

1. Pawn Shops:

Mortgage shops don’t deal in coins, so they’ll pay much less if they buy them. After all, who searches pawn shops for old coins? They don’t know how long their money will be tied up in your coin and will price their offer accordingly.

2. Jewelery Stores:

Although they may offer random gold coins from time to time, jewelry stores are not in the coin business either. You may be able to sell them a coin, but you probably won’t get the best price.

3. “Hotel Room” Coin Buyer

These people travel from city to city, stay in hotels for a few days and put up big advertisements in the newspapers, guaranteeing high coin prices. Their goal is to entice people who have inherited old coins to attend the event.

These people know how much your coins are worth, but they will never tell you. Sometimes they succeed in buying someone’s coins for less than the wrong price. Needless to say that you should never take your coins to one of these events. No one can claim that all “hotel” gold buyers are fake, but there are many stories of people risking it.

And yes, if you are trying to sell your coin. So you have to be very careful, you have to buy and sell your coins at your own risk so that you do not fall victim to fraud.

How much can you earn by selling old notes and coins in India?

One can definitely get good amount by selling old coins and notes in India. The 25 paise and 50 paise coins, which have been demonetised, were available for purchase in the country for up to Rs 1.5 lakh last year. There are people who are interested in spending thousands and lakhs of rupees on such restricted currencies for collection purposes. You need to contact them directly by listing your old coins or notes on some online platforms.

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