Q:

What types of stores buy old coins from you?

A:

Quick Answer

Shops that typically buy old coins are coin shops that deal specifically in collectibles. While using a shop is not likely to give the seller the actual worth of the coin, shops are likely to accept the coins based on their market value instead of metallic value.

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What types of stores buy old coins from you?
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Full Answer

Coin shops purchase old coins with the idea of reselling them to collectors. To ensure that the shop makes a profit, the coins are generally purchased at a discount. The amount that a seller receives is usually between 10 to 40 percent off the actual market value of the coins. The best method to receive the most for a coin sale to shops is to shop the coin around, looking for the best deal.

There are methods for receiving more for old coins than what the shops tend to offer. If the coins are sold on the open market by commission or by auction, then the seller is likely to receive closer to the market value of the coins, according to Coin Tracker. For larger collections, physical auctions can yield some of the best results. There will still be a fee payable to the auction house, though.

The types of shops to avoid when selling old coins are pawn shops and cash for gold operations. These locations will pay far less for the coins, with the cash for gold shops tending to offer a discounted payment rate based on the metallic value of the coin rather than on the market value.

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