Reprinted with Permission from Pinnacle-Rarities

Whether or not you need to sell, these five basic steps can help focus your collecting so you can receive maximum enjoyment and profit. Start by getting organized. Next, cull some of the lesser coins from your portfolio. Finally, focus on those areas which are the most meaningful to you.

1. Make A List
The vast majority of our clients keep their coins in safe deposit boxes, and rarely do have an opportunity to look at everything together. Since they were likely acquired over many years, accompanying records and notes tend to get scattered. A comprehensive list of the necessary information is very useful. It will allow you to see exactly which coins you’re missing, which coins you have too many of, and give you a starting point to review your collecting goals. It helps not just to list the date, grade, and denomination, but the certification service, amount paid, purchase date, and source as well.

Having all of this information at your fingertips will prevent mistakes such as purchasing duplicates or passing on coins that you need.

The best charts are sorted first by denomination, then by date, and third by grade. This will make it very easy for you to find coins. The certification number on the holder is useful to keep track of duplicates, and can be important in locating your coins if they are lost or stolen. Knowing whom you bought your coins from is also surprisingly useful. We will always make a stronger offer on coins we’ve sold, since we are picky buyers and we are, therefore, confident the coins will be nice for their respective grades.

2. Cull Your Duplicates
At this point, you may find that you have some extra coins. You may have purchased an MS66 to replace an MS64, without trading the lower grade example, or you may have mistakenly bought two coins of the same date and grade. We recommend that you eliminate those items that are not essential to your collection or portfolio. These coins can either be sold outright, or can be used as trades to reduce the amount of cash necessary for future acquisitions.

3. Consider Your Goals
Make sure your money is really where you want it to be. There is nothing wrong with buying all you can of a date you feel is undervalued. However, if your goal is to obtain the finest collection of a particular series, chances are you don’t want or need duplicates. Or possibly you started several collections, only to get discouraged or change directions. If you own bits and pieces of different collections, it may be a good idea to figure out a direction. Maybe you decided that you didn’t really like the Barber design after embarking on a proof Barber dime collection. Maybe you started a Morgan Dollar collection, but at some point abandoned the idea because it was just too daunting.

4. Don’t Worry What You Paid
Some collectors refuse to sell a coin at a loss, or make the mistake of selling a cornerstone in their collection because they can make a great profit. These are not the reasons to sell. Consider what the item’s long-term potential may be. And remember, everyone makes mistakes. Holding on to an inferior coin just because you will take a loss on it, is not the right decision. Coins that are overgraded and/or display poor eye-appeal can negatively impact your entire collection.

5. Take Advantage Of A Dealer’s Expertise
It may not be the easiest task to decide which coins to sell and which to keep. One of the best ways to help make those decisions is to speak with a dealer you trust who can help you make the right choices.

Selling coins is not difficult, and if you follow the five rules above you will avoid the most common mistakes. This may be a topic that you’d like to discuss with one of us, and we would certainly love to hear from you. The bottom line is that each collection is as individual as the collector. Our job is simply to help you build the collections that will bring you the ultimate enjoyment. Providing a bit of focus can make all the difference and can also allow you to walk away with some cash in the process.

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