Coin collecting is an enjoyable hobby, and you may find that your collection has grown over the years to the point that it is time to turn it into cash. Alternatively, you could have inherited your collection, and you are eager to see exactly how much the coins are worth.
Either way, pawnshops frequently buy and make short-term loans on coins that are made of valuable materials like gold and silver. They may also be interested in rare coins that are prized in the coin collection market. Use this guide to find out what coins in your collection can be turned into usable cash.
Decide Their Personal Value
The first thing you need to do is decide how personally attached you are to the coins - this will affect the type of arrangement you make with the pawnshop. For instance, selling your collection works well for someone who has no sentimental attachment to the coin. However, a short-term loan may be preferable for a family heirloom.
The difference between a sale and a short-term loan is that you can get the coin back after you meet the terms of the loan. This arrangement works best if you just need fast cash to cover an expense, and it simply involves using your coin as collateral. Once the loan is paid back, the pawnshop will return the coin.
Check With the Pawnshop
Once you are sure that you feel comfortable pawning the coin, then you will need to find a pawnshop that specializes in handling coins. Contact the pawnshop and tell them about the type of coin that you want to sell or pawn. This way, they can let you know if they have the ability to make an offer based upon its value.
Assess Their Monetary Value
In most cases, a pawnshop will make an offer that is based on the current market value of the metal used in the coin. However, there are certain coins that may hold more value based upon their rarity or special features. If this applies to your coin, then it may be worth having it graded.
Coin grading is typically done using the Sheldon Scale, which assesses factors such as the readability of the letters and the overall luster of the coin. While not every coin requires this level of scrutiny, it could be worth it if you suspect that your coin is worth more than its melt value.
Resist the Urge to Clean Them
While you might want to polish fine jewelry and instruments before you attempt to sell them, cleaning can backfire with coins. The surface of a coin can be damaged by certain cleaning methods. Moreover, removing the luster or causing micro-abrasions on the surface of the coin can reduce its value.
Instead of cleaning, take steps to preserve the coin during transport to the pawnshop. Wear cotton gloves to prevent oils on your hands from affecting the coin's luster. You should also use an approved case for holding the coin that does not contain PVC.
Gather Any Pertinent Documents
Graded coins should have paperwork that provides documentation of how a professional views its condition. Your coin may also come with certificates of authenticity or other appraisals that have been done over the years.
Bring any special documentation associated with the coins to the pawnshop to assist with the valuation process. Additionally, bring personal documentation that assists with proving ownership, such as receipts for the original purchase along with your driver's license.
Gardena Jewelry & Loan Company specializes in coin sales and short-term loans. Contact us to find out how you can turn your coin collection into usable money today.