How Do You Make Money With Coin Collecting?

Believe it or not, it is possible to profit from collecting coins.  People collect coins for a plethora of different reasons.  For some, it is nothing more than a hobby.  But for others it is the perfect investment to take advantage of.  Regardless of the reason, you will find that there are ways you can make money off of your coin collection.

After collecting coins for a certain period of time you will build up a hefty set.  This is the perfect opportunity to start profiting off of your “hobby.”  The first method you can use to make money from your coins is an auction.

Going to a public auction allows you to display your coins in front of a large group of people.  As people view your coins, they will bid on them and you can make a certain amount of money.  The one downside to most auction houses is that many of them have a minimum consignment value.  If yours does not make the cut then you cannot be a part of the auction. 

If this is the case, you will have to find someone else who will be willing to auction away your coins for a lesser value.  This can limit the amount of auction homes you have to choose from.

The next way you can profit from collecting coins is through personal sale.  This is one of the more popular methods used as it can be the quickest way to get money.  What you do need to realize is that there is far more work involved with personal sale as you have to approach countless dealers and hope that they are willing to look at your coins.  It is more of a hit or miss approach as you can make a great deal of money on one sell or you can end up wasting your time while coming back with the same coins.

An easier approach to personal sale is to put an ad in the paper.  All this involves you doing is buying an ad in the paper and then waiting for people to call.  Although you may receive some ridiculous offers, at least it will save you the time of going from dealer to dealer.

The last way you can go about selling your coins is to have your coins taken to a local dealer.  This can be risky if you do not know the dealer, which is precisely why you want to take the time to research and learn more about the dealer’s background.  Your goal is to get the most amount of money possible so that you can actually make a profit off of collecting coins.

No matter what your reasoning was to start collecting coins, it is important you realize you can profit from them.  Take the methods listed in this article into consideration so that you can start making money from your coin collection.

 

 

Tom Lindstrom is a coin collecting expert. For more great information on coin collecting be sure to visit http://www.coincollectingpennies.com.

Article Source:http://www.articlesbase.com/collecting-articles/how-can-you-make-money-collecting-coins-845480.html

Tags: coin collecting, Old Coins, Old US Coins, rare coins

Leave a Reply