“Reality” television programs have been wildly successful for decades, with none more popular than The History Channel’s Pawn Stars. The series, which is the network’s highest rated show, is filmed on location at the World Famous Gold & Silver Pawn Shop in Las Vegas, Nevada. The show depicts the staff’s interactions with customers who bring in a variety of artifacts (including coins) to sell or pawn, and are shown discussing its historical background and negotiating the price.
When the buyer is unable to evaluate an object the staff summons a knowledgeable local expert (who just happens to be conveniently available) to evaluate the item to determine its authenticity and potential value.
In actual reality, educating yourself on the buying and selling coins will you help you understand where potential value lies and discover valuable coins in the future. Knowing how much coins are worth is only the first step to smart buying and selling.
Tips for buying and selling coins include:
1. Consult the guidebooks (but understand that they are not the only and final word)
There are resources that will provide you with basic knowledge of the coin trade, such as the Red Book (a guide book of United States coins), the Blue Book and the Black Book. But just because you see a certain price or value listing does not mean that it’s iron clad, as there are many variables that determine a coin’s actual worth. Don’t be surprised if real-life prices and values differ from what’s listed in a book.
Learn the specific terms used in the precious metal industry such as spot price, bullion, precious metal, or premium. Doylestown Gold Exchange & Jewelers offers private appointments to have you come and talk with one of the owners to answer all of your questions about investing in gold and silver.
2. Do your research
Thoroughly research a company before doing business, buying and selling coins. If possible, locate a local dealer with an established location. Unscrupulous dealers may be found on Internet auction sites or online classifieds.
With the rise in the prices of gold and silver, gold coins have increased in value and you need to go to someone you can trust to give you an honest and fair appraisal of your items. At Doylestown Gold Exchange & Jewelers we appraise and purchase coin collections, taking the time to go through your collection and let you know exactly what you have, and what we would offer you. We are a family owned and operated business, interested not in engaging in a one-time business exchange, but a long-time loyal relationship.
3. Develop a relationship with a trusted coin dealer
The American Numismatic Association (ANA) urges those interested in buying and selling coins to be wary of cold-call solicitations or mobile offices that are set up in temporary locations, such as motels, that offer instant cash for gold and silver coins.
Doylestown Gold Exchange & Jewelers is able to evaluate all coins and make an offer that is hard to beat. We buy American, Mexican, and Canadian currency and will also look at foreign coins to see if there is some value. Once we determine the content of the coins, we can make an offer at that day’s metal price.
Buying and selling coins can be a tricky business. There’s lots of technical lingo and jargon involved, and this can be troubling if you are not well-versed with coins. However, if it’s a hobby that truly interests you, then Doylestown Gold Exchange & Jewelers is a great place to both have fun and learn about buying and selling coins.