Old Coin Prices: How Much Is Too Much?
When it comes buying and selling old coins, different people end up paying different amounts. The actual value of the coin is rarely how much the coin sells for. So how does a collector decide what old coin prices are acceptable?
Why Buy?
It is worth considering why you want to buy a particular coin. Do you want to buy it simply because you enjoy collecting coins or this an investment opportunity for you? The old coin prices you might pay will be affected by this. If you are a coin collector pure and simple then you probably enjoy hunting for the best possible old coin prices.
Investors often take a different approach. For someone that is trying to increase the net worth of their investment portfolio, old coin prices may seem less important. If the investor can pay higher old coin prices but get the coin today then he likely will. This is because the investor wants to be making money off that coin right now.
Getting The Best Old Coin Prices
Haggling over old coin prices is certainly acceptable. Most dealers will mark their coins up 100% or more so it is good to know what the coin is really worth. There are two pieces of info you need to know about old coin prices. You need to learn the wholesale price and you want to know the consumer old coin prices. Check the Blue Book and Red Book values, respectively, for this info.
The key is to offer to pay more than the wholesale amount but less than the commercial value. If you choose your old coin prices adeptly then you should get a great deal even when buying from a coin dealer.
Knowing the different old coin prices will give you a leg up at coin shows too. Not everyone takes the time do this research so it will put you at an advantage.
Making Money On Your Coin
When you sell your coin, the same general rules apply. You want to set your prices below retail value to make then appealing but as high above the wholesale value as possible. This way you make the most off of your old coins and your buyer will feel he is getting a good deal too.
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