Coin collecting is a complicated business requiring knowledge of key dates and condition rarities for each denomination in addition to history, art and metallurgy. Selling coins is even more complicated if you do not know what you are doing.
This post does not cover errors and varieties. Even though YouTube, Facebook and TikTok and other sites promise thousands of dollars for error coins and varieties, identifying these takes special skills, which you may not have and is beyond the scope of this article. Often what you think is a error is really only damage. Read this post to understand why.
Below are some selling basics. Results will vary. There are just too many variables that affect value. But below are some benchmarks for you to consider, which may help you avoid buyers low-balling your collection.
Contact a PNG dealer
The easiest way to get an appraisal is to take your wares to a reputable coin shop. Before going there, however, check to see if the dealer is a member of the Professional Numismatists Guild whose motto is Knowledge, Integrity, Responsibility. You can search if your dealer is a member by clicking here.
Become familiar with the hobby
In the short term, a good way is to follow coin sites like this one. There are many on internet.
And you should purchase the numismatic bible, A Guide Book of United States Coins, also known as Red Book. Get the 2025 edition: “Updated pricing and auction records, new research, new photographs, the latest U.S. Mint data, and more! 472 pages, 2,000+ images, with more than 7,600 listings and 32,500+ coin prices.”
Become familiar with the Sheldon scale
The Sheldon Grading Scale describes the condition of a coin without damage or other flaws, earning a number between 1 (lowest) and 70 (highest). The scale is used by PCGS, NGC, ANACS and other grading companies. The grade is an indication of value.
Know key dates of the series
Here is a nifty chart that many coin shops use on their sites. It’s not comprehensive and doesn’t include what we call “condition rarities,” or coins that are common in lower grades on the Sheldon scale but rare in about uncirculated or uncirculated condition. But it will give you an idea about dates and rarities.
Familiarize yourself with common flaws
DO NOT CLEAN YOUR COINS. People without numismatic experience believe cleaning coins enhances value. It doesn’t. It typically decreases value by a significant amount.
Often the coins you inherit will be damaged in some way, polished, dipped, cleaned, whizzed and so forth. Check this Proxibid article that describes typical flaws that will greatly lower the value of your coins. Here is a doctored coin with a chemical patina:
Estimate the grade
To get an idea about grading, compare your coin with the same one on the useful free site, PCGS Photograde Online.
Check for dimensions and value
Assuming your eye makes a reasonable comparison–keep in mind that grading accurately takes time, focus and effort–then check estimated values on PCGS CoinFacts or another such site. You will get important measurements and weights, essential in making sure you do not have a counterfeit coin.
Submit to a grading company
If you think you have a rarity or condition rarity, you might consider a grading company to assign a retail value of your coins. Often, this is unnecessary, especially if you do not know how to grade. It is expensive to grade a coin with PCGS, NGC and ANACS, reputable companies. Be ware of bottom-tier grading companies that over-grade and overlook flaws.
Check the Proxiblog article about “When you should slab a coin.”
Each holdering company has specific rules for submission. Read them.
Consign your coins
Consider contacting reputable HiBid auctioneers or eBay sellers that often take consignments. Click those links in the previous sentence to see some of Proxiblog’s favorite sites.
DO NOT SEND THE COINS to these sellers without contacting them first. Also investigate those sites to see if you might like your coins sold there. Email the site owners, describe your collection, and ask if they take assignments. Be sure to inquire about consignment fees and request a sample of the consignment contract. Read it carefully to see if you approve of the terms.
Finally, keep in mind that hammer prices and your cut may be below any retail price of the same coin, date, condition and mintmark. But auctions are a true test about value–what someone actually is willing to pay.
If you like posts like this, subscribe so you can be informed whenever there is a new article or column.
Proxiblog also has hundreds of followers on Facebook Coin Groups. To get the latest discussion and commentary, be sure to friend us by clicking here.
You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
