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Best Way To Store And Sold Coins ?

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New Member

Canada
3 Posts
 Posted 09/04/2023  04:01 am Show Profile   Bookmark this topic Add Daisuke_Ido to your friends list Get a Link to this Message Number of Subscribers
Hello there !

I just created an account, but I've been watching this forum for more than a year now, so hello to all and happy to be here ! :)

I have a few questions for you. I have a little collection right now (in silver and probably very small compared to you), but I'm kinda afraid that my coins from the RCM will oxidize or change color, like it happened to two "older" silver bullion I bought maybe 10 years ago. Is there a better way than other to keep theses coins ? I try to maintain a low humidity level, but it's of course not always possible.

My other question is about the sale of the coins. What % of the actual resale value of a coin, should I ask when I sold a coin to a local specialized shop ? What % would you feel is corresponding to a honest buying price ?

For example, the 2020 Peace dollar coin. I bought it at 200$, but I see my local shop asking for around 400$. What price would you consider a normal one to sold it, and what price would you consider a rip off by my shop ? Is there a plus value if I have the whole collection of these coins ?

I have other questions, but for my first post (and introduction) I think that's enough ;).

Thanks for your help for this posts and others and again, nice to meet you all !
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John1's Avatar
United States
56855 Posts
 Posted 09/04/2023  04:25 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
to CCF.
As too value,check ebay sold values as well as auction houses sold values to give you an idea on current values.
John1
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oriole's Avatar
Canada
5238 Posts
 Posted 09/04/2023  08:44 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply

Quote:
My other question is about the sale of the coins. What % of the actual resale value of a coin, should I ask when I sold a coin to a local specialized shop ? What % would you feel is corresponding to a honest buying price ?


The % depends on both the item and the coin shop's local market. Gold and Silver bullion are probably bought for 85-90% of retail. Quick sellers might be bought for 65-70% of retail. Slow sellers might be bought for 30-35% of retail.

Things like unsorted foreign coins might be bought for a few dollars a pound.
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hfjacinto's Avatar
United States
7273 Posts
 Posted 09/04/2023  09:02 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I can't say the prices in Canada but the prices at my local coin shop work like this.

In the case of the 2021 US Peace dollar, it cost ~$85 at the mint when my dealer was selling them for $145 he was offering $120, but a few weeks later the price was $185 and he was only offering $125 as he had a few in stock. They are now selling for $185 and he has 0 in stock so he is buying for $150/$160.

A dealer will offer you a price based on desirability, stock on hand and how quickly they will sell. Sometimes it might have a high sell price and he'll offer you less because he has a lot in stock.

As to your question I can't answer as each coin is unique.
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MisterT's Avatar
United States
2001 Posts
 Posted 09/04/2023  09:23 am  Show Profile   Bookmark this reply Add MisterT to your friends list Get a Link to this Reply
To answer the first part of your question regarding coin storage. Probably the best thing you could do is to store them in air tight capsules. They come in various sizes. Check ebay. Even slabbed coins are not air tight like the capsules are. Short of that, the bulk of my collection gets stored in a safe with desiccant pouches. Most of my coins are in cardboard 2x2's in binder pages. Those in albums or folders are stored in zip lock bags and desiccant packs.
New Member
Canada
3 Posts
 Posted 09/04/2023  10:23 pm  Show Profile   Bookmark this reply Add Daisuke_Ido to your friends list Get a Link to this Reply
Thanks to all of you for yours answers ! :)

Thanks to you, I was able to confirm that my local shop isn't very "nice" with how they buy coins.. Do any of you have ever sell coins to Canadian coin & currency ? (I'm really far away but that could be worth it one day).

MisterT, so the RCM capsule for the coins aren't airtight ? I've looked on ebay, but with the choice available, do you have a recommendation concerning a brand ? Is Lighthouse selling something that could do the job for exemple ?

I really like the idea of the Ziblocs and desiccant packs (since I don't have anything else that could do that job). I also have a little banknote collection for fun, so maybe that would be a good idea to do the same thing for them too. Do you have a recommendation as to where to buy or the brand for the desiccant packs ?

I'm sorry for asking another question, but do you have suggestions regarding a safe ?

Thanks again to all of you for your help !
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jbuck's Avatar
United States
187572 Posts
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Canada
6767 Posts
 Posted 09/05/2023  09:41 am  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply
Will try to assist here


Quote:
Thanks to you, I was able to confirm that my local shop isn't very "nice" with how they buy coins.. Do any of you have ever sell coins to Canadian coin & currency ? (I'm really far away but that could be worth it one day).


None of the Local shops will be 'nice'. Their target to buy for low from you and to sell for market value+.
The Canadian Coin & Currency are very good place to buy from.
But to sell - same as others. Personal experience: coin that had market value CAD700-800, they offered for it 'melt' value - CAD 450, while purchase value was $550.

ebay will be you best place to sell the coins.
Either you will patiently do research for each coin the common selling price, and price it bit lower, and wait. Or simply price each coin for 60%-70% from their initial value with "Best Offer option" for quick sell.

Alternatively - try to sell locally via Kijiji.
Do not know about other areas, but it Toronto it works. Just need to have a lot of patience, waiting for right buyer.

As per capsules:
If you have RCM coins in their original package / capsule - keep them as-is, no need to replace the capsules. If you want to store / display them nicely - get wooden box with square cells and place coins in the capsules there. Square cells will assure that your various coins up to 40mm will fit there.

If you have coins not encapsulated - yes, get air-tite capsules or similar.

Some coins disregards storage may tone etc (check the milk spots topics - you'll see what I am speaking about)

Hope it helps
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MoneyPenney's Avatar
Canada
2984 Posts
 Posted 09/05/2023  9:49 pm  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply
If only a small collection I would recommend you sell them yourself through various sites like ebay, Facebook Marketplace, kijiji, Craiglist. Local dealers won't give your market value or even retail value of coins.. Maybe 10 or 15% off retail for a select few coins and 30% to 70% off retail for less popular coins.

I would only use LCS to sell coins if I had too many (hundreds to thousands) to sell and had to get rid of them in a hurry for reasons like illness or death.
New Member
Canada
3 Posts
 Posted 09/10/2023  02:30 am  Show Profile   Bookmark this reply Add Daisuke_Ido to your friends list Get a Link to this Reply
Thanks everyone for your answers and for being so welcoming !!

Im learning a lot thanks to all of you and I just want to say that I really appreciate your help and your experiences, I thank you very much !

If my coins are still in their original capsule and case, they should be good like that if I understand correctly, even if my home is sometime humid (not like a swamp but like a normal house ^^) ?

My collection is pretty small I think and all silver. I only started it more "seriously" in the last 4/5 years, so I try to buy coins that I like of a more reasonable price, that can mark up more easily, since I don't have the money to buy many and I don't want to sell them at lost if I need to.

I did try not too long ago to sell a maple super incuse coin trough Facebook Marketplace without any success. I live in a "small" urban area by Toronto or Montreal standard for exemple. I'm sure there is some demand, but I'm not sure if they look through Fb ou Kijiji. I did think about ebay, but don't they take a huge % of the sale ? (And I'm a little afraid of someone scamming me saying they never receive it and asking PayPal to have their money back.)

Did some of you have tried ebay ?

Thanks everyone ! :)
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Canada
6767 Posts
 Posted 09/10/2023  9:33 pm  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply

Quote:
I did think about ebay, but don't they take a huge % of the sale ? (And I'm a little afraid of someone scamming me saying they never receive it and asking PayPal to have their money back.)

Did some of you have tried ebay ?


ebay will charge Canadian buyer tax according from a province.
Then will add to this shipping cost.
Then on basis of the this sum will calculate 13% ( ebay fees) and will add the sales tax.
Then this amount will deduct from Sale Price + Shipping.
This is what you will get at the end.

Ship with Tracking only. You may make your listing bit more attractive by reducing shipping cost and pay few $ out of your pocket.

Saying above, realize that still thousands people make money on ebay sales, depends what are they selling.

Basically, it very depends on your targets.
I assume, you aren't planning to make money on your coins, but want to return highest percentage as possible from your funds.
You will not make money on random coins, but at the best will get 60%-70% from retail cost back, unless you own some demanded coin, like let's say 2015 Renewed Voyageur Silver Dollar.

Check sold listings for coins as yours and price your listings accordingly.

have a Good Luck
New Member
Canada
12 Posts
 Posted 09/13/2023  3:56 pm  Show Profile   Bookmark this reply Add CanadianCoinFan to your friends list Get a Link to this Reply

Welcome to CCF!
Valued Member
Canada
107 Posts
 Posted 12/19/2023  1:11 pm  Show Profile   Bookmark this reply Add zhuyuecai to your friends list Get a Link to this Reply
My thought is, always buy from ebay and not try it on a local coin shop. They need to pay rent and other bills to keep the shop, so usually, they need to make more profit than pure ebay seller who has no such burthen. You can expect that you are paying %13 + shipping more than the seller gets. But some sellers there are not selling for profit. They just need money and want to sell their collection for a higher price than selling to a coin shop. Moreover, at ebay, you can buy the one with the lowest price+shipping, which could counted as the market price, you can expect that you can sell it for more or less the same price to others at ebay by losing the 13% ebay charges. Bullion coins are different, always go to local coin shop to buy or sell bullion. And you still lose 10% to 20% of your money if you buy and sell on the same day.

My second thought is, don't buy from RCM, that is just a stupid way of losing money. No matter what, those coins will go to ebay some day, and the price will converge to its reasonable range 3 years after issuing. 90% coins you buy from RCM, their price will converge to a number lower than their issue price.

For coin storage, just a capsule and put it in a ziploc bag is good enough. If you want to feel more interesting, I put the bag of coins in a wooden treasure box for fun:)

At last, you can still make some profit if you hold the coins for long enough. For example, the economy is bad now, the market price of coins go downwards, you get some at ebay, and wait for 2 or 3 years when the economy recovers, collectors have more money to spend, and the price of coins will go up again.

From my research, commem coins and old circulation coins are the two types of coins worth the money. But old circulation coins need a lot of knowledge and grading skill, as well as a lot of money to enter the game :(
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Sharks's Avatar
Canada
1759 Posts
 Posted 12/19/2023  3:44 pm  Show Profile   Bookmark this reply Add Sharks to your friends list Get a Link to this Reply
Daisuke_Ido Lots of good ideas & suggestions above. I use 2x2 for most of my circulated coins.. For my proof, specimen and better coins I use Lighthouse square quadrums. (plastic holders with foam inserts of various sizes).
I can't give suggestions on selling as I have never sold a coin from my collection. I would suspect a LCS would give you about 70% of market value.
Edited by Sharks
12/19/2023 3:51 pm
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MoneyPenney's Avatar
Canada
2984 Posts
 Posted 12/20/2023  01:52 am  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply

Quote:
I would suspect a LCS would give you about 70% of market value.


That's way too high. LCS would pay 30-50% of market at best. They have a huge overhead to cover and they cannot afford to pay much.for coins.

The best way to sell your coins for the most money is through ebay. It take time though. If you really need money right away or don't care the amount you get, then take it to your LCS. You see it all the time when someone dies, the heirs don't care they unload it for fire sale prices.




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