When you begin pricing coins make sure you know if you are getting wholesale or retail prices. The retail prices would be prices you would expect to pay for the coins you want to purchase. Wholesale prices are what a dealer or individual would pay you for your coins. They generally pay out the average wholesale prices to sellers because this allows them to make a profit when selling the coins.
There are many tools available to you when you are pricing coins. There are coin value sites on the internet. These sites are updated frequently to keep the prices current. You can also buy books that tell you the value of individual coins as well as prices for coin sets. The books may become outdated on coins of gold or silver as the value of these coins goes up and down depending on the price of gold and silver on the market. These pricing guides list the wholesale and retail prices for different grades of coins. You should have some knowledge of coin grades to determine which category your coin falls into.
Your local library may also have current guides for pricing coins. Some banking institutions may also have valuable coin information. You would need to check with your local bank and see if they have any helpful information available. They may be able to refer you to the proper person who can help you with pricing coins.
There are always coin experts who may help with pricing coins for you. Some may charge a small fee, but if you are looking to sell a coin, they may provide this service in consideration for letting them make an offer for your coin. If you are buying coins you should check with several sources for information so you can get a general idea of how much the coin you want to buy is worth in today's market. You might want to check for local numismatists groups who would be able to help you in pricing coins.
When using guides to price coins, you need to remember that the guides are not set in stone. You should look at several guides to determine what you would be willing to pay for a coin, or what you should ask for a coin you are selling. You also need to check and see what similar coins are selling for. You can check online auction sites as well as information published by auction houses concerning coin auctions. Another source of information would be a local store that deals with coins on a daily basis. Most of this information is available to the public.
You may want to start pricing coins with coins you may have in your pocket or in a jar of coins you are saving. You might find a penny that is worth 3 cents or a dime that is worth a dollar. If you find that you have a genuine interest in collecting coins you can look to see what coins are available in your price range. Some of the online pricing guides offer a free service to match you with a seller who has coins you are interested in buying for your collection.
Remember whether you are just starting out or have been a coin collector for years there is much to learn about pricing coins. Reliable sources are your best bet for getting the correct information you need to make an informed decision. Pricing coins requires knowledge of grading coins as well as a desire to learn the history of the coin. Do your research and you will be satisfied with your hobby. You get a great investment and a fun way to learn about coins.
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