Do you buy all forms gold? Even my old broken jewelry?
Yes, we buy all forms of gold, silver, and platinum. It can be ugly, old, or broken. It does not matter to us.
Should I clean my dirty coins before selling them?
No, never try to clean a coin. No matter how dirty or ugly it looks. Cleaning damages the coin.
Are old coins rare?
Some are rare, some are not. Just about everything is common. If you think about it, that’s what makes rare stuff rare — the definition of “rare” is… “most things aren’t”. Just because you don’t see Buffalo nickels in your pocket change every day, that doesn’t make them rare — every coin dealer in the country has tons of them. For most of the older types of coins, there are usually at least a few “key dates” (usally worth more), while all the rest will be common dates for that type of coin.
Are all old coins worth a lot of money?
Age alone does NOT make something rare or valuable! If that were true, rocks and trees would be worth a fortune, and we’d all be rich. However, while that’s generally a true statement, there’s always an exception. If a coin is extremely old, even if it’s a common date for the kind of coin that it is, the value can rise significantly if it’s in mint or near-mint condition.
I found a gold dollar in my change. What’s it worth?
However, the US Mint did make some special silver collector’s issues. If you look on the side of the coin and it has a copper/clad band, it is worth a dollar. If it has no copper band, then you may have a silver one.
I just found a 1943 copper penny!
It is very unlikely that you actually have a real one. They are expensive because they are VERY rare. Many 1943 copper pennyfakes exist.
Should I sort my coins by date before bringing them in?
It’s not worth the effort. You might be tempted to organize your coins by individual date. People have brought us their coins carefully arranged by date and decade usually placed in separate Ziploc bags, paper envelopes / coin tubes.
When we appraise a collection, the first thing we do is separate coins by their composition (e.g. copper, nickel, silver or gold). If you must organize your collection – put into these groups:
-9o% silver dollars (1878 through 1935)
-9o% silver dimes, quarter, and half dollars (1892 through 1964)
-40% silver JFK half dollars (1965 through 1970)
-Lincoln Wheat Cents (1909 through 1958)
-Buffalo Nickels (1913 through 1938)
-Jefferson Nickels (1938 and later)
-All other obsolete U.S. type coins
-U.S. Mint proof and uncirculated sets
-U.S. Mint commemorative sets
-Currency and paper money
-Foreign coins / tokens
Are my Hummel figurines worth a lot of money?
China, plates, Hummels, ceramics, porcelain, … look pretty…. but are not often worth a lot of money. Things of this sort are usually worth just a couple dollars.
Should I itemize my coins in a spreadsheet or text document?
More than likely, we won’t be able to use it. We will need to see your coins in order to judge their condition and value. No matter how thorough or complete your list may be, we can evaluate your collection faster by going through the coins rather than from your list. So before you decide to go through the time and effort to make a list, please understand that while a list may be useful to you, it won’t be useful as to us. Besides, as part of our appraisal process, we will prepare a written list for you.
Will you buy my foreign coins, even if they are not silver or gold?
Yes, we generally buy them by the pound. We pay $3/lb for foreign base metal coins. Everyone has some foreign base metal (not silver or gold) coins laying around. Banks do not accept coins for exchange value.
Should I remove coins from an album that was assembled by a collector?
Coins that were selected and placed in an album by a collector often have a much greater chance of being worth more than their metal value. It is much easier for us to search for key or rare dates in an album than from a heap of coins. If your coins are already in a book, it is best to keep them intact until we can review them.
Why do gold and silver ounces cost more than the spot price I see on tv?
Generally, the price you see for gold is based on one futures contract for gold, that futures contract theoretically controls 100 troy ounces, or one brick of gold (1,000 oz for silver). So if you want that price, you need to open a futures account with the Chicago Mercantile Exchange, and buy the 100 oz of gold or 1,000 oz of silver for future delivery. Paper cash is not accepted. Ironically, you might never actually get a physical delivery. Many gold and silver contracts are settled for (digital) cash, whether you like it or not.
Think of the spot price of gold as a guide correlated with the physical product. Sort of how the price of oil is loosely tied to what you actually pay at the pump. Many factors make up the premiums on physical gold, and these factors constantly change. The spot price is just one of them.
Do you report customers buying to the IRS?
All coin shops work on the same AML rules as banks. When cash transactions take place that equal over $10,000 dollars in a given period, we are required to file a currency transaction report (CTR).
Do you report customers selling to the IRS?
No, what you sell is for you to report.
Can I get a loan?
We are not a pawn shop, so no loans. No electronics, car radios, furniture, or catalytic converters (that’s junk yard stuff).
How old do I have to be to sell to Oakton Coins?
You must be over 18 to sell to us, and must produce valid identification.
Appointments are usually not needed during normal business hours. If our regular hours are inconvenient for you call and make an appointment.
Do you charge for appraisals.
Verbal appraisals are free.
Written appraisals are $20 (refundable with sale of appraised item).
Insurance (inflated) appraisals are $40 an hour with a minimum of $20.
Do you buy ivory?
No. Although it might be technically legal to buy antique ivory pieces, due to to political pressures from the U.S., Europe, & now China. Ivory has virtually no resale value anymore. So no ivory – its time has passed.
What do you buy besides coins, paper money, gold, and silver?
Lots of things: diamonds, gems, comic books (1960s and before), baseball cards (1960s and before), Star Wars toys (1980s and before), meteorites, stamp collections, pocket watches, and more. If you have something interesting to sell but it’s not for us, we can direct you to a potential buyer.
Retail: Highest price possible because goods sit around for long periods, includes the costs of labor, property, and taxes.
Ebay: The asking price is meaningless. People can ask any crazy price for anything.
Wholesale: How most things trade – the price that a retail seller attained goods at.
Insurance appraisal: Fantasy number – often based on 3 x retail price or higher.
Futures spot price: Only roughly correlated with the actual price of physical metal – based on a future price of very large contracts – Gold 100 troy ounces, Silver 5,000 troy ounces, Platinum 50 troy ounces.
Wishful-Thinking Pricing: A seller’s idea of how much they would like for an item. You may find listings of a random coin on Etsy, eBay, or someplace easy enough to list asking a crazy number for it. It never sells, or may be listed “for sale” for years. This comes from ignorance, optimism-gone-overboard, and in some cases is an outright joke. This tends to create a lot of confusion for people that are new to selling coins. The Red Book is also usually wishful-thinking pricing.
Clickbait Pricing: Defined by Wikipedia as web content that is aimed at generating online advertising revenue, especially at the expense of quality or accuracy. This relies on sensationalist headlines to attract click-throughs. Click-throughs are what you are call it when the reader clicks the link to go through to the next stage of the bait. Clickbait makers love to post about how common coins could be worth big money, but in reality these are extremely rare.
Real-World Pricing: Actual money changing hands. It reflects prices that have actually been payed, not just advertised. This is the true market value. Everything else is just a bunch of words & ideas about the worth.
Do we sell jewelry (are you a jewelry store)?
We do not sell jewelry to the general public. We are not a jewelry store.
Do you do consignments?
Yes, we do consignments. We can also help with whole estate liquidations / clean outs in the Skokie – Chicago area.