Oakton Coins and Collectibles is one of the highest rated coin shops near Brookfield.
If you are considering selling your coins, you have come to the right place. Oakton Coins and Collectibles understands that selling a single coin or a whole coin collection can be an extremely daunting task. Whether you are a lifetime coin collector or have recently inherited a coin collection, when it comes time to sell your coins, you have many options. Oakton Coins and Collectibles can simplify the process.
Understanding how to sell coins around Brookfield.
When it comes to selling coins, you need to take a lot of factors into account. For instance, your coins could simply be worth face value, or they could be worth a significant amount of money. People do not always collect only valuable coins; often, they collect low-value or face-value coins for other reasons. But no matter the size or value of your collection, we are here to help.
Sometimes people sell their whole collection. Other times, they sell the valuable parts and split up the rest between siblings. Maybe you have a small collection without a lot of monetary value and someone young in your family would appreciate it.
Often, people bring us their coins carefully arranged by date and decade, usually placed in separate Ziploc bags or paper envelopes/coin tubes. You might be tempted to do this, but it’s not worth the effort.
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 it into these groups:
- Gold coins
- 9o% silver dollars (1878 through 1935)
- 9o% silver dimes, quarters, 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
Interesting coins are available for purchase in every budget range, so ask yourself the following questions to help determine the value of the collection you want to sell:
Can you determine how much money the collector spent or how regularly the owner bought? Can you find any bills of sale, invoices, or canceled checks from dealers or auction firms? Do you have an insurance policy or a will with instructions?
This information may be helpful, but you can’t completely depend on any of it. The value of coins (and collectible paper money), like the value of anything else, is what a willing buyer will pay a willing seller. This amount is never a fixed figure, as the market fluctuates in varying degrees and at unpredictable rates.
Pricing your collection to sell around Brookfield.
Ninety-nine percent of the time, you will not receive the value listed in any of the pricing guides that you may reference when you sell coins. The guides are just that: a guide to help you establish the price range you can reasonably expect for a coin. Most consumer guides show extremely inflated values.
Some coin selling terms to keep in mind; Clickbait Pricing, Real-World Pricing, Melt Value Pricing, Numismatics Pricing.
Clickbait Pricing: Wikipedia defines “clickbait” as web content that is aimed at generating online advertising revenue, especially at the expense of quality or accuracy. This pricing relies on sensationalist headlines to attract click-throughs. Click-throughs refer to when the reader clicks a 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 their claims are almost never valid.
Real-World Pricing: This refers to actual money changing hands. This pricing reflects amounts that have actually been paid, not just advertised, so it’s true market value. Everything else is just a bunch of words and ideas about the worth. Any coin is only worth what someone will pay for it, and collectors usually focus on rarity and condition to determine monetary value.
Melt Value Pricing: Prior to 1965, the majority of United States coins contained either gold or silver (with a few exceptions). Any selling premium on top of the melt value comes from the Numismatic Value.
Numismatics: Numismatics is the study of coins, paper currency, and metals. Coin rarity and condition drive the prices that collectors will pay. Regardless of the metal composition of the coin, some coins have a very high numismatic value.
Places NOT to sell coins around Brookfield.
- Jewelry Stores and Pawn Shops – They usually only understand the precious metal part of the gold/silver coins, and they pay only a small percentage of that price.
- Ebay – Many coins are sold on EBay every day, But it can be very risky, time consuming, and costly. Click here for more information.
Sell coins near me – sell coins locally – Brookfield.
Oakton Coins is conveniently located right near 94 West (Kennedy) near downtown Skokie (very close to Chicago), and less than two blocks from the Oakton stop on the Yellow Line CTA (Skokie Swift). It is within minutes of downtown Chicago, Rogers Park, Evanston, Lincolnwood, Niles, Park Ridge, Deerfield, Morton Grove, Des Plaines, Glencoe, Highland Park, Glenview, Northbrook, Elk Grove Village, Naperville, Northfield, Northbrook, Palatine, Arlington Heights, Barrington, Brookfield, Elmhurst, Franklin Park, Glencoe, Highland Park, Hoffman Estates, La Grange, Lake Bluff, Lake Forest, Lincolnshire, Lombard, Oak Brook, Oak Park, Prospect Heights, Wheaton, Wheeling, Winnetka, Portage Park, Forest Glen and Schaumburg.
Glossary of numismatic terms, P 2/2;
Premium – The value a coin may hold in excess of its simple intrinsic value, expressed as an actual dollar amount or percentage.
Premium Quality – An unofficial term designating a coin within a grade an exceptional example. However, in the marketplace the term is often misused, as some sellers consider all coins to be Premium Quality. Abbreviated PQ.
Presentation Striking – A specially struck coin, often a Proof or an exceptionally sharp business strike, given to a dignitary or other person.
Press – Any kind of coining machine.
Prestrike – A coin struck earlier than the year on the die. Example: Many 2000 Proof coins were prestrikes made in 1999 but not released until 2000.
Price Guide – A periodical listing approximate prices for numismatic items.
Price List – Another term for fixed price list.
Price Realized – The final amount for which a lot is sold at auction, including the buyer’s premium.
Printage – The exact or estimated quantity of notes printed.
Pristine – Coins that are typically graded Mint State or Proof 67 or higher are considered pristine. This term describes coins in unimpaired and original condition.
Professional Coin Grading Service – A third-party grading service located in Newport Beach, California, established in 1985.
Professional Currency Dealers Association – An organization of paper-money dealers.
Professional Numismatists Guild – An organization of numismatic dealers founded in 1955.
Proof – A coin struck for collectors using specially polished or otherwise prepared dies and a carefully selected planchet. Some Proofs are struck twice to bring up the details of the design. The term denotes a method of manufacture, not a grade.
Proof Dies – Dies which are specially prepared, often sandblasted or acid-picked, and used exclusively to strike Proof coins. Often, the fields of Proof dies are highly polished which results in a mirrorlike finish, and the recessed areas are left unfinished to create frosted devices.
Proof Note – A term to describe impressions made from a complete or partially complete plate, for test purposes to illustrate its appearance. Typically they have no serial numbers, or just zeros in place of a serial number, and may also be missing other elements like signatures and Treasury seals. These are usually only printed on one side.
Proof Set – A coin set sold by a mint containing Proof issues from a particular year. A few exceptions exist, such as the 1804 dollar and eagle in 1834 presentation Proof sets.
Prooflike – An Uncirculated coin with a mirrorlike reflective surface but lacking the full characteristics of a Proof. Abbreviation: PL. This term is most often used with Morgan dollars.
Proof-Only Issue – A coin struck only in Proof, no circulation-strike counterpart was ever made.
Provenance – Another term for pedigree.
Publish – To issue, as to publish a medal. The term is most familiar with printed material, but it is equally appropriate for medals. For example, the Manly medal of George Washington was published in 1790.
Punch – A steel rod, one end containing a device, date, lettering or other symbol, that would be hammered into a working die.
Put-Together Roll – A seemingly original roll that has been gone through and, typically, the best condition coins have been removed and replaced with lesser quality coins.
PVC – An abbreviation for polyvinyl chloride.
PVC Damage – A film that may form on a coin that has been stored in flips that contain PVC. Usually green or, in the early stages, clear and sticky.
PVC Flip – A soft, plastic coin storage envelope or “flip” that contains the chemical PVC.