Oakton Coins and Collectibles is one of the highest rated coin shops near Elk Grove Village.
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 Elk Grove Village.
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 Elk Grove Village.
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 Elk Grove Village.
- 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 – Elk Grove Village.
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, V, W, X, Z;
Variety – A coin’s design that sets it apart from the normal issue of that type. These variations can include the size of the date, mintmark and/or placement of either.
VDB – An abbreviation for the 1909 V.D.B. Lincoln Head cent, which are the initials for designer Victor D. Brenner.
Very Fine – A grading term that describes a coin that has about 45-80% of the original detail depending on the numerical grade assigned to the piece, also abbreviated as VF. VF-35 coins have nearly 80% detail and this decreases to about 45% detail on the VF-20 coins. The numerical equivalents associated with Very Fine are 20, 25, 30 and 35.
Very Good – A grading term that describes a coin that is heavily worn but the major devices and lettering are still for the most part clear, depending on how high the grade. This is also abbreviated as VG. The numerical equivalents associated with Very Good are 8 and 10.
Vest Pocket Dealer – A person who sells coins or other numismatic items on a part time basis.
VF – An abbreviation for Very Fine.
VG – An abbreviation for Very Good.
Vignette – The design elements on a bank note, including allegorical scenes, historical motifs and portraits.
V-Nickel – A common term for the five-cent coins with the Liberty Head design, struck from 1883 through 1912 , so called because of the large letter “V” on the reverse. (The 1913 issue was struck clandestinely and is not listed in mint reports.)
W – A mintmark used to indicate coins struck at the West Point, New York, branch mint.
Walker – A common name for a Walking Liberty half dollar.
Walking Liberty – A common name for a Walking Liberty half dollar.
Walking Liberty Half Dollar – The name used for the half dollars designed by A.A. Weinman, struck from 1916 through 1947 featuring Miss Liberty walking.
War Nickel – A shortened term for Wartime nickel.
Wartime Nickel – Five-cent coins composed of 56% copper, 35% silver, and 9% manganese struck during World War II.
Washington Quarter – A shortened term for the Washington quarter dollar.
Washington Quarter Dollar – Issued by the United States government with a face value of 25 cents. Designed by John Flanagan, the Washington quarter was first struck in 1932 as a circulating commemorative coin to celebrate the 200th anniversary of George Washington’s birth. It continues to be struck today. A special bicentennial reverse was issued in 1976, and in 1999 the obverse was redesigned and the State quarter series began.
Watermelon Note – A common term for the $100 Series of 1890 Treasury Notes so-called for the two zeros on the back that resemble watermelons.
Watery Look – A descriptive term for the wavy, reflective finish seen on the surfaces of most close-collar Proof coins as a result of highly polished planchets and dies.
Weak Strike – A coin with certain of its details (in the areas of high relief) not fully formed because of the hardness of alloy, insufficient striking pressure, or improper die spacing.
Wear – The abrasion of metal from a coin’s surface caused by normal handling and circulation.
West Point Mint – A branch of the United States Mint, located in West Point, New York that manufactures American Eagle Uncirculated and Proof coins, all sizes of Proof and Uncirculated silver, gold and platinum American Eagle coins, commemorative coins mandated by Congress, and stores platinum, gold and silver bullion. This was officially designated by Congress as a mint on March 31, 1988. This mint uses the “W” mintmark.
Wheat Pennies – The common term for Lincoln cents with wheat ears on the reverse, issued from 1909 to 1958.
Wheel Mark – Another term for “counting machine mark.”
White Metal – A pewter-like metal, of no fixed specifications, employing lead, tin, antimony, and other elements to create a metal silver in appearance but fairly soft. The popular term pewter is sometimes used in the field of antiques and artifacts to describe such items; the term is not widely used for pattern coins. White metal was used to strike many different patterns in the 19th century and tokens and medals in the 19th century and later. In general, white metal was not chemically stable, and sometimes pieces oxidized or blistered. Sometimes white metal strikings have been described as being in tin.
Whizzing – The alteration of a coin’s appearance by use of a rotating bristled (wire or other material) brush to move or remove metal from the surface. This process generally gives a coin the artificial appearance of being in a higher grade than it actually is. Areas of a whizzed coin usually show a series of minute scratches or surface disruptions simulating artificial luster, and the buildup of metal ridges on raised letters or other design features.
Wire Edge – The term for a thin, wire-like section of the rim of a coin that is raised above the rest of the rim along the outside perimeter. This is typically caused by very high striking pressure, and tends to occur mostly on Proof and high relief strikings. Can also be a common term for the Wire Edge Indian Head eagle of 1907.
Wire Edge Eagle – The $10 gold coin of 1907 with the Indian Head design of which only 500 were struck. This is technically a pattern and features a fine wire rim and surfaces which were both satiny and striated unlike any other United States issue.
Wire Edge Ten – A common term for the Wire Edge Indian Head eagle of 1907.
Wire Rim – Another term for wire edge.
With Arrows – A shortened term for arrows at the date.
With Arrows and Rays – Another term for arrows and rays.
With Motto – Another term for motto.
With Rays – Another term for rays.
W-Mint – An abbreviation for coins struck at the West Point, New York, branch mint from 1988 to present.
Working Die – A die produced from a working hub and used to strike coins.
Working Hub – A hub made from a master die used to create the working dies.
World Coins – A term that refers to any coins from countries other than the United States.
Worn Die – A die that has lost detail from over usage. Coins struck from worn dies often appear weakly struck.
Wreath Cent – A common name for the second large cent type of 1793.
XF – Another abbreviation for Extremely Fine, or EF.
Zerbe Proof – The 1921 Morgan dollars specially struck for numismatist and Mint friend Farran Zerbe.