Oakton Coins & Collectibles is one of the highest rated coin shops near Highland Park.
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 & Collectibles can simplify the process.
Understanding how to sell coins around Highland Park.
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 Highland Park.
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 Highland Park.
- 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 – Highland Park.
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, M;
Machin’s Mills – A private mint operated by Captain Thomas Machin and associates on the shore of Orange Pond near Newburgh, NY in the late 1890s. Its specialty was making counterfeit coins, although genuine Vermont copper coins were struck there as well.
Mail Bid Sale – An auction sale where there is no live bidding component. Bids are only accepted via mail, phone, fax or email.
Major Variety – A coin that differs from other coins of the same date, design, type and mint in at least one major design element.
Margin – The blank area at the border of a note beyond the design or printed information.
Mark – Proposed U.S. coin consisting of 1,000 units. Pattern marks, inscribed 1000, were struck in 1783 as part of the Nova Constellatio series.
Marks – Scratches or other imperfections that are acquired after the coin is struck and are caused by other coins or foreign objects.
Martha Washington Note – A common name for the $1 Series of 1886 and 1891 Silver Certificates. The front depicts a portrait of Martha Washington, the nation’s first First Lady.
Master Die – The main die produced from the master hub.
Master Hub – The original hub created by the portrait lathe. Master dies are created from this hub.
Matte Proof – A Proof coin that has no mirror-like qualities. The surfaces have a dull, sandblasted appearance. These were minted in the United States mainly from 1907 to 1916.
MD – An abbreviation for medium date.
Medal Press – A high-pressure coining press used to strike medals, patterns, restrikes and some regular-issue Proofs, acquired by the U.S. Mint, circa 1854-1858.
Medal, Medallion – A commemorative or artistic piece resembling a coin but bearing no denomination or redemption value, not necessarily issued by any government.
Medalet – Describes a “small” (otherwise undefined) medal, often a medal of less than 20 mm. diameter, but especially if less than about 10 to 12 mm.
Medium Date – A term referring to the size of the numerals of the date on a coin. Using this term implies that another variety exists for this coin or series, such as a large or small date.
Medium Letters – A term used to describe the size of the lettering on a coin. Using this term implies that another variety exists for this coin or series, such as large or small letters.
Melt – The intrinsic metal value of a particular numismatic item.
Merchant’s Token – A metallic (usually) token issued by a merchant or other commercial entity to advertise goods or services. Same as store card. Example: the token issued during the Hard Times era by J. Cochran, a Batavia, New York bellfounder.
Mercury Dime – Common name for the Winged Liberty Head dime. The wings crowning Miss Liberty’s cap are intended to symbolize liberty of thought. Designed by Adolph A. Weinman, these were issued from 1916 until 1945.
Metal Flow – Describes the flow of metal on a planchet used to strike a coin, as the dies come together with tens of tons of pressure, and squeeze the metal into the different recessions in the die. Metal flow tended to wear away at the surface of the die, eventually resulting in coins with a grainy rather than lustrous surface.
Metal Stress Lines – A term for the radial lines caused by metal flowing outward from the center of the planchet as the coin is struck.
Micro – Very small, but not microscopic. Example: The 1945-S Micro S dime has an S mintmark that is much smaller than that usually employed on dimes of this ear.
Milling – Technically, the term milling refers to the raised rim on a coin, as imparted by a milling machine. However, in popular but incorrect parlance milling is sometimes used to refer to the closely spaced vertical ribs or reeds on a coin, seen when certain coins are viewed edge-on.
Milling Mark – Staccato-like nicks that appear on the surface of a coin caused by contact with the reeded edge of another coin.
Minor Variety – A coin that differs only slightly from other coins of the same design, type, date, and mint.
Mint – A facility for striking coins, traditionally a government agency.
Mint Bloom – The effect that light has on the surface of a coin when reflecting on the flow lines. The original luster on a coin.
Mint Error – A misstruck or defective coin produced by the mint.
Mint Luster – The delicate frost or crystalline sheen imparted on an Uncirculated coin as the dies strike the planchet or blank.
Mint Set – A group of Uncirculated coins from a particular year that includes coins from each mint.
Mint Set Toning – Mint sets issued from 1947-1958 were displayed in cardboard holders. This term refers to the patterns and colors coins acquired from years of storage in these holders.
Mint State – A grading term for a coin that has never been in circulation, corresponding to the numerical grades MS-60 through MS-70. This is also abbreviated as MS.
Mintage – The number of coins that were struck at a certain mint during a specific year.
Mintmark – A symbol, usually a small letter, used to indicate at which mint a coin was struck. Usually given as one word, but sometimes as two. U.S. mintmarks include: C, Charlotte, NC; CC, Carson City, NV; D, Dahlonega, GA (1838-1861); D, Denver, CO (1906 to date); O, New Orleans, LA; P or no mark at all, Philadelphia, PA; S, San Francisco, CA; W, West Point, NY.
Mishandled Proof – A Proof coin that has been cleaned, significantly abused, or somehow escaped into circulation.
Miss Liberty – The term applied to the various versions of the emblematic Liberty represented on United States numismatic items.
Mis-struck – Refers to error coins that have striking irregularities.
ML – An abbreviation for medium letters.
Modification – A minor change in the basic design of a coin, sometimes creating a new collectible type. Example: In 1866 the reverse of the half dollar was modified by adding the motto IN GOD WE TRUST.
Morgan – A shortened name for “Morgan dollar.”
Morgan Dollar – The common name used for the Liberty Head silver dollar that was designed by Assistant Engraver George T. Morgan. These were struck from 1878 through 1904 and once again in 1921.
Mottled Toning – Toning that is uneven and splotchy, usually with dull colors.
Motto – An inscribed word or phrase on a coin.
MS – An abbreviation for Mint State.
Mule – A mint error where the coin has a mismatched obverse and reverse.
Multiple-Struck – Another term for double struck. When a coin is not ejected from the dies and is struck again. To sharpen their details, Proof coins are generally double struck intentionally and this is sometimes visible.
Mutilated – A term that describes a coin so badly damaged it can no longer be graded.