Oakton Coins & Collectibles is one of the highest rated coin shops near Hoffman Estates.
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 Hoffman Estates.
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 Hoffman Estates.
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 Hoffman Estates.
- 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 – Hoffman Estates.
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, L;
Lamination – A recess in the surface of a coin caused by a flake or strip of metal separating from the planchet.
Large Cent – Issued by the United States from 1793 until 1857, a large copper coin denominated at one-hundredth of a dollar.
Large Date – A term used to describe the size of the numerals of the date on a coin. Using this term implies that there are other varieties for the coin or series, like small date or medium date.
Large Eagle – Another term for Heraldic Eagle.
Large Letters – A term used to describe the size of the lettering on a coin. Using this term implies that there are other varieties for this coin or series.
Large Motto – A common name for the 1864 two-cent piece with the motto “IN GOD WE TRUST” in large lettering. This motto was first used on the 1864 two-cent piece. Congress mandated this inscription for all coinage and it has been used on nearly every coin since 1864.
Large Size – A term used to describe a coin’s diameter relative to others in a series. When this term is used it implies that there is a small size or diameter issue with the same motif.
Launder – A derogatory term used to describe the cleaning of paper money to enhance its appearance to numismatists. Careful cleaning can be beneficial if done properly by experts, like removing grime and grease.
Lazy Deuce – A common name for a $2 Original Series or Series of 1875 National Bank Note. These notes have a large 2 placed horizontally in a resting, or “lazy,” position.
LD – An abbreviation for large date.
Lead – Basic elemental metal. Many splashers (clichés in French), or one-sided strikings on thin (usually) planchets, were made on elemental lead, a soft metal that was easy to use for testing dies in progress or finished dies. A few pattern coins were made in lead, an example being the 1907 $20 J-1777. Lead oxidized rapidly, and such pieces soon became dull and porous.
Legal Tender – Money that is officially issued by the government and is recognized for redemption.
Legal Tender Note – Notes issued in large-size and small-size formats of a denomination $1 to $10,000. This is the foundation of the federal paper-money system and has been for many years.
Legend – The lettering or phrase on a coin that follows the curvature, unlike inscriptions, which are in straight lines.
Lettered Edge – The edge of a coin that displays design elements or an inscription rather than having a plain or reeded edge. The elements can be raised or recessed below the surface.
Lettering – The alphabet characters used in legends, mottos, and other inscriptions on the surface of a coin.
Lib – A shortened term for Liberty Head.
Liberty – The symbolic figure of Miss Liberty used in many U.S. coin designs.
Liberty Cap – A design used on certain early United States half cents and large cents that displays the head of Miss Liberty with a cap on a pole nearby.
Liberty Head – The obverse motif used on most U.S. gold coins from 1838 to 1908. Barber coinage and Morgan dollars are also sometimes referred to as Liberty Head coins.
Liberty Nickel – A term for the Liberty Head nickel or “V” nickel struck from 1883 until 1912. (Those seen dated 1913 were clandestinely struck and are not regular issues.)
Liberty Seated – The design featuring Miss Liberty seated on a rock, designed by Christian Gobrecht, first used on the Gobrecht dollars of 1836-1839 and then used on nearly all regular issue silver coinage from 1837 through 1891.
Light Line – The band of light seen on photographs of coins, especially Proofs. This band also is seen when a coin is examined under a light.
Lincoln – A shortened term for Lincoln Head cent.
Lincoln Cent – Issued by the United States government with a face value of one one-hundredth of a dollar. Designed by Victor D. Brenner, the Lincoln cent was first struck in 1909 and continues to be struck today. The Wheat Ears reverse design was changed to the Memorial Reverse in 1959.
Lincoln Penny – Another term for Lincoln cent.
Liner – A coin that is on the cusp between two different grades. A 4/5 liner is a coin that is either a high-end MS/PR-64 or a minimum-standard MS/PR-65.
Lint Mark – A small incuse or incised mark on the surface of a Proof or Uncirculated coin caused by a stray hair, thread, or other small debris adhering to the die after it was wiped with an oily rag.
LL – An abbreviation for large letters.
London Fix – The gold price set at a London meeting of five well-established, old-line firms which becomes the benchmark for market trading at that time. The price of a transaction is sometimes agreed upon based on the AM or PM London Fix for that day.
Long Beach – A shortened term for the Long Beach Coin and Stamp Exhibition held in Long Beach, California three times each year.
Lot – A unique number assigned by the auction house to an item or group of items to be sold in a particular auction sale.
Loupe – A magnifying glass used to examine coins.
Low End Coin – A coin given a grading number designation, but which an informed observer believes is really in a lower grade or is a minimal example of the designated grade—an item for the price-conscious buyer and bargain hunter.
Luster – The effect that light has on the surface of a coin when reflecting on the flow lines. Also known as a coin’s original mint bloom.
Lustrous – A term used to describe a bright coin that still has its original mint bloom.