HOW TO SELL COINS NEAR ME – OAK BROOK

By SELL COINS NEAR ME

Oakton Coins & Collectibles is one of the highest rated coin shops near Oak Brook.

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 Oak Brook.

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 Oak Brook.

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 Oak Brook.

  • 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 – Oak Brook.

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, E;

EAC – An abbreviation for Early American Coppers.

Eagle – A United States $10 gold coin. Name also applies to certain gold bullion coins.

Early American Coppers (Club) – A club whose purpose is to advance the study of pre-1857 U.S. copper issues, including colonial-era coins.

ED – An abbreviation for environmental damage.

Edge – The rim or “third side” of a coin, which may bear vertical striations (reeding or milling), lettering or ornamentation so any clipping or shaving of precious metals would be obvious.

Edge Device – The design elements, like letters or emblems, on the edge of a coin.

Educational Note – A common name for the elaborately designed Series of 1896 Silver Certificates, including the $1, $2 and $5.

EF – An abbreviation for Extremely Fine.

Electrotype – A counterfeit coin made by the electrodepositation of metal.

Elements – The devices and emblems on a coin. In the context of grading, the components that constitute the grade.

Eliasberg, Louis E. – Beginning in 1925 Mr. Eliasberg, a Baltimore banker and eventually the owner of the Finance Company of America, commenced building a coin collection, augmented greatly in 1942 when the John H. Clapp Collection of United States coins was purchased intact for $100,000, through Stack’s, this being tied for the greatest private transaction in American numismatics up to that time. Mr. Eliasberg then determined to acquire one of every date and mintmark of federal coinage from the 1793 half cent to the 1933 double eagle. This was accomplished in 1950 when he purchased the unique 1873-CC No Arrows dime. He also had a wide selection of ancient coins, private and territorial gold , colonial coins, and more. We auctioned the collection in a series of record-breaking sales beginning in 1982 and concluding in 2010 for nearly $45 million and his collection is considered to be one of the greatest in numismatic history.

Embossing – A term to describe the raised printing on a note caused by pressing damp paper into the recesses of a printing plate.

Emission Sequence – The order in which die states are struck. Also, the die use sequence for a particular issue.

Encapsulation – The encasing of a coin in a hard plastic holder (nickname “slab”) by a third-party grading service such as the Professional Coin Grading Service (PCGS), Numismatic Guaranty Corporation of America (NGC), ANACS, and others.

Encased Postage Stamp – Brass frame, with clear mica face, enclosing a regular federal postage stamp of a denomination from 1¢ to 90¢. On the back of most, embossed in raised letters in brass, is the name of an advertiser. Patented by John Gault, and popular as a money substitute in 1862 and 1863.

Engraver – Formerly called a diesinker, the person responsible for the design and/or punches used for a coin or other numismatic item.

Envelope Toning – A coloration on the surface of a coin resulting from the chemical reaction that occurs when it has been stored in a small manila envelope over a long time.

Environmental Damage – A corrosive effect ranging from minor dulling or toning to severe pitting, evident on a coin that has been exposed to the elements.

Eroded Die – Another term for “worn die.”

Error – The term for a numismatic item that unintentionally varies from the norm. Ordinarily, overdates are not errors since they were done intentionally while other die-cutting “mistakes” are considered errors. Double dies, planchet clips, off-metal strikings, etc. also are errors.

Escudo – Gold denomination equivalent to $2; part of the Spanish-American coinage system. Legal tender in the U.S. until the implementation of the Act of February 21, 1857.

Essai – A term for trial, pattern, and experimental strikings.

Exergue – That portion of a coin beneath the main design generally separated by a line or ridge.

Exonumia – A term to describe collectibles related to coins and paper money, but never legal tender. Examples include tokens, medals, badges, etc.

Expert – One who specializes in a defined numismatic area, for example a copper expert, a Bust dollar expert, etc.

Extra Fine – Shortened term for Extremely Fine.

Extremely Fine – A grading term that describes a coin that has about 90-95% of full detail with only the high points worn, the fields are often with luster barely remaining in the protected areas. This is also abbreviated as EF. The numerical equivalents associated with Extremely Fine are EF-40 and EF-45.

Extremely High Relief – Designed by Augustus Saint-Gaudens, this 1907 double eagle had so much medallic depth that it had to be struck multiple times to bring up the full detail. The design was then lowered, resulting in the High Relief design, which again was lowered to create the Saint-Gaudens double eagle design.

Eye Appeal – The subjective measure of a coin’s attractiveness. A coin with good eye appeal is one that is attractive and does not have dullness, stains, spots, damage, or anything detracting. Often, a coin with excellent eye appeal will command a premium. Eye appeal can be part of the grading process, and higher grades, such as MS-67 or above usually have good eye appeal.