HOW TO SELL COINS NEAR ME – PALATINE

By SELL COINS NEAR ME

Oakton Coins and Collectibles is one of the highest rated coin shops near Palatine.

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 Palatine.

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 Palatine.

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 Palatine.

  • 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 – Palatine.

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, S 1/2;

S – A mintmark used to indicate coins struck at the San Francisco, California branch mint.

S VDB – An abbreviation for the 1909-S V.D.B. Lincoln Head cent.

Saint – A common name for the Saint-Gaudens designed double eagle gold coin that was struck from 1907 until 1933.

Saint-Gaudens – Used to refer to Augustus Saint-Gaudens, the preeminent sculptor of the late 19th and early 20th century. Chosen by Theodore Roosevelt to redesign the coinage of the nation, he redesigned the eagle and double eagle in 1907. Many consider his $20 gold piece, also called the Saint-Gaudens, to be the most beautiful U.S. coin.

San Francisco Mint – A branch of the United States Mint, located in San Francisco, California, that struck coins from 1854 until 1955, and again from 1965 to the present day. This mint uses the “S” mintmark.

Satin Finish – An experimental Proof surface used after 1907 on U.S. gold coins. The dies were treated to create a silky surface on the coins.

Satin Luster – A silky, fine finish seen mostly on copper and nickel business strikes. Coins with satin luster have almost no “cartwheel” effect.

Scarce, Rare, etc. – The terms scarce, rare, etc., are relative. A Morgan or Peace dollar considered scarce or rare may be much more plentiful than a Liberty Seated dollar described as such. A street car token of 1880, of which 500 are known to exist, would be considered to be common in the context of street car tokens. However, the 1895 Morgan silver dollar, of which about 500 are known, is recognized as a classic rarity within the Morgan dollar series, as many thousands are known of all other dates and mintmarks.

Scratch – A deep line or groove in a coin caused by contact with a sharp or rough object.

Screw Press – The U.S. Mint’s first type of coining press invented by Donato Bramante. The press had a fixed lower die and an upper die attached to a rod with screw-like threads. Weighted arms attached to the rod would be rotated and the screw mechanism quickly moved the rod with the die downward, striking the planchet placed into the lower die. The struck coin was then ejected and the process was repeated.

SD – An abbreviation for small date.

Sea Salvage Coin – A coin recovered from the ocean, usually from a ship wreck.

Seated – A shortened term for the Liberty Seated design on United States silver coinage.

Seated Coinage – Coins bearing the Liberty Seated design.

Second Charter Note – A common term for Series of 1882 National Bank Notes, with no basis in Treasury documents.

Second Generation Rattler – The second generation PCGS holder, which is a rattler holder with a separate outer ring.

Second Toning – Toning that occurs after a coin is dipped or cleaned, whether by natural or artificial means.

Semi-Common – A term to identify coins that are neither scarce nor common.

Semi-Numismatic – Coins that have a significant bullion value and some numismatic value. The most recognized examples are common date Liberty Head and Saint-Gaudens double eagles.

Semi-Prooflike – A coin that has some mirror-like surface, but not enough to be called “prooflike” because some satin or frosty luster is evident.

Series – A specific motif or design used over a period of time. This can refer to a single denomination, or in some cases, several denominations. For example, the Peace dollar design was only used for silver dollars, while the Liberty Seated series included multiple denominations (dime, quarter, half dollar, dollar, etc.).

Sesqui – A shortened term for “Sesquicentennial” which refers to the gold quarter eagle or silver half dollar commemorative coins.

Set – A collection of coins in a series, a collection of types or a collection from a specific mint.

Set Registry – A listing of graded sets of coins specific to the third party grading service by which they were graded. Example: PCGS Set Registry.

Sharp Strike – Refers to a coin with all of its minute design details sharply defined.

Sheet of Notes – An uncut group of notes, as printed. Large-size paper money of 1861-1929 contained four notes, early small-size paper money of the late 1920s contained 12 notes cut apart into two 6 note sheets and modern size paper money sheets have 36 notes.

Sheldon – The last name of Dr. William H. Sheldon, a numismatist who wrote the seminal work on 1793 to 1814 large cents.

Sheldon Book – The major reference book on large cents, first published in 1949 as Early American Cents, written by Dr. William H. Sheldon. The book was updated in 1958 and included Walter Breen and Dorothy Paschal as authors under a new name, Penny Whimsy.

Sheldon Numbers – The reference numbers assigned to 1793 to 1814 large cents in the Sheldon books, Early American Cents and Penny Whimsy. These are typically abbreviated and listed as S-1, S-2, etc.

Sheldon Scale – A system designed by Dr. William H. Sheldon for grading large cents that first appeared in his 1949 book, Early American Cents. The Sheldon Scale incorporates numerical grades ranging from 1 to 70 and corresponds with a range of descriptive grades. Poor-1 is the lowest grade and Mint State 70 is the highest grade.

Shield – A design featured on certain series of coins that have vertical and horizontal lines in the shape of a shield.

Shield Nickel – The common name for the Shield 5-cent United States coins that were struck from 1866 until 1883.

Shiny Spots – Areas on Matte, Roman, and Satin Proof coins where the original surface, which is supposed to appear dulled, has been disturbed.

Show – The common name for a bourse, coin convention, or coin show.

Sight Seen – A term meaning that the buyer of a specific numismatic item in a specific grade wants to view the coin before committing to its purchase.

Sight Unseen – A term meaning that the buyer of a specific numismatic item in a specific grade will pay a certain price without having to examine the item first.

Silver – A precious metal. It also refers to coins struck in silver, which are generally comprised of 90% silver and 10% copper, with exceptions.

Silver Certificate – Note issues in large-size and small-size formats, redeemable in silver dollars, later in silver bullion, in the denominations $1 to $1,000.

Silver Commem – A shortened term for silver commemorative coins.

Silver Commemoratives – Coins issued to recognize or honor a person, place, or event. These 90% silver and 10% copper alloy coins were struck at various times from 1892 until 1954, and again after 1982.

Silver Dollar – Silver coins with a denomination of $1 that were struck from 1794 through 1935, in a composition of 90% silver and 10% copper.

Silver Dollar Note – A common name for the $5 Series of 1886 Silver Certificates. The design on the back is printed in green and contains the images of five Morgan silver dollars.

Silver Nickel – A common name for a Wartime nickel.

Silver Plug – In order to bring a planchet to the proper weight, a silver plug was inserted into a hole in the center of the planchet on certain early American coins. This was then flattened out when the coin was struck.

Silver-Clad – A coin that is comprised of 40% silver and 60% copper, such as the Kennedy half dollars, which were struck from 1965-1970.

Skirt Lines – On Walking Liberty half dollars, these are the lines that represent the folds in Liberty’s flowing gown.

SL – An abbreviation for small letters.

Slab – Universally used nickname for a sealed plastic holder issued by a third party grading service and labeled with a grading opinion.

Slabbed – Sending a coin to a third-party grading service to have it authenticated, graded, and encapsulated in a sonically sealed holder.

Sleeper – A numismatic item that is undervalued or underpriced.

Slider – A term used to describe a coin that looks like a higher grade. The term is most often used to describe an AU coin that appears Uncirculated.

Slug – A common term for the octagonal and round $50 gold coins struck during the California Gold Rush. These large two-and-one-half ounce gold coins supposedly got their name because criminals used them as weapons and would wrap these in cloth and “slug” their victims on the head. The 1915 Pan-Pac $50 gold commemorative issues are also referred to as slugs.

Small Cent – The reduced-size cents that replaced the large copper cents in 1857.

Small 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, such as large or medium dates.

Small Eagle – The coin design showing a plain eagle on a perch, first used on the 1794 half dime and half dollar.

Small Letters – A term used to describe the size of the lettering used in the design on a coin. Using this term implies that there are other varieties for the coin or series, such as large or medium letters.

Small Motto – A common name for the 1864 two-cent piece with the motto “IN GOD WE TRUST” in small lettering. This motto was first used on the 1864 two-cent piece. Congress mandated this inscription for all coinage and it has been used nearly always since 1864.

Small Size – A term used to describe a coin’s particular diameter in a series. When this term is used it implies that there is a large size or diameter with the same motif.

S-Mint – An abbreviation for coins struck at the San Francisco, California, branch mint.

SMS – An abbreviation for Special Mint Set.

SP – An abbreviation for Specimen Strike.

Spark-Erosion Die – A die that is made by the electrolytic deposition technique has surfaces that are very rough, with almost rust-like pimples. The surfaces must be polished to remove the surface imperfections.

Spark-Erosion Strike – A coin made from spark-erosion dies. These are distinguished by the “pimples” or pitting in the relief areas.

Special Mint Set – A set of unique coins that were neither circulation strikes nor Proofs. First struck in limited quantities in 1965 and officially released in 1966-1967, these were intended to replace Proof sets, which had been discontinued as part of the U.S. Mint’s efforts to stop coin hoarding. The Mint then resumed issuing Proofs in 1968.

Specimen – Special coins struck at the mint from 1792-1816. These coins display many characteristics of the later Proof coinage. Abbreviated as SP and also referred to as specimen strikes.

Specimen Note – Another term for proof note.

Split Grade – The practice once widely employed, including extensively by the American Numismatic Association Certification Service (ANACS), to grade each side of a coin separately. Accordingly, a Morgan silver dollar might be graded MS-63/65, meaning that the obverse is 63, the reverse 65. Today, this informative method is rarely used.

Splotchy Toning – Color, uneven in shade and composition, on the surface of a numismatic item.

Spot – A general term for the discolored area on a numismatic item. A spot or spots can affect the grade of a coin depending on size, severity, placement, and other factors.