Question: i have 1804 coins with me. I got it from a native from Zambalez, Subic Port, Philippines. I want to verify if it’s real and i also want to sell it to anybody who’s interested.. Does any of you know someone who’s interested in buying it, or do you know where i can inquire about my rare coin?
Best Answer by sandhurstapa:
your best bet is to have the coin appraised. DO NOT SELL IT TO THAT PERSON. Only have them give you the value of the piece. If you are like me and if you are willing to put out the money, get 3 appraisals done by 3 different agencies from 3 different areas. Most pawn shops will give you next to nothing for something of value and sell it for 250% mark up of what they gave you for it. So don’t sell to them.
Say they give you $10 for your coin; they turn around and sell it for $35. Both you and the pawn dealer lose out because your coin could be worth $30k. That is just an example and shouldn’t be taken literal in any way, shape, or form. Just do some looking for local appraisers and also some from a distance.
There are many reasons to appraise.
- For insurance on loss or damage;
- For verification of retail, wholesale or Internet purchase;
- For resale value;
- For division of property in a dissolution of marriage;
- For estate planning, taxes, probate, inheritance and/or distribution of property; and
- For tax deductible charitable contributions of gems or jewelry over $500.00
Each can carry a different value. Whether it is a few cents to a few thousand dollars. Ask yourself ‘Why do I want to appraise this coin?” Then have it done for that reason. Be sure to have them put the price in writing…INK.
As far as finding a buyer, you would want to do that after the appraisals. Then look for buyers locally. Take all the appraisals but do not display them to the buyer. From there, discuss the possible sale and check around to all potential buyers for highest bid. Or Ebay it with the highest appraisal as your ‘reserve’. If your ‘reserve’ has not been met by the bidders, you have no legal obligations to sell the product and you get an idea as to the price people might pay. If the bids exceed your ‘reserve’ then you made more than the highest appraiser said it was worth.
Best of luck with your Endeavor and I hope this has helped even though it was lengthy.