Art Lesson Ideas

Coin Collecting guide – The Art to Selling Your Coins

There is an art to selling anything, and coins are no exception to that rule. You need to know what to expect when you sell your coins, decide whether to sell your coins yourself, and prepare to make the sale. You also have to get your coins properly graded and fairly priced, find coin dealers to sell to, and keep records of your sales.

If you decide to have a professional sell your coins, your choices are to sell directly to a dealer, on consignment, or at a public auction. You have to make sure you’re paying a fair commission, know how to set a price, and choose a dealer. If you decide to go the route of the auction, you need to know how to pick an auction house, the fees you should expect to pay, and the fees you should not pay. We fill you in on all this, plus tell you what you’ll find in an auction contract and provide a handy list and up-to-date description of all the leading coin auctioneers in the United States today.

Coin selling involves certain legal and tax responsibilities. In the United States, selling just about anything for a profit is taxable and, sadly, coins are no exception. You need to understand your tax obligations and the ways to minimize them, as well as the like-kind exchange rule in taxes. We also briefly touch on coins as an investment. Coin collecting is lots of fun, but not if the IRS comes pounding on your door. Don’t let the fear of legal or tax issues deter you: we give you the information you need so that you can focus on the fun of buying and selling coins, not on the legalities.

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Dominiche – the art of buying and selling – Episode #6

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