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What are coin dealers and what can they do for me

Coin dealers are businesses that specialise in selling, buying, and trading coins. This niche market called the ‘Numismatic’ industry is the study of coins and collection of them based on factors such as date, countries, and special editions. If you own any coins that you think may be of any value or want them dated, then why not bring them to a coin dealer?

The types of coins that numismatists look for vary. They look for rare or collectable coins which could have significant historical value, for example, coins used in the war. However, coins can date back to ancient times and certain time periods can value up to tens of thousands of pounds.

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Other types that they may look for are ‘bullion’ coins. These types are specifically made from precious metals such as silver, platinum and even gold coins. They were originally intended for investors and valued based on weight, therefore were not accessible to the public. Examples are American Gold Eagles or South African Krugerrands, and gold bullions can be identified as unlike normal coins they are not magnetic if they are real gold.

If you have any old or limited-edition foreign coins, it can be worth getting them valued by coin dealers. If you can work out what types of countries your local coin dealer seeks, then you will know whom to go for. For example, a certain dealer may have a special interest in and knowledge of French coins.

When you visit a coin dealer, they tend to provide an appraisal in which they look at the condition of the coin, any historical significance, the rarity and possibly the market demand for the type at the time. From this, they can give you an estimated value. It will then be graded, which focuses on quality and the coin’s state of preservation.

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Once the coin’s value is authenticated and has the correct certification then it can be put for sale directly to other coin collectors, museums or coin shows. Coin shows are events in which dealers and collectors interact to trade and buy coins through stalls where they showcase their stock.

If you want to gain an expert opinion on any coins that you may have, then Coin Dealers UK www.gmcoins.co.uk/ can provide you with a consultation and give you advice. This can also be done online by contacting the company and sending photos to begin initial contact.

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