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Do regular coin dealers buy Ancient coins?

MKUltra24MKUltra24 Posts: 652 ✭✭✭✭
edited October 14, 2021 5:19PM in Q & A Forum

Hi everyone,

I have a question and I was hoping someone could answer it.

Do coin dealers usually buy ancient coins?

I am guessing not many dealers are experts in ancients but I have three NGC slabbed ancient coins that I want to sell to free up my budget for a coin I’m looking at and I was hoping that the NGC slabs would be enough for a dealer to feel comfortable making an offer on the coins.

It’s true NGC does not guarantee the authenticity of ancient coins but at the same time they do have their experts look it over before slabbing and they certainly won’t slab a coin they don’t believe to be genuine so even though the NGC slab may not guarantee it’s authentic it does mean that an expert at NGC has examined them closely and believes they are genuine. Which to me seems better than nothing.

I also have the receipts from Heritage Auctions where I bought the coins I am looking to sell and I’m guessing that HA experts also looked over the coins and also believed them to be authentic. Afterall HA did sell them as authentic ancient coins not as copies or counterfeits. So I’m hoping that the fact that both NGC and HA had independent experts examine the coins I am trying to sell and both believed them to be genuine would be enough evidence of authenticity for a dealer to make an offer without worrying about them being counterfeits or reproductions even if the dealer himself/herself isn’t an ancient coin expert.

Anyway sorry for the long winded question I’m just wondering if it’s worth taking these 3 coins I’m looking to sell into some local dealers but I don’t want to do that if regular dealers usually don’t buy ancient coins.

If anyone can let me know your experience in whether or not dealers buy coins I would greatly appreciate it.

Thanks! :)

Comments

  • ifthevamzarockinifthevamzarockin Posts: 8,498 ✭✭✭✭✭

    "Do coin dealers usually buy ancient coins?"

    Some will and some won't.
    As long as there is a little meat left on the bone most dealers will take a look.
    Some dealers don't have customers for certain coins or series and it would sit around for a long time, they will pass.
    It sounds like you have good documentation so authenticity should not be a problem.
    It never hurts to ask your local dealer or any other dealers if they would buy, the worst they can say is no.
    "I don’t want to do that if regular dealers usually don’t buy ancient coins."
    Most dealers like coins and like to look at them even if they are not going to buy them. Don't let your fear cost you a deal.
    You could also list them on the Ancient BST board here.
    https://forums.collectors.com/categories/world-ancient-coins-forum-buy-sell-trade

    I know nothing about ancient coins other than I think they are cool. B)
    Maybe someone smarter than me will give you a better response. ;):D

  • Herb_THerb_T Posts: 1,634 ✭✭✭✭✭

    You should post it in the for sale section on the forum.

  • MKUltra24MKUltra24 Posts: 652 ✭✭✭✭

    @Herb_T said:
    You should post it in the for sale section on the forum.

    No no I wasn’t asking to sell something on here I was asking if dealers buy ancient coins.

  • BJandTundraBJandTundra Posts: 383 ✭✭✭✭

    Definee "regular" coin dealer. :D

  • MKUltra24MKUltra24 Posts: 652 ✭✭✭✭
    edited October 19, 2021 3:21AM

    @BJandTundra said:
    Definee "regular" coin dealer. :D

    Good question.

    When I say a “regular” coin dealer I mean someone whose full time occupation is coin dealing. Or whose primary source of income comes from coin dealing.

    At first I was going to say “someone who knows a physical coin store” but I’m sure there are a lot of coin dealers who stick with online selling.

    Basically the only dealers I’m not referring too are people who sell coins once in a while as a side gig.

  • OldhoopsterOldhoopster Posts: 2,930 ✭✭✭✭✭

    Why do you need to distinguish between "regular" dealers and those who do it as a side gig? Don't both of them need to purchase coins to replenish their inventory?

    Try selling at a coin show and don't worry if the dealer is full or part time

    Member of the ANA since 1982
  • JimnightJimnight Posts: 10,804 ✭✭✭✭✭

    IMO ... not so much.

  • MKUltra24MKUltra24 Posts: 652 ✭✭✭✭

    @Oldhoopster said:
    Why do you need to distinguish between "regular" dealers and those who do it as a side gig? Don't both of them need to purchase coins to replenish their inventory?

    Try selling at a coin show and don't worry if the dealer is full or part time

    Well that’s the whole reason right there. I don’t go to coin shows because I live in the boondocks and it would be at least a 5 hour drive each way to attend any shows.

    The reason I am asking about regular dealers is because they have physical locations that I can quickly find online.

  • Herb_THerb_T Posts: 1,634 ✭✭✭✭✭

    If you have any really nice coins you might be better off selling through Heritage to Great Collections.

  • MKUltra24MKUltra24 Posts: 652 ✭✭✭✭

    @Herb_T said:
    If you have any really nice coins you might be better off selling through Heritage to Great Collections.

    Thanks! I think HA and GC have a minimum value of like $1,000 or $10,000 or something right?

  • ifthevamzarockinifthevamzarockin Posts: 8,498 ✭✭✭✭✭

    Is there a reason you don't want to try the BST board here?

    If you live in the boondocks it could be a great resource for you. ;)

  • MKUltra24MKUltra24 Posts: 652 ✭✭✭✭
    edited October 26, 2021 6:11PM

    @ifthevamzarockin said:
    Is there a reason you don't want to try the BST board here?

    If you live in the boondocks it could be a great resource for you. ;)

    Good question!

    It’s not so much that I “don’t want to” but rather the fact that I don’t have any references to vouch for me and so I think there would be a problem with any buyer being willing to trust me and have faith that I will send the coin(s) that they buy.

    I know for me personally I would probably be the same way so I don’t blame them at all. I understand completely.

    Whereas if I walk into a coin shop with the coin in hand there doesn’t have to be any trust or faith since I have the coin with me and just hand it over to the dealer rather than the dealer paying me and then relying on me to send what he/she paid for.

  • ifthevamzarockinifthevamzarockin Posts: 8,498 ✭✭✭✭✭
    edited October 26, 2021 7:45PM

    "Whereas if I walk into a coin shop with the coin in hand there doesn’t have to be any trust or faith since I have the coin with me and just hand it over to the dealer rather than the dealer paying me and then relying on me to send what he/she paid for."

    An in person transaction reduces many risks and is great when they work out.

    "I don’t have any references"

    Don't let that stop you, everyone needs to start somewhere.

    Every BST transaction will be different, buyers & sellers can work out the terms that both are comfortable with.
    If you are selling to a major dealer that happens to be on the forum with many references you will need to send them the coin and they will send payment when they get the coin. You may get a buyer that is new to the forums and you just won't send anything without payment first. It's your coin so you can make the rules, some may play and some may not. If you had a coin I really wanted and had been looking for one for a long time I may try to get you to ship the coin first but if you refuse I would just have to take the risk and buy it.

    You could also try selling a few smaller items on the BST board to get a few references.

  • MKUltra24MKUltra24 Posts: 652 ✭✭✭✭

    @ifthevamzarockin said:
    "Whereas if I walk into a coin shop with the coin in hand there doesn’t have to be any trust or faith since I have the coin with me and just hand it over to the dealer rather than the dealer paying me and then relying on me to send what he/she paid for."

    An in person transaction reduces many risks and is great when they work out.

    "I don’t have any references"

    Don't let that stop you, everyone needs to start somewhere.

    Every BST transaction will be different, buyers & sellers can work out the terms that both are comfortable with.
    If you are selling to a major dealer that happens to be on the forum with many references you will need to send them the coin and they will send payment when they get the coin. You may get a buyer that is new to the forums and you just won't send anything without payment first. It's your coin so you can make the rules, some may play and some may not. If you had a coin I really wanted and had been looking for one for a long time I may try to get you to ship the coin first but if you refuse I would just have to take the risk and buy it.

    You could also try selling a few smaller items on the BST board to get a few references.

    Thanks! That is good advice. I could start by selling some lower valued stuff (not junk but under $100) to get some references and then use those references if selling higher valued stuff.

    I will try that and hopefully I can sell the stuff I want to sell to get some money for a Tiberius denarius. ^_^

  • Herb_THerb_T Posts: 1,634 ✭✭✭✭✭

    @MKUltra24 said:

    @Herb_T said:
    If you have any really nice coins you might be better off selling through Heritage to Great Collections.

    Thanks! I think HA and GC have a minimum value of like $1,000 or $10,000 or something right?

    I don’t know about a minimum, might be on total value submitted. I have bought coins on both for less than $100.

  • MKUltra24MKUltra24 Posts: 652 ✭✭✭✭

    @Herb_T said:

    @MKUltra24 said:

    @Herb_T said:
    If you have any really nice coins you might be better off selling through Heritage to Great Collections.

    Thanks! I think HA and GC have a minimum value of like $1,000 or $10,000 or something right?

    I don’t know about a minimum, might be on total value submitted. I have bought coins on both for less than $100.

    Oh yeah I meant a minimum consignment value.

    I know for sure there are some cheap coins on there but I’m guessing whoever was selling them submitted large numbers of them to meet the minimum consignment value or those cheap coins were mixed with some expensive coins to meet it.

    Like 10x $100 coins and 5x $2000 coins would still meet a $10,000 minimum consignment value.

  • Herb_THerb_T Posts: 1,634 ✭✭✭✭✭

    @MKUltra24 said:

    @ifthevamzarockin said:
    Is there a reason you don't want to try the BST board here?

    If you live in the boondocks it could be a great resource for you. ;)

    Good question!

    It’s not so much that I “don’t want to” but rather the fact that I don’t have any references to vouch for me and so I think there would be a problem with any buyer being willing to trust me and have faith that I will send the coin(s) that they buy.

    I know for me personally I would probably be the same way so I don’t blame them at all. I understand completely.

    Whereas if I walk into a coin shop with the coin in hand there doesn’t have to be any trust or faith since I have the coin with me and just hand it over to the dealer rather than the dealer paying me and then relying on me to send what he/she paid for.

    @MKUltra24 said:

    @ifthevamzarockin said:
    Is there a reason you don't want to try the BST board here?

    If you live in the boondocks it could be a great resource for you. ;)

    Good question!

    It’s not so much that I “don’t want to” but rather the fact that I don’t have any references to vouch for me and so I think there would be a problem with any buyer being willing to trust me and have faith that I will send the coin(s) that they buy.

    I know for me personally I would probably be the same way so I don’t blame them at all. I understand completely.

    Whereas if I walk into a coin shop with the coin in hand there doesn’t have to be any trust or faith since I have the coin with me and just hand it over to the dealer rather than the dealer paying me and then relying on me to send what he/she paid for.

    This is too obvious, but send the coin first….money to follow upon acceptance.

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