Selling to Other Collectors
The most logical thing is to sell collector coins or bank notes to someone who collects them. There is no middleman, and you will probably get the best price for what you are selling from a collector.
Unfortunately this may be wishful thinking. You have to first find a collector who is interested specifically in what you have to sell. For example, a collector looking to complete a date set of Roosevelt dimes may not be interested in your silver dollars. Even if he is interested, he may want them only so he can resell them himself. In such a situation, he isn't looking to collect them, but to become the dealer who will resell them. You can expect such a buyer to want a deep discount from what you perceive as a retail price.
Family involvement in your coin collection has many benefits. One of them is that the family understands what you have, what it is worth, and where to sell it if you are no longer able to do so yourself.
Security is another problem you will face when selling to a coin collector. How do you find the buyer/collector? If you publish an ad in the local newspaper, you are announcing to the world that you have a coin collection, possibly opening yourself up to theft. How much can you trust the person examining your coins? Stay close by when he or she is examining your coins, or you might later find you didn't get every coin or bank note back. Or, the person examining the collection may not be that careful handling the coins or notes. Before you meet with the potential buyer, ensure that each coin or note is properly packaged so it will not be damaged when it is examined.
Another challenge when selling your coins to a collector is that unless you already have a network of collector friends, it may cost you time and money to find someone interested in buying all or part of your collection. You need to first establish that what you have is worth going to all this trouble, then learn enough about what you are going to sell that you will be in a good position to bargain when an offer is made.
Yet another challenge is that the buyer you finally find might not have sufficient funds to buy everything. Perhaps he will pick only the best items? Before you meet with the potential buyer, take a moment to think through how you'll handle this situation.
