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If you collected coins as a child then forgot about your old collection until you stumbled across it in your parents attic or storage unit, then you may be eager to begin selling your old coins to bring in much-needed cash after the holidays. While those coins may have lost their sentimental value to you, you don't want to lose out on all of the cash they could earn you, as well. Read on to learn about 3 mistakes made frequently by new coin sellers, like yourself, and how avoiding them can help you get all the cash out of the collection that you can. 

1. Not Having the Coins Officially Appraised

If you stumbled upon both the coin collection and book of coin values you may have also had as a child, then you may think that the book is all you need to determine how much each coin is worth. The truth is that those books, and even updated online coin value websites, can only give you a ballpark figure on the value of each coin, and to make sure you know how much each coin is truly worth, you need to have each appraised by a coin appraisal expert. 

The condition of the coin is also taken into consideration when appraising it, and just one extra tiny nick in a coin can change its ranking on the Sheldon coin grading scale from a MS65 to an MS64. On the contrary, a coin that has just a tad bit more luster than another can have a much higher value than the less lustrous one. 

When you send your entire coin collection to be appraised, you can find out the true value of each coin and prove to buyers what each one is truly worth. While you are at it, have your coins "slabbed," which means putting them into hard plastic, sealed condition with a label showcasing the name of the coin and its grade. Once your coin is slabbed, buyers will trust that the coin is worth exactly what you tell them it is worth and it has not suffered any damage since it was graded. 

2. Deciding to Sell Every Coin Individually or Only in Sets

Once you know how much each coin is worth, it is a good idea to determine if you have any full coin "sets." Proof sets and mint sets are especially common, because they have been sold by the US Mint as sets over the years. While, of course, some sets are much more valuable than others, some sets can be sold for much more than the value of each coin individually. 

However, you may have buyers who show interest in just one or two coins in a set, and you may be tempted to tell them that you are only selling the set. The truth is that there are advantages and disadvantages to selling single coins that are part of full sets. If you find out that the local coin market is relatively stale and you are looking for some quick cash, then you may want to make a deal with a buyer who wants to break up a set. On the contrary, if you don't mind waiting a bit to sell the full set, you may have better luck listing it online and waiting for a buyer somewhere else in the world. 

3. Not Considering Offers for Your Full Collection

Just like sales of other items considered "luxuries," the coin market fluctuates with the economy. Even the most avid coin-collector likely has a budget that one of your coins may or may not fit into for the month. While you can always hold off and sell each coin individually, it will likely take some time. You may even discover that your old coin collection has inspired you to begin collecting coins again due to the fun of it. 

However, if you just want to sell off your collection to replace all that cash you spent on holiday gifts and don't plan to continue collecting, it may be worth it to you to sell your full collection if a buyer offers to take it off your hands for less than the price of each individual coin. Don't be afraid to "haggle" with the buyer, though, because it is common in the coin market. With a little back-and-forth negotiation, you may come to a great agreement on a price that leaves both of you happy. 

If you stumbled across an old coin collection in your parents' attic that brings back old memories, then hang onto it and have some coin-collecting fun. However, if you just want to sell it to earn back some of that cash you spent over the holidays, then avoid these three mistakes when selling your coins to make sure you make as much money off the collection as you can. 

To learn more about smart gold coin collecting and selling, contact resources like American Precious Metals Inc.