How to Sell Old Coins: In India, collectors of old notes and coins can sell their collectable currencies on online classifieds platforms such as Olx, Quikr, and Indian Coin Mill, among others. On such platforms, you will have to create your account by entering details such as name, email ID, and phone number. Cautioning the general public “not to fall prey to fictitious offers of buying/ selling of old banknotes and coins,” the RBI said the central bank does not deal in such matters, and “never seeks charges/ commissions of any sort.” how to sell old coins in India
- 1 In Hindi:
- 2 The best places to sell coins online
- 3 Selling coins online: best practices checklist
- 4 More Ways to sell old coins
- 5 FAQs on How to sell old coins
भारत में, पुराने नोटों और सिक्कों के संग्रहकर्ता अपनी संग्रहणीय मुद्राओं को ऑनलाइन क्लासीफाइड प्लेटफॉर्म जैसे ओल्क्स, क्विकर और इंडियन कॉइन मिल पर बेच सकते हैं। ऐसे प्लेटफॉर्म पर आपको नाम, ईमेल आईडी और फोन नंबर जैसे विवरण दर्ज करके अपना खाता बनाना होगा। आरबीआई ने आम जनता को “पुराने नोटों और सिक्कों की खरीद / बिक्री के काल्पनिक प्रस्तावों के शिकार न होने” के लिए आगाह करते हुए कहा कि केंद्रीय बैंक ऐसे मामलों से निपटता नहीं है, और “कभी भी किसी भी प्रकार के शुल्क / कमीशन की मांग नहीं करता है।”
The best places to sell coins online
- eBay: It’s become an unofficial coin marketplace for thousands of sellers from around the world. Its auction and “Buy Now” features perfectly match the coin seller’s needs for e-commerce benefits: broad audience, intuitive rules, a small commission
- Amazon: The Collectible Coins section is an excellent alternative to eBay. The good thing is that it’s become a home not only for private sellers but for primary dealers. Amazon has the largest audience of customers in the world.
- Internet Auctions: Usually sponsored by leading off-line dealers; these online marketplaces can be tough to get a listing on, and have extensive deal completion procedures. Online currency auctions have a large flow between sellers and products (coins); so waiting for 30 days to get on their website is average. Plus, they charge large commissions for each closed deal. However, these auctions have a sterling reputation and often attract the wealthiest and most motivated buyers.
- Your website: The platforms listed above can make great primary distribution channels, as they have a built-in audience. But who said you have to use 3rd-party listings? Create your online store for coin-collecting maniacs, with exclusive deals and promotions. With a website, you can collect emails to run engaging campaigns, advertise on Google and through social media; and, most importantly, keep all money for yourself (no commissions!). Another benefit is that your website can be synced with eBay and Amazon; enabling you to automatically improve your capacity for selling rare coins online.
Selling coins online: best practices checklist
- Appraise your coins: This is so buyers will trust you, and pay the highest price.
- Get a PayPal account: An important tool to ensure smooth payments.
- Get listed on the market. Try out eBay, Amazon, and public auctions.
- Make your website: Create a home for your fans and sell without commissions.
- Invest in good photos: High-quality images will help your buyers to examine your treasures without having to sell them in person.
- Write good descriptions: This will generate site traffic and persuade collectors to buy from you instead of your competitors.
- Offer free shipping: One of the best purchase drivers out there. Think about adding the cost of shipping to the coin price and offering to ship for free.
- Be patient: Selling treasures and rarities take time because buyers need time to make decisions. Coins sales are not made lightly, so budget in a little extra decision-making time. how to sell old coins online
More Ways to sell old coins
- There are companies that buy coins directly from collectors and traders. They’re often the best place to start selling coins because they usually give you the coin’s market value—or slightly less.
- Even so, you should be able to make a profit by selling them, especially if you have inherited coins and aren’t treating selling them like a business.
- The best part about these companies is that you can post your coins directly to them, saving you time and money. They will, of course, pay for your parcel’s postage
- They may even come and collect them for you. Once they have them, they will examine, verify, and then offer you a price for them.
- The next place you could consider looking to sell your coins is a second-hand shop. Second-hand shop owners are usually very enthusiastic about coins because they sell well.
- The only downside to second-hand shops is that sometimes the owners try to get better deals than is perhaps fair, leveraging their knowledge over independent sellers. For this reason, buying companies are always better.
- They have a set price that they stick to – they won’t ever try to get the better of you. Second-hand shops can be very difficult to barter in, also. how to sell old coins in the international market
- If you have a large number of coins and want to turn your coin trading into a business, then you could set up a market stall at a locally run market.
- Market trading is a very effective way of making money, especially if you have previous experience in buying and selling goods. Market stalls are usually very cheap to rent and can be set up once or twice a week in large cities, and once a month in more rural areas.
- In addition to having your own regular stall, you should consider setting up stalls at county fairs and coin fairs, which we will come to shortly.
- If you want to make a name for yourself and your business, then you need to network with other people in the industry.
- By meeting people who are also involved in coin trading, you will forge links that could benefit your business and help you to find suppliers and people that will buy coins from you in bulk.
- The best way to meet new people in the coin trading industry is to attend coin fairs to see what’s on offer. Collectors also come, to whom you can hand your card out.
- Coin fairs, as we have mentioned twice already, are very useful places. Unlike country fairs or antique fairs, they are dedicated exclusively to coins. In these fairs, you can find collectors, sellers, and wholesalers.
- Coin fairs are infrequent because they are a specialist type of fair. If you search for them on Google, you’ll likely find a full schedule of all of the fairs in your area. Remember, antique fairs are also a good place to sell your coins.
- Make sure to familiarize yourself with different types of coins. You won’t be able to turn a profit until you know how much your coins are worth.
- If you don’t learn about different types of coins, then buyers and sellers will be able to take you for a ride.
- Coin trading can be very lucrative if you take the time to learn the trade. As this article shows, there are many ways that you can sell coins.
FAQs on How to sell old coins
How can I sell old coins?
In India, collectors of old notes and coins can sell their collectable currencies on online classifieds platforms such as Olx, Quikr, and Indian Coin Mill, among others. On such platforms, you will have to create your account by entering details such as name, email ID, and phone number.
Which is the best site to sell old coins?
- eBay: It’s become an unofficial coin marketplace for thousands of sellers from around the world. …
- Amazon: The Collectible Coins section is an excellent alternative to eBay.
- Internet Auctions.
- Your website.
Does RBI buy old coins?
Cautioning the general public “not to fall prey to fictitious offers of buying/ selling of old banknotes and coins,” the RBI said the central bank does not deal in such matters, and “never seeks charges/ commissions of any sort.”
What is the value of 1 Anna?
An anna (or ānna) was a currency unit formerly used in British India, equal to 1⁄16 of a rupee. It was subdivided into four (old) Paisa or twelve pies (thus there were 192 pies in a rupee). When the rupee was decimalised and subdivided into 100 (new) paise, one anna was therefore equivalent to 6.25 paise.
Is selling old coins legal in India?
Yes, you can sell old coins and notes in India and you can do so even on online websites like eBay etc. However, they can be sold like goods and to people like coin collectors and won’t be a legal tender for exchange. how to sell old coins and notes