With the release of any major motion picture, there’s an expected flush of supporting promotional merchandise (including kid’s toys, posters, clothing and so forth). But many might not know that coin mints will often print coins to celebrate special events and launches like this.
Coins in promotion of entertainment events are likely categorized as ‘commemorative coins’: they’re recently minted, produced in high volumes and fairly uniform. Other examples from The Royal Canadian Mint include coins to celebrate Toronto Maple Leafs players, to feature Canada’s native wildlife (like the white-tailed deer and swimming beavers), and to honour Canada’s 150-year anniversary.
Similar to commemorative coins (but importantly distinct) are Numismatic Bullion. These coins often have a value higher than their precious metal content and higher than their face value. Numismatic coins are the fruit of a limited mintage, are quite old or are the result of misprints.
However, it isn’t always easy to tell which coins are rare collectibles. That can make it difficult if you inherit a coin collection. Would you know how to sell silver coins in Canada?
Here are a few pointers if you have your own collection.
Organize Your Coins
Depending on how many coins you’ve inherited — or found in storage — you will want to group your coins in to categories to give yourself a better understanding of what’s in your possession.
Some ideas for categorization are:
- Country of Origin
- Grade (the coins’ condition)
- Log Your Coins
Once you have a better sense of order among the collection, log your coins. This might take considerable time, but the payoff will be worth the labour. Having a clearly organized list of what you have on hand will help you ascertain quotes later.
Don’t Clean Your Coins
Don’t take a standard cleaning cloth to your coins. This might be challenging, as it’s satisfying to buff a piece of silver to a shiny finish; however, when done incorrectly, you risk potential damage to the coin face, and unlike most collectible items, a shiny, cleaned coin could have a lesser value than if it was in its original, historied state.
Take Your Time
If you don’t need monetary compensation quickly, take your time. Uploading your coin(s) to an internet auction site or bringing them to your local pawn shop may not necessarily allow you to reap the highest financial return. Remember, you could be taken advantage of.
Do Your Research
Shop around online; look for financial services specializing in coins and bullion. You can even ask if they have numismatists onsite. A numismatist is a specialist familiar with a broad range of coins from around the world, and can accurately assess whether your coin has any extra value on the collectors’ market.
Check reviews and find out how long the buyer has been in business. While not always the case, longevity in the industry can denote return clients due to trustworthy service.
Lastly, if you do visit multiple buyers and obtain several quotes, keep in mind that the value of silver and gold fluctuates, and so the quote you received many weeks ago may no longer be accurate.