Coins That Have Gone Out Of Circulation

@Norstar (695)
India
May 12, 2007 12:51am CST
I would like know what one can do with the coins that have gone out of circulation a few years ago and now a days no one wants to accept them because they are of low denominations. I understand that they have more value in certain markets/ in the eyes of certain coin collectors than their face value. If it is true then, how do we get hold of these collectors? Are there any dealers who would deal in these, shall I say "assets"? How to contact them? Are they authorised/ licensed? Would they not indulge in unfair dealings?
2 responses
@wolves69 (756)
• United States
12 May 07
I'm not certain I understand the question fully, but I think I can add some information. Any coin might have a value, but depending on rarity, condition, and demand, many coins will not have much value at all. The best bet for these coins is to trade them with someone. It doesn't hurt to take the coins to a dealer, but with anything, search out ones that are reputable. The best way to determine that is to seek references. Even licensed and professional dealers are known to take advantage of the unsuspecting. Another way to find others is to search on line. I've seen many sites that the individuals put up what they had and people would "trade" for them. Lots of times, someone would just say 100 coins from xxxx, seeking 100 coins from somewhere else. I've done those type of trades mostly to get rid of some stuff and to give my kids something new to research and learn. Hopefully you know the laws in your country concerning "antiques" and/or bartering, or foreign trading. Thats something you have to find out. In the meantime, you can post what you have, and others will be able to comment and provide some better locations for sale or trade.
1 person likes this
@Norstar (695)
• India
12 May 07
Thanks a lot for the information. Yes, it is necessary to find out the exact laws on the transactions of this type which varies from country to country. It is sad to learn that even a licensed dealer can take you for a ride. Then how do you determine the value? I suppose there are catalogues that give fair price. How do you obtain these and from where? Thanks for your other suggestions. I would try to do as suggested. Let us see how it turns out.
@wolves69 (756)
• United States
18 May 07
I've always tried to go to more then two dealers to see what they are saying. Then, I'd go to an expert in the area. Sometimes, its the lack of knowledge that can prevent a good transaction...sometimes not. But after talking to a few dealers, you'd get a pretty good feeling for which are honest. In my opinion, most dealers are honest. Especially if its at a show.
1 person likes this
@Norstar (695)
• India
19 May 07
Thanks a lot for your response. I am getting a fairly good idea of how things are done in this business. You are also sort of confirming certain notions I had about these transactions, particularly that generally dealers are fairly reliable and honest. Well they have to be, if they have to remain in the business for long. Thanks once again for your response.
@lucgeta (925)
• France
20 May 07
I come from a country that had many currency changes so there are many different coins around. Guess your case is to have a coin that is not used anymore. Won't get much money for that. The amout of coins is so large that collector if any have kept the best specimen for themselves beforig tradig or retiring them. Anyways you could try ebay but do not expect much money.
@Norstar (695)
• India
21 May 07
Thank you for the information. E-bay may be dealing with only rare type of species. I have heard that many a times dealings at e-bay lead to disputes between the buyer and seller in standard items. Anyway, e-bay could expose to large crowd and that is crtainly an advantage. But if the buyer is from a different country, then it may have other problems like, there may be some restrictions on sending the coins out of the country.
1 person likes this
@wolves69 (756)
• United States
21 May 07
Be wary of ebay coin purchases. Many of the deals are coming from China, and they are fake. Especially the silver coins. I bout some early 1920 Silver Dollar (Cash) sized coins. Good thing I only paid a few dollars and expected them to be fake. They are so detailed and look quite nice, I fooled a dealer with one. I didn't sell it, but showed him that these silver coins were magnetized (he was an American only dealer). I belong to a few ebay coin forums that deal with unscrupulous dealers on Ebay. There are many, and Ebay does nothing to help the buyer...only the seller. However, depending on the rarity you are trying to sell, you would be pleasantly surprised at the return.