Always check your change for any collector coins.
If you are an avid collector of coins, you may want to consider learning sell coins of interest to collectors, either to help finance your hobby, or to earn additional income. It may even become a full-time job for you. There are many venues for selling collector coins including the Internet, through the mail, and at shows and flea markets.
Instructions
1. Collect and buy as many coins as you can. Learn grade them, and learn the numismatic terminology used in the business.
2. Subscribe to coin collector magazines, read coin guides, attend coin shows and auctions and talk to coin experts about selling coins and determining their authenticity and value.
3. Find out what licensing requirements are needed for starting a coin-selling business in your area. You should check with both local and state agencies. You may be asked to pay a fee to register your business. You will also need a sales tax license.
4. Open a business checking account and complete proper registration requirements. If you are selling under your own name, a personal account will suffice, put you will want to open one separate from your household account to enable you to track your income business expenses more efficiently.
5. Decide how you want to begin selling your collector coins. If you have a large number on hand, you may set up a table at a coin show, flea market, fair or festival, or swap meet. Keep in mind that table fees usually apply at such venues.
6. Take photographs of coins and write up descriptions of each if you are considering mail-order or online-auctions. Again, there are fees associated with printing and mailing brochures or catalogs for selling collector coins by mail, as well as for buying a mailing list of coin buyers. There are also fees associated with selling by online auction, including listing fees, postage and insurance.
7. Keep track of all the money you spend on fees and postage, and any supplies you use for your business, including any additional coins you purchase to sell.
8. Keep a record of your sales to calculate state the sales tax you owe and to report as income (or loss) on your Income taxes.
