How to Sell My Old Coins in India
Do you have old Indian coins? Are you looking for a way to sell those old coins for a good price?
If you are looking to sell your old coins in India, then you came to the right article. This article will cover absolutely everything that you need to know about selling old coins in India.
Get Your Old Coins Graded
The first thing to do before attempting to sell your old coins is to get them graded. The graded process will authenticate the coins and grade the quality of the coins.
Where to get your old coins certified in India?
You have two options for getting your old coins certified in India:
We recommend doing in-person certification due to safety concerns. Online certification runs the risk of the coins being lost or stolen in the mail.
Fortunately, it’s easy enough to find a coin grader in major cities. It’s as simple as going to a large jewelry store and asking if they grade coins.
Some jewelry stores grade coins and others don’t. If a jewelry store doesn’t grade coins, then they can usually direct you to a location that does grade coins.
How much does it cost to get a coin graded?
The cost varies depending on the vendor. It will typically cost anywhere from $20USD to $50USD.
Should I get my old coins graded?
Our recommendation is to do some cursory research on the value of your old coin before getting it graded.
As mentioned previously, it will cost money to get your coin graded. And you don’t want to waste money getting a worthless coin graded.
We only recommend getting a coin certified if it’s worth more than $100 or if it’s in perfect condition.
Best Online Old Coin Markets in India
India has a lot of online options for selling old coins. However, we aren’t huge fans of selling old coins online because there are a lot of scammers.
The mail service may also lose the package.
Anyway, here are the best places to sell old coins online in India.
HobbyClues.in is a relatively new marketplace for hobbyists to sell goods online. The marketplace has a focus on old coins, old notes, and paintings.
It’s as simple as posting an advertisement, your contact details, and waiting for potential buyers to contact you. You can meet in-person or mail the buyer your old coins.
We like HobbyClues because it’s an easy website to use with relatively low fees. You do have to watch out for scams, though.
eBay is another popular option for selling old coins in India. Take good pictures of your old coins, list them in an auction (with a reserve), and wait for the auction to end.
The interesting part about eBay is that it’s an international market, so it’s possible you will get buyers from Europe or America. In fact, a lot of British coin collectors collect old Indian coins.
With that in mind, eBay is our recommended choice for selling your old coins online. The only real downside with eBay is that it’s fairly easy for buyers to place a chargeback on your order, which will result in you losing your money.
There are Facebook groups that allow you to buy and sell old coins on them. It’s similar to HobbyClues, but it’s attached to your Facebook account.
In the case of Facebook, we recommend selling to buyers that you meet in-person.
Best Places to Sell Old Coins in India
This section will cover in-person options for selling your old coins in India. It’s generally safer, easier, and cheaper to sell old coins in-person in India rather than selling them online.
Anyway, here are some places to sell old coins in India:
If you have a valuable coin, then you should take it to one of the many auction houses in India.
You will get much more money at an auction house than anywhere else.
Now, you will have to pay a commission to the auction house, but the extra money you get from taking the coin to auction should offset the extra money you pay in commissions.
India is full of bazaars – every city in India has a bazaar.
Most of these bazaars will have a stall specializing in jewelry or coins. You can easily sell any old coin at a bazaar.
In fact, we recommend taking your coin to a bazaar if you want to sell it quickly. Just keep in mind that you likely won’t get the best price at the bazaar, but you can quickly sell your coins if you need the cash.
How much are my old Indian coins worth?
The value of your old Indian coins mostly depends on two factors:
- Rarity of the coin.
- Condition of the coin.
A rare coin in bad condition is generally worth more than a fairly common coin in mint condition.
However, some old coins may be gold or silver, which means they will sometimes have a melt value that exceeds the value of the coin itself.
Unfortunately, there are so many old coins in India that it’s difficult to say if your coin is valuable or not, which is why we recommend doing your own research before attempting to sell your coin.
Your coin could be worth a lot of money.
Do I have to pay taxes when I sell my coin?
Yes. You do have to pay taxes when you sell your coin.
The taxes can be somewhat confusing, so we recommend consulting a tax professional to help if you sell your coin(s) for a significant amount of money.
That’s all we have for selling your old coins in India. The main takeaway from this article should be to sell your coins in-person rather than through the mail.
Doing so greatly reduces the risk of you getting scammed. You might sell your coins for slightly less in-person, but the safety of doing so is worth the cost.