Old coins and currencies are fascinating to behold. Exotic pieces can fetch a very high price in both local and international markets. If you want to sell your old foreign currency, you must educate yourself on various aspects of coin trade because it can be difficult for an amateur collector to get the right price for their old coins. The reputed coin dealers from your locality can help. Before you approach them, doing your homework is always a good idea. Numismatic trade is a highly specialized field and to tread confidently, you need to learn more about the coins you have. This article may help you as a beginner’s guide to selling old exotic currencies.
There are Two Kinds of Old Foreign Currency
The old foreign currencies are broadly divided into two categories – the pieces that still have a legal tender value, and the ones that have become obsolete. To liquidate your collection, the first thing you have to find out whether they are still a legal tender or not. The foreign exchange services of international banks always come helpful in this matter. If your currency is still exchangeable, you can deal with it through the bank. However, if your coin has become obsolete, then you have to sell it in collectors’ market.
The Value of Obsolete Foreign Currency
When you are going to sell your old obsolete coins, the first and the most important step is the value-evaluation of the foreign currencies. You can’t suddenly hit the market as a seller if you don’t know the value of what you are going to sell. Every old money has some numismatic value, but it is often hard to determine their actual worth. The paid appraisal services offered by old coin dealers are a good way of finding the real worth of your trinket. The appraiser is going to give you a detailed catalog based on your currency stash. A set of coins from a powerful country can fetch you a handsome resale price.
Some old foreign coins command very high price in the coin markets all over the world. For example, both pre-Bolshevik kopeks and rubles command good value in their resale. In fact, any 16th to 19th-century ruble with an inscribed face of a Tsar can command thousands of dollars in the numismatic marketplace. Pre-Euro francs of the lower denomination are also popular among collectors as they represent the history of the recent past; the allure of nostalgia has given a boost in their worth as collector’s items.
It is not easy to find out the numismatic worth of old coins that are from obscure foreign locations. Attend coin shows and exhibitions where you would meet many like-minded coin enthusiasts. They may help you with the appraisal and sale of your exotic coins. Auction sites like eBay are a great way to find the value of your old coins as there are many similar coins put up for sale.
Dealers Are Your Best Friends When It Comes to Selling Old Foreign Currency
After you have looked around and done your research, now head to your local dealer with an offer to sell your collection. Coin dealers are an experienced lot. With their expertise in trading old foreign currency, they know the actual worth of what you are selling. So, when selling to a reputable dealer, you can rest assured that you are getting the right price for your collection. Research the market before you sell your old foreign currency. After a good sale, you are going to feel rewarded, both financially and in numismatic knowledge. Antique coin-trade is a highly specialized field. The reputed local coin dealers can be your trusted ally in this quest.