How to get cash for your coins in NYC?

Do you have a jar full of coins sitting in your house collecting dust? Do you have a valuable collection of gold and silver bullion coins you aren’t sure how to sell? If the answer to either of these questions is yes, then you may be surprised to know that you can easily get cash for coins in NYC. This article will explore the various ways you can go about selling coins for cash in the Big Apple. Whether you have a collection of valuable bullion coins that you want to sell or you're just trying to offload some extra change, there are plenty of options available in NYC. From pawn shops and coin dealers to banks and coin-counting machines, this article will help you find the best way to cash in your coins.

Where Can I Sell Coins for Cash in NYC?

Depending on the type of coins you wish to sell, there are multiple options for coin buyers in the city. For numismatic coins, there are a few local coin dealers in NYC that would buy coins for cash. The American Numismatic Association has a list of reputable dealers in the area, including United States Coins and Currency, NYC Coins, and Empire State Coins and Collectibles. You can also check out estate sales and pawn shops. If you have gold, silver, or platinum bullion coins such as American Eagles, Canadian Maple Leafs, Britannias, Krugerrands, or others, bullion dealers would be the way to go! The most notable and trusted bullion dealer in NYC is Bullion Exchanges, located at 30 W 47th street.

How Much Can I Get if I Sell My Coins?

The amount of money you can get for selling your coins depends on the type of coins you have (numismatic vs. bullion) and their condition. Coins can be graded and assigned a value based on their condition, and this value can vary based on the current market conditions. The best way to determine the value of your coins is to take them to a reputable coin dealer.

What is the Difference Between Numismatic Coins and Bullion Coins?

Numismatic coins are coins that have been graded and certified by a professional organization, such as the Professional Numismatists Guild, and are considered collectible due to their age, rarity, condition, and other factors. These coins are typically worth more than the intrinsic value of the metal used to make them. Bullion coins, on the other hand, are coins or bars made from precious metals such as gold, silver, or platinum that are valued based on their precious metal content. Bullion coins and bars are often used as a form of investment and are bought and sold based on their current market value. Their market value is measured using the current “spot price”.

What is Spot Price and How is it Calculated?

Spot Price is the current market price of a specific precious metal such as gold or silver, which is determined by the forces of supply and demand. It is the price that the precious metal would fetch on the spot, or "on the spot" market, at a given time and place.

To check the spot price, you can check websites such as Kitco or Metals Daily, where the spot price is updated throughout the day. You can also check the spot price on Bullion Exchanges’ Charts Page, where we provide the Gold Spot Price, Silver Spot Price, and Platinum Spot Price in real-time, as well as price trends within the past day, month, year, and even back five years! 

What is Face Value?

The face value of a coin is the value of the coin as printed on the coin itself. For example, a U.S. penny has a face value of one cent, a nickel has a face value of five cents, and a quarter has a face value of 25 cents. The actual value of a bullion coin is the current market value of the coin, which is determined by the current spot price of the metal it contains.

Where Can I Cash in Coins That Are Worth More than Face Value?

Most banks will not accept coins that are worth more than face value. However, coin dealers, coin shops, and precious metal dealers will often accept coins that are worth more than face value.