Did you know that there is a museum in Maine that has over 6,000 rare challenge coins in its collection? One part of challenge coin collection is selling challenge coins to other collectors in your area and within your network. This is especially true if you have unique and collectible challenge coins that any collectors would love to add to their collection.
A big part of selling coins is knowing where to sell challenge coins and understanding the challenge coin value of what you’re trying to sell. If you’ve never sold any challenge coins then this might sound daunting or difficult. The good news is that you’re not in this alone.
You’ve come to the perfect place to learn more about how to sell rare challenge coins and where to go about selling them to other collectors. Keep reading for more information.
What Are Rare Challenge Coins?
Challenge coins have roots going all the way back to WWI, but soldiers and rare coins go back even further. You’ll have to go all the way back to ancient Rome to find the first instances of enlisted soldiers receiving special coins for acts of bravery and valor. This tradition continues even today but it has shifted into other sectors of life like organizations and teams.
Most challenge coins are small coins that are around 2 inches in diameter. These coins display and images and words that are important to the unit or the group that they represent. At one point these coins were all round but more rare challenge coins of other shapes are showing up in recent times.
Today there are challenge coins for all branches of the United States military as well as challenge coins for police officers and firefighters that put their lives on the line for their community each day.
How to Start Selling Challenge Coins
There are a number of things that you’ll need to do when you start selling rare challenge coins. These things will make the selling process much easier for you once you decide which coins you’re wanting to sell. You’ll need to identify the types of challenge coins you have and the target market for those coins among coin collectors.
Find Your Collectible Challenge Coin Niche
A big part of selling rare challenge coins is finding the right niche to sell them to. Finding your niche will make selling your coins quick and easy and ensure that you get the most money for your challenge coin value. Don’t fall into the trap of attempting to sell your rare challenge coins to any and all parties. This will result in you wasting time and energy.
Instead, find the niche that wants to collect these rare and valuable coins. These people will have a deep understanding of what you’re trying to sell and appreciate it for how rare and important it is. There are plenty of niches that you should look at when selling challenge coins.
Some of the biggest niches are police challenge coins, military challenge coins, and even business challenge coins. Just make sure that you find the right niche for your coin collection.
Have a Financial Plan
You’ll also want to know what your financial plan is when it comes to selling your rare challenge coins. This is important if you want to come out ahead and make the most of the challenge coin value within your collection. Start by listing out all of the expenses that came with building up your challenge coin collection.
A great way to do this if you have the time is to determine how much you paid for each coin in your collection. This will give you a nice baseline value for each coin that you shouldn’t go below if you aim to make a profit. Next, you’ll need to decide where to sell challenge coins.
You could try to sell them online over forums for challenge coin collectors as well as on internet markets like eBay and Etsy. You could also try to sell your challenge coins at trade shows. This is a great approach because it helps you to get your collection in front of the challenge coin collector niche. You’re likely to find multiple interested buyers at challenge coin trade shows.
Come Up With Pricing
Tying into the theme of knowing your finances, it is important that you determine the collectible challenge coin value for each coin that you own. This will help you come up with pricing that is fair but profitable for you. Don’t go overboard with your pricing because that will turn away a lot of interested buyers.
Think about how rare your challenge coin is when determining the price for it. If it is a rare collector’s item then use supply and demand to your advantage and charge more for that coin. The condition of the coin is also important when you’re setting a price for it. Most of all, understanding the significance of the challenge coin will help you set a fair price.
Market Your Coins
Marketing is a massive aspect of selling any type of good or service and rare challenge coins are no different. You’ll want to have a plan on how you’ll go about marketing your challenge coins. A great strategy is to start by marketing your coin collection to other coin collectors on the challenge coin forums you belong to. This will help you find interested buyers and point you in the right direction.
You also need to think about the particulars of your niche. Do they tend to purchase their challenge coins online through a broker or an internet store? Are they more likely to buy rare challenge coins at a trade show? This should provide you with the right path for selling challenge coins.
Get the Most for Your Rare Challenge Coins Today
Selling rare challenge coins is difficult if you don’t take the time to find the right niche to market and sell them to. It is also important that you determine the value of the coins you’re looking to sell. This will help you set fair prices that will still help you to make a profit off of the sales. Most of all, don’t be afraid to use your network and market your collectible challenge coins.
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