Selling coins can be much more than just a business decision for coin collectors. It may also be an emotional one. Selling coins isn't always a straightforward process, in fact.
So how can you tell when to sell? The following five inquiries require answers:
If you're in the middle of a financial crisis, you might as well give up your coins right away.
Are you in financial straits?
It makes no sense to hide under a bridge while carrying your priceless coin collection around in a knapsack.
Do you feel comfortable selling coins right now? If not, when? Establish the threshold that must be met in order for you to make a move.
Are you OK parting with your coins now?
It makes sense to wait for favorable market conditions, but what if they never come about?
A lot of coin collectors buy more coins by selling old ones. They will trade in their old sets or coins for new ones.
Need money now to buy something once in a lifetime?
What transpires, however, if the coin you've been wanting to purchase suddenly appears on the block? Can you afford to wait?
If you want to finance your dream coin before it disappears, it might be time to take action and sell those unnecessary coins right away.
Similar to the real estate market, the coin market experiences waves of buyer activity. If you wait too long, will you lose a good chance to sell your coins?
What might occur if you put off selling?
What if your choice to sell is motivated by personal factors rather than market factors?
Before selling a coin you might want to have in the future, give it some thought. When the time is right, act if you don't see any obstacles to liquidating it.
You might regret selling your coins, though.