3 Steps To Sell Your Old Foreign Currency
Collecting foreign currency is a lot of fun. Owning a piece of the numismatic specimen of a faraway land brings a sense of joy and accomplishment to the hearts of collectors. But do you know what’s better? Selling foreign currency! That’s right; a lot of folks fail to realize the true monetary value of foreign currency. For them, collecting coins and notes is nothing more than a mere hobby. But for the eagle-eyed buyer, currency, especially foreign ones, are a great investment. All it takes a serious collector to appreciate their actual value.
Now, it is possible to divide foreign currency into two distinct categories – currencies with legal tender status and currencies without. The latter is no longer acceptable as legal tender, which means you cannot use them for buying services and goods. So, they are valuable only to collectors. What’s surprising is that sometimes, old foreign currency commands a higher value in the open market. That’s why it is hardly surprising that so many people want to sell old foreign currency. Are you one of them? Follow the steps below to liquidate your numismatic assets for the optimum value:
1.Sort Your Bills and Coins: Before putting up the old foreign currency in your collection for sale, you need to identify them. Count the number of coins and paper bills you have. Sort them out by their age and denominations. For ease of calculation, keep all currency from the same period at one place.
2.Figure Out the Value: Now it’s time to find out if the currency you possess is still used as valid money in the issuing country. The best way to do this is to inquire with the central bank that had issued the currency. In case the issuing bank is no longer in existence, the chances are high that the legal tender status no longer applies to the bills and coins you have.
You might find that your currency still has the status of legal tender. However, if the notes and coins date back more than three decades, or are composed of precious metals like silver and gold, you will likely receive more money from currency collectors than if you were to exchange them for new notes and coins. You can make inquiries about their value from a veteran collector in the industry or search for similar items on e-commerce websites dealing in these types of collectibles.
3.Sell Your Currency: What do you do if your currency still has the status of legal tender? Well, an effective way to profit from them is to head to the branch of a major international bank and exchange the currency in your collection for other currency of your choice. Currency that no longer has legal tender status should be put up for sale online or taken to a coin store. While the first method is more convenient, the second gets you an expert appraisal, which often helps you to get more value from the fund at your disposal.
While planning to sell your old foreign currency, your objective would be to find suitable buyers who will give you the best deal. You will receive US currency in exchange for your old foreign bills and coins. Therefore, first check whether the amount offered is greater or at least equal to the value you get in the open market. To get this estimation, use an online converter with current rates of exchange. Ignore small variation, as they are just normal because of the fluctuations in exchange rates. However, don’t forget to collect a receipt of your transaction for the future reference.