About Australian Decimal Paper Banknotes

• A professional coin dealer acts as a specialised broker, combining an expert appraisal with immediate funds so the seller receives a clear offer without hidden deductions.
• Professional coin dealers offer fair and transparent appraisals of coins and banknotes, making sure truly rare coins aren't undervalued.
• Selling through a professional dealer is safer and involves much less work compared to peer-to-peer marketplaces. Selling to a dealer eliminates the risk of payment fraud and shipping disputes.
• Dealers provide faster payment than auction houses, where settlement can stretch 4 weeks after the hammer falls, if the item sells.
• Many serious collectors buy coins directly from established dealers, giving sellers access to qualified buyers at fair market prices.

I've been dealing in rare coins and banknotes for close to 3 decades now and I've bought from thousands of different people over that time. I can easily say that most of the people I meet through my business (easily the majority!) find the whole experience of selling coins to be stressful and worrying. They're not sure where they should start; they don't know which questions they should ask and how much information they should share.

Most don't know what their items are worth or what terms they should accept and they take an attitude of all's fair in love and war. A long time ago, I made peace with the conclusion that most of the people I meet think coin dealers exist to make a profit at their expense. I accept they feel they can't be honest or open about the amount of knowledge they have, some even think they need to lie to protect themselves.

I've been President of the Australasian Numismatic Dealers Association (ANDA) four times now, so I know full well there is more than one business model a coin dealer can adopt in Australia in 2026. This article explains when it makes sense for an informed seller to go through a professional coin dealer instead of an auction or online marketplace.

A modern coin dealer is a licensed professional who identifies, authenticates, grades, evaluates and trades rare coins, bullion, banknotes, and medals. They aren't collectors or hobbyists; they maintain a diverse inventory of rare coins and banknotes, and they assist sellers and buyers across every price point. Consider selling an Australian 1930 Penny or a gold sovereign. Small details like mintmark placement, strike quality, or natural surfaces can change a coin's value by thousands. Without a person who holds deep expertise, those details get missed.

The longevity and professional experience a coin dealer has matters when the item you're selling may be worth far more than you realise. So why choose a dealer over an auction house or an online marketplace like eBay? Here's an outline of the speed, value, risks, and convenience across all three options.

Dealers assess coins to determine numismatic rarity and market value using a structured process, not guesswork. They start by identifying the item accurately and authenticating each item.

Next comes grading. Using a raw grading standard or the sheldon 1-70 Scale used by PCGS, a dealer estimates condition with precision. Tiny grade differences matter enormously: there can be an exponential difference in the value of a classic pre-decimal coin graded AU-58 against one in MS-67.

A reputable dealer has in-depth knowledge of the items they handle, as well as the broader market. They have the expertise to spot key dates, varieties and errors that casual sellers overlook, separating genuinely high-value pieces from bulk material so nothing slips through without the right value. They reference recent auction records, population reports, and price guides to provide an offer in plain language.

Make no mistake, selling through an auction can be an excellent approach to take, but it suits a particular need. The points below aren't a criticism of selling through auction but are a comparison of the benefits of each approach:

Factor

Coin Dealer

Auction House

Timing

Offer and payment on the spot

It may take as long as 12 weeks from consignment to payment

Seller fees

Built into the dealer's margin; no separate commission

A seller's commission (as much as 10%), plus cataloguing and insurance fees may have to be negotiated

Buyer costs

None passed to the seller

A buyer's premium up to 22% is added to the final hammer price, diluting the value of competitive bids

Certainty of Value

Firm purchase offer

Some lots may be unsold or some bidders may not pay

Certainty of Outcome

Clear net figure upfront

A second auction is needed if a lot doesn't sell

Coin auctions feature a wide range of coins and notes and allow competitive bidding for unique items. Bidders can place bids in advance, including absentee or proxy bids, while online auctions allow participation from anywhere in Australia that widens the pool. Coins can be authenticated by numismatic specialists before auction, and some auction houses provide access to rare and collectable coins that attract global attention.

However, buyers do pay a buyer's premium at auctions of up to 22%, which inflates the total cost and can dilute hammer prices. For most numismatic material, I don't believe the extended timeframe and fees an auction house needs to operate do not produce a better net result than selling coins directly to a dealer. Even for truly high-end items, many sellers first consult with a dealer to decide whether an auction or a direct sale is the best way forward.

The value online marketplaces offer have caused them to surge in popularity in recent years. eBay, Gumtree, and Facebook Marketplace appeal to casual sellers because, without argument, they are easy to use. You register an account, add photos, list a price, and wait.

The reality is not always as straightforward. After final value fees, payment processing, shipping, and insurance, net costs on a platform like eBay can reach 10-15% of the sale price. Add the time spent on photography, answering questions and packaging each item for delivery, and the hidden cost of that effort becomes significant.

Then there are risks: some bidders want to haggle over each aspect of a transaction; will quibble over condition and some straight up refuse to pay. Working with an established dealer mitigates the risk of buying counterfeits - the same logic applies in reverse. When you sell through a marketplace, you have little recourse if a buyer claims the coin is not as described. Most established collectors searching for rare coins focus on trusted dealer websites rather than endlessly scrolling through generic platforms, so marketplace exposure does not always guarantee better buyers. Estate sellers and people of a certain age particularly benefit from bypassing the learning curve of online selling.

Selling to a dealer means you never need to give a potential buyer your home address either.

The core advantage is straightforward: a professional coin dealer combines valuations expertise and liquidity in a single purchase. 

Key benefits include:

• Expert Appraisal to a Professional Standard: At Sterling & Currency, we identify and appraise each item to a standard an independent expert would be satisfied with. Each and every item is assessed individually, nothing is "bulked up".
• Fixed pricing: Dealers provide pre-determined prices for coins, so you know the net figure before you commit. There are no surprise fees or after-sale deductions.
• Fast payment: Many dealers pay by bank transfer on the spot and cash when possible. For estates or executors who need a timely settlement, this speed is essential. No time has to be spent preparing to send items for shipping such as considering insurance. No need for an investment of your time in learning how a particular marketplace or online payment gateway works.
• Market insight: Dealers track movements in precious metals and provide market insights to clients, helping you understand whether now is the right time to sell or hold.
• Privacy: There need be no public listing of a dealer transaction. No auction catalogue or public record of final prices is needed. Sales happen directly between you and the dealer.

Some dealers will contact known clients and place individual items at strong market levels, achieving "auction-like" prices without the overhead.

Good preparation leads to a faster, cleaner appraisal. You do not need to self-grade, just organise:

• Group them logically: Sort foreign items by country, coins and notes from Australia into era (pre-decimal and decimal), metal type (gold, silver, base metal), and whether coins are raw or already graded.
• Do not clean or polish: Cleaning almost always reduces value. Original surfaces and natural toning are prized; even gentle polishing can change a coin's grade from a numeric score to a "Details" designation.
• Prepare documentation: Any paperwork that helps verify the attribution of an item or provenance can add value.
• List: When time and knowledge permits a written or typed list can give a dealer a clear overview of a collection quickly.

Not every buyer is equal. Here is what to check:

• Years and stability: Choose dealers with a permanent, physical shop for stability and accountability. Look for years of operation-decades in the trade signal reliability.
• Professional membership: Dealers should be members of recognized numismatic organizations. Membership in numismatic organizations requires adhering to a strict code of ethics, which protects you as a seller. This kind of authority should be displayed on the dealer's website.
• Grading expertise: Confirm the dealer regularly handles PCGS graded coins and significant rarities, not only bullion or low-value inventory.
• Transparent terms: A trustworthy dealer educates clients and avoids high-pressure sales tactics. Avoid dealers who pressure you into quick decisions. Look for written terms on how offers are made, how payment is handled, and whether consignment is an option.
• Reviews: Browse independent reviews and feel comfortable asking how the dealer determines prices and margins.
• Physical Address: A professional dealer who has made an investment in their own bricks and mortar premises offers more security than anonymous collectors met through an online marketplace. An established website can also give a clear insight into the approach a dealer takes.
• Stock Similar to that being sold: Dealers that are already active in stock that is similar to those being sold demonstrate clear expertise over those that don't handle them.

While this article focuses on why dealers are often the best route to sell, certain scenarios favour other channels. International headline pieces or museum-level rarities sometimes sell to collectors at record prices through major auctions - competitive bidding from collectors can push results well above private-sale estimates.

Lower-value duplicates, modern decimal coins from circulation, or bulk lots might suit collectors in online marketplaces if you have the time and understanding to sell in many small transactions, can handle online payments and are ready to make an investment of your time answering multiple queries from collectors.

Even in these cases, consulting a dealer first helps you decide which coins from your collection should sell via auction, which to sell directly, and which are best left to sell through bulk outlets. A dealer can coordinate a mix of all three approaches, ensuring each part of your collection is sold through the most appropriate channel, making the overall process simpler and the net result stronger.

The aim is always to match each coin with the selling method that produces the highest net return for the lowest risk.

Headline auction prices can look higher, but after seller commissions and the buyer's premium, the seller's net from their collection is often significantly lower. A dealer's immediate offer on the entire collection - with no extra deductions - can be comparable or better in many mid-range cases.

Dealers routinely purchase single high-value coins, small groups, and a complete collection. For lower-value modern coins, a dealer may recommend a bulk or face-value sale rather than individual appraisal.

Most dealers won't charge a seller for the privilege of selling a collection to them, but formal appraisals in writing for insurance, probate, or legal purposes will attract a professional fee. We know that many vendors need a dealer to help them get up to speed with the identity of items in their collection or the market before they can make a decision, so we take a balanced approach to providing support.

A quick appraisal that doesn't result in a sale might be provided by donation to our charity box; a detailed quote on a large collection that doesn't result in a sale might attract a fee.

Dealers buy both raw and graded coins, but PCGS-graded coins can bring more and sell quicker. For high-value pieces, the dealer might suggest grading first and can often arrange submission on your behalf. Grading should be a strategic decision: weigh the potential increase in value of a collection against the cost, turnaround time, and risk. For common or lower-value coins, grading fees may exceed the incremental gain.

For straightforward purchases, cash or direct deposit payment should be made on the spot once both parties agree on a number. At Sterling & Currency, we will print confirmation that an immediate OSKO direct deposit has gone through before a vendor walks out the door - they can even check their bank statement on their phone to confirm the direct deposit has cleared. All of those details can and should be confirmed before any agreement is made.

For straightforward purchases, cto the arash or direct deposit payment should be made on the spot once both parties agree on a number. At Sterling & Currency, we will print confirmation that an immediate OSKO direct deposit has gone through before a vendor walks out the door - they can even check their bank statement on their phone to confirm the direct deposit has cleared. All of those details can and should  be confirmed before any agreement is made.

NOTE: Made no alterations to this article...

 June 6, 2026 | Andrew Crellin