Contest: What did Wondercoin buy in the first GreatCollections auction? With prize....No Winner

Ahrensdad · April 8, 2011 1:34AM

Sorry there was no winner. See Ian's post at the bottom of page 4 for the coin purchased by Wondercoin. Look for another contest/giveaway from GreatCollections (per his post).
____________________________________________________________________________________________________________________________________

Let me first say that I have no connection to Mr. Russell or his company, I've never met him. I do however plan to consign coins and want to get a sense of what's going on.

My question is regarding the launch of Great Collections. What's been your experience with the launch? Have the first couple (maybe it's only one) auctions gone as expected? Are you getting the traffic you expected? Is there anything else you'd like to share about the experience of launching your own company?

Thank you in advance for your response,
Andrew

edited for grammer

ianrussell · April 8, 2011 2:29AM

<< Let me first say that I have no connection to Mr. Russell or his company, I've never met him. I do however plan to consign coins and want to get sense of what's going on.

My question is regarding the launch of Great Collections. What's been your experience with the launch? Have the first couple (maybe it's only one) auctions gone as expected? Are you getting the traffic you expected? Is there anything else you'd like to share about the experience of launching your own company?

Thank you in advance for your response,
Andrew >>

Hi Andrew -

Wow, where do I start...

A little background, we started to work on GreatCollections about 11 months ago. The biggest initial challenge was the technology and I am pleased with the result. While we still have a lot of features to add to the site, it's still highly functional and we're receiving positive feedback. In the future, you'll see a mobile app (our site already works on a phone's browser, but we will be tailoring a special mobile site to make it even easier for members), advanced recommendations and a few other things I can't talk about right now. In December, we opened our office, and literally built it from scratch (no, not the walls, but every piece of furniture we manually put together ourselves!), arranged security, internet, phones, computers, procedures and so forth... this part was actually extremely fulfilling... the sense of creating something from the ground up, even though Raeleen and I were a little drained (imagine about 80 pieces of furniture, ranging from cabinets to 10-foot conference tables etc.).

We had our first auctions end last Sunday, and sold about $40,000 worth of coins - coins ranging in value from $5 through to about $3,500. This Sunday has a similar amount of coins on offer, and we expect a similar result. The traffic on Sunday night actually crippled our server (causing a few clients to receive multiple "you won this item" e-mails, we're really sorry about this). We have been working around the clock since and yesterday installed GreatCollections on a completely new and upgraded dedicated server (now with 24gb(!!) of ram) (the site is still not fast enough for our liking, and we are working on this too).

We can never have enough web traffic, and this is something we are completely focused on building (though we are pleased with the traffic and repeat traffic we have so soon after launching). You may have seen our online ads on various sites, as well as on PCGS, and we have additional marketing efforts hitting next week and the week after.

I welcome any other comments, questions, feedback etc., - we've already made some changes to the site based directly on feedback received from clients, and we have a few other suggestions in the queue for our programmers to install next week.

- Ian

Russ · April 8, 2011 2:39AM

<< The traffic on Sunday night actually crippled our server >>

That's a problem a lot of new launches would LOVE to have.

Russ, NCNE

Ahrensdad · April 8, 2011 2:41AM

<< 

<< The traffic on Sunday night actually crippled our server >>

That's a problem a lot of new launches would LOVE to have.

Russ, NCNE >>

My thoughts exactly.

CommemDude · April 8, 2011 2:48AM

Good luck in this venture! Very nice pictures, and a welcome alternative to ebay. I hope you will consider something like a buy it now option in the future as well.

fivecents · April 8, 2011 2:55AM

Way to step up Ian. Hope you kick a$$ dude.

Russ · April 8, 2011 2:56AM

Is that 1963 NGC quarter, (item 6858), really supposed to be a 178 day auction, ending in October?

Russ, NCNE

lcoopie · April 8, 2011 2:58AM

interesting

blu62vette · April 8, 2011 3:03AM

I see Ian at shows and have talked to him a couple times during the process. He has been busy at shows getting the word out and getting coins for the auction. I like the site but can only imagine the complete bear of a task to get it all up and running. I like the site layout and have my bids out on some items. I hope it keep growing and gaining more traction.

wondercoin · April 8, 2011 3:21AM

Ian is great to work with (even though he prefers to not get calls after 9:30 p.m. LOL). I thought the "unspoken rule" was 10:00 p.m.?

I won a coin from his first auction Sunday night. I wanted to buy a coin just to support him.

Ian - Is their a list of prices realized for that Sunday sale where anyone can now go and view the sold coins?

Wondercoin

Tiny · April 8, 2011 3:28AM

I hope you have your web site up and running by Sunday, would like to see the auctions.
I tried the link on your post and got nothing. I spoke with you a few years ago when you
where with Teletrade and remember what you told me.

G'Day and G'Luck with your new venture

Tiny

Russ · April 8, 2011 3:39AM

<< I hope you have your web site up and running by Sunday, would like to see the auctions.
I tried the link on your post and got nothing. I spoke with you a few years ago when you
where with Teletrade and remember what you told me.

G'Day and G'Luck with your new venture

Tiny >>

The site is loading fine for me, and the auctions are running.

Russ, NCNE

keyman64 · April 8, 2011 3:43AM

I will be sure to review all of the auction items for each auction....just as I do for the other auction houses. I checked your Sunday items on Saturday and sadly there was nothing for me that day....nor for the next auction but I know it will be just a matter of time.

My 2 Cents-
It would be helpful to sort the coins, within a category, by a more logical order...such as by date of the item you are looking for...(you have it labeled TITLE which is fine). I think it is defaulting to end date/time of the earliest auction item for that category. If you go to Peace Dollars- The first page ends with 1926 or something...if someone is looking for 1921 why would they go to page two?....but if you go to page two right now there is a 1922 there. You can only sort by end time or dollar value. I have never understood sorting auction items by dollar. You can have a $50,000 coin in there but if no one has bid on it, it will not likely show up very high. Just doesn't make sense to me.

Please make it DEFAULT or EASY to sort by date. Thanks Ian! I'm looking for a lot of things and I hope to find a few things on your site soon. I'm anxious to try it out.

Tiny · April 8, 2011 4:48AM

<< 

<< I hope you have your web site up and running by Sunday, would like to see the auctions.
I tried the link on your post and got nothing. I spoke with you a few years ago when you
where with Teletrade and remember what you told me.

G'Day and G'Luck with your new venture

Tiny >>

The site is loading fine for me, and the auctions are running.

Russ, NCNE >>

Okey Dokey

Must have been a small glitch. It's working for me now.

Tiny

BigE · April 8, 2011 5:02AM

<< 

<< 

<< I hope you have your web site up and running by Sunday, would like to see the auctions.
I tried the link on your post and got nothing. I spoke with you a few years ago when you
where with Teletrade and remember what you told me.

G'Day and G'Luck with your new venture

Tiny >>

The site is loading fine for me, and the auctions are running.

Russ, NCNE >>

Okey Dokey

Must have been a small glitch. It's working for me now.

Tiny >>

A "Tiny" glitch

-----BigE

ianrussell · April 8, 2011 6:10AM

<< Good luck in this venture! Very nice pictures, and a welcome alternative to ebay. I hope you will consider something like a buy it now option in the future as well. >>

We do have "Buy Now" items at the moment in our listings, and we hope to expand this area as we list more coins. Buy Now items have no buyer's fee (auction items have 10%, min $5 buyer's fee).

- Ian

wondercoin · April 8, 2011 6:20AM

I also had a question

Wondercoin

ianrussell · April 8, 2011 6:26AM

<< Is that 1963 NGC quarter, (item 6858), really supposed to be a 178 day auction, ending in October?

Russ, NCNE >>

That seems a little long to keep someone's attention on a $30 coin! Thanks Russ. I've corrected to 4/17.

The beauty about our system of not having lot numbers (similar to eBay, we have item numbers that start at #1,2,3 etc.), is that we can continue to build a sale in real time... no waiting for a sale to upload, or in this case, I can add to a sale date that is already on the website.

- Ian

ianrussell · April 8, 2011 6:42AM

<< Ian is great to work with (even though he prefers to not get calls after 9:30 p.m. LOL). I thought the "unspoken rule" was 10:00 p.m.?

I won a coin from his first auction Sunday night. I wanted to buy a coin just to support him.

Ian - Is their a list of prices realized for that Sunday sale where anyone can now go and view the sold coins?

Wondercoin >>

One coin is a good start Mitch!! I appreciate you bidding.

Yes, to view prices realized, you can do a search for a coin, ie: "2007-W", once the results come back, you can click on "Show Completed Listings". You can do the same thing from particular category/denomination pages.

Ie. Silver Eagles Category/Denomination page:
Silver Eagles - GreatCollections

And click on the "Show Completed Listings" link, and you'll get this page:
Silver Eagles Sold - GreatCollections

It includes unsolds at the moment. We're working on displaying items (active, sold, unsold) much clearer and user-friendly in the next week or two. Stay tuned for this.

- Ian

wondercoin · April 8, 2011 7:06AM

Ian: Is there a way to check ALL coins sold for the Sunday auction, just as teletrade has a way to click on prices realized to view the entire sale shortly after it ends? If I read your last response correctly, there is not a way yet on your site?

Wondercoin

ianrussell · April 8, 2011 7:13AM

<< I will be sure to review all of the auction items for each auction....just as I do for the other auction houses. I checked your Sunday items on Saturday and sadly there was nothing for me that day....nor for the next auction but I know it will be just a matter of time.

My 2 Cents-
It would be helpful to sort the coins, within a category, by a more logical order...such as by date of the item you are looking for...(you have it labeled TITLE which is fine). I think it is defaulting to end date/time of the earliest auction item for that category. If you go to Peace Dollars- The first page ends with 1926 or something...if someone is looking for 1921 why would they go to page two?....but if you go to page two right now there is a 1922 there. You can only sort by end time or dollar value. I have never understood sorting auction items by dollar. You can have a $50,000 coin in there but if no one has bid on it, it will not likely show up very high. Just doesn't make sense to me.

Please make it DEFAULT or EASY to sort by date. Thanks Ian! I'm looking for a lot of things and I hope to find a few things on your site soon. I'm anxious to try it out. >>

Thanks Keyman64. We are definitely working on displaying items in a more logical order. In fact, we finished it just prior to launch, but it was only 95% accurate so we took it down from the site. You'll be able to sort by "Coin Catalog" order, and also save this by default so whenever you're logged in, it will remember your preference. What I really love about the "Coin Catalog" order, is that you can do a search for PCGS, click on "Coin Catalog" order, and it rearranges just the search results in coin catalog order.

This is going to be even more important once we have 1,000s of items online.

- Ian

ianrussell · April 8, 2011 7:22AM

<< Ian: Is there a way to check ALL coins sold for the Sunday auction, just as teletrade has a way to click on prices realized to view the entire sale shortly after it ends? If I read your last response correctly, there is not a way yet on your site?

Wondercoin >>

Yes, if you just want to see all past listings, sold and unsold:

GreatCollections - Completed Coin Listings

Note: we have no hidden reserves, so it an item has a bid, it means it sold.

- Ian

rxer · April 8, 2011 7:22AM

I won a couple of items on the first auction- had to admit I got a little worried

when I saw all the e-mails saying I won- HOW MANY AUCTIONS DID I BID ON ????

but all was taken care of and my coins arrived today - nice start and I will be back.

My only suggestion would be a more chronological listing- I noticed dates jumped all

over the place----- but I'm happy and that ( any making money ) is what keeps you in business

wondercoin · April 9, 2011 7:12AM

OK ... how about a quick contest (and giveaway) ...

the first person to tell me what coin I bought from Ian's first auction wins from me a Presidential Dollar grading PCGS-MS66 FDI!! One guess per board member! You can see the sold items on his completed auction search software. If Ian wants to add something to the prize too ... that is up to him!! (hint, hint).

Wondercoin

ianrussell · April 9, 2011 9:28AM

<< OK ... how about a quick contest (and giveaway) ...

If Ian wants to add something to the prize too ... that is up to him!! (hint, hint).

Wondercoin >>

I'll add to it, $100 credit to use on anything at GreatCollections (Auctions or Buy Now).

Good luck!!

- Ian

pontiacinf · April 9, 2011 10:18AM

1)site loads fine for me and I for one love it, looks great!

2)I had one question for Ian and was suprised to find an answer in my pm box
5 mins after I asked even though it was "after hours" by my opinion.

3)Not alot of what I collect (jeffersons) but I for one am sure that will be corrected
as traffic increases and more people consign or sell.

I for one wish Ian and everyone involved the best of luck and look forward to
watching everything as it unfolds

LindeDad · April 9, 2011 10:37AM

OK a different question for the forum what does it cost to consign coins to your auctions and can you give us a quick rundown of the process. Some of us have never done that yet.

pontiacinf · April 9, 2011 10:52AM

ok again great site, great people-

as for Mitchell's question.

Im going to guess the georgia state qtr in 70ucam
or one of the 2 pcgs ones in 70dcam, I mention the georgia cause it was
first year, and im prob wrong.

hope all is well on your end Mitch, and Im sure Justin is doing fine as well. I hope
he still has that collectors bug you instilled in him

sorry for hijacking this thread-Ian I look forward to doing more. I took the bite and
registerd and bid on one to see where it goes.

One thing I do question is, if this gets big and someone buys you out, does my info go with the site?

wondercoin · April 9, 2011 11:02AM

Bill: Hi. Great talking to you again. Yes, Justin is collecting just fine. He has a top business strike Pres $1 set he has been working hard on these past 4+ years.

It is NOT the GA PR70DC, but thank you for placing the first guess. If we do not have 15 guesses by this time tomorrow, I will change the rules to allow everyone a second guess (otherwise this could drag on for weeks)!! LOL.

Wondercoin

ianrussell · April 9, 2011 11:09AM

<< OK a different question for the forum what does it cost to consign coins to your auctions and can you give us a quick rundown of the process. Some of us have never done that yet.

>>

Yes, no problem. It's an easy process to consign coins to GreatCollections. We keep you updated every step of the way, from the moment your coins arrive, when they list, when the auctions end, and if they relist again etc. At all times, you can view where your coins are (Active, Sold, Unsold, Pending (ready to list/relist) or Returned (to you) by accessing the "MyGC" link at the top of every page of our website.

Here is a link to our "selling coins" webpage, where you can print consignment forms (or we can mail you hard copies, which are duplicate). I've highlighted the main points here, especially about fees. Remember, we have no minimum for consignments (no minimum on individual value of coins, nor total consignment).

We have a very simple fee structure for consignors:

Seller's Fees
0% for coins that sell for $1,000 and over.
5% for coins that sell for less than $1,000 (no minimum, so on a $25 coin, you are paying $1.25).

Listing Fees
A $3-$10 fee, the first time a coin is listed (based on the minimum bid of the coin). Unsolds are relisted up to five times, and no listing fee is charged on relists.

Minimum Bids
There are three ways to set minimum bids:

1. Have GreatCollections set them
2. Start at a percentage of the values you state on the form (50%, 65% or 80%)
3. Start at a minimum bid of $1

Different consignors like different ways to set minimum bids. Some like more than one (we just ask to keep each different minimum bid selection to a separate consignment form).

Time to List Coins
We are very fast. Coins generally upload to our website in a matter of days. We always like coins to be listed online for at least seven days, and we're currently uploading about 12 days ahead of the auction date (ie. coins uploaded 4/6 for auctions that will end on 4/17). All auctions end on Sundays (at the moment) at different times, usually between the hours of 5 and 8 p.m. Pacific Time (we've extended tomorrow's auction so some items are selling 8 p.m. - 10 p.m.)

Cash Advances
We offer quick cash advances for anyone who wants to take advantage of selling by auction, but needs some money up front. Advances can be up to 70% of the value of the coins (usually 40-50%). We charge 0.75% a month for cash advances (ie. $7.50 per month on cash advance of $1,000). In most cases advances are out for only a matter of a few weeks.

Consignor Payments
We pay all consignors 30 days from the date of their sale. We can also trade-out consignor payments with purchases you have made from GreatCollections. This is an option when "checking out" on your invoice.

Your Coins are Insured
All consignments are insured while in our possession, by our extensive policy with Lloyd's of London. We are members of ANA, FUN and NAA (National Auctioneers Association), and also authorized dealers at PCGS, NGC and ANACS.

I think that covers the main points, but if you have any other questions, please feel free to post, or to PM/email me.

- Ian

ianrussell · April 9, 2011 11:38AM

<< ok again great site, great people-

sorry for hijacking this thread-Ian I look forward to doing more. I took the bite and
registerd and bid on one to see where it goes.

One thing I do question is, if this gets big and someone buys you out, does my info go with the site?

>>

Wow, that is a question I've not been asked yet, and I am hoping that GC gets big!!

Regardless of ownership, you can always request that your personal information be deleted from our system. In addition, we never store credit card numbers on our servers.

- Ian

Bochiman · April 9, 2011 12:06PM

2 parts to this post:

1) Mitch, was it: 2010-S Sacagawea Dollar Native American PCGS Proof-70 DCAM ?

2) Ian, what restrictions on the slabs? Ie...PCGS/NGC obviously. Old Anacs/new Anacs? ICG?

ianrussell · April 9, 2011 12:17PM

<< 2 parts to this post:

1) Mitch, was it: 2010-S Sacagawea Dollar Native American PCGS Proof-70 DCAM ?

2) Ian, what restrictions on the slabs? Ie...PCGS/NGC obviously. Old Anacs/new Anacs? ICG? >>

Hi -

We accept PCGS, NGC and ANACS (old & new). No ICG.

Regards,

- Ian

wondercoin · April 9, 2011 12:29PM

Bochiman - No to the 2010-S Sac PR70DC, but thanks for guessing and if there are not 15 guesses by 6:00 p.m. CA time tomorrow, please guess again!

Wondercoin

panther · April 9, 2011 3:26PM

<< Bochiman - No to the 2010-S Sac PR70DC, but thanks for guessing and if there are not 15 guesses by 6:00 p.m. CA time tomorrow, please guess again!

Wondercoin >>

1864 Seated Liberty Silver Dollar PCGS Proof-63

Tdec1000 · April 9, 2011 4:17PM

Well, I know you didn't buy the 38 D/D Buffalo because I won it!

I will guess that you won the 2010 S Sacagawea Dollar PCGS PR70 DCAM

ok so what do I win?

wondercoin · April 9, 2011 4:19PM

no one has guesses it yet!

Wondercoin

BigE · April 9, 2011 4:32PM

I guess it might be the 2010-S Sacagawea Dollar Native American PCGS Proof-70 DCAM------------------BigE

Tdec1000 · April 9, 2011 4:47PM

Guess someone already guessed the sac dollar..., how about the 1999 SBA pr70

BigE · April 9, 2011 5:18PM

Bad guess on my part, didnt see Bochi's post, oh well

---------BigE

wondercoin · April 9, 2011 6:17PM

BigE ... give it another shot!

Wondercoin

BigE · April 9, 2011 6:47PM

Thanks, I think the 1946-S Roosevelt Dime NGC MS-67 FT has Wondercoin written all over it

--------------BigE

illini420 · April 9, 2011 8:23PM

I'll guess the 1989-S proof silver eagle in PCGS PR70DCAM, thanks for the chance

Edited to add that I just placed my first bid on GreatCollections after looking through the completed listings, keeping my fingers crossed

llafoe · April 9, 2011 10:52PM

Mitch ... here's my guess: 2002 $1 Silver Eagle PCGS MS-68 Collectors Club Edition

1tommy · April 9, 2011 11:26PM

How about the 1952 proof superbird ? Ian I still have the one you helped me get thanks love the new site.....................Enjoy

ianrussell · April 10, 2011 2:15AM

Since Wondercoin might be sleeping in, I can say that no one has guessed the correct answer yet.

- Ian

wondercoin · April 10, 2011 5:25AM

No one has selected my winning lot as of yet.

Wondercoin

llafoe · April 10, 2011 5:27AM

<< No one has selected my winning lot as of yet.

Wondercoin >>

How many guesses do we get? I'll guess you won one of the coins that ended last Sunday?

LindeDad · April 10, 2011 5:41AM

Maybe he got one of the First Day of issue Prez. Dollars In MS66 that closed for a dollar.

Boy did somebody lose out on getting those graded.

wondercoin · April 10, 2011 5:44AM

I won a lot in Ian's inaugural auction, so you should only be selecting from the lots sold in that particular auction.

Did he really sell slabbed $1 coins for $1 in that auction?

Wondercoin

LindeDad · April 10, 2011 5:54AM

<< I won a lot in Ian's inaugural auction, so you should only be selecting from the lots sold in that particular auction.

Did he really sell slabbed $1 coins for $1 in that auction?

Wondercoin >>

Yes unless I got the wrong link. Text

The link is to one of the MS65 not the 66 I saw the other day.

Contest: What did Wondercoin buy in the first GreatCollections auction? With prize....No Winner

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