Coin For Sale ? Do You Flip?
Onastone
Posts: 4,079 ✭✭✭✭✭
I have never sold a coin. What's the best way to sell them???? What gives you the best deal? I see Ebay is used frequently, but is it the best? I've seen some sell at a coin shop. Flea market table? Buy and sell on a forum? Coin club? Amazon? Raffle? Pawn shop? Consignment shop?
I think I would lean toward selling through a coin shop, to get some one-on-one information about the coin. But maybe it's more convenient to throw up a price on Ebay and hope for the best...
Which method gives you the best value? How do you place a price on a coin without losing money? Everybody wants to buy low and sell high. The only time I've flipped a coin is to call out heads or tails.
0
Comments
If you know what a coin is worth and what you need to get for it, the BST Forum is always a good option. It's free and if you don't sell it you've only lost some time and you can then always try other venues to sell it.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I spent a few years posting things on Ebay to sell, but eventually figured out that the return on my time was not worth the time I was spending doing so. For the last 3-4 years I've been almost exclusively selling to dealers I have established a mutually beneficial relationship with. I price things based upon recent sales prices from CoinFacts generally about 10-20% back of recent auction result trends. They will generally go through my list and adjust the prices (some up, some down) and usually end up about another 2-5% back of my ask. I win some and lose some, but to me the simplicity of turning the coins back into cash to turn back over is well worth it.
Mostly I flop. That's what I get for thinking I could flip.
@Onastone
Want to sell $100-$500-$2000?
Slabbed ? Raw? Silver? Morgans? Ikes? Etc ??
Better definition of what you're selling will get you better answers
BST trial might be useful if value of items merit shipping
You must know your specialty like the back of your hand. You MUST know the pricing of that specialty.
That said, ebay is by far the best venue.
I never sold any coins until recently. It really is an eye opener.
Of course what you'll be offered depends so much on whether the coin is a widget, key for a series, condition rarity.......
Tried to sell some nice duplicate widgets at my local coin shop and that did not go well. 50%+ back of Greysheet. No sale.
The BST is nice and I get some satisfaction that it goes to a forum member.
Have sold to a few dealers that specialize in each different type and that seemed to be the closest I could get to what I thought I should.
As far as pricing it so you don't lose money, that's a tough one and chances are they will go unsold.
I came to realize the fact that I simply paid a little too much up front and I was willing to bite the bullet, take a loss and put the funds towards something new that I wanted.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Study auction results and other venues. The BST here is an excellent sales venue and no fees. Good luck, Cheers, RickO
Ebay, where else can you get a world wide storefront for 13% of the transaction? Not only do you have the luxury of selling it from your home, the world wide store front usually brings a higher selling price which offsets the 13%
Ebay - 10%
PayPal - 3%
Wisdom has been chasing you but, you've always been faster
These are some great answers. I am learning a lot. Thanks to all. @Onastone I hope you do well in your selling adventures!
eBay is OK for some items.
I would not do a "real" auction unless you enjoy bloodletting.
You can put items up for your price but don't forget to figure in eBay's costs and Paypal's costs.
Also, it's probably best to offer "FREE" shipping as the fine folks at eBay also take their percentage on YOUR shipping costs.
Ain't that kind of them.
So just figure all those costs into your price.
So, obviously, "best" way to sell would be to get your price in cash at a show.
But then you have to factor in your time, etc.
If you were planning on going to a show anyway, I would try that first before eBay.
You may consider the forum first and save the fee.
Best is to have a buyer in place who guarantees a set price to you no matter what the market does. Many get greedy then go bust.
Best place to buy !
Bronze Associate member
Are you planning to sell your Palladium @Onastone ?
Quantity, Quality and Price matter. The advice of studying previous sales and learning how your particular coin has transacted in the marketplace is sound/wise. My order of preference.
My five cents worth.
If we were all the same, the world would be an incredibly boring place.
Tommy
I use eBay when I flip. I routinely pick up coins at coin shows that I know will get attention on eBay...nicely toned Peace dollars, toned Mercs, mid grade Bust haves, etc. Nothing I'm really interested in, but coins I know will get some attention on eBay. I'm not always right, but I usually turn a 10-15% net profit when I do sell them. Helps pay for coins I actually want. Haven't used Great Collections yet, but I plan on giving them a try very soon. I like their model.
Good luck,
Dave
I, like many other collectors, am always on the hunt for an upgrade and will sell the replaced coin(s). Sometimes I will cherry-pick a coin and sell it for a profit. I normally use ebay and set a Buy It Now price with a Best Offer and leave some wiggle room for haggling. Of course, if a forum member wants to buy it, I will of course sell it for less than ebay by removing the fees.
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
Buying at retail and selling wholesale is a tough thing
It’s best to try to find the retail end user yourself but this can take time and effort. That is why it’s some people’s job.
Don’t want to spend the time and effort yourself, then get ready to sell the responsibility to someone that is, ie Dealer for a big discount.
I don't sell much at all, but when I do I usually go to ebay. The fees aren't too bad especially if you can hit a special offer and there are so many eyes on it. The last two coins I sold there were reasonable BIN/OBO compared to recent auction results and they sold in under 24 hours, both were over $800.
Collector, occasional seller
The easiest way to sell coins was when I set up as a dealer. You put stuff out, and within three or four months, virtually everything I purchased was sold. Walking the floor at the shows is futile. It doesn't make any sense but other dealers will pay more to those have tables than those who walking the floor with coins. The late Steve Tannenbaum told me that, it it's true.
Almost every answer you've gotten is wrong. LOL. There is no right answer for "coin". If you have a $10,000 coin, the best venue is VERY different than if you have a $100 coin. The best venue for a U.S. Morgan dollar is very different than a medieval British Shilling.
A long time ago someone told me that you make your money when you buy a coin...it took me a long time to understand what that meant....
@jmlanzaf is correct: for example if I am going to sell a rare gold coin then my best bet is to give it to DWN on consignment...for a consignment fee less than Ebay/PayPal....he gets the coin in front of a large audience of qualified buyers...then he handles payment & shipping...and I get a check...
The last two coins that DWN handled for me were sold in less than 3 hours...
Not necessarily, you could use the same venue for both coins but display/list them in different areas.
Me too. I'm not sure I want to sell anything right now, but on the flip side we're learning a lot about where to buy coins!!!!
That's a definitive NO. It'll have a nice spot in my collection, not for resale.
Actually I don't. I've never purchased/sold anything on eBay. I'm just learning now about a 10% eBay fee and 3% from PayPal. I've just observed many on this forum keeping an eye on eBay.
I thought this might be a good forum question as I think a lot of members sell and could share some experience, and I'm sure at some point I'll want to sell something too. Everybody has been extremely helpful so far, lots of great info.
You could, but you will NOT maximize value in the same venue. The best venue depends very specifically on the price range and category of the coin.
Sell to a dealer at a big coin Show -- EARLY on the FIRST day!
The right dealer will give you a fair cash price -- especially if your coins are popular and have in-hand eye appeal.
Successful BST transactions with forum members thebigeng, SPalladino, Zoidmeister, coin22lover, coinsarefun, jwitten, CommemKing.
... just don't expect to get retail for your stuff. But you should be able to get nearly the same net if you were to sell on ebay -- without the hassles of writing ads, photography, shipping, etc. And little or no risk of returns & scams.
Most importantly, you get cash on-the-spot at a Show.
Just be sure you have a negotiable price researched IN ADVANCE. That's because most dealers will ask you, "How much do you want?" Don't be offended if they respond with a low-ball offer. Might be a negotiating tactic. Or maybe they already have unsold inventory of what you're selling. Or maybe your stuff isn't worth as much as you thought.
Final tip: Don't waste hours & hours trying to sell to dealers at a Show. If you get a fair offer, take it. Then you'll have more time to shop around for new stuff.
Successful BST transactions with forum members thebigeng, SPalladino, Zoidmeister, coin22lover, coinsarefun, jwitten, CommemKing.
I miss Russ.
Yea Toppy, Me too.
Pete