Best way to sell expensive coins?
oldgoldlover
Posts: 429 ✭✭✭
I am getting out of collecting for a period of time as moving into a rural area and being away from other collectors has taken the wind out of my sail. I have two coins, both O mint $20 type ones in au. Both have rare coins, especially in au 53 or higher. I have never sold an expensive coin and would appreciate any suggestions as to the best method of selling them in terms of getting the highest price.
Heritage has a 20% buyers premium, which in effect the seller pays. I don't know a credible dealer and coins with pops of 70 to 80 in all grades are not often carried by the local coin dealers and frankly I don't trust them.
I would appreciate any suggestions from any and all collectors that have sold expensive coins and what they feel the best way for me to proceed.
The two coins in question seldom come up in Heritage auctions that are not lower grades or problem coins. The PCGS price guide, which is IMO a middle of the road number list one of the coins at $31K and the other at $62K.
My kids have no interest so I might as well sell and enjoy the proceeds before I am to old to do so.
Thanks in advance for you comments.
Comments
Doug Winter
https://raregoldcoins.com/
Take a table at shows, open online eBay store. Or shop them around bourse floor of show.
Otherwise - Say an online auction house has juice of say 20 pct your looking at getting 60-80 pct of CDN Bid for the most part. Considering it’s the slow summer season possibly less.
I was thinking of them as they have a 10% BP. Have you ever sold anything through them and how did it go?
Great Collections has no seller's fee on coins over 1000.00
There are plenty of gold collectors here. Why not try the BST? No fees there.
Come up with a number and post there for a week. If no action, go to plan B.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Legend will give you 107.5% on an unreserved $100k consignment ...if the quality is there
For coins of that value, I would send them to CAC first unless they have already been.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
"if the quality is there"
Top end registry qualified products only. No others need apply.
What does this mean in common English to those of us unaccustomed to the deep end?
I am guessing you are saying if a seller's coins are pre-qualified as being worth $100K, and said seller is willing to sell without reserve (take whatever bids come (might be good, might be bad), then the auction company will give seller whatever the coins hammer, plus 3/8ths of the 20% buyer's premium.
Am I close in my explanation?
Indian Head $10 Gold Date Set Album
17.5% at legend. So whatever percentage that works out to...yes.
If the quality is there, reserves rarely matter
Kinda...new...ish. Eh?
This. GC charges a buyers fee (read, seller's fee) but no seller's fee for coins over $1,000. You could always get a few quotes from specialists before you go the GC route.
I have sold through GC, and it was good. Very quick turnaround, and they publish rarer pieces in their border, and they have great pictures.
IMO, two coins worth $100k deserve to be in a high quality printed catalog.
Just sayin...
In general, all of the major auction firms are excellent. The key is to have the firm you do choose, to have them do what is necessary to increase the chance that the few collectors interested in obtaining your coins be made aware those coins are up for auction. You’ll need to make sure they feature your coins in as many ways as possible. If some of the collectors that truly want your coins for their collections don’t know your coins are available, the bidding on your coins will be reduced.
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I would skip the auctions at this point of the cycle and arrange a direct sale to a well regarded seller.
I’d call Doug winter. Seriously.
Auction fees are negotiable if you have desirable coins. Sounds like you have desirable coins.
That is simply not true.
For an auction house like GC (12.5 pct buyers fee) any bid I make is based on CDN x .89 x pct of bid I will pay (bid). So if I am only interested at 10pct back
o bid then .90 x cdn bid x .89 is what I might input for bid.
If the coins are raw, first send them to PCGS with images. At least then the world can see what you’ve got, and someone can make a reasonable offer.
Call Doug Winter
Latin American Collection
i would call Doug Winter
Hmm, I have sold a several four figure coins including a 1795 lettered edge cent in AU on the BST - no seller fee, no buyer fee - and no problems.
Has anyone mentioned Doug Winter ?
All the auction houses will end up being similar in terms of cost. On coins of that price, you should be able to get 110% of hammer from Stack's, Heritage or Legend. GC will NOT be cheaper. At all 4, you will be receiving roughly 90% of the total cost to the buyer.
So, given that your cost should be the same in all those venues, what you want is the auction house that will give you the highest visibility: major show, major auction, highlighted item, etc.
For those advocating BST, you could do this but you might be leaving far more than 10% on the table. For coins in the $100k range, getting reliable pricing information can be difficult. Now, of course, if you have a price in mind and will be satisfied with that number, then go ahead. But if it sells for 50% more a year later at auction, you might kick yourself.
I'm failing to find the inspiration for the LOL directly above...
Smitten with DBLCs.
Has anyone mentioned Craigslist?
If you want fast money but don't mind generally losing some money in the short term, send it to auction - unless you have a top pop coin. They'll often front generous advances. On the whole, however, know your market. Know who specializes in what you care about, and see if you can maximize your potential through a reputable dealer. I, for one, will pay someone more for a coin that's been out of the circuit for awhile just to keep it from obtaining an APR than I might bid if it appeared in auction. Once the APR goes live it becomes more and more difficult to inventory as a dealer and try to turn a profit on it.
Brian Hodge
Partner, President of Numismatics
Minshull Trading
Probably a 'Like' on an older Android 🙂
PM
Most of the dealers look at auction history with 20 pct cost to the seller and then take off a pct for profit
Frank D
Did anyone help you acquire the two coins?
We like coins like that.
Shows (setting up) competitive low margin, quick turnover, regular interested dealers and wealthy customers.
Would not invest in these unless above operating smoothly with favorable market conditions.
You could try the BST forum first.
Next, GC or Ebay with a starting bid at your minimum. EBay also offers fixed price with a best offer option.
Sounds like some exciting gold. Should sell easily if not overpriced.