Best payment type for 5 figure coin?

Bochiman

So, I am used to buying/selling coins in the 2 to 3 digit, and even mid 4 figure range, online.
However, I do have one that I may put up for sale soon....it's ~$15k, give or take.

Doing it locally, I don't think a local B&M would come close to true value. If I were to offer it on the BST, what would be the types of payments I should request? I've never done wire transfers (send nor receive) and I don't want something that could be reversed on me, just in case.
I also wouldn't want to put undue hardship on any potential purchaser.

Thoughts?

(obviously, if I were to sell to a "big boy", such as CRO or another well known dealer, I'd be more open to a check, etc, as that may be how they would want to pay)

CoinJunkie

You could always accept a check on the condition that you won't ship until it clears.

PerryHall

@CoinJunkie said:
You could always accept a check on the condition that you won't ship until it clears.

I wouldn't hesitate to take a check from a forum member here who is in the "circle of trust".

davewesen

Unless you needed money in next couple months, I would consign to major auction house.

PerryHall

@davewesen said:
Unless you needed money in next couple months, I would consign to major auction house.

What is the buyer's premium and the seller's premium being charged by the major auction houses these days? Selling on the BST is free and may net you more money. If it doesn't sell there, you can always try another venue.

Pnies20

@PerryHall said:

@davewesen said:
Unless you needed money in next couple months, I would consign to major auction house.

What is the buyer's premium and the seller's premium being charged by the major auction houses these days? Selling on the BST is free and may net you more money. If it doesn't sell there, you can always try another venue.

Typically 10%. Heritage is 20% to buyer because they’re buttholes.

Sonorandesertrat

PayPal is another payment method I have used when buying items off the BST or from some dealers' websites.

TurtleCat

I’d recommend looking into David Lawrence Rare Coins. They will either consign a coin or will buy it outright at times. When I needed to sell a few coins several years ago (each a 4 digit) it was an easy process and they gave me multiple options.

Good luck to you.

BillJones

In the coin business good checks and a good reputation are king. Dealers used to let me take 5-figure coins “on the arm” because I had them sold almost 100% of the time.

rmorgan

cashier's check seems like a good option

topstuf

I'd never scratch off the local B&M without checking. We'd usually go through 15k by noon.

TomB

The method of accepted payment would likely be at least in part determined by the party interested in acquiring the coin.

It is not unusual for well-know or well-connected dealers to do much larger sales with little more than a verbal agreement, but that is obviously not universally ideal and no doubt is not useful information for you in this instance. In my experience, I have done numerous six-figure transactions with various parties and we have always trusted one another and (sometimes) worked out exact payment plans for the future.

In your case, it appears you would be willing to deal with a known commodity (larger dealer or Circle of Trust member) for less secure methods of payment such as a check, but might need to go with PayPal G&S for unknown parties. If you go with PayPal, make certain you invoice through PayPal as well and use a form of tracking with signature each step of the way. Good luck!

cardinal

@Pnies20 said:

@PerryHall said:

@davewesen said:
Unless you needed money in next couple months, I would consign to major auction house.

What is the buyer's premium and the seller's premium being charged by the major auction houses these days? Selling on the BST is free and may net you more money. If it doesn't sell there, you can always try another venue.

Typically 10%. Heritage is 20% to buyer because they’re buttholes.

Actually, Heritage, StacksBowers, and the Goldbergs all have a 20% buyer's fee. LegendAuctions has a 17.5% buyer's fee. Great Collections has a 12.5% buyer's fee if paid by credit cards, and a 10% buyer's fee for cash, checks and wires. So, the buyer's fee is NOT typically 10%.

DLRC has a 0% buyer's fee - however, that you're bidding on their inventory. (Actually, ALL dealers have 0% buyer's fees when they sell from their inventory!)

davewesen

A bank cashiers check would not be too much trouble for someone buying from BST for an item near $15K.

I mentioned auction because I would have a difficult time pricing a coin in that area.

Lakesammman

It's been my impression that it's hard to sell expensive coins on the BST. You could give it a try but if it were me, I'd waste little time there and consign it to your favorite dealer.

Pnies20

@cardinal said:

@Pnies20 said:

@PerryHall said:

@davewesen said:
Unless you needed money in next couple months, I would consign to major auction house.

What is the buyer's premium and the seller's premium being charged by the major auction houses these days? Selling on the BST is free and may net you more money. If it doesn't sell there, you can always try another venue.

Typically 10%. Heritage is 20% to buyer because they’re buttholes.

Actually, Heritage, StacksBowers, and the Goldbergs all have a 20% buyer's fee. LegendAuctions has a 17.5% buyer's fee. Great Collections has a 12.5% buyer's fee if paid by credit cards, and a 10% buyer's fee for cash, checks and wires. So, the buyer's fee is NOT typically 10%.

DLRC has a 0% buyer's fee - however, that you're bidding on their inventory. (Actually, ALL dealers have 0% buyer's fees when they sell from their inventory!)

I didn’t read where he said “major auction houses”

I prefer smaller mail bid type private auctions. Those are usually 10%.

yspsales

Sent and received plenty of wire transfers in the $20K to $40K range (non coin)... easy peazy.

As the buyer, I might be equally nervous... as with a wire all the risk is on his front for the most part.

Elmhurst

@rmorgan said:
cashier's check seems like a good option

There are lots of fake ones out there.

Anyway, If immediate funds are needed, I'd shop it around to a few major dealers. They should be able to give a very good price if it's something that can be turned over quickly.

bushmaster888

I like cash sent via registered mail

airplanenut

Wires are pretty easy, and once the money is there, it's there. The only potential nuisance as a sender is that you may have to do it with someone live, whether that means going to the bank or over the phone. Some of those account numbers are long, and the ones I've sent have been international, with difficult to spell addresses, as well. Oh, well.

One other form of payment (i'm not sure of its daily limit on sending/receiving) is Zelle, which is a non-reversible bank-to-bank personal transfer system. I use it to pay friends since it has no fees and saves the steps of writing and depositing a check.

CommemDude

I have sold several coins at that level by posting on the BST where they were seen and purchased by dealers who keep an eye on that forum.

logger7

Banks know how to verify definite funds. They do that every day. Also references help.

ShadyDave

@airplanenut said:

One other form of payment (i'm not sure of its daily limit on sending/receiving) is Zelle, which is a non-reversible bank-to-bank personal transfer system. I use it to pay friends since it has no fees and saves the steps of writing and depositing a check.

Zelle’s daily limit is $2,500

BryceM

Wires are easy, quick, and done. A personal check would be perfectly fine if I knew the person. If not, I’d request a cashiers check and call the institution to verify that it’s legit prior to shipping.

One additional option is to have a mutually trusted 3rd party broker the deal.

Dave99B

For an unknown party, I’d probably ask for a bank cashier’s check, and even then I’d make sure it clears.

Dave

Martin

Bochi
Thanks for the the generous give away. Problem solved

Martin

Davideo

@CoinJunkie said:
You could always accept a check on the condition that you won't ship until it clears.

The only difficulty is that the timeline/definition of "clears" can be a little murky. Let's say it was a stolen check. You can get the funds deposited in your account within a day or two because the originating account has funds to cover the transfer. But a week later the owner of the account realizes a thief is passing bad checks and notifies the bank. The funds could be transferred back out of your account. Situations like this of course are rare, but you are not 100% safe just because the money transferred.

CoinJunkie

@Davideo said:

@CoinJunkie said:
You could always accept a check on the condition that you won't ship until it clears.

The only difficulty is that the timeline/definition of "clears" can be a little murky. Let's say it was a stolen check. You can get the funds deposited in your account within a day or two because the originating account has funds to cover the transfer. But a week later the owner of the account realizes a thief is passing bad checks and notifies the bank. The funds could be transferred back out of your account. Situations like this of course are rare, but you are not 100% safe just because the money transferred.

For $15k, I'd be calling the buyer's bank to verify that the check had cleared. If the check is later deemed fraudulent, I highly doubt I'd be the liable party at that point. But yes, a bank wire or cashier's check would be preferable.

amwldcoin

This is what I don't like about a cashiers Check. I've asked several times over the years(and it doesn't make sense) how long I have to wait to be sure all is OK. I'm always told 30 days.

@Dave99B said:
For an unknown party, I’d probably ask for a bank cashier’s check, and even then I’d make sure it clears.

Dave

BAJJERFAN

@Pnies20 said:

@PerryHall said:

@davewesen said:
Unless you needed money in next couple months, I would consign to major auction house.

What is the buyer's premium and the seller's premium being charged by the major auction houses these days? Selling on the BST is free and may net you more money. If it doesn't sell there, you can always try another venue.

Typically 10%. Heritage is 20% to buyer because they’re buttholes.

Last week there was a local estate auction conducted online here. Juice was 10%.

BAJJERFAN

@CoinJunkie said:
You could always accept a check on the condition that you won't ship until it clears.

Except they almost never clear 100%. It can come back to bite you in the ass months down the road if the "buyer" claims the check wasn't authorized by them.
Ask at your bank about wire transfers. Also about setting up a blind account to receive them so the sender doesn't get your real account info. Usually there is a fee to send or accept wire transfers.

BAJJERFAN

If in doubt I would want CASH in 10s and 20s and it can be safely sent by registered mail.

dan_marinelli

@BAJJERFAN said:
If in doubt I would want CASH in 10s and 20s and it can be safely sent by registered mail.

Why not larger bills?

AUandAG

No sellers fees on that amount at Great Collections.

bob

BAJJERFAN

@dan_marinelli said:

@BAJJERFAN said:
If in doubt I would want CASH in 10s and 20s and it can be safely sent by registered mail.

Why not larger bills?

Because 10s and 20s are less likely to be counterfeited. How many here could go through 150 of the crisp new issue $100 bills and find any counterfeits?