NN: "Selling Coins Trickier than Buying"...I doubt anyone disagrees with this statement.
Goldbully
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Interesting article that hits at the heart of every coin collector, young or old.
Selling Coins Trickier than Buying
By Bruce Frohman
Many coin collectors buy coins for years from dealers and fellow collectors before they sell a single coin. How many times have you met a collector who proudly proclaims, “I never sell anything”?
In the acquisition phase of collecting, many collectors give no thought to future resale by themselves or their heirs. They whimsically accumulate an incredible array of material of various quality and value. Making purchases is very easy and pleasant, so the assumption is that selling should be equally simple. But selling coins is an entirely different side of the hobby because work is involved to find buyers.
Many collectors think that they can go to one dealer and he will cut them one big check. If one is willing to accept the bottom dollar for his accumulation, that is true. A coin dealer will often buy everything if he can pay his price.
The problem of selling comes when the collector values his accumulation higher than the dealer. Then, no deal will transpire. The collector will then start seeking other dealers for a better offer. If he does not get one, the collector will seek more and more dealers for offers until he suddenly realizes that he is asking too much.
Many collectors have a policy of never taking a loss on the sale of a coin. Those who bought via telemarketers may find that the policy will keep them from ever selling their coins.
Article continues in link.
https://www.numismaticnews.net/article/selling-coins-trickier-than-buying
Comments
From my thinking, one of the best ways to sell is to have a collection where your provenance matters.
If people think a collector's accumulation is noteworthy enough for a provenance, they may be willing to pay a premium for it.
it depends if your trying for a gray sheet price or retail, the way things are now, it's pretty easy selling gold
Agreed. Gold comes and goes and is a good collecting strategy if you wait for times like these to sell.
I would argue that buying is more difficult than selling if you are trying to make money or at least break even, because to do that you have to buy at a good price.
Aside from bullion, the simple fact is that:
because you are buying for your enjoyment.
If you are buying as a dealer and everything is a business transaction, not a hobby, it's much easier.
I’d rather try to sell coins than diamonds 😵
It's what it is. The dealer (buyer) is in business. He has to make a profit to survive. Go with it.
Bullion, baby, always bullion. Just as easy.
The BST is having a heyday.
I almost always lose money when I sell my coins. I expect it so it isn’t surprising or tricky
I don't know that I would use the word "trickier." It is just a lot more work. Make sure it is in the right plastic and with a bean if at all possible, and things will be a lot easier.
You have to keep bullion and numismatic coins apart. Bullion is a very easy sell because it is bullion. Numismatic coins are another story entirely. This is especially true if the numismatic coins have a thin market.
Great Collections seems to be doing quite well. Ship to them, no negotiating, the market decides the price, and get a check 4 weeks later. If you’re selling a $100 or $10,000 coin you’re treated the same.
I don't sell the them.
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???
Well... I do not know much about the selling side of the coin market (I know a lot about a couple other markets). I will be selling a couple of items shortly though... so it will be an experience. Cheers, RickO
when you're a collector and usually buying near retail and selling at wholesale, the tricky part is adjusting your expectations.
Also tricky: buying things that a dealer might want to sell again. You don't want to be the guy who's buying the inventory that they're happy to see finally leave.
I disagree with the statement.
Selling is super easy, buying is extremely difficult.