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Tips for selling coins on the BST?

CoinHoarderCoinHoarder Posts: 2,612 ✭✭✭✭✭
in U.S. Coin Forum

I have sold very few coins in my life. I was thinking of selling off parts of my coin collection on the BST. I would be selling the coins individually, or a few at a time.

What kind of supplies should I buy? And, how do you log sales for tax purposes? Should I include shipping in the price of the coins?

I have obtained a post office box for these transactions.

I am looking for any and all tips on how to conduct smooth transactions on the BST.

Thank you for sharing your knowledge on this subject.

Comments

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    My recommendation is good pictures and market pricing. Research will give you good pricing information. Cheers, RickO

  • AhrensdadAhrensdad Posts: 2,583 ✭✭✭

    I used to sell a lot on the BST, and currently sell in other online formats. Here are my recommendations:
    1. Take decent pictures
    2. Accurately describe what you're selling
    3. Price it competitively
    4. State methods of payment and cost of shipping/insurance
    5. Once a deal in struck and the item is paid for, get it shipped right away and provide tracking to the buyer.
    6. Always use tracked shipping methods. This will save you much grief.
    7. If the buyer has to ask you if the item has shipped you are not communicating well.

    Successful BST Transactions with: WTCG, Ikenefic, Twincam, InternetJunky, bestday, 1twobits, Geoman x4, Blackhawk, Robb, nederveit, mesquite, sinin1, CommemDude, Gerard, sebrown, Guitarwes, Commoncents05, tychojoe, adriana, SeaEagleCoins, ndgoflo, stone, vikingdude, golfer72, kameo, Scotty1418, Tdec1000, Sportsmoderator1 and many others.


    Please visit my website Millcitynumismatics.com
  • AhrensdadAhrensdad Posts: 2,583 ✭✭✭

    To add:
    I created a simple P&L on Excel coin sales. Sale price, less cost of good sold, less cost of shipping and cost of PayPal. At the end of the year, this is all compiled and sent to my account. She creates a schedule C to my tax return.

    For shipping I use padded mailers, with the coins housed between pieces of cardboard (we have a ton of boxes arriving from Amazon, I cut them up and re-use).

    I ship through PayPal so the tracking is right there. Other use Pirate Ship (I think that's it).

    Successful BST Transactions with: WTCG, Ikenefic, Twincam, InternetJunky, bestday, 1twobits, Geoman x4, Blackhawk, Robb, nederveit, mesquite, sinin1, CommemDude, Gerard, sebrown, Guitarwes, Commoncents05, tychojoe, adriana, SeaEagleCoins, ndgoflo, stone, vikingdude, golfer72, kameo, Scotty1418, Tdec1000, Sportsmoderator1 and many others.


    Please visit my website Millcitynumismatics.com
  • DNADaveDNADave Posts: 7,282 ✭✭✭✭✭

    I’m interested in what you have to sell. So I’d say you’re already off on the right foot. !

  • jwittenjwitten Posts: 5,215 ✭✭✭✭✭

    I think it's easier to include shipping in the price. I recommend you always offer to stand behind if an item gets lost or stolen in the mail, so buy insurance if you want, or self insure (save your money to cover an occasional lost item). Be open to accepting reasonable offers. Yes, keep track of your profit, and report it as income. If you lose money on an item, be sure to deduct that as well. Start posting! We want to see what you have :)

  • gumby1234gumby1234 Posts: 5,591 ✭✭✭✭✭

    Also accept alternate payment methods like personal checks or postal money orders for those of us that don't have PayPal or the likes. I have done 4 or 5 buys from members willing to take a personal check. Of course wait until it clears before shipping thou.

    Successful BST with ad4400, Kccoin, lablover, pointfivezero, koynekwest, jwitten, coin22lover, HalfDimeDude, erwindoc, jyzskowsi, COINS MAKE CENTS, AlanSki, BryceM

  • pursuitoflibertypursuitofliberty Posts: 7,116 ✭✭✭✭✭

    Lots of good feedback here. Good pictures, honest and simple descriptions, reasonable prices, and somewhat flexible regarding payment means (protecting yourself and the buyer, of course). If your Spidey sense feels a member might be an issue, ask around.

    Some things will sell well here, some things will linger (for various reasons I haven't always figured out). It's definitely worth a shot before going elsewhere though.

    As for pricing I usually try to think of what I think it would sell for and what I would net on another, fee based venue, and try to be ready to sell between those points to make it a win-win situation.


    “We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”

    Todd - BHNC #242
  • moursundmoursund Posts: 3,207 ✭✭✭✭✭
    edited September 15, 2021 10:06AM
    1. Specific topics in the BST are useful... "FS several PCGS SLQ" is better than "Coins for sale".
    2. When the item(s) sell, it's nice to update the topic to say e.g. "SOLD: FS several PCGS SLQ"
    3. Listing items way above market price, then bumping them every few days for weeks at a time, is annoying
    100th pint of blood donated 7/19/2022 B) . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
  • Walkerguy21DWalkerguy21D Posts: 11,552 ✭✭✭✭✭

    Lots of good advice has been provided.

    I'll add a few more.
    Bear in mind most of the forum members are pretty knowledgeable. They know how to grade (approximately), spot problems, and generally know market values. Describe and price your coins accordingly. You're competing with eBay sellers, but with more savvy collectors as potential buyers.

    Be prompt and courteous with PM's, as you would wish to be treated. Lowball offers, requests for lots of additional photos, descriptions, etc, from "tire kickers" should be handled tactfully and not ignored.

    There are a lot of wonderful collectors here, and you have the potential for lots of repeat business and more importantly great personal connections with them.
    Best of luck!

    Successful BST transactions with 171 members. Ebeneezer, Tonedeaf, Shane6596, Piano1, Ikenefic, RG, PCGSPhoto, stman, Don'tTelltheWife, Boosibri, Ron1968, snowequities, VTchaser, jrt103, SurfinxHI, 78saen, bp777, FHC, RYK, JTHawaii, Opportunity, Kliao, bigtime36, skanderbeg, split37, thebigeng, acloco, Toninginthblood, OKCC, braddick, Coinflip, robcool, fastfreddie, tightbudget, DBSTrader2, nickelsciolist, relaxn, Eagle eye, soldi, silverman68, ElKevvo, sawyerjosh, Schmitz7, talkingwalnut2, konsole, sharkman987, sniocsu, comma, jesbroken, David1234, biosolar, Sullykerry, Moldnut, erwindoc, MichaelDixon, GotTheBug
  • coinbufcoinbuf Posts: 11,586 ✭✭✭✭✭

    I will just echo what others have said, good photos are a must and even with good photos you should agree to returns with the other party footing the shipping both ways. I think including the shipping in your asking price is easier but either way will work as long as you are reasonable. Don't hog the BST with tons of ads, consolidate and only bump once a day. Looking forward to seeing what you are selling.

    My Lincoln Registry
    My Collection of Old Holders

    Never a slave to one plastic brand will I ever be.
  • calgolddivercalgolddiver Posts: 1,505 ✭✭✭✭✭
    edited September 15, 2021 11:31AM

    Plenty of great advice ... Good Luck ... looking forward to seeing the "hoard"

    Top 20 Type Set 1792 to present

    Top 10 Cal Fractional Type Set

    successful BST with Ankurj, BigAl, Bullsitter, CommemKing, DCW(7), Downtown1974, Elmerfusterpuck, Joelewis, Mach1ne, Minuteman810430, Modcrewman, Nankraut, Nederveit2, Philographer(5), Realgator, Silverpop, SurfinxHI, TomB and Yorkshireman(3)

  • JJMJJM Posts: 8,047 ✭✭✭✭✭

    Price it to sell
    A 10 oz Engelhard silver bar for example priced at $369 will languish

    Priced at $339 free ship will sell quickly, and net as much as if you sold it on eBay

    Look up your exact like type item on eBay, and review SOLD prices and average 10 or so recent examples close to yours, for me if that average is $400, I list for $375 or so, and my stuff normally sells quickly, most recently mine have been on the PM board

    👍BST's erickso1,cone10,MICHAELDIXON,TennesseeDave,p8nt,jmdm1194,RWW,robkool,Ahrensdad,Timbuk3,Downtown1974,bigjpst,mustanggt,Yorkshireman,idratherbgardening,SurfinxHI,derryb,masscrew,Walkerguy21D,MJ1927,sniocsu,Coll3tor,doubleeagle07,luciobar1980,PerryHall,SNMAM,mbcoin,liefgold,keyman64,maprince230,TorinoCobra71,RB1026,Weiss,LukeMarshall,Wingsrule,Silveryfire, pointfivezero,IKE1964,AL410, Tdec1000, AnkurJ,guitarwes,Type2,Bp777,jfoot113,JWP,mattniss,dantheman984,jclovescoins,Collectorcoins,Weather11am,Namvet69,kansasman,Bruce7789,ADG,Larrob37,Waverly
  • CryptoCrypto Posts: 3,740 ✭✭✭✭✭

    @JJM said:
    Price it to sell
    A 10 oz Engelhard silver bar for example priced at $369 will languish

    Priced at $339 free ship will sell quickly, and net as much as if you sold it on eBay

    Look up your exact like type item on eBay, and review SOLD prices and average 10 or so recent examples close to yours, for me if that average is $400, I list for $375 or so, and my stuff normally sells quickly, most recently mine have been on the PM board

    This is good advice, price it at a little more than you would net selling on ebay and both sides win and stuff moves quickly.

    11.5$ Southern Dollars, The little “Big Easy” set

  • amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭

    Don't forget...if you want the choir to buy from you must have all your coins beaned! :#

  • amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭

    Just contributing to the plethora of beanie posts the last few days!

    @ms71 said:

    @amwldcoin said:
    Don't forget...if you want the choir to buy from you must have all your coins beaned! :#

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