Selling First Time On A Real Site
Stingray63
Posts: 299 ✭✭✭
New here so please pardon this post if somewhat ridiculous. I just sent some coins off today to Great Collections. It's my first time using the service so curious to know who may have used it before. Not sure what to expect. I'm not a dealer and was using some free local websites for coins I previously sold. These I sent off I really didn't have much invested in at all or I had duplicates and wanted to thin out my collection.
Pocket Change Inspector
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That's really going to depend on what it is.
They have good CS. They get reasonable prices.
But if you sent a $50 coin, it's going to be expensive to sell. If you sent a $1000 coin it will be relatively cheap. If you sent a hot item, you'll get good value. If you sent a cold item without reserve you may be disappointed.
GC is very reputable and liked by many. Since you sent some off I assume you have seen this page at GC. If you have more specific questions others can maybe answer. Example maybe listing, payment, fees, turn around, concerns...
https://www.greatcollections.com/main-sell
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
Can you give us a hint on what you sent in?
All good info. Appreciate the feedback. I never sold on eBay so felt like this might be less of a headache.
Pocket Change Inspector
Sure. To me they were the least desirable in my collection. 1856 Three Cent Silver (ICG VF35), 1936-D Buffalo Nickel (NGC MS65), 1972-S Ike (PCGS MS67), and 1980 SBA (NGC MS66). The dollars I won, ICG I don't collect but got cheap in the past, and the Buffalo I bought back around February from a seller who was hurting for money and selling off some of his coins. I already have a number of Buffalos so didn't need this. Also already have a Three Cent Silver but an 1858 that is nicer and moderns I really don't collect.
Pocket Change Inspector
I would not have sent those inexpensive coins. You will not get good value after fees, especially the one-time flat setup charge. The SBA will struggle to get to $20 all-in and you would lose half of that in fees. Same with the Ike which is maybe a $40 coin that will cost you over $10 in fees.
The other 2 should do okay. I know you didn't want to do ebay with those, but they would have had lower fees on ebay.
jmlanzaf
I am a member of GC for a long time, I don't remember any setup charge? What is that?
Bad math. It’s gonna cost him $3 + 5% hammer, so a $20 coin will net him $16.
Your assumptions are faulty. You have to include the buyer's premium ($5 minimum) as well, and often shipping. If I want to buy a coin for $20, I'm only bidding to $13 or $14 which will net them $9 or $10.
Two quick things about selling on Great Collections:
1) They charge a listing fee of 3 to 10 dollars depending on the starting price.
2) they do accept ICG graded coins, but the starting price is $1
The Ike I won with the super bowl and the SBA was a coin show prize. I had no money in either of those.
*Edited: I just had no takers on Craigslist and didn't want them.
Pocket Change Inspector
https://www.greatcollections.com/main-sell
"We charge nominal listings fees based on the minimum bid set of between $3 and $10 (detailed on our consignment form). These are only charged in the first auction (listing fees are not charged in the second or any subsequent relisting of your unsold items)."
You'll do fine.
The simplistic analysis above doesn't consider the time and aggravation you save by not learning eBay for small coins, and dealing with eBay small coin buyers. My $500 eBay sales always go easier than my $20 eBay sales.
And any setup fee should be viewed as getting spread out over all the coins you'll send to GC in the future, not just applied to this group.
Like I said, you'll do fine with GC.
I believe I read $3 + 1.5% for coins sold under $100 on the GC form. Either way I don't believe I'll take a loss and would be ok just breaking even. The Three Cent I only paid $35 for and Buffalo $38. I have no more room in my storage boxes and stopped collecting so I'd rather rid myself of these. I look at it like this which will sound odd but it would cost me more if I went out to dinner tonight.
Pocket Change Inspector
Could’ve swore the original poster is a coin seller, not a buyer in this instance. Sellers do not pay a buyers premium on GC, and sellers do not pay shipping costs. Those are buyer expenses. Seller will only pay a listing fee plus 5% (if it sells for $1,000 or less).
Edit: sorry, misunderstood your post. Thought you would be bidding $20 to net him $16, not bidding $10 to net him $6.50.
and if all does goes ok, I'll most likely try it again with better coins next time. Just not ready to part with others yet.
Pocket Change Inspector
My money's on 'you'll be delighted,' if not for what your pieces bring then certainly for the service from and the process of GC.
Many buyers figure those fees into their bids, in which case sellers are effectively, if not in fact, paying them.
Just sayin'.
@Stingray63
At the link I previously sent is some info on GC fees. I am not seeing the extra 1.5% you noted but..
Also says up to 5 listing for one fee.
This pdf submission form has:
https://www.greatcollections.com/forms/coin_consign.pdf
Listing Fee
Minimum Bid Listing Fee
$1-$99 ................$3
$100-$999 ..........$5
$1,000 and up....$10
Up to Five Listings for One Fee
And the sellers fees on the same link page and/or form:
The lowest seller's fees - 0% for coins/banknotes that realize over $1,000 or 5% for coins/banknotes $1,000 or under
Sounds like you have a good understanding. See how it works with these and then make decision for next.
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
The buyer premium is, in effect, paid by the coin seller because buyers adjust their bid accordingly. If I want to spend $100 on a coin, I don't bid $100 and then pay the premium, sales tax and shipping on top of that so that I'm paying $125. I bid $80 - the hammer price on which the sheet gets paid - so that my total paid is only $100 total.
In effect. The buyer's premium comes out of the seller's pocket.
That's 5 listings for one coin not 5 coins for 1 listing. It's $3 set up free + 5% seller's premium + 10% buyer's premium with a minimum of $5 + shipping. A coin that costs the buyer $20 will net the seller as low as $6.50. That's why lower priced material is costly to sell this way. Ebay is one comp but dealer wholesale is the other.
$20 total cost means a hammer price of $10 to $15 (depending on how many total coins the buyer buys due to shipping discount). $3 listing fee gets you down to $7 to $12 and 5% seller premium gets you down to $6.50 to $11.25
A $20 coin could easily net you more money by selling to a dealer at a 25 to 50% discount.
‘’Same with the Ike which is maybe a $40 coin that will cost you over $10 in fees.”
Jmlanzaf- even worse- it’s a $25-$30 full retail coin all day long. And, even if was offered at a full 50% discount to your originally suggested $40 price, I don’t believe almost any dealer in the field would touch it! I certainly wouldn’t. I net less than that when I sell them on eBay. I know “going in’’ that I produce these MS67 grade Ike coins for $0 return. It’s done to try to land a roughly $100 MS68 once out of maybe 15-20 tries that you get an MS67 coin. If you are very successful you can basically “chalk it up” to making about $5/coin across the board for the submittable coins (19 @ $0 and 1 at $100) that graded out. Every 3-5 years (and countless thousands of coins later), lightening might strike and you can land an MS69 coin in the mix!
I won’t speak for Ian, but I would suspect he wants an MS67 1972-S Ike consigned to his company about as much as I want an MS67 Ike returned back to me graded from PCGS. Maybe a touch more than me because it looks like he might make a little money on the consignment, while I lose money nearly every time I sell one for under $25.
Wondercoin
I was trying to be generous. I don't think the SBA will get to $20 either
@jmlanzaf
That's 5 listings for one coin not 5 coins for 1 listing
You are correct and it says it right in the wording of the form. I just didn't read it all and also didn't copy it all. My bad.
As far as the 10%, also a yes. I was commenting on what the seller fees would be. What the final hammer price is (and therefore the final all in price) and what the seller would net after fees, I was saying that I think @Stingray63 appeared to have a good understanding based on their other post and to see results and make a decision for next items after. I totally agree with just selling to a dealer or local coin shop on the lower priced items. However, if one wanted to test the auction results, as was stated here, I am thinking what is being done here to just send a few with different price ranges and see results is okay. Yes could cost several bucks versus other means of selling but will give first hand results at a minimal cost.
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
As I mentioned I'm only in these 4 coins for $73. I'm confident I can get that back. Anything over would be a plus and anything less is not going break me. Also as mentioned I just want to get rid of the coins without dealing with eBay or having to relist on the free local sites. Not sure if anyone uses free local sites to list coins or if most here are dealers but, these coins are not worth the trouble of setting up times to meet and then the potential buyers are no-shows.
The way I see it, these are gone and I open up 4 slots in the otherwise full coin boxes I have should I decide to pursue 4 worth while coins.
Pocket Change Inspector