I can't grade coins and now I'm not making any DE sales on E-Bay
jkrk
Posts: 987 ✭✭✭✭✭
I always give the facts on our online sales. Over the past two years sales boomed at one point leaving us under inventoried. At a point in time we bought too much and felt we had too much We only sell DE's and only on E-bay.
Maybe, we sell 50 coins/yr and prob buy 50 as well (all slabbed). WE are the pimple on the elephant (that big? YES).
WE haven't sold a coin online since mid May which has been unusual over the past 2 years.
We have sold 5 coins in June directly to customers so we believe buyers need a bit of a discount to play.
My anecdotal thinking over 1 small sample of time...
Impulse buying is down as the markets/ have shaken some confidence. Gold is flat for the year so price isn't pushing any into immediate action?
I post, mainly in order to determine if our pricing is off and to consider what inventory position is right for us, at the moment. WE don't appear at shows and thus receive little to no feedback on current trends. Everything we do is by the seat of our pants. Thus, I use anecdotal info to keep from losing my shirt.
Thoughts.
Comments
Sales have been great for us recently. Sold 7 separate BIN coins on ebay in the last 4 days. Business is booming
when gold price is going up, gold coins sell well
when gold goes down, the asking prices must follow or they sit there ....
Without knowing what you are priced at how do you expect any meaningful feedback?
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
What is a "DE" sale?
DE=Double Eagle.
Things have definitely slowed down on ebay for me, but I am not a large seller.
I dont know how you manage to do well selling DE on ebay anyway, fees for selling those unless a better date, would be a killer. I occasionally sell a better $10 at times, but $20's no. If I had anything that was common, I would probably either sell it at show, or ship it to one of the wholesaler market makers. If better date $20, Id use GC
I might add, I suspect that going forward, with gold remaining flat, and really not doing anything, folks will be backing off a bit on purchasing. Most of the folks that came in the past year buying silver and gold, were expecting it to be a lot higher now, which it isnt. They are getting tired of waiting for the boom. I hear it daily. Also, the crazy premiums days are getting numbered as well, I am predicting a big softening on premiums over next 4-6 months, regardless of spot price.
Ebay selling is very strange these days....... You look at SOLD items and list it at that price now and nobody bids, so you lower it a bit, nobody bids, then you get get pissed off and raise your price and it sells......I have no idea!
"When they can't find anything wrong with you, they create it!"
Love it. Thumbs up.
That's where I believe we are now unless you have the rare issue.
The only question I have now is whether dealers are selling at their same margins and whether buyers are being more price conscious? I am selling more coins direct since I am discounting a bit. If everything is ok then my pricing is the problem.
Coins like $20 DE I sell to investor clients or from my table at shows. Many are tight margin items so I don’t sell them on eBay.
eBay has been horrible this month - summer doldrums and economy. Shows 2 or 3 spenders can really make a good show for me but last of that a not good.
My focus on items sell on bay w good margin.
My favorite new expression is that "I evolved".
A couple of years ago I was easily buying DE's at spot gold with slightly better coins marginally above gold. During covid/ Russia/ gold running premiums really picked up and all sellers margins expanded dramatically. Before covid selling generics were difficult and I used the store to move unwanted inventory. IN the last two years I had no problem selling coins making a decent markup and absorbing E-Bay's costs. If premiums disappear, I'm back to moving unwanted inventory. When you sell 50 coins in a year, you are moving one at a time. How many dealers are anxious to buy one generic coin at a decent price? I wouldn't. If i can't make my margins on E-Bay, Why sell? I like holding gold.
I've sold pretty much everything I put up on ebay, but I'm not selling $20DE's at razor thin margins...
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
I think silver dollars still doing well
Funny, I listed a decent coin a month or so ago... 1861-S $20 gold for $7500 expecting to entertain an offer. Crickets. One other problem is that we have a couple hundred feedbacks so many would rather deal with a much larger house for safety? Or at least I assume so? So I stared at the coin and decided... If I took $7000 for instance, I would net $6500 so I decided that was a decent price to keep it. I delisted the offering.
I'll let you in on a secret... Neither will I.
I was knocked out of that market years ago.
Now I don't feel so bad.
I could not make positive money selling DE on eBay bc fees and shipping would eatup the thin margin forced in order to move it quickly. Now if could get at bluesheet…..
For that material I invest more in Slabbed AGE or Mod Commem Gold in 69 & 70 to sell at shows or w private investor clients. These more a bullion investment.
eBay I sell mainly lower ticket stuff under say $300 at 50-100 pct (keystone) markup. Mainly low pop world where I don’t have competition from the big gun US Coin narrow spread dealers. For me it’s mainly a west coast or spread offense - buy low / sell high.
One eBay seller where I want a lot of his auc stuff it (for retail) appeared was losing to el stupidido try hard nuclear bidders but always just one bid increment. No wonder cant buy it right - He’s using shill bidders!
Lol. Just took one other person suffering?
My ebay sales are pretty much the same as they have been in the last 6 months. Things still moving at reasonable prices, but most of my sales are $150 or less.
To another question you asked, dealers will buy single coins. Decent price depends on the dealer and your relationship to them. Random walk-in will probably not get the dealer- to - dealer price. A dealer without an outlet will not give you the best price. Not all dealers are created equal.
I flip almost all DEs to a local dealer. I get the preferred price. He has an outlet. My net is much higher than it would be through ebay or any other auction venue.
Now I don't feel so bad.> @Cougar1978 said:
As I view your business....pros
1)You sell at shows
2)You understand your market
3)You know where you can't compete.
Our business ...Cons
1)We're afraid to do shows
2)We're old
3)We don't understand the coin business
4)WE like businesses that we can close and visit the grandkids.
From my vantage point... You are a pro. You have the network/connections so kudos to you. I hardly know anyone, have little to no contacts. The only person in the biz I talk to is my wife. That's a struggle at times. We are nomads. The store truly is a small biz. We are at an age where we soon will be getting monthly stimulus checks from the gov't (70 yrs),(SS).
Trading, is what I seriously do. As I said, if I can't get the margin on coins I don't sell. How many insults have I received over the years for not meeting a buyers price? One can do that if it's an ancillary business. I don't try to compare myself to the many pros on the boards since they know what they are doing.
I hate losing money so all I try to understand is just enough to keep me out of serious trouble.
Why don't you put a few up on the BST here? Give it a shot, no downside.
I don't know what you have other then them being DEs so who knows you might be able to flip a few
Good luck
Mike
My Indians
Danco Set
I'm a very low level pro.
You can seek out and make contacts, even remotely. But I understand the time involved. Everyone has their limits.
Do whatever makes you comfortable. I want telling you to do otherwise, just answering a question you asked about single coin sales.
I found my niche, mostly. I'll buy anything. However, most of my business revolves around dealing in stuff that most of this forum loathes: inexpensive raw including the "darkside". Why? Because I have the ability to buy in that realm while everyone else is fighting over silver dollars and the like.
@jkrk ... You have not stated the DE price range you are selling at... or if they are modern or vintage. Let us know and perhaps more focused advice can be offered. Cheers, RickO
This... you'll still have shipping and insurance fees, but you won't have to pay ebay.
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
DE's are double eagles so they would be pre-1933 or vintage. If they weren't vintage they would be AGE's or American Gold Eagles. Or am I confused with the terminology here?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@PerryHall.... You are correct, I am just not sure the OP is/was using the term correctly.... Just looking for clarification. Cheers, RickO
The idea of selling on BST is something to consider.
In the meantime, I am selling my quota directly (at BST prices) rather than on E-Bay, so for the moment I'm not motivated to move to another venue. Secondly, currently, I cannot buy at prices that are attractive (In respect to resale with a decent margins) so I am not pressed to do much. I was selling 20 coins per year, most years then 40-60 /per over the last two years (margin expansion). If the last two years were an aberration, then the message to me is to limit new purchases dramatically. That's the mode I'm currently in, and looking at other comments to confirm my actions (my store).
$20 Libs and Saints,,, priced mainly $2400-3000. Five percent from $3000- 7000. My Eagles, Maple Leafs, Kruggs,, Aussie Kanagarros, are not offered. No Margins.
Deleted Duped post.
@jkrk .... Thank you for the information. Cheers, RickO
State of the economy. More to daily good and services, less for discretionary spend. Expect it to continue for a while.
Those who remember the downturn in the coin market in 1989; collector coins became very illiquid. Let’s hope we don’t go there over the next few years.
Another thing to consider - look at those who have not re-entered the workforce and living off whatever money they received during Covid…..funds are running out. No money for coins or any other luxury; I’m sure they are worried if they have enough money for gas.
I was buying one DE for every job our company completed up until about a year ago. A bonus to myself and am not a buyer now and do not foresee buying in the future. Diesel prices are eating up my profits. We are in the Dirt moving business. What was $2,000 a week in fuel just a few years ago is now $6,000 a week in fuel. And our business is steady now and not growing. I'm happy to keep our present customers and eat the fuel costs, for now.
bob
(http://www.united-grading.com/services.html) spam
Curious now. What grades are the double eagle coins and are they slabbed or raw?
10-4,
My Instagram picturesErik
My registry sets
1989 is not the comparison. It would be 1979.
I'm not quite sure why you wouldn't just put up a few on the BST?
I'd like to know also what you have, graded, raw, stickered?
Mike
My Indians
Danco Set
To quote from my original post,
"Maybe, we sell 50 coins/yr and prob buy 50 as well (all slabbed)"
I can't grade.
Grades 62-66.
I am not trying to sell coins. I am trying to obtain info from the perspective of buyers and sellers. I use the info to determine how aggressive I should be when buying. Right now, I've pulled back mostly. I currently need more coins or I won't increase my offerings. Selling on BST, at the moment, doesn't help.
Thank you everyone for your help.
Or 1899. just saying.
My experience
Been selling professionally for almost 50 yrs...
It's a whole new ball game compared to last year. Hopefully some of the customers you harvested through eBay come back to you on their own. Otherwise paying the ebay fees for a new customer are too much to be selling gold on eBay.
Listing to an assoc discuss marketing commercial property in the Bay Area, they refer to transactions as Michaelangelo or Mt Rushmore. A lot of grinding and hammering away.
I'm glad I'm not selling right now. I think for some assets, it's like looking down the elevator shaft.
OK, I may be asking for trade secrets, but where are you guys buying that you can afford to sell on EBay? I've found a few coins that if I buy from the right bullion store at the right time, I can make a few bucks on EBay, but by couple of bucks, I mean just that.
I'm disabled, and can't work a "real" job, because I can't stand, walk, bathe myself, transport myself, feed myself, or even stay awake for more than a few hours at a stretch, so that makes "working for a living" pretty much not an option. That said, I've always been a minor coin collector and lover, so if I could make some money, even if it's just "fun money" for a night on the town (which I haven't done since I became disabled in 2017-8), some toys for my other hobby (flight simming), or just to pay to add on to my own collection that would be AWESOME!
So... any advice or help? I don't need thick margins, though I wouldn't say no to them. I have no storefront (yet?), no employees, don't have any State income taxes, I can store hundreds (or even thousands) of coins for inventory (though that may be a bit excessive), and I have some money I can invest, so all I need is a place to buy at a price that I can flip on EBay, Amazon, or similar.
Kev
Here's three places:
I can only speak for myself. I bought coins from:
1)Auctions
2)E-Bay
I bought most of the coins pre covid.. E-Bay put me in the biz. I was receiving E-Bucks regularly. $100 off + 2% CC discounts plus asking buyers for discounts enabled me to buy many coins $100 below spot. I sent a number to CAC which also picked up value. Then covid/inflation hit & magically premiums surged well above spot ms65 Saints went from $200 above spot to almost $1000 above.
I thought the premiums were too cheap, e-bay gave me the incentive, and Then I got a bit lucky. The game can and at some point will reverse. Maybe it has already begun?
You have to find channels you can access. You also need to understand the market, FULLY. You can't just call an OEM and order a box of widgets when you need them.
No one ever needs to be told where to buy. Everyone discovers that on their own when they are studying the market.
I mean this in the kindest possible way. If you are asking the question, you haven't studied the coin market enough to be ready to "invest".
Who are your sources? What do they flip that they can't retail themselves? Why would they start flipping to you rather than their current buyers? If they will flip X to you, can you sell X on ebay at a price that makes it worth the effort? Who are your competitors? Why is someone going to buy from you rather than the other 10,000 sellers on ebay?
Study, study, study...
"You also need to understand the market, FULLY. You can't just call an OEM and order a box of widgets when you need them."
This is an important point. In most every place you can find coins for sale, there are some you can make money from and some you can't. You have to be able to tell one from another, nobody else will do that for you.