Best Way to Sell Coins?
124Spider
Posts: 848 ✭✭✭✭✭
Hi,
First post here.
I’ve collected coins for many decades, getting more serious in the last few years. It’s very nice collection (if I do say so myself, of course), and gives me great pleasure (even as it does bad things to my bank account).
I have recently done some serious upgrading to my “old coin” collections (American coins—not gold—struck in the 20th century, plus Morgan dollars).
This has had three results—(i) I now have “backup” collections, not quite complete but close, of all the coin types that I collect, which include some coins with real value (e.g., walking Liberty halves from 1921 in F12, and similar coins), although most of the coins have low value, and (ii) I have a bunch of certified coins, and (iii) I have a lot of uncertified coins in fairly high grades, many of which have non-trivial value.
I’m not young, and if (as seems likely) none of my kids (or their kids) is fascinated by the collections (for substance, not value), I don’t want to die leaving it to my heirs (who know nothing about coins) to sell them. So I want to learn how best to sell these coins, so that I can sell them someday, or so I can leave helpful instructions in the event that I die before I can sell them.
I think the three types of coins I listed two paragraphs above are quite different in how they would be sold.
The graded coins can be sold at, e.g., Great Collections, and fair value generally received; although small in number, these constitute the clear majority of the aggregate value.
The raw coins of high grade (collectively quite valuable, but none worth more than perhaps three hundred dollars individually) are much harder. I have no confidence that going to a coin shop will result receiving fair value (I have not found a local shop that carries much in the way of actual coins, other than bullion coins), and I have no idea how the marketplace at, e.g., eBay would take to buying raw coins from an unknown.
And the “backup” coins, from which I upgraded, generally have low value, with some very significant exceptions.
Any thoughts/suggestions on the best way to sell such coins (“best” being an optimization of “sell expeditiously” while getting as much value as reasonably practical) would grateful accepted.
Thanks!
Mark
Comments
And that's the challenge. First thought is... how much work do you want to do yourself? The more time/work you're willing to put in, the more you will likely net. You mentioned eBay- as long as you don't have horrid feedback, that would probably be the upper limit to what you might expect for raw coins with retail values as you noted.
Depends on the coin and timing.
I've sold here, ebay, gc, shows, and sometimes when you put something up for auction it may do far below expectations or far above.
If you know what you want, then try selling here first.
To clarify, the only coins I would have any interest in selling now would be the "backup" collections, and I'm not all that hot to sell them now. I'm hoping to live a long time, and love my collections way too much to sell them now. I promised my wife that I'd do what I can to learn how best to sell in case I die unexpectedly.
Thanks!
You could list them, with nice clear images, in the Buy Sell Trade section on the forum.
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Edit
I've sold here and eBay mostly, and bought a few from my local pawn shop. You may want to find someone that will help sell them, whether it be GC, here, ebay or elsewhere, if you don't want to do much of the work and give them a small cut of the profits for selling off your collection. I know it's not super simple because you value your collection and you don't just want it to go to people that won't appreciate them as much as you... Perhaps if you are willing to do some legwork yourself, you can leave a set of instructions... sell these coins through this place, these coins should be sold separately, etc.
I have a guy at church I am going to help when he has time with his mom's collection he received... I love doing research on these kinds of things so it suits me. Maybe you have someone within your own social circle to assist?
https://www.the4thcoin.com
https://www.ebay.com/str/thefourthcoin
I've sold stuff for people but when doing so, I expect to get paid for the effort regardless of whether or not there's any profit to be had for the person I am doing the selling for.
Just sayin'.
Well true, I meant the sale of the coin. So if they agree to 5% of the sales for accommodating the sales, then if he nets $1000 on a sale, then the person helping gets $50. Obviously the auction houses have their fees and whatnot so all that has to be taken into account as well.
https://www.the4thcoin.com
https://www.ebay.com/str/thefourthcoin
Fair enough. I'd say, though- since the OP mentioned a rough upper limit of $300, 5% isn't all that much. I'd guess the OP would have to offer somewhat more than 5% to get somebody to do the selling for him.
I would first go to ebay for the regular non expensive coins and see what exactly they are selling for raw for the last 6 months. Then with that ammunition I would flood our own BST with them for 10 days and if they do not move. I would go to a reputable dealer and try to get an offer for them all. Probably not the best overall price, but when you consider time and handling and shipping fees, maybe not a bad idea. For the portion of the collection that you do not wish to part with at this time, then I would make a contact, friend, dealer on this or other forums that you trust and make a deal with them to handle your complete collection should a catastrophic event occur. Most likely they would be familiar with your collection or at least could become so before needed.
I did this and spoke with the member who would take my collection and my wife and son know who it is and how to reach them to make arrangements. I have told them regardless of amount to trust this individual as I have trusted him for many years.
Welcome to the forum and Please know that this is a serious issue, each and ever member should have a plan for regardless of age or health. I just lost a Physical Therapist Monday from a hospital issue that caused him sepsis and he was sent home after a minor surgery and become ill and died on the way to the hospital. 38 years old and healthy as most PT people. Had a car wreck that required surgery(minor) which became life ending.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
To people with money to spend!😏
He mentioned a collection... With what seemed to me a lower bounds of around $300. That could be tens of thousands worth if his collection is sizeable. Obviously if it was just a few coins that would change the calculus. Ultimately it will be up to him if he hires someone to help 👍
https://www.the4thcoin.com
https://www.ebay.com/str/thefourthcoin
OP: "The raw coins of high grade (collectively quite valuable, but none worth more than perhaps three hundred dollars individually)..."
Sounds like an upper bounds of $300, I'd say.
Quite.
It takes just a much time to sell a $50 coin as a $5000 coin. If there's anyone out there who will work for 5%, I will send you 1000 slabbed coins now with a total value of $20,000.
What is "fair value"? A few minutes contemplation will lead you to recognizing that the shop you're talking about who is buying the kind of coins you have for sale is selling to someone other than a retail buyer. Which means that, in addition to the shop in question, there's at least one other seller who won't be interested in the coins unless he can make something on the deal. As a general rule, the more layers between you and the buyer, the less you will net for your coins. The benefit of selling to a B&M is you get paid now without having to do any work. The downside is you get less than you would if you did the work yourself.
Or set up a coins show if table fees are reasonable and sell them yourself.
@124Spider... Welcome aboard. You said you were not interested in selling now. OK. So, use a program like Excel - or a commercial coin inventory program - and list your coins. Then do research of closed auctions of similar coins and assign values in the program. For raw coins, try to be realistic when assessing grades, or ask here or other forums. It will take a while, but you will have a good idea of what you have and it's value. Then find a dealer or competent friend (coin knowledgeable) that you trust as a disposal route in the event you suddenly depart. Good luck, Cheers, RickO
Sign me up? Lol. I wasn't suggesting that's what he should do. 5% was only meant as an example 👍
https://www.the4thcoin.com
https://www.ebay.com/str/thefourthcoin
In my area, Oregon, there are at least two smaller auction houses that seem to get pretty good prices on coins, many of which are raw. Keep on mind they charge a percentage to do so and this varies by auctioneer. He has to get paid for his efforts.
I have more items than I can manage for my ebay store.
Sold stuff for two decades, both high end and for pennies.
Current inventory is thousands of baseball cards, hundreds of coins, and as many miscellaneous stuff.
My advice... One bite at a time.
Don't overwhelm yourself and manage what you can manage.
Try to list one coin a day for a month.
If that is too much... every other day.
Get ahead of the game by having images and descriptions ready for upcoming auctions.
With good images, white balnced and well lit, detailed description, closeup of any PUP's.
Identify the VAM or corresponding series die marriage if it warrants.
Good lighting and plenty of pics.
This tells the tire kicking cherrypicker ("he's knows what he has... he's looked at this coin")
Build slowly with consistent sales to bring back buyers.
If they don't sell after 30 days, send them to the back of the line.
The listing is saved and only a couple clicks to relist.
Month two... maybe throw them up in auction if you research and identify a price.
Keep it fresh.
Again... one bite at a time and you will maximize value.
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"Best Way to Sell Coins?"
No taxes
"When they can't find anything wrong with you, they create it!"
Well... technically, he owes all the taxes...
[Yes. I know. It was a joke. ]
Slight hijack here; not worthy of its own thread.
I would like to ask dealers and sellers about buyers.
How often do you hear “I have to ask my wife” from an indecisive buyer on the edge of a purchase (in person and remotely)?
You need to decide if you want to pay fees or pay their charges. If so eBay may be your choice. I like this venue. The members seem more focused on coins and education than eBay. You can always try Facebook or Craigslist. A different venues will always have a different risk. It's your collection and it's your choice, you have to decide what's best for you.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
My only reservation is your Ebay feedback.
Is your feedback 10, 100, or 1000?
Problem free?
Might be worth taking a table every few months to move coins and put the found money to work.
You have some level of skill, why waste it?
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Rarely, if ever. And if they say it, it's probably a lie.
Rather than trying to sell coins at this point I would focus on which of those raw coins to send to PCGS. It's not a bad way to enjoy your hobby in spite of the long PCGS wait times.
A raw coin having some value is always a difficult sell. A buyer questions whether it's genuine, cleaned, and so on. It happens every time....
Sorry for the delay; I've been awfully busy, and only just got back to this.
Yeah, I've never had a coin graded, but I've thought about it. I have two types of coins that may be worth grading. First, I have, e.g., three of each of the 2021 Morgan/Peace dollar, which are worth a lot more at MS70 (and probably MS69) than ungraded. Then I have my more valuable raw coins in my "backup" sets, e.g. 1913-S Type 2 Buffalo nickel in high "Fine" state and 1921-S Walker in F12 (my guess). How painful is it getting into that process (in terms of learning curve, time it takes, and expense)?
I'm thinking that this may be a fun "next step" in my collecting, since I'm pretty much done upgrading, and my collections are full (other than 1916 Standing Liberty quarter and 1893-S Morgan dollar, both of which are too expensive in a grade I'm willing to own to buy until I hit the lottery I don't play).
Thanks!
Mark
If you can take a decent photo, no harm in trying the BST here. If you want to pursue eBay, I'd start slowly, with the lower value pieces. Build you feedback a bit before delving into higher value raw coins. Also keep in mind that pricing on eBay can be dependent on a few things:
-More reputable sellers may get more if they're more trusted or have a following. Building your feedback with cheaper coins will certainly help before you jump right into the highest value pieces, even if they're not "super expensive" relative to everything else out there.
-Pictures really matter. A bad photo can kill your chances to get a decent price.
-Circulated pieces are easier to get fair value because their grades depend more on surface quality and details, both of which are pretty straight forward in decent photos. On the other hand, if you have a coin that is worth $300 in MS64 and $50 in MS63, you'll have a hard time convincing someone that the raw coin in your photo is really an MS64, and not just an MS63 with lighting hiding a few marks (intentionally or not).
-Sometimes a coin just does really well or poorly. You win some, you lose some. The more (and higher quality) coins you sell, the better the odds you'll come out ahead on the whole. If you sell just a few pieces, whether they just don't get noticed or you sell on an off week, the more chance of some disappointment.
And if you want to go the eBay route but not do it yourself, there are folks (myself included) who sell consigned coins on eBay.
If you do not want to do much work, find an auction house on Hibid that gets good results selling coins and ship it to them (if they take consignments) ... if big pile, try a portion at a time.
I would say any coin of value (say $300 or more) that has not been graded by either NGC or PCGS should be graded by PCGS. Attending a major coin show would be a perfect opportunity for you to submit them. Otherwise, joining the PCGS Collectors Club and mailing them is the way to go. The cost is there; but, the coins become less questionable.
Best place.
Private party to the end user for cash or something else that interests you as barter.
I agree with @DisneyFan about TPG grading for anything worth more than $100 or so. Those, I would probably submit in a bulk submission and then consign as a single group to GC or similar. You will incur quite a bit of up-front expense doing this, but it will result in more $$ in your pocket in the long run.
Less than $100 is more difficult...... If there aren't too many, good photos and a bunch of time invested will produce sales on eBay or a similar platform. List them first with a desired price, drop the price a time or two, and then liquidate the rest with $1 auctions.
Figure out how much your time is actually worth, and work backwards from there.
IMHO most $100 coins do not benefit financially by being encased in a $40 holder.
Well, if it was $40 I'd agree with you. Economy grading (up to $300 value) is $22 per the PCGS website. Of course it will be a bit more per coin based on submission fees, shipping costs, etc. It will also take more than a hot minute to get them back. Depending on the coin, $100 is probably the lower limit of what warrants grading.
I've heard this dozens of times. Usually after selling something major on ebay, like a nice car. They bid aggressively, win and then vanish. If you track them down they'll say they "spoke to the wife, you know how it is..."
Oh, and my compliments to the OP on his expert use of language
Suppose a raw coin can currently be sold for about $100 and the total cost to get it slabbed is $25. How much above $125 would you need to be able to sell it for to make it worth your trouble to get it graded?
It depends on the coin and the value of your time. Final price realized is only one part of the equation. Slabbing would theoretically improve the liquidity of the coin and decrease the amount of work required to move it.
More than theoretically IME. My stabbed coins fly off the shelves no matter how high I price them! Wish slabbing weren't such a hassle because I have dozens in need of it.
ETA: I corrected the spelling of S L A B B E D three times but my android tablet simply will not permit it!
I guess it also depends on how fast you need to sell them. I sell fixed price on eBay and it takes the same amount of work to sell a raw coin or a slabbed one. They sell when they sell, I've got no schedule to keep.
So- with those considerations, how much above $125 would you need to be able to sell it for to make it worth your trouble to get a $100 coin graded?
@MasonG
I really don't know how to answer that. Again, it depends. If we're talking about 6 coins, I wouldn't bother. The shipping fees and time spent wouldn't be worth it. Also, I can do quality photography for 6 coins rather easily.
If we're talking about 500 coins, netting $110 (instead of $100) would mean a difference of $5k and a ton less effort on my part. Stuff them in a box, disappear them to GC or another auction house, and get a check.
Sell those same coins to a dealer and you might be lucky to see $75 each.
eBay or take table at coin show
Thanks again; this continues to be helpful.
I've always felt that the trivial rule--if it won't increase the value of the coin by the cost of getting it graded, don't bother--is paramount. I think it still is a good starting place.
But, someday, either I or my heirs will have the daunting task of selling 2000 coins, fewer than 100 of which presently are slabbed. Simple expedience does dictate lowering the threshold, just to make it significantly easier to sell the coins. And lowering the threshold also will result in a significantly greater portion of the value of the collections being slabbed, and hence easier to sell. At some point, it won't much matter whether I get $5 or $6 for a common, raw coin, but it will matter whether I get $150 or $180 for a coin (raw vs. slabbed), and (judging from my reluctance to spend that much money on a raw coin on eBay) I suspect that the market would be more accepting of a slabbed coin.
I'll figure out the most efficient way to get coins graded (where "efficient" = "optimization of time spent; trouble spent, and money spent."
Mark
My collection is moving toward more slabbed. Probably 3:1 on slabbed to raw purchases these days. I’m also putting together a group of “I should get these slabbed one day” coins. I have the same reluctance to buy raw online as you (I’ve done it, but it’s rare).
If it comes time to sell and is haven’t slabbed yet on my own, I’ll probably send the raw ones to GC and let them do it for me. I’ll, of course and like you, still have to deal with all my lower end stuff. For that I’ll probably set up at a show and have my wife there to keep me from buying more than I sell.
By the time you figure in round trip postage etc., it's into the $30s even for economy grading. And if you are submitting yourself, you also have the cost of membership distributed across however many coins you submit.
Thank you, guys, for taking the time to inform. I buy slabbed coins serendipitously, without intention neither to collect nor sell. However, I have four vouchers each from the big two grading concerns, and must choose from an appreciably mediocre selection.
Seems from your most immediate question is how to help your wife painlessly dispose your collection upon your death. I would advise dividing collection into bulk like valued groupings and providing selling channels that are easy to understand and contact (consignment dealers, auction houses, etc). Don’t burden your heirs with trying to extract maximum results.
Key goal is getting your heirs a fair enough outcome that is simple for them and that happens promptly.
This numbers are far too speculative. If a dealer is paying $75 against $100 "net " that suggest a gross price of $120. Most dealers do not pay 60% of retail on $120 coins. If it were a 64/65 Morgan that sells for $125, a dealer would pay $100. Selling it yourself for $125 would likely net you $110 or so, but selling it through GC would net you $100 ish if it's already slabbed. Otherwise, you need to sell it for $160 on GC to net $100 [$160 - $35 -$25].
I really don't think these numbers work for most common coins. The only exceptions are coins commonly counterfeited where they are hard to sell raw. So circ seated dollars or Trade dollars, for example, might be worth slabbing. Even then, I would be prone to use ANACS as the grade is not the issue for those.