That big of inventory - I would start taking table at shows / sell from online eBay store. Would want control of process plus the biz would be sch c filing, tax shelter. Would diversify some of that inventory into smaller ticket higher margin items. Would Bring minimum inventory to 80-200 slabs same level of investment or not less than $10,000.
Would you go take out a loan right now to buy coins? If you wouldn't, keeping the coins and borrowing money for school is the same thing.
P.S. Don't do that! Debt is 5 times harder to get rid of than you think.
I agree with this 100%.
I have a similar view when it comes to the coins I buy and how much to pay. I don't buy coins for "investment" and while I expect to recover most of my cost if I sell, there are some I plan to keep. Then it comes down to how much life effort I'm willing to trade (in terms of time it takes to earn the money to buy it) for a coin. For the overwhelming majority, it's not a second.
Open a eBay store, take some good photos, list as BIN, priced to sell, and you will get your largest return. If you have any coins over 2K, you may want to consider listing them at GC.
Send them as one group to Great Collections or another auction venue.
If you have $50k worth of coins that you need to sell, I would just contact Ian at Great Collections and work out a deal.
They will work with you and place the coins in separate auctions if there are many of the same type.
Let them do the work and the promotion of your coins, they are very good at it, lowest fee's and quick payment.
Trying to do this by yourself, setting up an ebay store, doing shows, listing on BST, all would take time and a lot of effort on your part. Leave it to a professional, this is where their expertise comes into play. You will get the exposure for your coins on a worldwide platform.
@alaura22 said:
If you have $50k worth of coins that you need to sell, I would just contact Ian at Great Collections and work out a deal.
They will work with you and place the coins in separate auctions if there are many of the same type.
Let them do the work and the promotion of your coins, they are very good at it, lowest fee's and quick payment.
Trying to do this by yourself, setting up an ebay store, doing shows, listing on BST, all would take time and a lot of effort on your part. Leave it to a professional, this is where their expertise comes into play. You will get the exposure for your coins on a worldwide platform.
Depends on how much the poster's time is worth....and there is wide variation on this forum...to some people the opportunity cost is $15/hour. To others it is hundreds or thousands per hour. Just depends. It's a $5,000 fee (10%) if you send to GC.
I would consider it an error to spend so much money on coins that there was not enough for required tuition. With that error admitted, I would consider whether the tuition was also overpriced.
@alaura22 said:
If you have $50k worth of coins that you need to sell, I would just contact Ian at Great Collections and work out a deal.
They will work with you and place the coins in separate auctions if there are many of the same type.
Let them do the work and the promotion of your coins, they are very good at it, lowest fee's and quick payment.
Trying to do this by yourself, setting up an ebay store, doing shows, listing on BST, all would take time and a lot of effort on your part. Leave it to a professional, this is where their expertise comes into play. You will get the exposure for your coins on a worldwide platform.
Depends on how much the poster's time is worth....and there is wide variation on this forum...to some people the opportunity cost is $15/hour. To others it is hundreds or thousands per hour. Just depends. It's a $5,000 fee (10%) if you send to GC.
It's not only the time factor, it's the level of expertise needed to be able to sell coins on your own. The OP would need to have the knowledge to take good quality pictures, add the verbiage for each coin, know how to set up a shop on ebay, add payment options, add shipping options, and on and on it goes.
Even if the OP had all the talents needed to perform all these tasks I doubt that he/she would be able to do it as well as a professional auction house. The 10% fee is peanuts compared to what they would have to do on their own.
Would you sell your house on your own? Or would you hire a realtor?
Comments
That big of inventory - I would start taking table at shows / sell from online eBay store. Would want control of process plus the biz would be sch c filing, tax shelter. Would diversify some of that inventory into smaller ticket higher margin items. Would Bring minimum inventory to 80-200 slabs same level of investment or not less than $10,000.
I agree with this 100%.
I have a similar view when it comes to the coins I buy and how much to pay. I don't buy coins for "investment" and while I expect to recover most of my cost if I sell, there are some I plan to keep. Then it comes down to how much life effort I'm willing to trade (in terms of time it takes to earn the money to buy it) for a coin. For the overwhelming majority, it's not a second.
Open a eBay store, take some good photos, list as BIN, priced to sell, and you will get your largest return. If you have any coins over 2K, you may want to consider listing them at GC.
If you have $50k worth of coins that you need to sell, I would just contact Ian at Great Collections and work out a deal.
They will work with you and place the coins in separate auctions if there are many of the same type.
Let them do the work and the promotion of your coins, they are very good at it, lowest fee's and quick payment.
Trying to do this by yourself, setting up an ebay store, doing shows, listing on BST, all would take time and a lot of effort on your part. Leave it to a professional, this is where their expertise comes into play. You will get the exposure for your coins on a worldwide platform.
Mike
My Indians
Danco Set
Depends on how much the poster's time is worth....and there is wide variation on this forum...to some people the opportunity cost is $15/hour. To others it is hundreds or thousands per hour. Just depends. It's a $5,000 fee (10%) if you send to GC.
Other.
I would consider it an error
to spend so much money on coins that there was not enough for required tuition. With that error admitted, I would consider whether the tuition was also overpriced.
It's not only the time factor, it's the level of expertise needed to be able to sell coins on your own. The OP would need to have the knowledge to take good quality pictures, add the verbiage for each coin, know how to set up a shop on ebay, add payment options, add shipping options, and on and on it goes.
Even if the OP had all the talents needed to perform all these tasks I doubt that he/she would be able to do it as well as a professional auction house. The 10% fee is peanuts compared to what they would have to do on their own.
Would you sell your house on your own? Or would you hire a realtor?
Mike
My Indians
Danco Set