Wow! More power to him if he can get close to that price. But given that it got pretty good exposure in a big auction sale, it's doubtful that it was missed originally by anyone remotely interested.
I wonder what these folks do after spending money on coins like this and failing to sell them for double on eBay after a year or two? How does one move on from a coin like this and recoup all their money?
My guess is they take a 20% loss roughly equal to the BP+shipping, but how many of those can be sustained and still run a profitable business?
I can see taking an arbitrage risk on a coin with some form of uniqueness, but not something like this.
I am inclined to agree with you on this coin. I don't think your casual "wealthy" collector is going to spend impulsively on a 2 reales coin that isn't even MS.
I will counter that statement by saying that I see ebay flips work out for the seller all too often. Sometimes it take a year or two. But the fact that it works is what usually frustrates me. I assume a coin like that is going to a "dumb" collector that doesn't know better, has the money to burn and is maybe just buying it for the toning.
I have my own running mental list of sellers that I'll never buy from because I see them attempt to ebay/facebook flip coins that I collect at irresponsible prices.
I do not know @pruebas there are many collectors that would not attend auctions but buy on eBay. Not sure they are after 2R coins for 800 dollars but I'm sure is possible. Will see...
@neildrobertson said:
I have my own running mental list of sellers that I'll never buy from because I see them attempt to ebay/facebook flip coins that I collect at irresponsible prices.
I would argue that in order to stay a float a 50% over what was paid is the least needed. Not sure that many people collect minors by year, mint, and assayer therefore this was a tricky bet.
With eBay fees close to 30% if you want the coin promoted, he will likely get cash about 500 or a bit more. Worth it?
Hmm, I don't like it at all either but occasionally the coin can still be a decent coin for decent price. Also, sometimes these overeager flippers get burnt and the coin does not sell or becomes available at a lower price or goes back to an auction wherein the subsequent price is lower.
Love that Milled British (1830-1960) Well, just Love coins, period.
Off the topic of the thread, but two other fun "altered" 1846GC 8R: >
That masonic 1846 was mine at one point, it came from a giant lot of Masonic tokens (primarily junk) that I bought the entirety of pretty much for that one piece
I found these interesting (not enough to win as both seemed to go for strong money). I liked the color and am guessing that is what fueled the bidding?
Well hey, who says life doesn't give second chances?!
Also, if interested, think most of the Sedwick auction is listed for 2-3x what they were bought for...
Wow! More power to him if he can get close to that price. But given that it got pretty good exposure in a big auction sale, it's doubtful that it was missed originally by anyone remotely interested.
I wonder what these folks do after spending money on coins like this and failing to sell them for double on eBay after a year or two? How does one move on from a coin like this and recoup all their money?
My guess is they take a 20% loss roughly equal to the BP+shipping, but how many of those can be sustained and still run a profitable business?
I can see taking an arbitrage risk on a coin with some form of uniqueness, but not something like this.
Comments
I am inclined to agree with you on this coin. I don't think your casual "wealthy" collector is going to spend impulsively on a 2 reales coin that isn't even MS.
I will counter that statement by saying that I see ebay flips work out for the seller all too often. Sometimes it take a year or two. But the fact that it works is what usually frustrates me. I assume a coin like that is going to a "dumb" collector that doesn't know better, has the money to burn and is maybe just buying it for the toning.
I have my own running mental list of sellers that I'll never buy from because I see them attempt to ebay/facebook flip coins that I collect at irresponsible prices.
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
I do not know @pruebas there are many collectors that would not attend auctions but buy on eBay. Not sure they are after 2R coins for 800 dollars but I'm sure is possible. Will see...
I would argue that in order to stay a float a 50% over what was paid is the least needed. Not sure that many people collect minors by year, mint, and assayer therefore this was a tricky bet.
With eBay fees close to 30% if you want the coin promoted, he will likely get cash about 500 or a bit more. Worth it?
Hmm, I don't like it at all either but occasionally the coin can still be a decent coin for decent price. Also, sometimes these overeager flippers get burnt and the coin does not sell or becomes available at a lower price or goes back to an auction wherein the subsequent price is lower.
Well, just Love coins, period.
That masonic 1846 was mine at one point, it came from a giant lot of Masonic tokens (primarily junk) that I bought the entirety of pretty much for that one piece
Justin Meunier
Boardwalk Numismatics
Just saw this coin again, now at CRO:
