Most of the standard business practice options have been considered here.
I'd think of how some shady dealers operate. Always play the customer for maximum advantage. On partial "lay away" deals, make sure the language of the contract is highly advantageous to the dealer; ie, high interest rates kick in after a couple months and if not paid in full within say six months, ownership reverts to the dealer and down payments, etc. get forfeited. If the customer is a dufus with deep pockets make up a sales story about how the coin is "one of a kind", a true "Everest" stunner worth a lot more than you're offering to him for as one of your top tier customers, and that there a lot of others who want the coin but you're giving him a rare first shot opportunity.
@logger7 said:
Most of the standard business practice options have been considered here.
I'd think of how some shady dealers operate. Always play the customer for maximum advantage. On partial "lay away" deals, make sure the language of the contract is highly advantageous to the dealer; ie, high interest rates kick in after a couple months and if not paid in full within say six months, ownership reverts to the dealer and down payments, etc. get forfeited. If the customer is a dufus with deep pockets make up a sales story about how the coin is "one of a kind", a true "Everest" stunner worth a lot more than you're offering to him for as one of your top tier customers, and that there a lot of others who want the coin but you're giving him a rare first shot opportunity.
Wrong thread.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@Cougar1978 said:
Some of u imo going in wrong direction using cost as a basis lol. Your ripping yourself. Take the pickoff to the bank (put in inventory) then shoot for MV plus. Nope I throw out the low bal bids. Or at least MV discounted 3-5 pct.
Why not bump it up to $110k slightly over $100 K MV go for some real gusto vs giving it away at some small lame pct over what I paid scoring it for? Perhaps it’s a low pop key a wealthy investor has to have. The only one in the bourse room…. Then rich guy having to have it steps up pays the money. Or go to $125k then (goal sell it in &110-$ 125 k range)
That's the OP's question, what is Market Value? MV is not necessarily Price Guide.
@Cougar1978 said:
Some of u imo going in wrong direction using cost as a basis lol. Your ripping yourself. Take the pickoff to the bank (put in inventory) then shoot for MV plus. Nope I throw out the low bal bids. Or at least MV discounted 3-5 pct.
Why not bump it up to $110k slightly over $100 K MV go for some real gusto vs giving it away at some small lame pct over what I paid scoring it for? Perhaps it’s a low pop key a wealthy investor has to have. The only one in the bourse room…. Then rich guy having to have it steps up pays the money. Or go to $125k then (goal sell it in &110-$ 125 k range)
That's the OP's question, what is Market Value? MV is not necessarily Price Guide.
List at $70k, however if offered a quick sale, and I mean quick, prepare to dump at $55k. Take the tidy $5k profit and run.
Reasoning: my gut.
Edit to add: Upon reconsideration after inflation that $5k profit would probably break you even. Given that this market is in my opinion, at risk of taking a beating in the very near future, I’d be happy just to exit even.
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
Getting close to the holiday season. I would crack it, wrap it in red glossy paper and drop it in a Salvation Army Kettle, with a note explaining the value.
@DocBenjamin said:
Getting close to the holiday season. I would crack it, wrap it in red glossy paper and drop it in a Salvation Army Kettle, with a note explaining the value.
For tax purposes, you’d probably have to value the donation write-off at the auction price, $50k, regardless of the content of your note.
Depends on if I’m a dealer well off or a dealer that is new and/ or struggling. If well off, “moon money” at $100K and if it sits in my inventory for a year or so, who cares. If the latter, 65K and negotiable, looking to just make a little profit and unload it at this point.
@MFeld said:
Sometimes, there are good recent comps that make it relatively easy to price a coin at the “right” number. Other times, it can be a lot more difficult.
For purposes of privacy, the names, places, denomination, precise numbers, date, mint, grade and grading company have been omitted.
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
Please feel free to explain how you arrived at your price.
Now that you have gotten a bunch of responses what would you have done?
I am not good in playing “dealer” so I cannot reply. I would have kept the coin for many years instead.
I’m surprised nobody asked what was the second underbidder’s max (third highest bidder) bid was?
This could be very telling if it was $10,000 for example. If mister $55k max bid dealer wouldn’t have bid at all, the coin could have failed miserably.
If this coin doesn’t trade often, and only 2 people are interested, the underbidder is the one smelling like a rose.
@DocBenjamin said:
Getting close to the holiday season. I would crack it, wrap it in red glossy paper and drop it in a Salvation Army Kettle, with a note explaining the value.
For tax purposes, you’d probably have to value the donation write-off at the auction price, $50k, regardless of the content of your note.
Note would be for their benefit, so it wouldn't be sold for melt.
@MFeld said:
Sometimes, there are good recent comps that make it relatively easy to price a coin at the “right” number. Other times, it can be a lot more difficult.
For purposes of privacy, the names, places, denomination, precise numbers, date, mint, grade and grading company have been omitted.
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
Please feel free to explain how you arrived at your price.
Now that you have gotten a bunch of responses what would you have done?
I am not good in playing “dealer” so I cannot reply. I would have kept the coin for many years instead.
I probably would have done what the dealer did - start out by pricing the coin at a relatively small percentage over my maximum bid.
When I had my own business, I aimed to keep my inventory fresh. So if I couldn't sell the coin quickly at my initial asking price, I'd lower it rather quickly.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@MFeld said:
Sometimes, there are good recent comps that make it relatively easy to price a coin at the “right” number. Other times, it can be a lot more difficult.
For purposes of privacy, the names, places, denomination, precise numbers, date, mint, grade and grading company have been omitted.
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
Please feel free to explain how you arrived at your price.
Now that you have gotten a bunch of responses what would you have done?
I am not good in playing “dealer” so I cannot reply. I would have kept the coin for many years instead.
I probably would have done what the dealer did - start out by pricing the coin at a relatively small percentage over my maximum bid.
When I had my own business, I aimed to keep my inventory fresh. So if I couldn't sell the coin quickly at my initial asking price, I'd lower it rather quickly.
Was the $100,000 price guide number in the opening post not valid as a start point. What was the basis for that 6 figure assessment if the realized number was half that?
@MFeld said:
Sometimes, there are good recent comps that make it relatively easy to price a coin at the “right” number. Other times, it can be a lot more difficult.
For purposes of privacy, the names, places, denomination, precise numbers, date, mint, grade and grading company have been omitted.
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
Please feel free to explain how you arrived at your price.
Now that you have gotten a bunch of responses what would you have done?
I am not good in playing “dealer” so I cannot reply. I would have kept the coin for many years instead.
I probably would have done what the dealer did - start out by pricing the coin at a relatively small percentage over my maximum bid.
When I had my own business, I aimed to keep my inventory fresh. So if I couldn't sell the coin quickly at my initial asking price, I'd lower it rather quickly.
Was the $100,000 price guide number in the opening post not valid as a start point. What was the basis for that 6 figure assessment if the realized number was half that?
In my opinion, price guide values (other than CDN) are often unrealistically high. This was one such example.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Frankly would just want move it quickly somewhere between CDN Bid and CDN CPG. At that level finding a buyer with enough pocket the biggest challenge. With CDN bid at $65000, I believe CPG would be around 80,000. As far as what I have in it ($50k) that’s business proprietary data and confidential with the seller. As far as trying get some kind of lofty PG number of $100k (just having fun) good luck.
MFeld, what type of dealer am I playing? What is my other inventory value/range, how soon do I hope to move this item, have I borrowed money on any of my inventory ...
@davewesen said:
MFeld, what type of dealer am I playing? What is my other inventory value/range, how soon do I hope to move this item, have I borrowed money on any of my inventory ...
Those are really good questions.
Active dealer who does wholesale and retail.
Inventory value range $50 to $500,000.
You hope to move the coin as soon as possible at an acceptable price and can afford to be patient.
You haven't borrowed money.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Since the coin was purchased at an auction the sales price is public information. A dealer is free to price the coin however they so desire. I know a lot of collectors, myself included, who would not pay more than 20% of the purchase price unless we are desperate to buy the coin.
@skier07 said:
Since the coin was purchased at an auction the sales price is public information. A dealer is free to price the coin however they so desire. I know a lot of collectors, myself included, who would not pay more than 20% of the purchase price unless we are desperate to buy the coin.
You're not going to get too many coins at 20% of the purchase price
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@skier07 said:
Since the coin was purchased at an auction the sales price is public information. A dealer is free to price the coin however they so desire. I know a lot of collectors, myself included, who would not pay more than 20% of the purchase price unless we are desperate to buy the coin.
You're not going to get too many coins at 20% of the purchase price
@skier07 said:
Since the coin was purchased at an auction the sales price is public information. A dealer is free to price the coin however they so desire. I know a lot of collectors, myself included, who would not pay more than 20% of the purchase price unless we are desperate to buy the coin.
You're not going to get too many coins at 20% of the purchase price
I meant to say 20% above purchase price.
I figured that.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I don’t swim in the deep end. But when I’m buying a coin with similar lack of price history, I try and use other grades to determine if pricing has moved up over the timeframe or stayed flat. This would likely determine if I felt a larger mark up was warranted. Also whether or not that grade is where a big jump in price occurs.
Usually for me when I win a coin for under my max the first thing in my mind is what did I miss. If I felt that I was correct and the coin just slipped through, I would price it at what i originally calculated I thought it was worth before I bid and field offers. Because I mostly sell on other platforms that charge me a fee, I’d mark it up 10% over my max on my website and 20% on other platforms. See where it goes.
I would assume that expensive coins are luxury items and taxed as such. So at this point, I would just be happy that I got it at half of price guide and hang onto it until next year. Then hopefully the economy will be on the rebound along with the cost of luxury items.
@johnny010 said:
For resale I don’t see the purchase price as relevant if the amount of time that has passed is substantial. You lose some you win some.
For example
I recently bought a coin off HA through the offer program. It sold for say “less than $300” a “long time ago”. I offered $1,200 for the coin and it was accepted.
@skier07 said:
Since the coin was purchased at an auction the sales price is public information. A dealer is free to price the coin however they so desire. I know a lot of collectors, myself included, who would not pay more than 20% of the purchase price unless we are desperate to buy the coin.
You're not going to get too many coins at 20% of the purchase price
@skier07 said:
Since the coin was purchased at an auction the sales price is public information. A dealer is free to price the coin however they so desire. I know a lot of collectors, myself included, who would not pay more than 20% of the purchase price unless we are desperate to buy the coin.
You're not going to get too many coins at 20% of the purchase price
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
My formula is generally to mark everything up 30% over cost and expect to give a 10% - 15% discount. But in this case, you won it for $50K (with juice? I assume so) therefore I would lump in all recent and currfent overhead costs into this one coin up until it's loaded at $65,000. And my retail ask would be $75000.
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
My formula is generally to mark everything up 30% over cost and expect to give a 10% - 15% discount. But in this case, you won it for $50K (with juice? I assume so) therefore I would lump in all recent and currfent overhead costs into this one coin up until it's loaded at $65,000. And my retail ask would be $75000.
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
My formula is generally to mark everything up 30% over cost and expect to give a 10% - 15% discount. But in this case, you won it for $50K (with juice? I assume so) therefore I would lump in all recent and currfent overhead costs into this one coin up until it's loaded at $65,000. And my retail ask would be $75000.
If you bought a common wheat cent roll for $2 (as an example) would you also mark up the roll by 30% and charge $2.60 less a 10 to 15% discount just to unload it?
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
My formula is generally to mark everything up 30% over cost and expect to give a 10% - 15% discount. But in this case, you won it for $50K (with juice? I assume so) therefore I would lump in all recent and currfent overhead costs into this one coin up until it's loaded at $65,000. And my retail ask would be $75000.
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
My formula is generally to mark everything up 30% over cost and expect to give a 10% - 15% discount. But in this case, you won it for $50K (with juice? I assume so) therefore I would lump in all recent and currfent overhead costs into this one coin up until it's loaded at $65,000. And my retail ask would be $75000.
If you bought a common wheat cent roll for $2 (as an example) would you also mark up the roll by 30% and charge $2.60 less a 10 to 15% discount just to unload it?
You did mention “ everything.” LOL.
He also said "over cost" which I assume includes labor. The labor to handle a $50k coin is minimal such that one really need not consider it, but it is not negligible to handle and process the procurement, stocking, and accounting for a $2 item. What is the labor cost?
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
My formula is generally to mark everything up 30% over cost and expect to give a 10% - 15% discount. But in this case, you won it for $50K (with juice? I assume so) therefore I would lump in all recent and currfent overhead costs into this one coin up until it's loaded at $65,000. And my retail ask would be $75000.
Only the following information is available to you:
CDN bid was $65,000.
Price guide was $100,000.
The most recent sale - same grading company and grade - was more than 10 years ago at $50,000.
Your maximum bid was $55,000.
You won the coin for $50,000.
What would your asking price be?
My formula is generally to mark everything up 30% over cost and expect to give a 10% - 15% discount. But in this case, you won it for $50K (with juice? I assume so) therefore I would lump in all recent and currfent overhead costs into this one coin up until it's loaded at $65,000. And my retail ask would be $75000.
If you bought a common wheat cent roll for $2 (as an example) would you also mark up the roll by 30% and charge $2.60 less a 10 to 15% discount just to unload it?
You did mention “ everything.” LOL.
He also said "over cost" which I assume includes labor. The labor to handle a $50k coin is minimal such that one really need not consider it, but it is not negligible to handle and process the procurement, stocking, and accounting for a $2 item. What is the labor cost?
People usually do not include labor when they say "cost" as they really mean "costs of goods". This, of course, also is sometimes ignored by buyers who think that "making $50 over cost" means the dealer took home $50.
Depends on a few factors like
1) what type of dealer I am and what collector base I have built up. A Doug winter with a specialized base and a few whales on the hook could get a little more aggressive on ask when factoring in the opportunity cost of said coin
2) is an absolute rarity or a grade rarity or both. Makes a difference if it competing with 20 or 30k examples out in the market
3) how popular is the series, am I fishing to 1 collector, 5 collectors or 30 at that price point
4) how comfortable am I sitting on that value, does my model require me to flip it in a credit cycle or is it holdable funds where I can let the auction result cool for a bit.
Without those answers it’s hard to say but unless it is in crazy high demand I rather place an ask of 15% over cost and willing to go down as to leave some meat on the bone and get a quick turnaround. I like win wins
@Crypto said:
Depends on a few factors like
1) what type of dealer I am and what collector base I have built up. A Doug winter with a specialized base and a few whales on the hook could get a little more aggressive on ask when factoring in the opportunity cost of said coin
2) is an absolute rarity or a grade rarity or both. Makes a difference if it competing with 20 or 30k examples out in the market
3) how popular is the series, am I fishing to 1 collector, 5 collectors or 30 at that price point
4) how comfortable am I sitting on that value, does my model require me to flip it in a credit cycle or is it holdable funds where I can let the auction result cool for a bit.
Without those answers it’s hard to say but unless it is in crazy high demand I rather place an ask of 15% over cost and willing to go down as to leave some meat on the bone and get a quick turnaround. I like win wins
DW is very transparent with auction purchases and usually charges 10-15% more than his purchase price.
@Joe_360 said:
I may be looking at this all wrong, but why would you buy a coin that hasn't sold for "more than" 10 years thinking that you can flip for a profit?!?
So you wouldn't consider buying a 1933 $20 or a Type I 1804 $1? 1913 Liberty nickel?
Truly rare coins often don't appear for years at a time. The problem is we're used to more common coins that sell frequently.
I would markup cost plus or take about bid plus 10-20 pct. The higher number of course. If it’s PQ probably even more. After all wb only one in room by far.
@Joe_360 said:
I may be looking at this all wrong, but why would you buy a coin that hasn't sold for "more than" 10 years thinking that you can flip for a profit?!?
So you wouldn't consider buying a 1933 $20 or a Type I 1804 $1? 1913 Liberty nickel?
Truly rare coins often don't appear for years at a time. The problem is we're used to more common coins that sell frequent
All 3 of your examples were all well over $1 Million so no comparison to a $50,000 coin that has not sold for over 10 years and sold at $50,000 below the price guide - This would be a bad purchase, they're no interest as in your examples..
The 1913 Liberty nickel sold for $4,56,000 is Aug 2018 (only 5 known pieces), no comparison to the example. The 1804 Type I $7,680,000 Aug 2021
@Cougar1978 said:
I would markup cost plus or take about bid plus 10-20 pct. The higher number of course. If it’s PQ probably even more. After all wb only one in room by far.
What’s the matter? Were you unhappy with your earlier reply in this thread?
“Frankly would just want move it quickly somewhere between CDN Bid and CDN CPG. At that level finding a buyer with enough pocket the biggest challenge. With CDN bid at $65000, I believe CPG would be around 80,000. As far as what I have in it ($50k) that’s business proprietary data and confidential with the seller. As far as trying get some kind of lofty PG number of $100k (just having fun) good luck.”
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Comments
Sorry. I missed the part about comps. Was this a higher grade example?
Most of the standard business practice options have been considered here.
I'd think of how some shady dealers operate. Always play the customer for maximum advantage. On partial "lay away" deals, make sure the language of the contract is highly advantageous to the dealer; ie, high interest rates kick in after a couple months and if not paid in full within say six months, ownership reverts to the dealer and down payments, etc. get forfeited. If the customer is a dufus with deep pockets make up a sales story about how the coin is "one of a kind", a true "Everest" stunner worth a lot more than you're offering to him for as one of your top tier customers, and that there a lot of others who want the coin but you're giving him a rare first shot opportunity.
Wrong thread.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
That's the OP's question, what is Market Value? MV is not necessarily Price Guide.
I have a friend who doesn't know what that means. If you could let me know I'll pass it along.
POR = Price On Request. That means that you have to contact the dealer and ask them.
List at $70k, however if offered a quick sale, and I mean quick, prepare to dump at $55k. Take the tidy $5k profit and run.
Reasoning: my gut.
Edit to add: Upon reconsideration after inflation that $5k profit would probably break you even. Given that this market is in my opinion, at risk of taking a beating in the very near future, I’d be happy just to exit even.
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
Getting close to the holiday season. I would crack it, wrap it in red glossy paper and drop it in a Salvation Army Kettle, with a note explaining the value.
For tax purposes, you’d probably have to value the donation write-off at the auction price, $50k, regardless of the content of your note.
Nothing is as expensive as free money.
Depends on if I’m a dealer well off or a dealer that is new and/ or struggling. If well off, “moon money” at $100K and if it sits in my inventory for a year or so, who cares. If the latter, 65K and negotiable, looking to just make a little profit and unload it at this point.
Now that you have gotten a bunch of responses what would you have done?
I am not good in playing “dealer” so I cannot reply. I would have kept the coin for many years instead.
A dealer will buy anything if he believes he understands the coins worth in the current market.
He does make mistakes, and will take losses when he understands that he erred. Hoping (to get his money back) isn't a strategy (or so I'm told?).
It's a numbers game. Many more wins than losses. If not.. then he is in the wrong biz.
I would take the CACG 70 if my PCGS 69 got a gold sticker
I’m surprised nobody asked what was the second underbidder’s max (third highest bidder) bid was?
This could be very telling if it was $10,000 for example. If mister $55k max bid dealer wouldn’t have bid at all, the coin could have failed miserably.
If this coin doesn’t trade often, and only 2 people are interested, the underbidder is the one smelling like a rose.
Note would be for their benefit, so it wouldn't be sold for melt.
I probably would have done what the dealer did - start out by pricing the coin at a relatively small percentage over my maximum bid.
When I had my own business, I aimed to keep my inventory fresh. So if I couldn't sell the coin quickly at my initial asking price, I'd lower it rather quickly.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Was the $100,000 price guide number in the opening post not valid as a start point. What was the basis for that 6 figure assessment if the realized number was half that?
In my opinion, price guide values (other than CDN) are often unrealistically high. This was one such example.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Frankly would just want move it quickly somewhere between CDN Bid and CDN CPG. At that level finding a buyer with enough pocket the biggest challenge. With CDN bid at $65000, I believe CPG would be around 80,000. As far as what I have in it ($50k) that’s business proprietary data and confidential with the seller. As far as trying get some kind of lofty PG number of $100k (just having fun) good luck.
This isn't the VF50 Beaver by chance?
Better not mess w Beav, his big brother Wally is a tough guy.
MFeld, what type of dealer am I playing? What is my other inventory value/range, how soon do I hope to move this item, have I borrowed money on any of my inventory ...
Those are really good questions.
Active dealer who does wholesale and retail.
Inventory value range $50 to $500,000.
You hope to move the coin as soon as possible at an acceptable price and can afford to be patient.
You haven't borrowed money.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Since the coin was purchased at an auction the sales price is public information. A dealer is free to price the coin however they so desire. I know a lot of collectors, myself included, who would not pay more than 20% of the purchase price unless we are desperate to buy the coin.
You're not going to get too many coins at 20% of the purchase price
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I meant to say 20% above purchase price.
I figured that.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I don’t swim in the deep end. But when I’m buying a coin with similar lack of price history, I try and use other grades to determine if pricing has moved up over the timeframe or stayed flat. This would likely determine if I felt a larger mark up was warranted. Also whether or not that grade is where a big jump in price occurs.
Usually for me when I win a coin for under my max the first thing in my mind is what did I miss. If I felt that I was correct and the coin just slipped through, I would price it at what i originally calculated I thought it was worth before I bid and field offers. Because I mostly sell on other platforms that charge me a fee, I’d mark it up 10% over my max on my website and 20% on other platforms. See where it goes.
My Ebay Store
I would assume that expensive coins are luxury items and taxed as such. So at this point, I would just be happy that I got it at half of price guide and hang onto it until next year. Then hopefully the economy will be on the rebound along with the cost of luxury items.
For resale I don’t see the purchase price as relevant if the amount of time that has passed is substantial. You lose some you win some.
For example
I recently bought a coin off HA through the offer program. It sold for say “less than $300” a “long time ago”. I offered $1,200 for the coin and it was accepted.
Can we get some hints?
What's coin series are we talking about?
Is the coin a date/mm rarity or a grade rarity?
I have a lot of customers who try.
Sorry, no.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
My formula is generally to mark everything up 30% over cost and expect to give a 10% - 15% discount. But in this case, you won it for $50K (with juice? I assume so) therefore I would lump in all recent and currfent overhead costs into this one coin up until it's loaded at $65,000. And my retail ask would be $75000.
On the web: http://www.earlyus.com
Updated - the dealer sold the coin today, though I don't know at what price.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Is it safe to say what the coin is?
I can’t do that. I’m big on keeping confidences and promises.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
If you bought a common wheat cent roll for $2 (as an example) would you also mark up the roll by 30% and charge $2.60 less a 10 to 15% discount just to unload it?
You did mention “ everything.” LOL.
He also said "over cost" which I assume includes labor. The labor to handle a $50k coin is minimal such that one really need not consider it, but it is not negligible to handle and process the procurement, stocking, and accounting for a $2 item. What is the labor cost?
Depends on a few factors like
1) what type of dealer I am and what collector base I have built up. A Doug winter with a specialized base and a few whales on the hook could get a little more aggressive on ask when factoring in the opportunity cost of said coin
2) is an absolute rarity or a grade rarity or both. Makes a difference if it competing with 20 or 30k examples out in the market
3) how popular is the series, am I fishing to 1 collector, 5 collectors or 30 at that price point
4) how comfortable am I sitting on that value, does my model require me to flip it in a credit cycle or is it holdable funds where I can let the auction result cool for a bit.
Without those answers it’s hard to say but unless it is in crazy high demand I rather place an ask of 15% over cost and willing to go down as to leave some meat on the bone and get a quick turnaround. I like win wins
11.5$ Southern Dollars, The little “Big Easy” set
DW is very transparent with auction purchases and usually charges 10-15% more than his purchase price.
Better than Mark Felt.
I may be looking at this all wrong, but why would you buy a coin that hasn't sold for "more than" 10 years thinking that you can flip for a profit?!?
So you wouldn't consider buying a 1933 $20 or a Type I 1804 $1? 1913 Liberty nickel?
Truly rare coins often don't appear for years at a time. The problem is we're used to more common coins that sell frequently.
I would markup cost plus or take about bid plus 10-20 pct. The higher number of course. If it’s PQ probably even more. After all wb only one in room by far.
All 3 of your examples were all well over $1 Million so no comparison to a $50,000 coin that has not sold for over 10 years and sold at $50,000 below the price guide - This would be a bad purchase, they're no interest as in your examples..
The 1913 Liberty nickel sold for $4,56,000 is Aug 2018 (only 5 known pieces), no comparison to the example. The 1804 Type I $7,680,000 Aug 2021
1933 $20 piece sold $18,900,000 June 2021
What’s the matter? Were you unhappy with your earlier reply in this thread?
“Frankly would just want move it quickly somewhere between CDN Bid and CDN CPG. At that level finding a buyer with enough pocket the biggest challenge. With CDN bid at $65000, I believe CPG would be around 80,000. As far as what I have in it ($50k) that’s business proprietary data and confidential with the seller. As far as trying get some kind of lofty PG number of $100k (just having fun) good luck.”
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.