General Sell Pricing Approach
GuzziSport
Posts: 51 ✭✭✭
Curious…. say for example, you the average collector (not a dealer) have a nice Xf bust half, PCGS/CAC, common date but nice original and choice the grade. You want to sell it as a walk up at a show, or perhaps to your local coin shop.
What is the benchmark (if any?) you use to set your initial go-in asking price? Greysheet ask + 10%? PCGS Guide + some percentage? Prior auction prices? You cost +/- some %?
Or, do you prefer that the dealer is first to make an offer?
Just curious what goes into your thinking on your go-in ask and approach to selling a nice, above average coin.
Thank you!
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Comments
Generally speaking, if you have an item for sale it’s better to quote a price than to ask for offers.
I recommend taking auction prices realized, CDN (including CAC) and PCGS price guide values into account.
Sometimes, even very nice coins aren’t bringing published price guide values, so I wouldn’t automatically price a coin above those values. Most sellers consider their cost, though that’s not necessarily a good way to price a coin realistically.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Do what Mark recommended and then offer it on BST first.
If you have access to Greysheet and if there is a Greysheet BID/ASK for CAC bust halves, figure BID (not ASK) is the going rate. Dealer's try to buy for less; but, someone may pay more. Otherwise, CAC price guide is retail and give the dealer room to make a profit. Same with PCGS price guide. Interestingly the CAC price guide can be lower than PCGS'.
If your material is common ... expect to be disappointed.
I would offer the coin back to the dealer that sold you the coin or offer the coin to a dealer that you deal with regularly. I would ask them for an offer. If you can't get an acceptable offer, then BST forum would be my next move. I have some very good success selling coins on that forum. Just my 2 cents/
@DisneyFan Bid for Choice EF CA CBH's? Not last I checked the CDN. At least not unless you want to fire sale.
@GuzziSport
One of the best ways I have found to approach this is to have a bottom dollar price you would sell it for to your collector buddy. It doesn't matter what it cost necessarily, only what it's worth on the market today, and what you'd sell it for to a friend.
Then be ready to take about 10 to 15% back unless it's a dog, in which case, your buddy wouldn't want it anyway!
Seriously though, dealers need to eat too. And really, knowing these numbers help when it comes to that moment.
Sometimes I ask, sometimes I ask them what they think ... all depending on the dealer, what they carry, my relationship with them, etc.
Sometimes they aren't interested. Some lowball me, and I just pass. Same as they would if I tried to lowball them. All's fair in love and war.
Here are three examples using the last dealers I sold ChAU CBH's to (at the Summer ANA). These are guys I know and have done business with, to one extent or another, so some relationship exists.
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The first asked me what I wanted. I told him and he countered back and forth long enough that I almost didn't do it. He sells on eBay and the show circuit, but I know him from elsewhere. I wouldn't say we are friends. Honestly, that coin was a mistake for me (on-line auction purchase where the image fooled me a little), and so letting it go for 10% back of what I wanted didn't bother me, and I ended up accepting. I actually still made 10%, but I won it cheap.
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The second made me an offer for a nice one I had in my for sale box, which I felt was fair and maybe even a few dollars on the generous side. He passed on three others in the box without ever asking price. I would say we are pretty close to being real friends, and have done a fair amount of business over time. I accepted his offer.
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The third asked me what I wanted, and I told him what I'd like to get for it. I would say we are friendly terms, and have also done a fair amount of business over time. It had nice appeal and is a fairly rare DM, but after considering, he said that was too close to where he'd want to try sell it. We discussed further. He asked about its history and I was upfront. He took it in trade for about 15% back of my ask. I think he'd have paid me the same trade value in cash.
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In both of the last two cases I made a few dollars on each of the coins I sold ... not much (maybe 7% on the pair), but that didn't really factor. I felt comfortable in what they should be worth, and wasn't willing to give them away, so it was easy to pass or play.
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Wow, that was long. Sorry if that is TMI
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
In this case it is a CAC Xf bust half. Sometimes you see crazy prices for common date CAC coins at auction.
And for non-CAC coins, as well.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Thank you for your advice everyone! I’m certainly not selling out or leaving the hobby, but it’s good to know how best to “thin the herd” when other opportunities or want list coins come up.
Again, I thank you!
Also check auction prices realized on Coinfacts for your coin’s date/grade.
Your other option is to check completed sales on Ebay
Set it for sale on ebay BIN at the high end. Then reduce the price every 2-4 weeks until it sells.
My expectation is always close to most recent auction prices of major sales. I rarely, if ever, look at a price guide if I am selling what you're describing. CBH in PCGS with a CAC sticker are arguably the hottest coins in the market. Don't take less than what you want. Someone will pay for it. I also go to tables I know will pay what I want and that I've done business with in the past. Every once in a while, I come across a new prospect that is willing to pay up for good material but tables like Eye Appealing are usually where my coins end up.
BHNC #248 … 130 and counting.
I do this quite often too. I always come armed with info in case its needed.
BHNC #248 … 130 and counting.