How to sell "special" coins
ProfLiz
Posts: 276 ✭✭✭✭
I've condensed my collection over the years, so that I'm left with the "special" coins - especially nice examples for eye appeal, strike, etc. All are CAC-approved, and some are gold CAC. They are the ones that make me say "wow."
What is the best way to sell coins like this? I have had a very good experience selling the bulk of my collection at GC. However, I worry that these exceptional examples wouldn't be as easily recognized in an online auction. Is there an advantage to selling through a dealer, and if so, any recommendations for doing so?
Also, does it make sense to max-out the coin grades by regrading them? Or would buyers prefer "meat on the bone"?
I should mention that none of my coins are big ticket rarities - just mid-tier coins that stand out within their grades.
Thanks in advance for any advice!
Comments
Offer them here first. Many of the collectors on these boards have a taste for quality and are qualified with the accompanying wallets needed, for the type of coins you are describing.
You may well be pleasantly surprised as 100% of your selling price goes directly to you.
peacockcoins
That might work if 1) the coins are relatively easy for a seller to value and 2) he’s willing to give up the potential upside offered in an auction format. Without being able to examine the coins in hand, it’s impossible to know whether that’s the case.
Many coins that would bring much higher prices through auction are instead sold privately. At the same time, many coins are sold through auction that would net the seller more through a private transaction. It depends upon the coins.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
In terms of regrading, it probably does not make sense for the gold CAC coins that are “mid-tier” as you call them. Take a look at some sales and you will notice the gold sticker often sells for more than a coin that is 1-2 points higher in a new holder (that could change though in cases where the next grade up has a significant spread).
Agree. And in general, auctions are a better venue for gold CAC coins as they tend to attract strong competition.
Nothing is as expensive as free money.
Yes, it does depend on the coins, yet based on what the OP/seller is telling us about his coins I trust his description and do believe his first consideration would be the collectors here.
peacockcoins
A few factors that you have not mentioned yet: (1) denominations; (2) range of value of coins. These are important.
For instance, if 19th century gold, I would consider contacting Doug Winter. If it is seated type in gold stickers and old holders, I would think of John Agre at CRO. There are some good newer dealers you could also consider - Dan at Peak Rarities, Desert Moon (who is on here) or Shannon at Paradime Coins are just three that come to mind. Finally, Legend always treated me well when I sold to them (George is awesome) and I like to think some of my coins were nice for the grade.
If you have over $200K in value, I would consider contacting Mark Feld to discuss Heritage. If the coins are truly special, you want people to see them in person, which means lot viewing. Heritage does this about as well as anyone.
Ian and GC are great and have become disruptors in the market, but GC auctions are online and lot viewing is not a staple of his model (he does make accommodations though).
JMO.
"Look up, old boy, and see what you get." -William Bonney.
online auctions at GC and HA, SB get enough view. all have sold coins valued over $1,000,000
do not regrade them on your own, even gold cac
Going just from what you supplied for us thus far I would suggest that you do not regrade any older holdered coins or coins with gold CAC stickers on them. Both of those niche markets have significant liquidity and can have aggressive prices. Other than that, I would guess if you sent a few private messages to those on these boards whom you may trust and may believe have some knowledge that those folks would be happy to give their opinions in private.
Good luck!
In honor of the memory of Cpl. Michael E. Thompson
@ProfLiz
Why don't you put a few on the BST and see how it goes, you could save some money that way.
Give it a shot and if nothing sells then use an auction house, like GC
Mike
My Indians
Danco Set
A PM is better than the BST thread.
Just my honest feelings , but, that could change.
I think, via PM, you need to reach out to a couple people and maybe send them a list (or partial list) of your coins.
When I think "mid-tier", I think coins that are probably retailing somewhere between $ 700. and $ 5,000., although our definitions of that term could be way off.
But if that is the case many, many of those coins with CAC and CAC gold stickers and older holders are going to bring strong money in good venues. I think that you'd get strong offers if you price them right with good images to private buyers and specialist dealers, but again, many of those, unless they are very esoteric, common or not well followed, are going to spark bidding wars.
The right auction company will offer you all (or more ?) of the hammer, and unless you need the money right now, waiting to get them in a National Auction might very well be worthwhile.
“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
You have not said how soon you want or need money for coins or what region of country you are in. I would shoot for an auction house that has lot viewing at a national show with in person live as well as internet auction,
While I am an auction aficionado, I would share your specific coin information with @MFeld and ask for his guidance. He is a straight shooter as to whether coins do better at auction or outright sales.
If you go the auction route, GC's 10% commission and quick payment is hard to beat if your coins can attract bids over $1,000. One factor that others have not mentioned is whether you have a group of coins that can be identified as part of a set or are they "orphans;" i. e. have no relationship with each other and often get overlooked in auctions.
BIN
"Got a flaming heart, can't get my fill"
I don't remove coins from their old holders, but I think it behooves you to identify any coins where a one point upgrade might result in a significantly higher value, especially given the new grading standards. Get the advice of a grader or have the auction house submit for you. It's pretty shocking to sell a properly graded MS67 for 1700 and see it upgrade one point to a pop 1 coin and re- sell for 30k, which happened to me recently..
Commems and Early Type
Interesting.
Usually ownership adds a point. In your case it substracted one.
peacockcoins
No, PCGS liked it as a 68 in 2024 but apparently liked it as a 67 twenty years earlier
Commems and Early Type
Each coin needs to be considered individually, especially if they are upper 4 or 5-figure coins. Individual coins might benefit from regrade, restoration, crossover, or resubmission. A trusted dealer who specializes in a particular area can be very useful here. In general, leave coins with gold stickers and old holders alone…….. except for sometimes.
For the most part, I’ve found the eventual sale price of a coin to depend, more than anything else, on the actual quality of the coins. For example, a really nice PQ MS66+ coin with a sticker often sells for about the same money as it would in a plain MS67 holder, even when the “book” value between the two grades is widely different. Exceptions abound.
Whichever way you go, premium photography is absolutely critical. Certain auction houses and TPGs fail in this regard somewhat routinely. This is incredibly important when a big part of the value derives from unique eye appeal (toners).
Explore a few options. Don’t get offended if your special coins are just humdrum coins to someone else. Don’t be surprised when one of your coins shows up later in a holder at the next higher grade. It happens.
How quickly you need to liquidate matters. Make sure you understand the terms, and if dealing with a big company, get the terms of sale or consignment in writing. This can be less formal with trusted individuals, at your discretion.
Yep
That's why DorkKarl railed against the PCGS guarantee that paid you only if a PCGS graded coin downgraded and not tuther way round. If it worked both ways you wouldn't see the kind of stuff that you say happened to you. IIRC I sort of argued against him, but I believe now that he was right.
Not if you accept PayPal or Venmo and eat the fee. Not sure about other types as I don't use things like Zelle, etc.
I saw "Special" coins and automatically thought damaged coins! LOL!
Many good comments here. Pay attention to Bryce's post above. He just sold quite a few nice coins. You need top drawer, honest photos of your coins so people can get an idea of what they are looking at if they, or their rep, can't actually view them. I would add that personally, I'd leave original coins alone, irrespective of their sticker, etc. I have an original Flowing Hair Dollar that given its detail, could upgrade one slot if it was dipped, but to me, coins with original skin have additional value.
You have to consider who / what venue can market your coins the best and provide you with the largest check for them.
Lastly, Zelle does not charge fees to either party. This is why I use them for payments in my business.
"Seu cabra da peste,
"Sou Mangueira......."
Paypal Freinds & Family has NO FEE
Zelle has NO FEE
Mike
My Indians
Danco Set
@ProfLiz
How about a seek peek to a few of the coins so that we can understand better on what you are looking to sell
Mike
My Indians
Danco Set
You likely know that gold stickered CAC coins bring a premium and should be valued at 1.5 grades higher since that is what they likely are, if not more on occasion higher. There are many who throw valuation out the window with these, especially those who attempt to build sets comprised of them. I'd suggest the GC route for these, unless very valuable pieces that might do better at a larger house.
"Got a flaming heart, can't get my fill"
Well, certainly this is not what I had in mind. . .
https://forums.collectors.com/discussion/1112268/silver-stacker-set-great-mix-of-coins-near-melt#latest
peacockcoins
Not surprisingly, PayPal “friends & family” payments are intended for friends and family (not for the type of transactions being discussed) and aren’t covered by PayPal purchase protection.
https://www.paypal.com/us/cshelp/article/whats-the-difference-between-friends-and-family-or-goods-and-services-payments-help277
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Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@braddick That was posted and sold on March 17th, this post inquiring about selling special coins was posted on the 18th.
Successful BST transactions- Bfjohnson, Collectorcoins, 1peter223, Shrub68, Byers, Greencopper, Coinlieutenant, Coinhunter4, SurfinxHI
In that case, I’ll take all of them.
Nothing is as expensive as free money.
I agree with Mark Feld. If you use PayPal to buy something, then PayPal is providing a service to you. When someone provides a service to you, then you should pay for it, not try to avoid paying for it. How would you feel if you were working providing services to people and everyone was avoiding paying you?
An authorized PCGS dealer, and a contributor to the Red Book.
gc, ha, sb don't have the paypal, venmo, zelle issue
Out of the frying pan, into the fire.
Young Numismatist • My Toned Coins
Life is roadblocks. Don't let nothing stop you, 'cause we ain't stopping. - DJ Khaled
Maybe @alaura22 will award you a “LOL”, for that kind of thinking, as he did me.🫢. 😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
or the counter-party trust issue
Given what you have, I recommend cosigning them to a CAC Approved Coinage Showcase auction at Heritage. Or, if your coins are also housed in old holders, one of their Coins in Early Holders Showcase auctions. One of these auctions ended eleven days ago. The results speak for themselves, in particular for green and gold CAC stickered coins. Look at the premiums paid for CAC gold stickered coins. Seven to ten times over Greysheet!