How do you get rid of junk!

pbyco

How do you sell coins that their is no market for? I ahve a bunch of 2001 and 2002 silver dollar commems that I wasted good money on, now I want to liquidate them. Any suggestions as to how I can get back most of my money? I put a lot of these on ebay (10 coins) and it closed at $155 ($15.50 a coin! - thank god I used a reserve).

BigE

pbyco, this is a problem a lot of collectors run into, harder to sell and more time consuming than expensive stuff. ----------BigE

Loki

Well, you said you wasted good money on them, so since you've already deemed the money "wasted" why not just sell them one at a time for $1 no reserve and make some others happy? Your loss won't be that much, eBay only charges you 30c insertion fee, you will have some cash at the end, and finally and most important, you will up your feedback points and make new ebay friends and potential bidders of your future profitable auctions.

You'd be surprised at how much $$ some $1 no-reserve auctions can bring in. I thought I was going to lose big on a Connecticut commem. I didn't like the toning so I put it up for $1 no reserve just to cut my ties with it. It ended up getting $100 more than I paid for it!

stujoe

Yep, ebay them either one at a time at $1 and no reserve as Loki suggested or, if that is more work that you are interested in, in a big lot or smaller lots at $1 and no reserve. You will at least get something out of them.

BillJones

Yes, I have liquidated some of this material for collectors who bought them as an "investment." I sold them for a collector to a dealer who flips them to the clowns at "Shop at Home." "Shop at Home" starts the daisy chain all over again. At the time I sold this material the modern gold commemorative bids were higher. He paid $90.00 for the $5 gold pieces and $7 or $8 for the silver dollars.

The rule of thumb is never, never buy modern commemorative coins directly from the mint. You will be dollars ahead by buying them in the secondary market. Yes a very few coins, like the Buffalo Dollar, sell for more than the issue price, BUT THEY WERE ONE OF THE FEW EXCEPTIONS!

And yes you might do better on Ebay if you break up the lot into single coins. Most collectors only want to buy what they need. If there are duplicates, they won't bid on the lots.

airplanenut

Sell them on ebay with a catchy title like:

L@@K SUPER PQ RARE PCGS NGC MS70 POP 1!!!

pbyco

How much better is the market for these coins if I were to send them to PCGS or NGC for grading? I could get lucky - one 70 in the lot could make up for the losses on the others. Also, how is ANACS for grading moderns. They are really inexpensive right now for grading ($7 eac for 10+). As far as I can see, no one is even bidding on the 2001-2002 commems on ebay at all (I think I saw a WP proof at $10 with a few hours left)

relayer

If you want to liquidate them, you can list them individually as no reserve auctions. There are enough greedy people that won't get beat out of a deal so you'll get the market price.

However, you'll find that the market price is under the Mint issue price. The Mint gets the lions share of the profits and the sellers in aftermarket find that out later.

If you submit them to PCGS, most will grade 69 but chances are you won't recover your gradiing fees in addition to the money you will already be losing.


But if you get a PR70DCAM it can it worth it.

Dog97

Easier to just do a Dutch auction on eBay. And if anybody uses ANACS to slab Moderns I haven't heard about it.

stujoe

Sending them in to be slabbed hoping for a 70 on one would just compound your losses in slabbing fees, in my opinion.

Ebay singles are more work but if you want the best return, I think that is the way to go unless you just want to be done with it as quickly as possible and put up a big lot. You won't get as much back that way but you will be out quicker.

Also, do some searches on Ebay and see how other people are selling them and who is getting the best prices for them and what they are typically going for. If you want to maximize your return, a little extra work can go a long way.

Coulport

Junk sells.
It especially sells if you price it cheap enough.

ldhair

I would search ebay as well. Watch to see what works best. It may take more time than you wish to spend.
Some folks just dump stuff in one lot and get it over with.

roadrunner

This sounds simplistic but the only way not to have to sell JUNK is don't ever buy it. Define what your interests are and what level of material you are after. Avoid anything that doesn't meet your intial goals no matter how good a deal it may seem. And I agree with Bill Jones.....avoid the mint, TV sellers, and those 2 page spreads in Coin World like the plague.

roadrunner

pbyco

Thanks - Im going to start putting these up on ebay. The reason I bought them was to get lucky with the UNC's having such good resale from the late 1990's. I laso thought that maybe I'll get a Buffalo dollar situation where the mint would sell out. Neither panned out

Steve27

In general, I would agree that it would be a waste of money to send them to PCGS for grading, with the exception of the 2002 Salt Lake City. These sell quite well in MS69.

NBSQLGeek

WHats your ebay seller id?

I buy junk.