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Any Ballpark formula for selling coins?

I've been a collector for about 35 years off and and on. I've only been a seller twice. I have to say both experiences were bad! I admit to having overpaid for many coins over the years but also feel I've gotten some good deals as well. Recently I set about thinning down my collection in an effort to raise money to continue collecting pre-1850 American coinage. I culled out about 25K worth of coins(retail value, modern mint sets and proof sets, Morgans, Peace, Walkers etc.....) I had the reciepts for most these coins and bought most of them from one local dealer and the others from shows or through the mail. After having agreed upon the grades for the loose coins and having past reciepts totaling almost 19K I was floored by the $7000.00 to $8000.00 I was offered by several dealers. All this in one of the hottest markets in years. There were no problem coins anywhere in the lot! Even my local guy only came up to 8K with a song and dance about wholesale vs retail and so on. I understand wholesale/retail and expected to get about 50% to 60% of retail. Man was I off. It turned out to be more like 30%. I checked what I could on internet auctions and still feel the dealers were about 25% to 30% low. So much for selling to Dealers! Thanks, Mikeimage
Mike

Comments

  • TUMUSSTUMUSS Posts: 2,207
    Have you considered selling them on Ebay yourself?

    image to the forums!!!!!!
  • buy high and sell low
  • InditonkaInditonka Posts: 433 ✭✭✭
    For common date peace dollars, I usually get 10% back of CDN bid price from dealers when I want to get rid of them.
  • RYKRYK Posts: 35,772 ✭✭✭✭✭
    Hi, Mike,

    Just a few thoughts and questions:

    1. I HATE selling and try to buy keepers in the first place.
    2. It's late to learn this, but your local dealer has probably not been good to you (putting it as gently as I possibly can).
    3. The material that you are looking to sell might be the stuff with the highest retail mark-up.
    4. Consider listing your material on our buy, sell, trade board. No cost to do so and your items will be seen by lots of eyeballs.
  • BochimanBochiman Posts: 25,285 ✭✭✭✭✭
    You don't say which state/part of the country you are in.
    Maybe a board member can recommend someone fair near you but further than you have tried so far?

    Also, do you have an electronic list of your For Sale items?

    That may help some people help you. Pics and the Buy Sell Trade forum here may also help you.

    Good luck & Welcome to the board

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • pharmerpharmer Posts: 8,355
    image

    In that situation, I would just keep them if you think 7-8K is too low, and won't get you what you now want. Go after what you want anyway, and with time you might figure out a way to get more for what you want to sell. Take your time, IMHO.
    Quis custodiet ipsos custodes?

    Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."

    image
  • LakesammmanLakesammman Posts: 17,282 ✭✭✭✭✭
    I had a patient that was offered $50 for his accumulation (hate to call it a collection). I sold it on ebay for $1700. I would move on and sell to collectors. If you were offered $8000, odds are you significantly more than that and just need to put in some effort marketing and selling it.
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.
  • cladkingcladking Posts: 28,307 ✭✭✭✭✭
    Welcome aboard.

    Generally it is when buying that collectors make the greater mistake. It does
    sound as though the offers now may be on the light side. Mark-ups on coins
    vary widely and not all more expensive coins have a small mark-up.

    Don't sell in haste and remember that it is when selling that you learn the true
    value of coins.
    Tempus fugit.
  • image As it turns out I sold what I absolutely did not want and in the future I will use the forum to post stuff I want to sell and I will definitely try to buy only what I want to keep. Still I was hoping there was some % of retail that in a broad sense gives and indication of what wholesale should be. Thanks to all.....Mike
    Mike
  • zennyzenny Posts: 1,549
    Mike

    sorry, it appears it's too late for this batch of coins. for your own reading interest, go to the thread entitled "The dealer thought he had a MAJOR rip!" (might make you feel a little better.)

    welcome to the boards.


    z
  • ARCOARCO Posts: 4,305 ✭✭✭✭✭
    Mike - I would recommend trying to sell your coins collector to collector. Ebay is a great market place for coins and it is relatively cheap to get going. You would need a scanner, some simple editing software and a little patience learning the ropes. A layout of a few hundred dollars will get you up and selling.

    Another venue are these boards. There is a buy/sell portion here and you can advertise the coins you have for sale and with an asking price you are willing to sell. I find that the buy/sell boards are very good if a person posts a solid picture, otherwise you may not get many interested parties.

    I started collecting about five years ago, and have sold hundreds of coins that either didn't fit my set, or that were duplicates. I rarely lose much money and often make a few bucks. I love selling on Ebay, because it allows me to buy many more coins than I could afford otherwise, turn them after enjoying them for a few months or longer and moving on again.

    Tyler
  • relayerrelayer Posts: 10,570

    $1.25
    image
    My posts viewed image times
    since 8/1/6

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