Any Ballpark formula for selling coins?
0i812
Posts: 33
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, Mike
Mike
0
Comments
to the forums!!!!!!
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.
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
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.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
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.
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
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
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