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You need money right now. What do you do?

HobbyistHobbyist Posts: 215
in U.S. Coin Forum
You need money right now and need to liquidate your best coins for the most amount of money you can get for them. You need the money in your bank account in 7 days. How do you do it? Who/Where do you go to?

Edited to add...This is a hypothetical. I don't need to sell. image
Time sure flies when you don't know what you're doing...
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Comments

  • MadMartyMadMarty Posts: 16,697 ✭✭✭
    I posted this in Laura's thread before. E-Bay!!! I liquidated my proof morgans to a very large dealer and got 20% back of bluesheet.
    It is not exactly cheating, I prefer to consider it creative problem solving!!!

  • JJMJJM Posts: 8,039 ✭✭✭✭✭
    get in the car , drive to 3 or 4 local dealers and get offers
    👍BST's erickso1,cone10,MICHAELDIXON,TennesseeDave,p8nt,jmdm1194,RWW,robkool,Ahrensdad,Timbuk3,Downtown1974,bigjpst,mustanggt,Yorkshireman,idratherbgardening,SurfinxHI,derryb,masscrew,Walkerguy21D,MJ1927,sniocsu,Coll3tor,doubleeagle07,luciobar1980,PerryHall,SNMAM,mbcoin,liefgold,keyman64,maprince230,TorinoCobra71,RB1026,Weiss,LukeMarshall,Wingsrule,Silveryfire, pointfivezero,IKE1964,AL410, Tdec1000, AnkurJ,guitarwes,Type2,Bp777,jfoot113,JWP,mattniss,dantheman984,jclovescoins,Collectorcoins,Weather11am,Namvet69,kansasman,Bruce7789,ADG,Larrob37,Waverly
  • OffMetalOffMetal Posts: 1,684 ✭
    cash in my coins for face value image
    -Ben T. * Collector of Errors! * Proud member of the CUFYNA
  • BarndogBarndog Posts: 20,502 ✭✭✭✭✭
    Contact the dealer(s) who sold you the coins. Shouldn't be a problem...unless of course all you bought were MODERNS image
    JR Newsletter Online Edition
  • MikeInFLMikeInFL Posts: 10,188 ✭✭✭✭
    It really depends on what coins you have to sell.

    Your timeframe pretty much invalidates e-bay/teletrade as a sales outlet, so your options are limited to a certain extent...Mike
    Collector of Large Cents, US Type, and modern pocket change.
  • HobbyistHobbyist Posts: 215


    << <i>It really depends on what coins you have to sell.

    Your timeframe pretty much invalidates e-bay/teletrade as a sales outlet, so your options are limited to a certain extent...Mike >>



    I have sold stuff on Ebay and had the money in my paypal account right after auction end. A click from there to get it into my bank account.
    Time sure flies when you don't know what you're doing...
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  • HobbyistHobbyist Posts: 215


    << <i>Contact the dealer(s) who sold you the coins. Shouldn't be a problem...unless of course all you bought were MODERNS image >>



    Are they going to front you the money? Drop it in your bank account as soon as they receive the coins mailed to them? How does this work?
    Time sure flies when you don't know what you're doing...
    My Web Sites
  • HobbyistHobbyist Posts: 215


    << <i>get in the car , drive to 3 or 4 local dealers and get offers >>



    Are these large dealers? Or just regular old brick and mortar folks who happen to be close by?
    Time sure flies when you don't know what you're doing...
    My Web Sites
  • HobbyistHobbyist Posts: 215


    << <i>cash in my coins for face value image >>



    LOL! I would actually have to do that with a few of my coins. image
    Time sure flies when you don't know what you're doing...
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  • HobbyistHobbyist Posts: 215


    << <i>I posted this in Laura's thread before. E-Bay!!! I liquidated my proof morgans to a very large dealer and got 20% back of bluesheet. >>



    image
    Time sure flies when you don't know what you're doing...
    My Web Sites
  • MrEurekaMrEureka Posts: 24,304 ✭✭✭✭✭
    You need money right now. What do you do?

    Same as always. I buy more coins and sell them for a profit.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • HobbyistHobbyist Posts: 215


    << <i>

    Same as always. I buy more coins and sell them for a profit. >>



    Buy and Sell them 'where' in the 7 days you have left before they begin fitting you with your cement shoes? image
    Time sure flies when you don't know what you're doing...
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  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    Any answer other than "go to the bank" or "write a check" means you have a ....bit.... too many coins.

    Seriously.

    NEVER get in a position where you HAVE TO SELL SOMETHING to get some money.

    Ex-pawnbroker. (I did write LOTS of loans on coins, bullion, and collections.....it's expensive, but an option to KEEP the coins)

  • RussRuss Posts: 48,514 ✭✭✭
    Well, since there are three collectors who want the most valuable coin in my set, I'd just offer it up to them. (Actually to one of them first, since he has right of first refusal). The others would also be pretty easy to sell to other set owners, or I'd just list them on eBay.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • jdimmickjdimmick Posts: 9,710 ✭✭✭✭✭
    Your between a rock and hard place. Your only option if the funds are going to come from coins is to get best offers from coin shops locally and maybe if your lucky enough, theres a show in your area this wekend. Not the best scenario for the most money, but you have to do what you have to do.

    jim
  • MAD4MORGANSMAD4MORGANS Posts: 2,044
    First I would prioritize my portfolio.

    -Sell the wife's jewelry
    -Sell the kids to the nearest bunch of Gypsies I can find

    image Yup...that's about it!!

    image

    If I only had a dollar for every VAM I have...err...nevermind...I do!! image

    My "Fun With 21D" Die State Collection - QX5 Pics Attached
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  • BaleyBaley Posts: 22,663 ✭✭✭✭✭
    You need money right now and need to liquidate your best coins for the most amount of money you can get for them. You need the money in your bank account in 7 days

    how did I get in THAT crappy situation? no cash reserves? no other assets? no credit left? no family or friends? my coins GOT to go?

    I guess I'd take them to the local shop and take whatever they offered. Then I'd buy a bottle of bourbon, drink it down, and wonder,

    "Wha happened?" image

    Liberty: Parent of Science & Industry

  • HobbyistHobbyist Posts: 215


    What about if you have 14 days or 30 days (can't see much more than that for a catostrophic life event...the 'stuff happens' screnario)? At what point do you start seeking out the market makers? Or do you?

    Time sure flies when you don't know what you're doing...
    My Web Sites
  • HobbyistHobbyist Posts: 215


    << <i>

    "Wha happened?" image >>



    'Stuff' Happened as alluded to in another thread. image
    Time sure flies when you don't know what you're doing...
    My Web Sites
  • curlycurly Posts: 2,880 ✭
    The first thing any quality dealer will tell you is to not invest the rent money in coins. The first thing any good financial advisor will tell you is to put back at least six months of living expenses.


    Now that aside, if you must sell them, take them to a good dealer (providing you have good coins) and take his best offer since you are in no position to refuse.

    Every man is a self made man.
  • majorbigtimemajorbigtime Posts: 2,937 ✭
    Consign 'em to an auction house that offers cash advances!
  • flashbangflashbang Posts: 134
    If the timeframe is that short and the 'result' of not getting it done is cement shoes, I'm selling off just enough to skip town. Once out of town 'm selling the rest and moving to some island resort where I cant be found. Now if you will excuse me, I must get to packing image
  • BearBear Posts: 18,953 ✭✭✭
    Hold up a liquer store?
    There once was a place called
    Camelotimage
  • BaronVonBaughBaronVonBaugh Posts: 1,837 ✭✭✭✭
    Work a few extra hours at my framing shop and get caught up. Then start calling people to come and pickup there art or arrange a time for hanging. The local AFB has been keeping me running lately.
    1938-64_Jefferson_Nickel_Proofs
  • CladiatorCladiator Posts: 18,062 ✭✭✭✭✭


    << <i>You need money right now and need to liquidate your best coins for the most amount of money you can get for them. You need the money in your bank account in 7 days

    how did I get in THAT crappy situation? no cash reserves? no other assets? no credit left? no family or friends? my coins GOT to go?

    I guess I'd take them to the local shop and take whatever they offered. Then I'd buy a bottle of bourbon, drink it down, and wonder,

    "Wha happened?" image >>

    LOL

    I'm with Baley except for the selling them to the local shop part. Go get some schlitz and get more tanked than you've ever been in your life. Oogle over your coins when you're all good and sloppy. Right before you sober up drive off a bridge or somethin image
  • TouchdownTouchdown Posts: 233 ✭


    Sell to Legend??
  • MICHAELDIXONMICHAELDIXON Posts: 6,530 ✭✭✭✭✭
    I would place an auction on Ebay to sell my kidney. Make it a 3 day auction with a 6 figure deposit required. image
    Spring National Battlefield Coin Show is April 3-5, 2025 at the Eisenhower Hotel Ballroom, Gettysburg, PA. WWW.AmericasCoinShows.com
  • KoinDawgKoinDawg Posts: 890
    Since most of my stuff is Ultra Modern, I'd put them all up on eBay on 3-day auction with PayPal as only option to pay. You'll get your money within the week. If desperate, then make it a 1-day auction. I recently sold a bunch of duplicates I had to make up for the extra spending I'd been doing on coins. Every item I listed sold in 3 days and I had $1,200 in my bank 3 days later. It really works. The expensive Classic stuff would never sale that fast "sight unseen". I've also purchased ONLY slabbed coins for quick liquidity. High grade modern slabs are EASY to sale on eBay.
    image Scottish Fold Gold
  • RedTigerRedTiger Posts: 5,608 ✭


    << <i>Any answer other than "go to the bank" or "write a check" means you have a ....bit.... too many coins.

    Seriously.

    NEVER get in a position where you HAVE TO SELL SOMETHING to get some money.

    Ex-pawnbroker. (I did write LOTS of loans on coins, bullion, and collections.....it's expensive, but an option to KEEP the coins) >>



    Yes I agree with the above. I can't imagine being in a situation, where my coin collection is the only thing between me and some great financial catastrophe. Anyone who has the problem has to be a dealer stuck with too much inventory, in which case, they know where to sell, or a collector without much common sense, or some serious problem like gambling addiction or similar, in which case, they'll cash in their coins for 5 or 10 cents on the dollar at the local aquarium supply store, because they don't have any common sense to begin with.
    Investment blog: gold, stocks and more

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