Question for buyers and seller

MrD

I have been selling coins on ebay for quite some time and I have been facing an ever increasing delemma. I have no problem selling the "top 5" slabbed certified coins. My business has increased substanially and people are sending me more third tier encapsulated coins to sell for them. I feel that in most cases the coins are overgraded ( sometimes substantially but then again most people know that). Can you sell these things without damaging your reputation and if so what should you put in your description? I suppose I could start another user name to sell other items including these slabs but really its still the same entity. Your imput is greatly appreciated. If this subject has already been discussed please forgive me.

goose3

top 5?

who would they be?

keets

it would seem that you might need to reach agreement with your consignors insomuch as what you'll include in your description. currently you have very little in the way of a description, typically allowing the coin to sell itself and holding the grading service responsible. selling, for instance, NNC holdered coins, it would be prudent to add your grade estimate or at least your opinion. absent that, when a customer is dissappointed and wants to return a coin, you are the one whose reputation is held liable and not the consignor.

jdimmick

I do like taking cosingments to sell on e-bay, however, I do not sell off brand third tier slab on e-bay, especially if undisclosed problems or overgraded.

jim

TJM965

If your pictures are great, which yours are, there is no need to say anything. You are selling the coin, not the plastic. If buyers do not know the difference between grading companys, They should not be buying at all. The coins will bring what they are worth if it is a true auction with no reserve. Good luck.

66RB

MrD, I have consigned coins to people before and they refused to take in certain TPG coins.

I had no problem with that at all.

He did not want to be associated with that type of coin, or more accurately, that holder, and who could fault him? There is a reason they're 'third tier' holders, they're not consistent and do not enjoy wide market acceptance.

I would not take them on consignment, it's your name that the buyers will remember where they got it from.

Smittys

<< <i>top 5?

who would they be? >>



Five...???????

PCGS, NGC, ANACS, ICG, ....?????

Bunker

<< <i>it would be prudent to add your grade estimate or at least your opinion. >>

lonelyp

"people are sending me more third tier encapsulated coins to sell for them."


1) Are you talking consignment?

2) Or are you buying lots, and reselling?

If 1 list as a consignment lot (or consignment item) Be honest about them being third tier slabs. And sleep easy. I assume you also have returns avalible.

AceK

There are sellers who give searingly honest assessments of the second or third world slabbed coins they sell. Example: auction. To me, this level of candor serves to enhance the seller's reputation.

But even with candid disclosure I would be concerned that selling lower tier slabs would lead to more returns, unsatisfied customers, and higher risk of negative feedback. No matter what you say, someone will eventually buy the number on the slab, regardless of the initials it bears.

ttxp

Its a difficult situation in that someone is going to be than happy, the consignors will not care to have their encapsulated coins described honestly regarding actual grade. The buyers will be less than happy buying over-graded coins. People will not read your description and will buy the coin based on its "certified" grade.

As another said, its your reputation, tread carefully.

rec78

Reputation is everything in this business and it comes first. Either do not accept them to sell, or accept them with the consignor understanding that you will add your own description if you feel that the coin is misreprented in any way or has problems.

BlindedByEgo

It's an easy solution - tell your consignors that you have to crack 'em out and sell them as raw, or you won't accept them for consignment.

The problem is that even if you fairly disclose the deficiencies in the grading on the slab, you become part of the propagation of this crap into the market.

The next buyer decides to sell, and is not as forthcoming as you... And so on. If you are OK with that, I'm not going to say that you are wrong... But just accept that it's the reality of the situation.

Either that, or save them to sell out of the discount bin at the shows.

As usual, just my humble opinion.

robertpr

<< <i>It's an easy solution - tell your consignors that you have to crack 'em out and sell them as raw, or you won't accept them for consignment.

The problem is that even if you fairly disclose the deficiencies in the grading on the slab, you become part of the propagation of this crap into the market.

The next buyer decides to sell, and is not as forthcoming as you... And so on. If you are OK with that, I'm not going to say that you are wrong... But just accept that it's the reality of the situation.

Either that, or save them to sell out of the discount bin at the shows.

As usual, just my humble opinion. >>



I agree. Another option is to offer your consignors your services in cracking out and resubmitting such coins to a reputable service prior to sale. Be honest in your assessments of the coin and what it may grade to the consignor. If they don't agree, simply send the coins back to them.

Clankeye

The fifth service would be ICCS I imagine. They are certainly a very legitimate grading company for Canadian and world coins.

ziggy29

One of two options I can see:

(1) Refuse to accept third world slabs on consignment. Unfortunately, this might also apply to the few that are more or less accurately graded (few and far between but they exist);

(2) Make sure the consignor understands that you reserve the right to describe the coin and give your own grade assessment despite the grade on the slab.

MrD

How would people feel if the grade was blacked out and the coin was sold as a raw coin with a good picture and not much of any description?(my descriptions aren't exactly glowing anyway)

Russ

Why not simply refuse to handle crap slabs? Problem solved.

Russ, NCNE

Russellhome

I reciently sold 2 ANACS slabbed MS67 DDO nickels. One was obviously graded too high -- I think the grader was asleep or something 'cause it was an MS65 at best. Anyway - I said so in the listing and the photos showed that one coin was obviously better than the other. Yet they both sold for roughly the same amount. And the guy that bought the bad one provided positive comments about my 'honesty' when leaving feedback.

I want the best price I can 'honestly' get for what I sell. Could I honestly sell a coin graded by one of those companies that produce nothing but overgraded "MS70" crap? I think not. You really can't win. If you truly describe the coin grade and discredit the holder in the description, it will not sell for much, the consigner will be upset. If you go by the overgrade stated on the slab, you are being as dishonest as the company that graded it.

The consigners offering you these no-name holder coins are most likely either suckers that got got scammed and are trying to get some money back or people looking for a sucker. I would not get involved.

Myqqy

But even with candid disclosure I would be concerned that selling lower tier slabs would lead to more returns, unsatisfied customers, and higher risk of negative feedback

I completely agree- if you start taking crap slabs, your reputation will become associated with them. Personally, if I were taking consignments, I would only handle anacs, pcgs, ngc, icg, and old pci holders....

notwilight

I think some of the responses are pretty elitist. Sure, the sophisticated, top-tier collectors on this board aren't interested in this "crap". But the real world consists of a variety of collectors, many of whom can't afford the top shelf stuff that is touted here as the only thing that isn't "crap".

I like the idea of starting a second e-bay ID for this stuff since many buyers will judge you by what you sell. The snooty buyer looking for your best coins might move on if he saw this other stuff. Then you have to be very factual and honest in your description. Show a good photo and say "graded PF 67 by Joe Smith Grading Company" period. Then I would answer questions honestly and a bit more candidly than the basic factual description.

--Jerry

Russ

<< <i>I think some of the responses are pretty elitist. >>



It has nothing to do with elitism, and everything to do with the fact that these garbage slabbers are perpetrating a fraud on the hobby.

Russ, NCNE

dragon

<< <i>

<< <i>I think some of the responses are pretty elitist. >>



It has nothing to do with elitism, and everything to do with the fact that these garbage slabbers are perpetrating a fraud on the hobby.

Russ, NCNE >>






Exactly correct!


I think offering anything other than PCGS and possibly some selected NGC or ANACS coins will hurt your reputation as a responsible seller, JMO.

Heywood

1st choice don't sell them because it will taint your reputation, next best scenario is to start a second seller ID for the lower tier stuff.

If you don't hear complaints and don't get a higher % of returns, you can always shift back to one ID, but you can't separate once the damage is done.

Derek2100

As long as you don't violate ebay or paypal policies on return priveledge, etc. I would not worry about it. There are 4 major grading services in my opinion: PCGS, ICG, NGC, and ANACS. The others trade at varying discounts - let the market place decide the pricing.

You have a good business idea and seem to be getting good money without investing in inventory.

If your worried about reputation use an assumed name for your business. If there is a hassle simply change the name.

THE ONLY CONDITIONAL REQUIREMENT IN THE COIN BUSINESS IS MAKING MONEY!