We were the number two coin seller on ebay in 2006 with sales of over $500,000 per month. In 2007 a competitor came on strong dumping huge quantities of similar coins into a market that could not absorb it, the result being much lower prices and some discouraged buyers who watched many prices tank. We made the decision to concentrate on our website instead and do much less on eBay, as our business model calls for making a profit, not selling mainly loss leaders to attract new customers.
As for 2008? Well I can tell you we will be starting the year off with a bang on ebay as it may be time to get back in. Stay tuned. BTW, we just uploaded 5 informative videos to our site.
John Maben
John Maben
Pegasus Coin and Jewelry (Brick and Mortar)
ANA LM, PNG, APMD, FUN, Etc
800-381-2646
I was also selling "six figures" per month on ebay during many months in 2006. Today- not a single ad on ebay. And, business is just fine. I may post an ad or two on ebay from time to time, but, until they start supporting sellers the way I believe they should, I am not interested in selling there either.
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
I am sure Ebay really likes hearing that. I have another online business - we sell decals to the auto racing industry and sell nothing on Ebay because there are so many low ballers and it's not worth it.
I can see how that it would be less profitable with someone dumping large numbers of product on top of all the Ebay fees.
<< <i>Modern Coin Mart now has over 500 lots on ebay all starting at $1 with no reserve. Tons of NGC Proof-70 Coins. I think they are all closing New Years Day. I guess they are giving ebay another try.
<< <i>Hey does this mean we are going to see the hundreds of NGC 70 Plat sets on Ebay they bought as well, this would surely be doom for the flippers.... >>
I would guess no. Maybe a few to start things off. I bet they might even already have buyers for many.
"I would guess no. Maybe a few to start things off. I bet they might even already have buyers for many."
You sir, are correct. Unlike some others, we don't believe in shooting ourselves in the foot by dumping brand new product right out of the gate at auction. We have an established retail and wholesale clientele, and will sell them via our website.
Not to say we might not do a buy it now....
John
John Maben
Pegasus Coin and Jewelry (Brick and Mortar)
ANA LM, PNG, APMD, FUN, Etc
800-381-2646
<< <i> In 2007 a competitor came on strong dumping huge quantities of similar coins into a market that could not absorb it, the result being much lower prices and some discouraged buyers who watched many prices tank.
In my opinion, Modern Coin Mart is a very reputable firm and does business the proper way on EBAY.
When other "competitors" of thiers "BLOW" the EBAY market for Moderns, as stated above, Modern Coin Mart just backs away and let's these guys bury themselves.
I could never understand why some of those competitors deluged the EBAY market with tons of material at once, blowing the market for many items and shooting themselves in the foot.
<< <i>In my opinion, Modern Coin Mart is a very reputable firm and does business the proper way on EBAY.
When other "competitors" of thiers "BLOW" the EBAY market for Moderns, as stated above, Modern Coin Mart just backs away and let's these guys bury themselves.
I could never understand why some of those competitors deluged the EBAY market with tons of material at once, blowing the market for many items and shooting themselves in the foot. >>
IMO, they do it to create an eBay presence and at the same time to discourage flippers from entering the market and competing against them, even someone posted a while ago a large eBay modern dealer stated publicly he was willing to sell at a loss to do so.
Never teach a pig to sing. You'll waste your time and annoy the pig
It's also because they are major flippers themselves and so if they can make a buck here or there, but on hundreds of items, they do it rather than get "beat" by others. It's not always good business practice but that is why so many new businesses fail...people aren't always smart in business.
One of Modern Coin Mart's competitors has stated that he was willing to drop moderns in huge volumes at a loss to gather a customer list....that guy had an ego bigger than a hundred other seller's and didn't care about anyone but himself.
I have stated many times that EBAY should not allow more than 10 identicle auctions per week and no more than 10-15 items on a dutch auction. Once the auctions run thier course, list more.
Modern Coin Mart - from my observation, hasn't done anything like this on EBAY. They deal in a very professional manner.
They have been very fair and honest when I had dealings with them. I would recommend them.
Comments
As for 2008? Well I can tell you we will be starting the year off with a bang on ebay as it may be time to get back in. Stay tuned. BTW, we just uploaded 5 informative videos to our site.
John Maben
John Maben
Pegasus Coin and Jewelry (Brick and Mortar)
ANA LM, PNG, APMD, FUN, Etc
800-381-2646
<< <i>as our business model calls for making a profit >>
That's a good business model.
Russ, NCNE
Wondercoin
I can see how that it would be less profitable with someone dumping large numbers of product on top of all the Ebay fees.
John Maben
Pegasus Coin and Jewelry (Brick and Mortar)
ANA LM, PNG, APMD, FUN, Etc
800-381-2646
Link to Modern Coin Mart Auctions
<< <i>Modern Coin Mart now has over 500 lots on ebay all starting at $1 with no reserve. Tons of NGC Proof-70 Coins. I think they are all closing New Years Day. I guess they are giving ebay another try.
Link to Modern Coin Mart Auctions >>
Well, they said they would start 2008 with a bang.
<< <i>Hey does this mean we are going to see the hundreds of NGC 70 Plat sets on Ebay they bought as well, this would surely be doom for the flippers.... >>
I would guess no. Maybe a few to start things off. I bet they might even already have buyers for many.
You sir, are correct. Unlike some others, we don't believe in shooting ourselves in the foot by dumping brand new product right out of the gate at auction. We have an established retail and wholesale clientele, and will sell them via our website.
Not to say we might not do a buy it now....
John
John Maben
Pegasus Coin and Jewelry (Brick and Mortar)
ANA LM, PNG, APMD, FUN, Etc
800-381-2646
<< <i> In 2007 a competitor came on strong dumping huge quantities of similar coins into a market that could not absorb it, the result being much lower prices and some discouraged buyers who watched many prices tank.
John Maben >>
Gainesville Coins, eh?
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
<< <i>
<< <i>as our business model calls for making a profit >>
That's a good business model.
Russ, NCNE >>
Brilliant! I remember learning this concept in business school!
An authorized PCGS dealer, and a contributor to the Red Book.
When other "competitors" of thiers "BLOW" the EBAY market for Moderns, as stated above, Modern Coin Mart just backs away and let's these guys bury themselves.
I could never understand why some of those competitors deluged the EBAY market with tons of material at once, blowing the market for many items and shooting themselves in the foot.
<< <i>In my opinion, Modern Coin Mart is a very reputable firm and does business the proper way on EBAY.
When other "competitors" of thiers "BLOW" the EBAY market for Moderns, as stated above, Modern Coin Mart just backs away and let's these guys bury themselves.
I could never understand why some of those competitors deluged the EBAY market with tons of material at once, blowing the market for many items and shooting themselves in the foot. >>
IMO, they do it to create an eBay presence and at the same time to discourage flippers from entering the market and competing against them, even someone posted a while ago a large eBay modern dealer stated publicly he was willing to sell at a loss to do so.
It's not always good business practice but that is why so many new businesses fail...people aren't always smart in business.
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
One of Modern Coin Mart's competitors has stated that he was willing to drop moderns in huge volumes at a loss to gather a customer list....that guy had an ego bigger than a hundred other seller's and didn't care about anyone but himself.
I have stated many times that EBAY should not allow more than 10 identicle auctions per week and no more than 10-15 items on a dutch auction. Once the auctions run thier course, list more.
Modern Coin Mart - from my observation, hasn't done anything like this on EBAY. They deal in a very professional manner.
They have been very fair and honest when I had dealings with them. I would recommend them.
<< <i>Sounds like lots of eBay sellers are losing money on each sale but they make up for it in volume. >>
Chrysler syndrome
You wouldn't believe how long it took to get him to sit still for this.