Teletrade results.......
bikenut
Posts: 82
I thought I'd share info about my collection of wheat cents that I consigned to Teletrade two months ago.
My collection was in the PCGS registry.....wheat cents....circ strikes...... The name of the set was Magnificents. It was ranked about 57-58 in the registry. In total, I sent to Teletrade about 120 coins, of which about 110 of them were from the registry set. The 'other' ten coins were NGC's or ANAC's coins that I had someday hoped to cross. I was missing only 20 or less coins to complete the wheat set. Also, 95% of the coins were listed as RED. Many common coins were 67 reds...
It took me less than four years to put the set together. I was hoping to complete it but for a few different reasons I decided to sell.
The average length of time that I owned the coins was about three years. I bought them all through the regular channels......Heritage.....Teletrade.....dealers....Ebay....and at my local show. I almost always bought PCGS. But as I stated above I did indeed buy other cert coins with the intention of crossing but I never bothered. I never cracked any....never resubmitted any for upgrades.......and never returned a coin that I thought was not of good value. When such a coin came in the mail I simply made note of what I paid, when I got it, and hoped that when the time came to resell, I wouldn't take a beating.
To the best of my knowledge my total investment was about $21,000, making my average purchase around $175 per coin. A few coins were for less than $50 while my most expensive purchase was a 1924-D in 64 RED.
All the coins appeared in the same auction. When all was said and done Teletrade sent me a check for almost $33,000. To say the least I was pleasantly surprised.
Some of the coins sold for a little less than I paid, and some of them returned almost triple what I invested.
Some coins that I thought might bring premiums did not, and the opposite was true also.....some coins returned double the price though I thought they would just return my investment.
Only one buyer returned a coin he bought. That same coin sold for $20 more in the next auction.
So a $21,000 investment spread out over 4 years returned $33,000. I realize that their is a tax implication that I'll deal with but still......not a bad day.
My collection was in the PCGS registry.....wheat cents....circ strikes...... The name of the set was Magnificents. It was ranked about 57-58 in the registry. In total, I sent to Teletrade about 120 coins, of which about 110 of them were from the registry set. The 'other' ten coins were NGC's or ANAC's coins that I had someday hoped to cross. I was missing only 20 or less coins to complete the wheat set. Also, 95% of the coins were listed as RED. Many common coins were 67 reds...
It took me less than four years to put the set together. I was hoping to complete it but for a few different reasons I decided to sell.
The average length of time that I owned the coins was about three years. I bought them all through the regular channels......Heritage.....Teletrade.....dealers....Ebay....and at my local show. I almost always bought PCGS. But as I stated above I did indeed buy other cert coins with the intention of crossing but I never bothered. I never cracked any....never resubmitted any for upgrades.......and never returned a coin that I thought was not of good value. When such a coin came in the mail I simply made note of what I paid, when I got it, and hoped that when the time came to resell, I wouldn't take a beating.
To the best of my knowledge my total investment was about $21,000, making my average purchase around $175 per coin. A few coins were for less than $50 while my most expensive purchase was a 1924-D in 64 RED.
All the coins appeared in the same auction. When all was said and done Teletrade sent me a check for almost $33,000. To say the least I was pleasantly surprised.
Some of the coins sold for a little less than I paid, and some of them returned almost triple what I invested.
Some coins that I thought might bring premiums did not, and the opposite was true also.....some coins returned double the price though I thought they would just return my investment.
Only one buyer returned a coin he bought. That same coin sold for $20 more in the next auction.
So a $21,000 investment spread out over 4 years returned $33,000. I realize that their is a tax implication that I'll deal with but still......not a bad day.
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Comments
You could probably lower your taxes by including coin books, travel, supplies, etc.
Still a great return. Good luck on your next collection.
Thanks for the tip about travel records. I've been to a lot of shows...
That was a nice collection. Wondering why you chose Teletrade though ? I'm guessing those coins that you thought would bring a premium, would have at Heritage.
BTW, great report. Very interesting reading. Why didn't you decide to complete the series since you were so close ? What series are you working on now, and are you planning on the same scenario to sell it totally in a few yrs ?
"So a $21,000 investment spread out over 4 years returned $33,000"
Was it really an "investment" or a "collection"? Many collectors struggle with that question nearly every day.
TT does a good job.
Wondercoin
Often, the only coins that would get a look were the S-VDB (XF), 31S (65RED) and 14D (VG). Though there were a bunch of knowledgeable dealers and collectors at the shows they were simply unconcerned with any other dates. I'd literally tell them that the best deal was a 36S in 66RED I had for $200?or that my 34 in 66RED was a better coin or a better deal than my 34 in 67RED.
I don't think I ever resold any 67 RED's......and I had over 20 of them. And I did not overprice them either. They simply did not sell because no one wanted them locally.....and not many had any idea of the value. (Few dealers carry any info with them that will give them a clue as to the real value of some common 67 RED's.)
When I found out about the PCGS resgistry I got focused. I simply only bought for four years....trying to complete the set. (Though I did set up at my local show a few more times, it was just to try to get a feel for the market. And every time I set up, I got a 'cold' feeling. Nothing much would move.)
But I did get a sense that my collection might sell on a national level. I was told so by a few dealers.
And......I have to admit that I was getting cold feet. I've educated myself in the series but I do not claim to be an expert. If all a collector does is buy (and I consider myself a collector), he'll never know if he's 'buying right'. He might be outbidding a lot of people, and he may be always happy with his collection, but is he ever going to know if he's getting his moneys' worth? Only when a collector sells can he lay claim to being a smart buyer.
I'm going to use the proceeds to buy a piece of land in Maine.
Might I try to do it again? Collect another series? Or the same one?
I don't know.
I may have just gotten lucky.....
But as I said to someone else, I wanted to complete it but I got scared. I couldn't sell anything at my local show. I wondered if I was spending wisely.
I do not have unlimited funds. The 20 or so coins that I needed were getting harder and harder to reach.
I brought my set to my local shows, I set up as a dealer, I priced everything individually so as not to give any piece away......but not overpriced by my standards.
However, the set got a lot of 'very nice'......'excellent set'.....and no buyers.
Luckily, it got a lot of interested parties on Teletrade.....
What struck me the hardest after reading your post was the fact you bought and sold PCGS (mostly) certified coins. The liquidity of cert. coins is very great. Buy and sell with confidence that you’re receiving what you’re paying for. Regardless of the chatter most people DO buy the holder, because of all the weekly coin transaction most are done without the coin in the hands of the prospective buyer. (pictures noted) I think your success was due mostly to having certified coins.
Your story sums up the reason most collectors should stick with certified coins, because sometime down the road you will sell. There are very few reasons you buy what you buy, but many different reasons could invoke a sale.
I've got lots of widgets in holders and lots of raw coins also. But if for any reason I had or desired to sell the plastic would go quickest, easiest, and probably at the most fair price. Good food for thought.
Thanks again for sharing.
Though their are a lot of 'dogs' in cert holders.....simply stay away from them.
PCGS cert, for whatever it's worth, get the most play so I stayed with them mostly.