My first consignement to Heritage was great, for the buyers - Jan 13th update
seateddime
Posts: 6,169 ✭✭✭
I could never get them to set the reserves and they sold my coins a stupid low prices.
Here is one I wish I had my reserve placed on - 1844 PCGS 10 which I upgraded PCGS guide is $600, hammer with 15% BP - $310.50 - Net $275
I found that they people did try to be helpful but the experience was rocky at best. They did manage to get reserve placed on 2 coins out over 40 (neither sold and I glad). If I had my choice I would preferred to get all my coins back and forgot the whole experience.
Edit: So much for the people being helpful. I am awaiting the return call for someone there prior to posting the email I just got. If I posted it there would be too many comments and to say it was an insult would be beyond and understatement. You would be shocked to read it. I still am and it's been an hour!
Here is one I wish I had my reserve placed on - 1844 PCGS 10 which I upgraded PCGS guide is $600, hammer with 15% BP - $310.50 - Net $275
I found that they people did try to be helpful but the experience was rocky at best. They did manage to get reserve placed on 2 coins out over 40 (neither sold and I glad). If I had my choice I would preferred to get all my coins back and forgot the whole experience.
Edit: So much for the people being helpful. I am awaiting the return call for someone there prior to posting the email I just got. If I posted it there would be too many comments and to say it was an insult would be beyond and understatement. You would be shocked to read it. I still am and it's been an hour!
I seldom check PM's but do check emails often jason@seated.org
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
0
Comments
<< <i>1844 what? >>
I assume dime?
<< <i>1844 what? >>
dime
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
don't you decide whether to set a reserve?
At MS64 it's a $700 coin.
<< <i>having no experience here,
don't you decide whether to set a reserve? >>
I wanted to but they never set them
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
<< <i>I don't see an 1844 dime for $600.
At MS64 it's a $700 coin. [/q?????????????
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
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SSDC - Life Member
ANA - Pay As I Go Member
<< <i>You got unlucky with the timing of the auction... >>
Agreed
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
<< <i>I've got some stuff coming up on DLRC. I'm sure I'll take a a$$ beating too. >>
what coins?
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
I know that the guy who consigned his Saints in Feb '08 for ANA '08 sure was shocked that the market was roaring and got almost 20% more than he expected.
Your only other option is to sell to other collectors, consign to a dealer or Ebay. Personally I'd chose an auction venue.
Perhaps you can buy some stuff cheap at an upcoming sale and "pass it on."
Jim
<< <i>what coins? >>
The ones that were available here for about 2 weeks. If you want some deals, there should be plenty to be had.
<< <i>A freind of mine had two better date halves in this sale that didnt meet the reserve becuase the market had soften considerably since he consigned them!! 6 months ago, they would have sold!
Jim >>
If I would have got them to post the reserves I wanted I would have been fine but I could not get them to post them and they sold coins unreserved I never wanted to sell that way.
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
<< <i>Seated dime,
how a bout a link or a photo etc, maybe that was all the coin in question was worth, maybe it was the market, a lot of questions, can we get specific? Unless I missed the photo or the link? >>
This guy is a specialist. I trust his assessment that he got hurt.
I asked Laura (Legend) for some advice as this was my first time going through a major auction house.
She told me (and I remember quite well) "Never out coins to Auction without setting Reserves."
I DID set them on the keys and higher priced coins and did quite well, actually... BUT, I failed to
set reserves on many lesser valued coins and learned a somewhat pricey lesson as several went
for dirt.
**Lessons learned compliments of The School of Hard Knocks are NOT soon forgotten - for sure!
* If ANYONE has coins of value & intends to go this route - do your Homework - set realistic reserves.
When searching past auction results, remember that Buyer's Fees & S/H should be factored in as well.
While the few that did go for little really didn't matter much - I sure am glad I asked Laura and set those reserves.
Buybacks at 5% (unless this # has changed) is far better than losing your coins. Once the paperwork is signed & coins are shipped to Heritage, remember that at that point we all basically lose control over our own coins.
I don't understand how or why you were unable to get your reserves set because I remember getting some rather significant ones set right at the proverbial last minute. Besides all this, the worst part is having to wait some 45 days after the last coin(s) is/ are sold - to receive your money.
When it came time to sell my own Registry Set I was very fortunate to find One buyer thereby incurring no fees owed to any auction venue. Saved myself a considerable amount of money that way!
<< <i>
<< <i>A freind of mine had two better date halves in this sale that didnt meet the reserve becuase the market had soften considerably since he consigned them!! 6 months ago, they would have sold!
Jim >>
If I would have got them to post the reserves I wanted I would have been fine but I could not get them to post them and they sold coins unreserved I never wanted to sell that way. >>
YUP!! Twoud be a cold day in Hades before I'd consign that far in advance.
<< <i>If I had my choice I would preferred to get all my coins back and forgot the whole experience. >>
I feel the same way, with eight Double Eagles (six of them CC mint). Lost money on all of them, but got to buy my best one back for the 15%. I watched the auction live, few bids from the floor, which left things up to the Internet bidders. All they could go by were the usual mediocre Heritage images. In the future, I'll try the BST first.
my early American coins & currency: -- http://yankeedoodlecoins.com/
a question, she will always give you a straight
answer. There are no Ifs ans or buts about her
advice.
Camelot
Regards,
BOOM ~
I did try to get reserves set for a while. Never could get them to do it. In fact I never signed the paperwork as I want to get my reserves in place.
After emailing for weeks and 4 days before the sale I was told if I placed reserves I would have to 15% buy back fee
Here is a coin I paid $632 for but want to sell as I am changing focus http://coins.ha.com/common/view_item.php?Sale_No=1121&Lot_No=10255 it sold for $400, not to good for a $3 Gold and well below the reserve I never got placed.
Many of the coins I sold were outside the Seated Dimes but the semi common date 64's went off for $260, on Ebay the fetch around $325-500,
Any advice?
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
Can you give some other examples of coins that you thought should have sold for more money because it looks like you got good money for your dime.
Are you 100% positive about this statement?
<< <i> Never could get them to do it. In fact I never signed the paperwork as I want to get my reserves in place. After emailing for weeks and 4 days before the sale I was told if I placed reserves I would have to 15% buy back fee >>
ARE YOU SURE ABOUT THIS?
Who was the employee that managed/ oversaw your coins?
Greg Rohan is a member here and I think he should know about this!
<< <i>Seated dime,
can you show the link for the 1844 10c please. >>
http://coins.ha.com/common/view_item.php?Sale_No=1121&Lot_No=7951
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
If you have a substantial consignment you can negotiate a lot of things, such as reserves, buy-back fees, and the commission to be paid. I consigned a number of coins to the Summer ANA sale, and the ones in the Signature portion did very well, with no buy-back fee. I negotiated reasonable reserves with my representative, and only two coins were unsold (out of 17). However, I was lucky with my timing, and doubt that I would have been nearly as successful if the same consignment were in the FUN sale.
Greg Rohan needs to be made aware of this so that he may help you.
Maybe Heritage will work with you a little over the foul up.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
if what you have conveyed to me in private is what happened - I STRONGLY encourage you to bring this to Greg Rohan's attention as this is NOT the way it's supposed to be nor was it this way when I consigned.
I set reserves and I feel confident that most here that have sold through Heritage have as well.
Don't take it on the chin. Call Mr. Rohan with the facts.
Good Luck,
Boom ~
NSDR - Life Member
SSDC - Life Member
ANA - Pay As I Go Member
<< <i>I could never get them to set the reserves and they sold my coins a stupid low prices. >>
<< <i>Don't blame the house, blame the market. This was not a good market to be selling in. >>
If the consignor wanted and asked for a reserve to be set, yet "the house" didn't set a reserve,
Why not blame the house?
Personally, if my request to set a reserve had been bungled, I'd be extremely pissed that "the house" failed to set a reserve and my couins sold for less than what I would have wanted!
My question to the OP is: When did you ask for the reserves? At consignment time or after the fact?
The name is LEE!
I know you didn't get the results you wanted, but maybe in a couple months
if the market really tanks you'll be glad you got what you did for these coins?
1844 Seated Dimes are waaaaay overated and as an educated Seated Collector you should know that.
They started to soften up 3 years ago. After the hoard was trying to be sold.
That 56-S $3 looked like a nice coin. The ANACS holder probably hurt. Shoulda crossed it?
<< <i>
<< <i>Seated dime,
can you show the link for the 1844 10c please. >>
http://coins.ha.com/common/view_item.php?Sale_No=1121&Lot_No=7951 >>
Hmm.
According to the recent auctions, the prices for these sold for around the $290 range. Yes, I know these are ANACS holders, but at VG10, I believe that $310 is a comparably good result.
If I have anything to sell this year it will go on consignment at fixed price, and not to the auction houses. I don't need those kind of surprises.
In the meantime I think this is the market where you really concentrate on the buy side - and it will pay off down the road.
On one hand, the OP is implying that the house screwed up and wouldn't set reserves as he instructed. On the other hand, the OP wrote that "After emailing for weeks and 4 days before the sale I was told if I placed reserves I would have to 15% buy back fee ," which suggests that Heritage gave him the opportunity to set the reserves, but the OP balked at the 15% buy-back term.
Is 15% the standard buy-back fee for unsold reserves? If it's usually lower, and Heritage waited to the last minute to respond to squeeze the OP to pay more at the last minute, then that would be a pretty crappy way to treat a consigner. But if 15% is customary, and the OP initially didn't want to set reserves, changed his mind after consigning, got the 15% quote that consigners get when they don't negotiate before handing their coins over, then decided 15% was too high, went with his initial no-reserve decision, got bloodied on auction night, and is now upset with his own decision not to negotiate reserve terms before consigning or take the 15% deal after, then that would be a tough lesson for the OP, but not Heritage's fault.
So what happened?
Also, anyone here want to admit they won those lots?
Jay
I'm always cautious when consigning coins...and I expect the worst and take better with a smile.
Blaming the house is just sour grapes. I'm sorry, but that's the way it is.
Jay
<< <i>As a buyer, I truly hate it when coins have a reserve. >>
I was wondering if anyone was going to say that. There have been lots of threads here where people complained about reserves when buying, so it struck me as kind of odd that there've been as many recommendations for setting reserves when selling as there have been so far.
<< <i>This market is strange to me - I've only been seriously collecting about ten years and everything has been straight upward it seems.
If I have anything to sell this year it will go on consignment at fixed price, and not to the auction houses. I don't need those kind of surprises.
In the meantime I think this is the market where you really concentrate on the buy side - and it will pay off down the road. >>
I've definitely been buying, but am still quite nervous. I've been able to aquire some items at about 60% of last year, but looking back where these items were 10 years ago, there is still a LOT of room to fall if the down turn continues. Just like stocks, no one can predict the bottom.
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PCGS coins should bring more than ANACS, why was the $3 gold not crossed over before the sale?
<< <i>I really dont know how to react to this.
I did try to get reserves set for a while. Never could get them to do it. In fact I never signed the paperwork as I want to get my reserves in place.
After emailing for weeks and 4 days before the sale I was told if I placed reserves I would have to 15% buy back fee
Here is a coin I paid $632 for but want to sell as I am changing focus http://coins.ha.com/common/view_item.php?Sale_No=1121&Lot_No=10255 it sold for $400, not to good for a $3 Gold and well below the reserve I never got placed.
Many of the coins I sold were outside the Seated Dimes but the semi common date 64's went off for $260, on Ebay the fetch around $325-500,
Any advice? >>
In my opinion, coins valued at under $1,000 should not be consigned to auction. There are too many variables working against the seller and there is too much cost associated with cataloging low value items to make it worth the auctioneers time or (best) effort.
The best advice I can offer is to establish a solid working relationship with dealers who handle your material.
About two years ago, I listed about 14 Seated halves on ebay (this was just about the time ebay was starting to lose its luster.
These were nice coins. The aveage retail ranged from about $350 to about $900. I had decent pictures and fair starting prices (some would argue for 99 cents, but I was about 60% to 75% of bid). There were no reserves beyond the minimum opening bid. Only three or four sold. The others had no bids.
Later, I consigned these coins (and about 30 others I had planned to sell) to Dick Osburn. His terms and projected sales prices significantly exceeded my expectations. In time, all sold (including the 10 or so that had been previously listed on ebay) at legitimate retail prices.
It took a little while, but I was not in a hurry.
There is a solid collector market for good stuff. To reach that market requires skill, knowledge, experience, resources, insight, awareness, and exposure.
<< <i>
<< <i>As a buyer, I truly hate it when coins have a reserve. >>
I was wondering if anyone was going to say that. There have been lots of threads here where people complained about reserves when buying, so it struck me as kind of odd that there've been as many recommendations for setting reserves when selling as there have been so far. >>
It depends on if the reserve is set at the asking price (like one major auction house) or at 60% or so of where similar coins have sold.
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
No it doesn't (at least, in my opinion). I can't tell you how many times I've looked at a coin and thought to myself "that's probably worth $10,000" and then see the reserve set @ only $6,000 and thought "why does the consignor only think this coin is only worth $6,000? Perhaps I'm missing something." I'm fairly confident in my ability to figure out what most coins are probably going to sell for but I can't help but second guess myself when I see a reserve that seems silly low. Conversly, I always bypass coins that I think are reserved too close to full market value. I wouldn't auction a coin unreserved anywhere else but Heritage simply because I have confidence that anybody who is anybody will see the offering.
Jay
6k is not enough yet too close to full value is no good either?
I guess you would feel more comfortable if it was reserved at 7.5k?
Respectfully asked btw.
Steve