<< <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.
I seldom check PM's but do check emails often jason@seated.org
Buying top quality Seated Dimes in Gem BU and Proof.
"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."
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.
Heritage's staff has worked closely with me setting realistic reserves. Due to some glitch a group of my coins were listed in 2007 without reserve. With just a phone call they modified the listings to post my desired reserves. That experience taught me to double check my consignments on Heritage as soon as they appear.
<< <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. >>
Seatedime, Is there any way you could answer the question about setting reserves or not, I think that would help to clear this ambiguity up! >>
Which aspect of the question do you need to see clarified?
I seldom check PM's but do check emails often jason@seated.org
Buying top quality Seated Dimes in Gem BU and Proof.
I've never had much luck selling through Heritage, their fee's are outrageous. I've done much better going through Doug Winter both on his website and using him via auction, I've also used JJ Teaparty. Alpine Numismatics offers a good consignment service too.
Sorry for the delay in answering WinPitcher (traveling this week). You ask the right question but not sure if there is an answer that covers how I might approach all coins.
In the case of that "$10,000 coin", let's also assume its from a popular series and the marketplace is stable. I would probably reserve it at $8,000 or $8,500. I think its low enough to entice at least two people to place early bids and hopefully get them into a competitive mode. I'd also hope that other potential bidders would see than two others are already on it, making him feel more confident in placing a bid, and so on. Of course, that is if its selling in a non-heritage auction where they simply don't have the capability of reaching as many people. I've never reserved coins at heritage and I've never been displeased with the result.
Comments
<< <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
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
<< <i>
<< <i>
<< <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. >>
Seatedime, Is there any way you could answer the question about setting reserves or not, I think that would help to clear this ambiguity up! >>
Which aspect of the question do you need to see clarified?
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
I've done much better going through Doug Winter both on his website and using him via auction, I've also used JJ Teaparty. Alpine Numismatics offers a good consignment service too.
In the case of that "$10,000 coin", let's also assume its from a popular series and the marketplace is stable. I would probably reserve it at $8,000 or $8,500. I think its low enough to entice at least two people to place early bids and hopefully get them into a competitive mode. I'd also hope that other potential bidders would see than two others are already on it, making him feel more confident in placing a bid, and so on. Of course, that is if its selling in a non-heritage auction where they simply don't have the capability of reaching as many people. I've never reserved coins at heritage and I've never been displeased with the result.
jay