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First Sale
numisdave
Posts: 11
First of all, let me say that even though this is my first post, I have been an avid reader of this forum for some months and have grown to respect the many regular posters here.
I have found myself in need of some money, and have decided to sell one my coins that while nice, doesn't really fit into my collection. It is a PCGS MS65 Gold Dollar - Panama/Pacific Exposition Commemorative.
I have bought a few coins in the past having inherited most of them, but never sold a coin before. It seems to me I could get a better price at an auction house as opposed to eBay so I have been researching auction houses. Both Heritage and Stacks seem popular places, but I don't know how to pick between them. They also have such a dizzying array of auctions I don't know which one would be best for this particular coin. Also, whats up with Teletrade...seems like an eBay for slabbed coins...is this right?
All suggestions or ideas are welcome. Thank you for your time.
I have found myself in need of some money, and have decided to sell one my coins that while nice, doesn't really fit into my collection. It is a PCGS MS65 Gold Dollar - Panama/Pacific Exposition Commemorative.
I have bought a few coins in the past having inherited most of them, but never sold a coin before. It seems to me I could get a better price at an auction house as opposed to eBay so I have been researching auction houses. Both Heritage and Stacks seem popular places, but I don't know how to pick between them. They also have such a dizzying array of auctions I don't know which one would be best for this particular coin. Also, whats up with Teletrade...seems like an eBay for slabbed coins...is this right?
All suggestions or ideas are welcome. Thank you for your time.
0
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Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Skip 'em all and try the BST first.
<< <i>First of all, let me say that even though this is my first post, I have been an avid reader of this forum for some months and have grown to respect the many regular posters here.
I have found myself in need of some money, and have decided to sell one my coins that while nice, doesn't really fit into my collection. It is a PCGS MS65 Gold Dollar - Panama/Pacific Exposition Commemorative.
I have bought a few coins in the past having inherited most of them, but never sold a coin before. It seems to me I could get a better price at an auction house as opposed to eBay so I have been researching auction houses. Both Heritage and Stacks seem popular places, but I don't know how to pick between them. They also have such a dizzying array of auctions I don't know which one would be best for this particular coin. Also, whats up with Teletrade...seems like an eBay for slabbed coins...is this right?
All suggestions or ideas are welcome. Thank you for your time. >>
Heritage gets the most viewers, Stacks is great if your coin is high end but Heritage will do just as well.
You are correct, Teletrade is a dumping ground for average or low for the grade coins but every now and then there is a diamond in the ruff.
Was $5,000 last I asked. I dont know the value estimate of your coin but if its not close to that I doubt Heritage will work unless you want to add more coins to bring what you are selling up to their minimum.
<< <i>
Skip 'em all and try the BST first. >>
Thanks -- hadn't thought of that. But I honestly wouldn't even know what to ask. I looked up auction prices on the PCGS web site and that same coin ranged from $1,200 to $8600. That's such a huge range...that's why I was thinking of the auction format...I could set a moderate reserve and not think about it.
I have so many questions: What's it like doing a deal on the BST? Who sets the price? Are the people easy to deal with? How are the transactions handles on the BST forum?
I have a paypal account, is it customary to use that (they have such a high fee!) -- or is there a better way to handle the money on BST.
EDIT: The one thing I do know how to do is take awesome pictures of my coins!
<< <i>
<< <i>
Skip 'em all and try the BST first. >>
Thanks -- hadn't thought of that. But I honestly wouldn't even know what to ask. I looked up auction prices on the PCGS web site and that same coin ranged from $1,200 to $8600. That's such a huge range...that's why I was thinking of the auction format...I could set a moderate reserve and not think about it.
I have so many questions: What's it like doing a deal on the BST? Who sets the price? Are the people easy to deal with? How are the transactions handles on the BST forum?
I have a paypal account, is it customary to use that (they have such a high fee!) -- or is there a better way to handle the money on BST.
EDIT: The one thing I do know how to do is take awesome pictures of my coins! >>
Well if you want to sell on the BST it'll be much easier if you set a price. You said you're in need of some money right now... well, pick a price that you'd be comfortable selling it at and see if there's a taker or an offer... surely you know what you paid for it, that (maybe plus a fair return based on your holding time) would be a good place to price it perhaps.
Since you are new to the forum, would be probably best for you to take payment by paypal. The 3% or so fee is nothing compared to the fees you'd pay on eBay and/or Heritage/Teletrade.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
The BST is a great option - at least post it with a reasonable ask and you will have no costs associated with the outright sale.
Welcome to the boards!
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Also remember that the Heritage price includes a hefty (15%) buyers' premium. You may have to make price adjustments for that in order to generate BST activity.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>You are correct, Teletrade is a dumping ground for average or low for the grade coins but every now and then there is a diamond in the ruff. >>
It is a dumping ground for some dealers who use it as such with some regularity. However, there are some of us who just find it occasionally convenient. For certain coins, Teletrade is the right place and Heritage (et al) is not. I can't honestly say I have figured out the right coins for the right places completely though. Boy, have I made some costly mistakes over the years in consignments. They are fast in bringing a coin to market and paying you though. As much as I have complained about the images there, they do tell most of the story for most coins well enough to responsibly bid them.
NSDR - Life Member
SSDC - Life Member
ANA - Pay As I Go Member
I have stuff.
price and see where it goes. May get a taker and may get offers. Certainly you could ask for
Postal money orders or bank checks if you would like. Paypal is not required on the BST.
It's a handshake type of board. You send me the money and I'll send you the coin if you
don't know the folks you're dealing with. I concur that the BST is the way to go.
bob
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>
<< <i>You are correct, Teletrade is a dumping ground for average or low for the grade coins but every now and then there is a diamond in the ruff. >>
It is a dumping ground for some dealers who use it as such with some regularity. However, there are some of us who just find it occasionally convenient. For certain coins, Teletrade is the right place and Heritage (et al) is not. I can't honestly say I have figured out the right coins for the right places completely though. Boy, have I made some costly mistakes over the years in consignments. They are fast in bringing a coin to market and paying you though. As much as I have complained about the images there, they do tell most of the story for most coins well enough to responsibly bid them. >>
Fair enough, I have never sold on Teletrade and I would guess my diamonds in the rough come from collectors that do sell on TT and not dealers.
<< <i>Let's trade
I have stuff. >>
We know that but he's talking about coins.
Good luck on the sale of your coin.
<< <i>Sign up at coins.ha.com and access their permanent auction archives. This will give you a general range of price (that's where I got my above figure). >>
OK -- I did that and just as you said, the coin has been selling for $1200 to $1500 for the past year. Thanks for the tip, I didn't see that before. Heritage has dozens in their database. When I mentioned the above figures from PCGS I was accidentally looking at the 2 1/2 gold pan-pac -- what a different an extra $1.50 can make ;-).
I will probably try the BST forum first. But I am waiting to hear back re seller fees, etc. from Heritage to see what there latest policy is. Will report back here. Thanks.
<< <i>Let's trade
I have stuff. >>
One thousand-eight hundred of those green paper thingies with the numbers on them for his coin?
The name is LEE!