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How useful is it for dealers in high end coins to have an eBay presence?

MrEurekaMrEureka Posts: 23,892 ✭✭✭✭✭
Unless you're a high end dealer with an eBay presence, you can probably only guess. But for starters, please tell us if you've been able to buy much in the way of high end collector coins on eBay, and if you've established relationships with any dealers as a result of their presence on eBay.

For the sake of this post, let's say a "high end collector coin" is $500 or more, and is not a bullion item.
Andy Lustig

Doggedly collecting coins of the Central American Republic.

Visit the Society of US Pattern Collectors at USPatterns.com.

Comments

  • RYKRYK Posts: 35,772 ✭✭✭✭✭
    It depends on what you are selling. If it is patterns, proof 19th century US gold, or C & D gold, it would be a waste of time. If you are selling 2008 buffalo gold or 1990's Chinese pandas, it is probably invaluable.

    I have made connections with a couple dealers via ebay over the years and taken the relationship off ebay, but this represents well under 5% of my purchases.
  • In some circles, having an eBay connection is a detriment.
  • BillJonesBillJones Posts: 33,427 ✭✭✭✭✭
    When I did buy coins on eBay, it was from a local dealer who put the coins up for sale. I saw them in person before I bid.

    The only high priced item I ever bought off eBay "cold turkey" was an 1864 Lincoln ferrotype. The thing about ferrotypes is the pictures of the candidates make the piece to a great extent. You can determine quite a bit about ferrotype from pictures. So I took the chance and won it for something like $800.

    So far as I'm concerned it does not matter to me if a dealer is on eBay or not because I dislike eBay. If eBay does something about their Chinese counterfeit problem, I'll think more of eBay.

    For those who don't know what a ferrotype is, here is the piece I bought.

    imageimage
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • While I would certainly not call myself a "high end dealer", I do routinely list coins on ebay that sell for over $500. Some recent examples include an 1811 half cent ($950), and a Mass. Colonial ($690) - solid collector coins.

    I find it to be a great venue. I can list coins at fixed price for as little as 2 cents. I upload my listing direct from Excel, so it takes no time at all either. There is no downside risk. Most of my collectors coins that are more expensive are sold at shows, but ebay is consistantly worth the effort. Of course, I also sell a lot more coins there that are way less than $500, but it is a good avenue for me across the board.


    merse

  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭
    MrEureka how bout a Website before worrying bout EBay imageimageimage
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • keyman64keyman64 Posts: 15,452 ✭✭✭✭✭
    I have seen David Lawrence post 4 and 5 figure coins on eBay. He posts them at higher prices than he has them listed on his website if I recall just in case he does sell one on eBay to cover the expenses. I don't know if this meets your criteria for high end coins or not but it seems that David Lawrence basically uses this method of listing as advertising to a broader audience.
    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    Very useful for selling, advertising, and acquiring inventory.
  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    $16.00 per month and 20¢ per listing to get your items in front of the largest audience in the world. Sorry but that beats any web site out there.
    And the people that buy those type of coins know they can go direct and save.
    image
  • COALPORTERCOALPORTER Posts: 2,900 ✭✭
    EBay is more a place to max out prices. i dont think too many high end pro dealers use it as a place to buy.

    What's really cool is bullion. you can list things for 99 cents and they will be bid upto full spot - dont worry. image its a great way do dump coins for melt and not pay a local dealer 3 or 4 bucks less per ounce of silver.
  • RYKRYK Posts: 35,772 ✭✭✭✭✭


    << <i>EBay is more a place to max out prices. i dont think too many high end pro dealers use it as a place to buy.

    What's really cool is bullion. you can list things for 99 cents and they will be bid upto full spot - dont worry. image its a great way do dump coins for melt and not pay a local dealer 3 or 4 bucks less per ounce of silver. >>


    But don't the fees, shipping costs, and shipping hassles eat up the difference?
  • questor54questor54 Posts: 1,351
    I would say yes, but I also think the hypothetical 'high end dealer' has to follow up that eBay presence with a good website from which people can purchase coins.

    eBay is a 'virtual' coin show (and flea market)

    Your website is a 'virtual' coin shop

    Some people like to buy coins at a show, some people like to go to a shop. Some people (like me) do both.
  • ebay isnt for the high end its for the low end
    dont send sheep to kill a wolf...
  • questor54questor54 Posts: 1,351


    << <i>ebay isnt for the high end its for the low end >>



    Not exclusively - six figure coins have been sold on eBay.

    Some coin shops and coin shows I have been to are seriously low-end.

    It all depends what the dealer makes of it. Some have low-end material, some are low-end dealers.
  • WestySteveWestySteve Posts: 567 ✭✭✭
    It probably doesn't hurt if the $500+ coin you're thinking of buying via mail order off of a dealer's website comes from a dealer who also has sterling ebay feedback.

    I've sold only two low-end coins off of BST, but referencing my ebay feedback helped make the sales.
  • RYKRYK Posts: 35,772 ✭✭✭✭✭
    When I think of the folks who have sold me $500+ coins over the last 12 months (Doug Winter, CRO, Legend, Mark Feld, TomB, MrEureka image , Heritage, Stacks-Bowers-ANR-Ruddy-Merena, bidask, PTVetter, Coinlieutenant, Gary Adkins, Dalton Gold and Silver Exchange, and likely others), none has a significant (or in most cases, any) ebay presence and none of the relationships were initiated or facilitated by an ebay presence.

    YMMV
  • LakesammmanLakesammman Posts: 17,282 ✭✭✭✭✭
    I've developed long term relationships with other collectors through ebay but not with dealers.
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>ebay isnt for the high end its for the low end >>



    Exactly. I searched Ebay high and low for great MS/PF MS65-67 type coins back around 2004-2007. Frankly, it wasn't worth the effort as nearly all the coins offered were
    run of the mill quality. I don't see why it would be different today. The only exception I can recall was an 1857 PF66 ogh seated dime that I picked up by luck from a jewelry
    who was offering it on behalf of a client. The coin was an awesome neon toner and no one else even bid as the auction ended in mid-afternoon during a Long Beach show.
    But those kinds of deals were 1 in a 100 back then and probably 1 in 1000 today. If dealers have a presence in high end type material, usually it's stuff they want to dump or
    flip. If the coins were really nice you'd have buyers already lined up for them and would not need an Ebay presence. For anyone looking for quality type coins I would think
    Ebay becames very tiring after a while.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • GreeniejrGreeniejr Posts: 1,321 ✭✭✭
    Not so much for US coins but we have a few Ancient Coin customers that came from eBay that have spent 6 or 7 figures with us.
  • For my budget a high-end coin is $150+. I've only bought one of these on eBay, some time back, could be buying another one tomorrow if I'm not outbid. Most of these I've gotten from Heritage. eBay is great for the low-end stuff where I don't want to pay the grading fee for low-end stuff needed for a registry set, or a $14 buyer's premium for the same if I could find on Heritage. I'd have a hard time spending $500 on eBay with the risk of the coin being a Chinese fake.
    Liberty . . . In God We Trust . . . not just words - A way of life
  • BochimanBochiman Posts: 25,284 ✭✭✭✭✭


    << <i>In some circles, having an eBay connection is a detriment. >>



    Folks will only know if someone tattles image

    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

  • BBQnBLUESBBQnBLUES Posts: 1,803
    If it weren't for some High-end dealers (who list on eBay) I would never know they existed, resulting in me checking out their website..
  • airplanenutairplanenut Posts: 21,881 ✭✭✭✭✭
    It all depends on what you're selling. If high end refers to major rarities for which there may only be a few buyers, but a lot of money involved, I feel like the buyers already know where to go (or have a dealer they already go to who can find the coin if they don't have it), and the casual eBay browser won't be stumbling upon said rarity and buying it on a whim. Here, I'm talking about high grade classic type, proof type, etc. On the other hand, other coins which aren't rare per se, but are very popular, can bring out the importance of eBay. If many buyers will see and follow your auctions, you have a great opportunity to build a client base, and also to get people to see what else you have and perhaps expand their interest area.

    Whether this is then transitioned to off-eBay sales is your call. If the items I were consigned had consistently known prices, then it might make sense for me to sell fixed-price at some point. Since there aren't established prices for many things that I sell, continuing to put them on eBay makes sense, and large volume ensures that I get not only search traffic, but many buyers who check my listings weekly for items in their area of interest, and occasionally outside it, too.

    Like any other selling/advertising venue, eBay is one more tool that sellers should be able to their advantage. For some it means not using it, for others it means using it extensively.
    JK Coin Photography - eBay Consignments | High Quality Photos | LOW Prices | 20% of Consignment Proceeds Go to Pancreatic Cancer Research
  • frnklnlvrfrnklnlvr Posts: 2,750


    << <i>If it weren't for some High-end dealers (who list on eBay) I would never know they existed, resulting in me checking out their website.. >>



    Same with me. DM Rare Coins (coinman1794 on Ebay) is one that sells a lot of high end material I met through Ebay. The first time I contacted him I was looking for one of the 1959 NGC graded proof-like Franklins. A very rare coin in PL, NGC has only graded 3 (2 in MS64, 1 in MS65). He said he would keep an eye out for one. I didn't think I would hear back, at least not anytime soon. About two weeks later he emailed and said he found one of the MS64. He sold it to me at a very reasonable price. That coin remains one of my all-time favorite Franklins.
  • johnny9434johnny9434 Posts: 27,411 ✭✭✭✭✭
    i dont bother with high end coin on ebay. theres been to much trouble and prefer to work with a dealer/coinshow with reputable people

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