Less Than Face Value?
wondercoin
Posts: 16,991 ✭✭✭✭✭
Are many of the slabs out there today now worth less than face value? I see them selling for $1 hammer, $2 hammer, $3 hammer. Not an
isolated coin or two, but many, many examples now each week. But, there are often listing fees and selling fees involved in these sales that appear to result in these coins potentially fetching a negative sales result for their owners! I see even nice Mint State Silver Quarters from the 1940's hammering at as little as $3 these days! Has anyone here actually been "paid" a negative sum for their slabs after their sale (i.e. Where the consignor owes money for the sale of the slab)?
Wondercoin
isolated coin or two, but many, many examples now each week. But, there are often listing fees and selling fees involved in these sales that appear to result in these coins potentially fetching a negative sales result for their owners! I see even nice Mint State Silver Quarters from the 1940's hammering at as little as $3 these days! Has anyone here actually been "paid" a negative sum for their slabs after their sale (i.e. Where the consignor owes money for the sale of the slab)?
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
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Comments
<< <i>It does not help that all the wannabe ebay idjits are trying to sell widgets. >>
It also doesn't help that idjits are slabbing things pointlessly .
If someone spends $40 to slab a $3 coin then they are just getting schooled by the universe when they sell it at a huge loss.
He went through the rolls the man had to sell, totaled it up, and paid him. He was selling some rolls for $12, so 30 back would have been $8.40 for a $10 roll of quarters.
After the seller left, the dealer and his partner were cackling about what a stupid Sh*t the seller was, and didn't even know what he had.
Mustang bob. Not too long ago, I was offered $100,000 in sealed Presidential Dollars (commons) for $99,000 (all or none). I knew I could not resist screening the coins, knew the chances of finding anything all that great was slim, knew those 500 hours put into another project would very likely yield me much more $$ and passed. Sure, I might have made a mistake walking from that $1,000. I ponder that question now and again.
Wondercoin
<< <i>MsMorrisine. Yes, I notice a couple guys on ebay who appear to be netting near $0 as well for slabs in an effort (I must assume) to "capture market share". Which brings up the related question of what a book of business of $3 buyers is really worth and just how "loyal. Such a group of buyers really is?
Mustang bob. Not too long ago, I was offered $100,000 in sealed Presidential Dollars (commons) for $99,000 (all or none). I knew I could not resist screening the coins, knew the chances of finding anything all that great was slim, knew those 500 hours put into another project would very likely yield me much more $$ and passed. Sure, I might have made a mistake walking from that $1,000. I ponder that question now and again.
Wondercoin >>
You didn't make a mistake. What is your eyesight worth?
Wondercoin
<< <i>A guy I know has $27,000 in sealed Pres Dollars today and I still don't want them at FACE! LOL. So, my mistake could only be 1% at this point
Wondercoin >>
He can get a new Kia and drive it off the lot, plus have enough gas money for months to come. I have a friend who has 22K face value in 90% junk silver coins.
eBay has 747,000 coins right now and 16% are auctions. I assume 90% of those have an opening price beyond what the coins are worth.
That has probably done more to drive buyers away than anything else.
I'm sure sellers have tried to list these coins higher before a 99c no reserve auction and there were no buyers.
If you want to sell a $100 coin for 99c eBay is the place to do it.
eBay is going back to being America's garage sale. People just want to get rid of their useless stuff.
I think PCGS Pres $'s would only be useful for the Registry, yet there are only 453 sets and only 60 are 100% complete. A lot just have a couple of coins.
So where have all the collectors gone?
<< <i>So where have all the collectors gone? >>
They're all trying to sell/flip their dreck coins for profit on ebay. Sometimes to be able to buy the ones they really want.
Wondercoin
You want my honest answer - they are not being marketed to properly. On top of that, when registry can splinter a single coin into 5, 10 and possibly even 15 ore more different registry sets for that same single coin, it gives the appearance that registry demand is increasing far more substantially than it really is. Registry sets in number are skyrocketing while the collector base is growing very slowly (if at all these days).
Just my two cents.
Wondercoin
Wondercoin
BTW that's just the Quarters I was doing the complete mint set 1968 to present at one time now retired.
And yes some went for a lot less than cost on eBay.
<< <i>I think it's just simple supply and demand.
eBay has 747,000 coins right now and 16% are auctions. I assume 90% of those have an opening price beyond what the coins are worth.
That has probably done more to drive buyers away than anything else.
I'm sure sellers have tried to list these coins higher before a 99c no reserve auction and there were no buyers.
If you want to sell a $100 coin for 99c eBay is the place to do it.
eBay is going back to being America's garage sale. People just want to get rid of their useless stuff.
I think PCGS Pres $'s would only be useful for the Registry, yet there are only 453 sets and only 60 are 100% complete. A lot just have a couple of coins.
So where have all the collectors gone? >>
Some have bemoaned their experiences of selling a $100 coin for 99¢ on eBay, but that hasn't (fortunately) been my experience at all. Recently sold a Morgan for $400 that I'd bought some years ago for $275 -- it did OK. 99¢ start and let it ride.
<< <i>When you say there is the "rub" .... it is true that in these cases the effective commission rate on the sales might be as high as 80%-90%!!! That said, I wouldn't want to market some of these coins if I was getting 95% of the take!!
Wondercoin >>
I never cared for the artificial competition introduced by the registry for the "best" or "proper" coins to have -- I just collect what I like and can afford, which is modest, which is the way I like it, barring an unforseen lotto win in my future.
<< <i>Portions of the coin market seem to be entering a stage of complete collapse. Supply exceeds demand by a wide margin. >>
Darn a complete collapse? Well I want to do my part - I'm gonna start paying attention to this sad state of the market.
Seeing as how Silver is possibly collapsing along with the other commodities, I'll be bidding on Silver widgets at around
the $8/oz level.
Gotta lend some support - after all.
They've gone the way of the middle class.
<< <i>
<< <i>So where have all the collectors gone? >>
They're all trying to sell/flip their dreck coins for profit on ebay. Sometimes to be able to buy the ones they really want. >>
^^This
<< <i>I'd be happy to pick up nice MS 1940's quarters for $3 a pop -- can you guide me to these auctions?
check my sig line......
Coin Club Benefit auctions ..... View the Lots
Hopefully they are either collecting this stuff wholesale for a few bucks a coin for fun,
or have moved into collecting truly scarce coins that have a limited supply due to attrition and significant historical collector demand in any condition.
Some of this stuff in bulk, similar to old stamps, yes has a "value" less than face in some cases, and less than fully burdened slabbing cost in most cases, due to the handling time and effort.
Liberty: Parent of Science & Industry
<< <i>My guess is that collectors of stuff like prez dollars were hoping for some kind of flippability/ down the road profit....once collectors figure out that there isn't any profit to be made, why would they remain interested in these kind of Ultra Boring products ? >>
There isn't any reason why they would remain interested. This was strictly a profit play. When it was obvious that there was no profit to be had, they left and probably won't be back.
<< <i>A guy I know has $27,000 in sealed Pres Dollars today and I still don't want them at FACE! LOL. So, my mistake could only be 1% at this point
Wondercoin >>
A few years back I bought anywhere from 100 to 500 dollars a week of prez dollars depending on how much money I made that week. I had a little over 20k in prez dollars after a year. I put my short term cash in prez dollars cause I knew my wife would not mess with them. I took me almost a year to dispose of them a few years later and turn them into CD's that pay .04 percent. lol
They were good for adding weight to the safes I have.
BTW I may have searched 10 rolls total.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"