Selling on Facebook

Frankcoins

Facebook, which previously did not allow people to sell items, has opened a series of selling groups, which were presented to me today when I logged on as a new feature. The suggested groups were local, but several "collectible and unusual" groups were featured. Might be a viable venue to move some of the lower cost stuff we all accumulate, such as state quarters, silver rounds with regional sports teams, common certified silver dollars that you would be glad to sell for half the price asked by TV shopping channels. Maybe even cultivate some customers for better material. Seems to be no fees, but only 5 items at a time can be listed.

Link

CoinZip

ricko

Thanks Frank.... I did notice a group in my area promoting sales (household goods etc.) and one for sporting goods... have not seen one for coins yet... that would be welcome. Cheers, RickO

ShadyDave

I know people who sell a lot on Facebook on the "silverbug" and other "PM" selling groups, but I don't think I'd want my friends/family/acquaintances knowing my hobby to that extent... I'm more of a cautious and quiet person when it comes to coins and bullion (except on relatively anonymous online forums ) and I don't have a B&M or a side business selling/promoting coins, so it is not widely known.

"Loose lips sink ships"

StrikeOutXXX

Originally posted by: Frankcoins
Facebook, which previously did not allow people to sell items, has opened a series of selling groups, which were presented to me today when I logged on as a new feature. The suggested groups were local, but several "collectible and unusual" groups were featured. Might be a viable venue to move some of the lower cost stuff we all accumulate, such as state quarters, silver rounds with regional sports teams, common certified silver dollars that you would be glad to sell for half the price asked by TV shopping channels. Maybe even cultivate some customers for better material. Seems to be no fees, but only 5 items at a time can be listed.

Link

I too saw a suggested one, then once I got in there noticed others.

I belong to several right now, and can tell you it is a very viable alternative to eBay. I watch in amazement at the lower end walkers, silver rounds, stuff I put in quarter bins at shows get sold for nice money. It's not all proof sets and circulated V Nickels either - several bigger outfits are using the groups with auctions and sales while driving folks to their own group (ie store) there are plenty of $200/$500/$1000+ coins cycling through the groups.

Most of the groups are closed, but they let you in after you request quick. I would watch for a little bit, see how active the groups are. Some are general groups, themed groups, some are more "Stores" for individual folks, just read the rules and you will be fine.

Nearly ALL require regular paypal (Gifting is taboo) The admins of most groups keep the chaos to a minimum, etc. I've met a lot of nice folks and bought/sold stuff. Some of the experts are in these groups answering questions for the "Ask" part of the groups. Most use a 24 hour rule, auctions ends 24 hours after last bid (I've had my own go a few days depending as bids come in). Some are BIN only sites, you can list reserves with Admins, etc. Each group has its own set of rules as to limit of items for sale - Off top of my head, I remember one is 10, one is 5, one is 6, etc. As for fees, FB has no fees, just the Paypal, but I can tell you I've sold more at "Retail" and - the 3% from PayPal, it's still much more than doing BST and barely scraping by with "Bid".

I'm sure there are more, but some of my favorite are:

Coin Collecting Buy Sell Trade Ask AUCTION ONLY
Coin Collecting Buy Sell Trade Ask
World Coins Buy Sell BIN And Auctions Only
VARIETY AND ERROR COINS
The Coin Bin
Pcgs Ngc Anacs Auction/Buy it now

Cougar1978

I have never had any luck on getting people to buy from me on Facebook. I will check if new developments which allow this.

Greeniejr

The groups can be interesting and there are plenty of known dealers on there. One thing to notice is that there are a few people who administer all the groups so things get interesting. Adrian formerly of Anaconda runs a few of the better groups. One thing to remember is that some of the people do not play by the same rules most people here and in the mainstream of our industry do. While in any business there are people whose words are not their bond, it can be a minefield.

TigersFan2

I wonder how long it'll take (hours, days?) for the scammers to exploit Facebook as an avenue for scams.

TwoSides2aCoin

Bought FB in the early days under $30, then sold them. By the time I bought them back , they cost $79. per share.
The place gives me the creeps, but as long as it has monetized itself it seems a worthy endeavor for the grandchildren's benefit.

Same with some coins.

StrikeOutXXX

Originally posted by: TigersFan2
I wonder how long it'll take (hours, days?) for the scammers to exploit Facebook as an avenue for scams.

Most of the facebook groups I'm in have been operating for over a year, it isn't exactly brand new. The bigger groups have 5-6,000 active members, I'd say maybe every couple of weeks you see someone get banned for not paying, or being disruptive, but almost everything is done through PayPal, so you have some protection.

Given the maybe few hundred active posters on our BST, and maybe a few times a year someone goes rogue, it probably isn't any less secure than our own BST.

You have to be vigilant, watch the pictures closely, ask the right questions, but I don't consider it any less safe than here or eBay - if something doesn't look right, or is perhaps counterfeit, it's called out quickly (Only seen this a few times) and an admin pulls it on the spot, no need to get a ton of folks to report to eBay and wait a day or two.

There are live auction events, normal auctions, things listed with just a fixed buy it now price, things for trade, etc. It is time consuming, I'm only in a dozen or so groups, with maybe 6-7 of them active with sometimes dozens of listings an hour. Just another avenue to buy and sell if done right.

coindeuce

I'm familiar with a FB group for enthusiasts of toned silver dollars. There is, as expected, more chest puffing than trade that goes on there. I doubt I'll ever join it, but it is entertaining.