Why so Tough get Retail for World Currncy on Ebay
Cougar1978
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World currency one of most slow moving venues I am doing on Ebay. Why is this? I have items fairly priced and BIN / Make Offer if I have room. Are these people simply looking for rips?
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Ebay in general is a tough place to sell, in many cases you feel you're giving the note away after paying Ebay's new higher fees and Paypal's fees too
Look at the number of World Banknote sellers and the large inventories they have to sell.
Now add that to what synchr posted.
Jim61
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Depends what you're trying to sell. If you're selling modern notes, the market is really big on eBay, lots of sellers all over the world.
In general, high end world material doesn't move on eBay because BIN prices are not just high, but completely, ridiculously, unreasonably high. Not saying you're in that category, but I am saying that if your judge of "fair" is comparable items on eBay, then, like all of those sellers, you will also have trouble moving material.
I yearn, beg, and plead for the day when eBay prices for good material will match auction prices, but the reality is that sellers can ask whatever they want and I can not buy whatever I want!
But I can tell you I look every day!
94% of world notes are BIN and many with make an offer. Hardly an auction set up. More like a retail venue. 363,000 BIN's out of 387,000 listings. That's a lot of world currency to choose from.
Thai notes are screaming sales right now due to the King's death
http://www.ebay.com/itm/361771587517
As a world notes buyer I'm looking for bargains off course, but if you have something that I really need, I will buy it for fair price. Before buying something expensive (for me it's 500$ and up), I will check Pick, and sold prices of same item in Ebay and large auction houses items. For example, sold price of 10$ straits settlements 1916 (P.4b) is about 3000-3500$. There is a seller that wants 6500. Sorry, but no thanks.
1. Any The Zanzibar Government note in any condition.
I agree with Alex1176. Of course we all would like "rips" but my perspective as a buyer/collector is that some of the sellers seem to think that the market is the same as several years ago (or are so buried that they can't contemplate taking a loss). I collect Latvian interwar years and keep seeing the same overpriced material relisted, usually well in excess of reasonable retail. Pick for a lot of this material is irrelevant or woefully out of touch with the market I see. There are several "useful" notes for me on ebay right now (meaning relatively common notes but with serial block letters I "need" or upgrades of city notes) but the prices are at least twice what I think is realistic/am willing to pay. And I'm not alone since the same material gets listed again and again with few/no sales.
And the same is often true as well with the nationals in areas I collect; one specific case is a repeated offering for 600+ for a note I recently paid a couple hundred (which was actually a rarer variation). There's Just too much material sloshing around that is realistically priced that gets my attention (and money).
Just MHO of course.
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Just wanted to add a simple thing: People who buy high end material are usually advanced and savvy collectors. We will not pay 10000 for a note that usually sells for 3000-4000. I can see those insane prices from some sellers, and the notes keep relisted for years and years. Sometimes I think that maybe they don't want to sell and put it for bragging.
1. Any The Zanzibar Government note in any condition.
Spot on Alex1176.
They do not even make offer on BIN / Make Offer notes. The World Currency Market seems weak. How would you p[rice graded world notes where the only value is say Krause CV CU 60 or raw CU. I have used excel sheets to analyze this issue.
How would I price this kind of note: I would search it in Heritage, Spink, or other major auction house, and if I cannot find the same grade, I will adjust the price according to other close grades. Give me a world note example and I will quote it in no time.
The market is week for some items and crazy for others. Good luck with getting old Middle East for bargain...
1. Any The Zanzibar Government note in any condition.
Reasonable expectations, offering material not everybody else is offering and keeping in line with auction sales will go a long way. Not overgrading (like many people do on eBay) and offering reliable customer service help too.
About 95% of the currency I sell is through auction format (generally 50-100 auctions a week with most notes ranging from $20-$2500), all graded material, all starting at $9.95 with no reserve. Yes, sometimes things sell a little cheap, but I believe I have built quite a following and am very successful with this format. So it's certainly possible, and I won't say it's easy, but it's not the most difficult thing to do.
The currency market is strong for many areas; very strong for others. Of course, there are weaker areas of the market as well, but overall I believe the market to be stronger than many other areas of numismatics.
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Yes, it's possible to BIN, but when a note that should be priced at $1,200 (Based on auction results) is listed at $4,000, for example, most times I feel it would be a waste of my time to make a BIN offer of $1,000 to begin a negotiation (this is a real-life example that I've experienced recently). Then, invariably, the response of, "why do you insult me with your low offer?" comes through. So that's why I rarely make offers on BIN notes unless they're within a few hundred dollars of where I think a note should be.
Completely agree with Alex and STLNats and Dennis above. I have several notes bookmarked that have been on eBay for literally 10 years at the same absurdly high price they were originally listed at.
Speaking of old Middle East, Alex, there's a dealer in the mid-Atlantic region who runs a jewelry shop in a nondescript suburban location, who has complete sets of Iraqi notes (all of them - Faisal I, Ghazi, Faisal II of various ages, etc. in all denominations ISSUED), Iranian notes (1924/32 to present), and Libya (complete). They're in incredible condition. I remember wanting to buy some of the notes from his general stock a few years back, and he pulled an Iraqi note out of my pile because he recognized it as a variety he could upgrade. Bad form, but I have to admit, his collection is impressive. I'll see if I can get some pictures next time I'm there.
Thanks, I would like to see it.
Very nice collection you have.
1. Any The Zanzibar Government note in any condition.
That Iraqi collection would be spectacular. That material has taken off and has become almost impossible to find.
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Yes, those things are hard to find. I was able to complete all the 1 dinar royal notes (including the Indian print p.15 and the tough p.3b from 1932), but it took time. High denominations are extremely tough.
1. Any The Zanzibar Government note in any condition.
Yeah, next time I see him I'll see if he'll let me take some pictures of the highlights.
Enjoy your weekends!!
My guess is that your definition of "retail" and "fairly priced" is too high. eBay is retail.
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