How to use the Buy Sell Trade Forum?
stevepk
Posts: 238 ✭✭✭
As this is not an actual BST post, I thought it would be better suited here. I would like to verify my understanding of the PCGS Buy Sell Trade Forum. To my understanding, the process entails:
1. establish an online reputation by posting
2. with a quality photo, post the coin on the BST with an asking price
3. Receive one or more offers and reach an agreement
4. Accept payment by method of my preference
5. Pay for a padded mailer, postage, and insurance (total cost roughly ten dollars)
6. Ship the coin with delivery confirmation (is this another fee?)
Now, onto the questions:
1. Do I understand correctly in that there are no buyer or seller fees?
2. Can I assume it is best to ship the coin AFTER payment has cleared?
3. If the coin is lost in the mail, how much of a hassle it is to recover the value of the insured coin?
4. How should I go about selecting insurance?
5. How much should I expect in total transaction costs to sell a coin? Is insurance the main cost?
6. How do I establish a reputation on the PCGS forum? Is it based on my post count, presense at coin shows, or some other factor?
7. Am I targeting more collectors or dealers?
I'm just a small time collector. I do not travel the United States going to one major show to another. I will buy a coin two or three times per year and rarely sell. However, I need to know how to sell in preparation for when that time comes. Collectors within my local coin club recognize me, but I've never had my image published on Numismatic News or on the PCGS board panel. I am by no means a numismatic celebrity.
Any advice would be appreciated.
1. establish an online reputation by posting
2. with a quality photo, post the coin on the BST with an asking price
3. Receive one or more offers and reach an agreement
4. Accept payment by method of my preference
5. Pay for a padded mailer, postage, and insurance (total cost roughly ten dollars)
6. Ship the coin with delivery confirmation (is this another fee?)
Now, onto the questions:
1. Do I understand correctly in that there are no buyer or seller fees?
2. Can I assume it is best to ship the coin AFTER payment has cleared?
3. If the coin is lost in the mail, how much of a hassle it is to recover the value of the insured coin?
4. How should I go about selecting insurance?
5. How much should I expect in total transaction costs to sell a coin? Is insurance the main cost?
6. How do I establish a reputation on the PCGS forum? Is it based on my post count, presense at coin shows, or some other factor?
7. Am I targeting more collectors or dealers?
I'm just a small time collector. I do not travel the United States going to one major show to another. I will buy a coin two or three times per year and rarely sell. However, I need to know how to sell in preparation for when that time comes. Collectors within my local coin club recognize me, but I've never had my image published on Numismatic News or on the PCGS board panel. I am by no means a numismatic celebrity.
Any advice would be appreciated.
0
Comments
1. Do I understand correctly in that there are no buyer or seller fees? - Correct, no fees.
2. Can I assume it is best to ship the coin AFTER payment has cleared? - depends on the comfort level between the buyer/seller. It would seem that most ship after payment is received and cleared but I have had coins shipped to me prior to that.
3. If the coin is lost in the mail, how much of a hassle it is to recover the value of the insured coin? - Never lost a coin, but have had one damaged. Insurance claim took 6 weeks. Talked to post master, showed damage, filled out form. 6 weeks later I went in to pick up my insurance check.
4. How should I go about selecting insurance? - I insure for my actual cost of coin. If I bought it for $100, I insure it for $100. This is available through the local post office. If you are asking about insuring your collection, others will have better answers then me.
5. How much should I expect in total transaction costs to sell a coin? Is insurance the main cost? - depends on the value of the coin and how fast you want to get it there.
6. How do I establish a reputation on the PCGS forum? Is it based on my post count, presense at coin shows, or some other factor? - post count helps, but it really comes down to buying and selling on the BST and from that building references.
7. Am I targeting more collectors or dealers? - It would seem to me that you are targeting a fair amount of both here. Outside of that it comes down to the coin and the price.
Wish my answers could be more focused but your questions are kind of open ended. My advice? Find a piece you wouldn't mind selling, take a good pic and go through the process. Or buy something.
With out doing that there is no line of communication for the most part.
Edit to add.....Second thing is to list your profile hate to say it but if I don't know something about you nothing is going to happen between us.
Add number three that until established plan on dealing through PayPal for protection both ways.
<< <i>1. Do I understand correctly in that there are no buyer or seller fees? >>
Correct
<< <i>2. Can I assume it is best to ship the coin AFTER payment has cleared? >>
Yes, for your own protection. Once an established relationship is built (and you feel comfortable of course (you can send it the same day as the deal is done. There are several members here that I would not hesitate to send it right on before any payments are received.
<< <i>3. If the coin is lost in the mail, how much of a hassle it is to recover the value of the insured coin? >>
Take documentation of the transaction to the PO you took it to and fill out a claim form. It may take several weeks for you to get your claim $$$.
<< <i>4. How should I go about selecting insurance? >>
Insurance is based on the amount you wish to cover (how much the coin is worth or what you sold it for). It's always good to get insurance.
<< <i>5. How much should I expect in total transaction costs to sell a coin? Is insurance the main cost? >>
You can pay the shipping or the buyer can pay full shipping or you can split the costs. Insurance is costly, but worth it if you ever need it to cover a lost coin. Shipping is as little at 45¢ for a stamp on an envelope or as much as several hundred $'s depending on what you're shipping. Most shipping costs (even Registered, which is the most secure way to ship) is under $23 or so. My average shipping cost with items <$500 is about $8-9.
<< <i>6. How do I establish a reputation on the PCGS forum? Is it based on my post count, presense at coin shows, or some other factor? >>
Post count does nothing for establishing you as a good buyer/seller. It ain't like eBay. Buying deals along and along, being trustworthy, prompt with payments/shipping, COMMUNICATION to buyers/sellers, inputing on the boards frequently, not causing a ruckus, etc is good place to start. If you are an ebayer, a link to your profile with feedback is helpful to some.
<< <i>7. Am I targeting more collectors or dealers? >>
Depends. There are plenty of both on these boards and plenty of buyers. If you need to find an end-user for a coin you have a ton in, yeah, a collector is gonna be your best bet. Dealers will buy from you but usually not clost to full retail on common items. If you list stuff on the BST for outragous prices and it just sits there, you either have: 1) it priced way too high 2)something that doesn't interest anyone on here.
Too many positive BST transactions with too many members to list.
Be specific in your terms. If you include delivery in the price say so and expect that it will cover postage, insurance, tracking [DC, sig. conf. etc.] Payment types accepted and terms thereof is also a good idea.
Ask for references and offer the same in return.
For an infrequent shipper, your best bet is postal insurance. In the event of loss you will need to document value with terms of the sale and/or price paid by you. You also get tracking as a part of your insurance tho it can't be traced by anyone other than the USPS. I think you can also get free DC if you print a label thru PayPal shipping and this lets you use it with envelopes.
Be true to your word. If the coin/check is in the mail, then make sure that it is.
Communicate promptly. When you ship, send a quick PM to the the buyer know that the item is on the way or that the coin/check has been received.
State your price/terms, if acceptable you will get a buyer.
Might have to be generous on the terms starting out (i.e. ship before payment) in order to build a good reputation and references as a seller.
Transactions are strictly between the two parties, PCGS stays out of it. As long as BST runs smooth and members respect it, PCGS will keep providing it.
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<< <i>First thing you need to do is turn on the Private Message function in your profile.
With out doing that there is no line of communication for the most part.
I second this, you need to comunicate with any potential buyers.
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You can buy insurance if you are really paranoid, but imo, it is really
overrated- I have never had any problems. I see some dealers that
see expensive coins and dont really worry too much either.
<< <i> I see some dealers that
see expensive coins and dont really worry too much either. >>
I may be incorrect, but I thought a lot of the dealers and/or photographers who handle higher dollar coins/shipments had private insurance that covered them, instead of insurance through the PO.
below that point, it is a rate competition between the carrier's insurance rates and the private insurance rates.
it is on a per-shipment basis