<< <i>I got outbid by someone special in the closed part again and the bid now is above $3000 with Live bidding tonight. I will not participate in the Live bidding this time as I can't float the extra $1,000 on the credit card. Congrats to the high bidder who gets it for a grand cheaper than I would bid. >>
If live bidding has yet to happen, how do you know the eventual winning bidder will get the item $1000 cheaper than you would have bid? >>
<< <i>Well, This has caused me to stop bidding on a coin I want. Just like the last one that I bid up to $4600 in Live with me being underbidder, I was top bid on this one when internet bidding closed. I got outbid by someone special in the closed part again and the bid now is above $3000 with Live bidding tonight. I will not participate in the Live bidding this time as I can't float the extra $1,000 on the credit card. Congrats to the high bidder who gets it for a grand cheaper than I would bid. Sorry for the seller who did not maximize their profit. Heritage still makes their 15% so it is all good... >>
Are you saying that coins are selling for less money because of the credit card limit change? Do you have any empirical evidence to this effect, or is this supposition? If it is the former I would like to include that evidence in my seminar, if it is the latter than is sounds like you are punishing yourself because Heritage no longer wants to subsidize your purchases. Either way I don't get it. >>
I just checked now that Live bidding is over. I bid it up $400 and was top bid at $3000. The special bidder bid after closing to $3200+change. No one bid in the Live section. I would have bid this up a couple more incriments up towards $4000. Maybe I would have got it for only $3500 but instead the winner ended up with it for $3200. I do not know where the other bidder would have stopped.
So... it was at $2500 and I brought it up to $3000 and the other bidder brought it up to $3200. Had I not bid initially he may have had it for $2800 instead of $3200. Had I bid again it may have sold for up to $4000 instead of $3200. I guess that the $1000 figure is speculative on too much and your point of view from which bidding point. Either way, I guarantee that this coin sold for hundreds less because I did not make a third round of bidding because of the credit card limit.
I am not punishing myself, I am just stating fact. Another coin will come and I will try again. Maybe I will have enough cash to not need the credit card at that time.
What are you talking about "Heritage no longer wants to subsidize your purchases" You talking about that 2.5% transaction fee? Let me think about this. Heritage makes (in theory) 15% buyers fee on all purchases. Heritage wants to maximize profit so is eliminating credit card payments to save this 2.5%.
Coin at $2200+$330 buyer fee=$2530 2.5% of this =$63.25 lost to credit card payment Coin at $2600+$390 buyer fee=$2990 2.5% of this =$65.78 lost to credit card payment Coin at $2800+$420 buyer fee=$3220 2.5% of this =$80.50 lost to credit card payment Coin at $3400+$510 buyer fee=$3910 2.5% of this =$97.75 lost to credit card payment
Look at the above information. Heritage probably saved a few dollars in the end ($90 gain vs $97.75 loss). Good for Heritage. I would not consider $7.75 as Heritage "subsidizing" my purchase. The seller ended up with several hundred less because I did not bid. Too bad for the seller I guess. I ended up not buying anything from Heritage... yet. My wife will think this is a postive result. I guess it is all about perspective. My issue is that if Heritage is not saving much by eliminating the credit card payment for us little guys then why implement this policy if it is going to hurt the consignors?
And maybe I just don't get it either and you need to explain it to me.
<< <i>Heritage mails me stuff all the time wanting me to sell them coins or make consignments. I have only bought coins from Heritage. So I decide to get them a shot at auctioning a couple of coins to test the waters. Send them an e-mail wanting to consign two gold coins. Heritage replied that the coins are worth under $5000 and I should sell them on e-bay! Wow! >>
Well, that lets me know where a small collector like me stands in the eyes of Heritage...the several comments about Heritage trying to run off the little guy may be correct.
Ebay using the $2500 threshold for certain coins--coins with serial numbers that are databased
HA reducing CC limits to $2500 for collectibles.
and at the Hartung auction I attended, you couldn't pay with cash over $2500 and the place was crawling with TSA and Homeland security to enforce that ...
<< <i>Ebay using the $2500 threshold for certain coins--coins with serial numbers that are databased
HA reducing CC limits to $2500 for collectibles.
and at the Hartung auction I attended, you couldn't pay with cash over $2500 and the place was crawling with TSA and Homeland security to enforce that ...
Coincidence? Hmmmmph. Why the magic number $2500? >>
I thought the threshold was $10.000 before the transaction was reportable.....
<< <i>Every person in this thread who said they held off bidding because of this change is your evidence. The final bids would have been higher but for this change (assuming the posters here are all honest). >>
That evidence is not sufficient to prove the point. One would also need to prove that the posters here would have been one of the top two bidders in the auctions in which they participated. >>
>>
What happened to the floor bidders at tonight's Heritage auction of gold coins? I counted only 8 floor bids along more than 80 sold lots .. of double eagles liberty's
My 2 double eagle lots that I liked and would have won had I bid .. went off without any additional bids
.. look at the math.. sellers lost at least $ 200.00 additional revenue without my bids for the 2 eagles .. but Heritage saved 250.00 in CC fees had Heritage still had a $ 10,000 CC limit -
<< <i>.. look at the math.. sellers lost at least $ 200.00 additional revenue without my bids for the 2 eagles .. but Heritage saved 250.00 in CC fees had Heritage still had a $ 10,000 CC limit - >>
I can't believe they finished tonight's session so quickly!!! I was watching the evening session start late, around 7:30 PM CDT... They had roughly 900 lots and the lots I wanted to bid on were towards the end, a few commems. Figured I had 4-5 hours at least.. Checked at 11:30 PM CDT and the auction is over??? what the heck???? LAME!!!! And 2 of the 5 I was planning on bidding on sold way too cheap, I was willing to pay double what one of them sold for!!! OUCH!!!!!
Ok, just got my Heritage invoice via email for this weekend's Long Beach auction. The total was well below $2500 so I figured I'd be able to quickly pay online via credit card. Apparently that is no longer an option and the only option is to pay via eCheck.
Since when did Heritage go to a zero credit card policy??? I must have missed the memo.
Just seems a bit overboard, since I thought they just dropped from $10k limit down to $2500, and even more so with the increased buyers' premiums coming next month. I would also have to think really hard about whether I would want to consign coins to a company that doesn't allow any bidders to pay via credit card either.
<< <i>Ok, just got my Heritage invoice via email for this weekend's Long Beach auction. The total was well below $2500 so I figured I'd be able to quickly pay online via credit card. Apparently that is no longer an option and the only option is to pay via eCheck.
Since when did Heritage go to a zero credit card policy??? I must have missed the memo.
Just seems a bit overboard, since I thought they just dropped from $10k limit down to $2500, and even more so with the increased buyers' premiums coming next month. I would also have to think really hard about whether I would want to consign coins to a company that doesn't allow any bidders to pay via credit card either.
>>
Are you sure? I had to look a little harder for the credit card option, but it was there.
I paid mine this morning. There's no check-box on the invoice payment form to select a credit card, so I just clicked on the Visa logo and was promptly offered a 1% discount to pay by eCheck, which I accepted.
<< <i>Ok, just got my Heritage invoice via email for this weekend's Long Beach auction. The total was well below $2500 so I figured I'd be able to quickly pay online via credit card. Apparently that is no longer an option and the only option is to pay via eCheck.
Since when did Heritage go to a zero credit card policy??? I must have missed the memo.
Just seems a bit overboard, since I thought they just dropped from $10k limit down to $2500, and even more so with the increased buyers' premiums coming next month. I would also have to think really hard about whether I would want to consign coins to a company that doesn't allow any bidders to pay via credit card either.
>>
Are you sure? I had to look a little harder for the credit card option, but it was there. >>
Agreed, you just have to click the "other payment options" botton.
Heritage is making more difficult to use the credit card at all. ..either Heritage profits aren't high enough or Heritage is fattening up the balance sheet for their own sale. Once again I passed on the LB auction.. some of the PCGS DMPL Morgans sold less than what would have bid,,,, .so some sellers lose out again.. Awhile back ,I talked to a heritage rep looking for coins to consign....after I told him I passed on biding in the Central States auction thereby having sellers lose revenue .. the Heritage rep there hasn't been much change to sales from the cc decrease
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Reviewed this old tread and found it interesting. Clearly Heritage made a business decision which I suspect was thought through careully (although not necessarily correctly) I am surprised actually that in these economic time that they chose to eliminate/reduce CC use since auctions are well known to be impulse opportunities and CC are a good avenue for impulse buying/bidding. It is possible that they have such a control of the market and business is so good that they decided that it would help rather than hurt their bottom line by reducing the cost of CC. On ther other hand things might be the opposite and they are struggling to keep profits even. I also noted that they increased the buyers fees. We will see whathappens when the coin market softens. For my part the CC issue had no personal hurt as I have elected not to use CC for this purpose even though I have been a significant client of Heritage I don't need the miles as I have millions unused and a VIP status on airlines (free upgrades are usual. I also do not need any moe impulse incentives.
I notice that Stacks-Bowers has followed suit. Their CC limit used to be $5000 and it's now only $2500.
Less business from me.
My current coin collecting interests are: (1) British coins 1838-1970 in XF-AU-UNC, (2) silver type coins in XF-AU with that classic medium gray coloration and exceptional eye appeal.
RR Auctions (specialists in autographs) just increased their commission from 20% if paid with a credit card to 22.5%. The commission cost if paid with cash/check/wire went from 18% to 20%.
Since the business "decision" of Heritage to lower the limit I have made a personal "decision" not to do business with them. Will they will feel it? Dunno, don't care but I'm not having my payment options limited by any company. There are many more options out there and I have found several new dealers to buy from since their "decision."
In the upcoming 2013 FUN auction there are several coins I am interested in. Unfortunately I don't have the cash sitting around and at least three of them will most likely go over the $2500 credit card limit. If I'm lucky I might be able to get one of those if it goes on the cheap side. The other two will probably go over $5000 each. If they had left the cc limit at $10,000 I would still only be able to seriously try for one of them. Now I can't get either of them. Many coins that should go for several thousand could potentially go for just over the cc limit. All I can say is I will not advise my family to send my coins to Heritage since the little guy has been pretty effectively locked out.
<< <i>Actually, BF, your vitriol aside, your financial analysis has failed you. You still have numerous options to finance coin purchases:
1. Heritage offers credit. 2. You can write a check from your credit card account. 3. You can write a HELOC check.
Yes, they are slightly less convenient, but #3 will likely even save you some money.
What Heritage is not doing is taking the hit for you to float or finance the purchase of your coins. It's their business. It's their choice. When you run the business, you make the choices. Perhaps it will prove unwise. Perhaps it will even put them out of business. I don't know, but I expect that they have considered the ramifications of this, the pluses and minuses, and are willing to try it. >>
<< <i>Actually, BF, your vitriol aside, your financial analysis has failed you. You still have numerous options to finance coin purchases:
1. Heritage offers credit. 2. You can write a check from your credit card account. 3. You can write a HELOC check.
Yes, they are slightly less convenient, but #3 will likely even save you some money.
What Heritage is not doing is taking the hit for you to float or finance the purchase of your coins. It's their business. It's their choice. When you run the business, you make the choices. Perhaps it will prove unwise. Perhaps it will even put them out of business. I don't know, but I expect that they have considered the ramifications of this, the pluses and minuses, and are willing to try it. >>
1. for a four month period at a much higher rate (12%) than I pay with my CC. - a bad idea for me, espeically if I want to float something for longer than four months where it wouldn't be possible to do with Heritage. 2. this is an option I may have to go to, but unfortunately my CC company doesn't always offer checks on a regular basis. And paying with credit card is, as you mentioned, a LOT more convenient. 3. thanks to the housing bubble collapse, my HELOC has dried up entirely. Whereas I once had a lot of equity available to me, now I have none. >>
<< <i>6-8 months later, with higher buyer's premiums and lower credit card limits, I am still getting outbid on most coins that I want. >>
There are many of us that were affected by this decision. You and I (and many others) don't play on the same playground. I'm not likely to ever have the number one set, but I might make it to the top five if I'm lucky.
I am not rich, by any stretch, but I strongly feel if you dont have the money to outright buy a coin, and need credit, or to put it on CC, you should not be buying in the first place.
There are several coins I would like to buy, but dont becuase of the funds.
<< <i>I am not rich, by any stretch, but I strongly feel if you dont have the money to outright buy a coin, and need credit, or to put it on CC, you should not be buying in the first place. >>
What he said. I would make an exception for a situation where you have a shot at a coin that comes up only once every 10 years or more, and need to make a short tem loan to swing it.
<< <i>Give it some time and their minimum value per-coin for consignment will be $2500. >>
I had $3500+ in coins I wanted to consign to FUN and they turned me down because the "book" value was not $5000. A couple of the coins I wanted to consign have no records of public sales. They could have easily sold in combination at over their 5k level. I am amazed that they would turn away $3500-4500 in business. These were not widgets and were R4 and R5 coins. I guess 4k in sales is peanuts to them now. I bet I'm not the only one looking for a new auction house.
If memory is correct, I see the most expensive lots for bid in a given year at the Heritage FUN Sale. Once I believe there were 17 separate 1916 SLQs, in grades from mid-range circulated to MS 66 FH.
You probably wouldn't get such a chilly reception if you consigned with Heritage for any other Signature sale during the year.
Just a hunch - If you need more time to buy what for you is an expensive coin and someone over there knows you, you may get 90 days to pay, interest free. This was my situation, though my guy @ Heritage found a coin me for and it did not ever go to auction.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
<< <i>I am not rich, by any stretch, but I strongly feel if you dont have the money to outright buy a coin, and need credit, or to put it on CC, you should not be buying in the first place. >>
I don't usually keep a fortune in my checking account. Use of a credit card eliminates the immediate need to transfer funds to the checking account and/or eliminates the immediate need to convert an investment into cash.
In other words, just because I don't have the money in my checking account right now doesn't mean that I don't have the money available. Credit cards are a convenience for me, not a method of long term financing.
Then I would say convert the investment to cash, then send the funds to heritage.
I have to agree with heritage on this issue, cost of doing business increases substantially allowing (substantial) CC purchases.
What coinosaurus said earlier I would agree with, a opportunity that doesnt come around in long periods of time is probably worth strecthing for, even if you have to wiggle around the finances a bit.
here is the big problem i see, locally here I see so many people buy coins and pM's with credit cards, and then loose thier a$$, or even sell the coins for a loss, then not even pay the bill and dig deeper and deeper in the hole.
<< <i>I am not rich, by any stretch, but I strongly feel if you dont have the money to outright buy a coin, and need credit, or to put it on CC, you should not be buying in the first place. >>
What he said. I would make an exception for a situation where you have a shot at a coin that comes up only once every 10 years or more, and need to make a short tem loan to swing it. >>
I actually take the different side on this. While coins are a hobby and the application of one's credit should be used more judiciously than for any essentials, I think we need to draw a distinction from the notion that using credit for coins consists of an abuse of credit. One can buy coins on credit while still being responsible with its utilization and coins are as good a use of credit as anything else I would argue. There are many justifications for responsible credit use and no good reason to abuse it and live outside your means, so the point of quality of use rides on the total pictures of ones financial health and not of the object of purchase.
That said HA doesn't have a problem with credit they are just trying to force collectors to use their system to cut out outside middle men from their margins. The real distinction here is if the move will decrease bids that will then result in smaller auction % rates taken in by the house via lower hammer prices offset by their increased financing revenue. Considering the instant gratification of lower credit card payments to the VISAs of the world, it would take prolonged trend analysis showing lower hammer levels that then resulted in lower consignments to change the course. I don't see that happening.
Comments
<< <i>
<< <i>I got outbid by someone special in the closed part again and the bid now is above $3000 with Live bidding tonight. I will not participate in the Live bidding this time as I can't float the extra $1,000 on the credit card. Congrats to the high bidder who gets it for a grand cheaper than I would bid. >>
If live bidding has yet to happen, how do you know the eventual winning bidder will get the item $1000 cheaper than you would have bid?
It was speculation.
<< <i>
<< <i>Well, This has caused me to stop bidding on a coin I want. Just like the last one that I bid up to $4600 in Live with me being underbidder, I was top bid on this one when internet bidding closed. I got outbid by someone special in the closed part again and the bid now is above $3000 with Live bidding tonight. I will not participate in the Live bidding this time as I can't float the extra $1,000 on the credit card. Congrats to the high bidder who gets it for a grand cheaper than I would bid. Sorry for the seller who did not maximize their profit. Heritage still makes their 15% so it is all good... >>
Are you saying that coins are selling for less money because of the credit card limit change? Do you have any empirical evidence to this effect, or is this supposition? If it is the former I would like to include that evidence in my seminar, if it is the latter than is sounds like you are punishing yourself because Heritage no longer wants to subsidize your purchases. Either way I don't get it. >>
I just checked now that Live bidding is over. I bid it up $400 and was top bid at $3000. The special bidder bid after closing to $3200+change. No one bid in the Live section. I would have bid this up a couple more incriments up towards $4000. Maybe I would have got it for only $3500 but instead the winner ended up with it for $3200. I do not know where the other bidder would have stopped.
So... it was at $2500 and I brought it up to $3000 and the other bidder brought it up to $3200. Had I not bid initially he may have had it for $2800 instead of $3200. Had I bid again it may have sold for up to $4000 instead of $3200. I guess that the $1000 figure is speculative on too much and your point of view from which bidding point. Either way, I guarantee that this coin sold for hundreds less because I did not make a third round of bidding because of the credit card limit.
I am not punishing myself, I am just stating fact. Another coin will come and I will try again. Maybe I will have enough cash to not need the credit card at that time.
What are you talking about "Heritage no longer wants to subsidize your purchases" You talking about that 2.5% transaction fee? Let me think about this. Heritage makes (in theory) 15% buyers fee on all purchases. Heritage wants to maximize profit so is eliminating credit card payments to save this 2.5%.
Coin at $2200+$330 buyer fee=$2530 2.5% of this =$63.25 lost to credit card payment
Coin at $2600+$390 buyer fee=$2990 2.5% of this =$65.78 lost to credit card payment
Coin at $2800+$420 buyer fee=$3220 2.5% of this =$80.50 lost to credit card payment
Coin at $3400+$510 buyer fee=$3910 2.5% of this =$97.75 lost to credit card payment
Look at the above information. Heritage probably saved a few dollars in the end ($90 gain vs $97.75 loss). Good for Heritage. I would not consider $7.75 as Heritage "subsidizing" my purchase. The seller ended up with several hundred less because I did not bid. Too bad for the seller I guess. I ended up not buying anything from Heritage... yet. My wife will think this is a postive result. I guess it is all about perspective. My issue is that if Heritage is not saving much by eliminating the credit card payment for us little guys then why implement this policy if it is going to hurt the consignors?
And maybe I just don't get it either and you need to explain it to me.
<< <i>Heritage mails me stuff all the time wanting me to sell them coins or make consignments. I have only bought coins from Heritage. So I decide to get them a shot at auctioning a couple of coins to test the waters. Send them an e-mail wanting to consign two gold coins. Heritage replied that the coins are worth under $5000 and I should sell them on e-bay! Wow! >>
Well, that lets me know where a small collector like me stands in the eyes of Heritage...the several comments about Heritage trying to run off the little guy may be correct.
HA reducing CC limits to $2500 for collectibles.
and at the Hartung auction I attended, you couldn't pay with cash over $2500 and the place was crawling with TSA and Homeland security to enforce that ...
Coincidence? Hmmmmph.
Why the magic number $2500?
<< <i>Ebay using the $2500 threshold for certain coins--coins with serial numbers that are databased
HA reducing CC limits to $2500 for collectibles.
and at the Hartung auction I attended, you couldn't pay with cash over $2500 and the place was crawling with TSA and Homeland security to enforce that ...
Coincidence? Hmmmmph.
Why the magic number $2500? >>
I thought the threshold was $10.000 before the transaction was reportable.....
<< <i>
<< <i>
<< <i>Every person in this thread who said they held off bidding because of this change is your evidence. The final bids would have been higher but for this change (assuming the posters here are all honest). >>
That evidence is not sufficient to prove the point. One would also need to prove that the posters here would have been one of the top two bidders in the auctions in which they participated. >>
What happened to the floor bidders at tonight's Heritage auction of gold coins? I counted only 8 floor bids along more than 80 sold lots .. of double eagles liberty's
My 2 double eagle lots that I liked and would have won had I bid .. went off without any additional bids
.. look at the math.. sellers lost at least $ 200.00 additional revenue without my bids for the 2 eagles .. but Heritage saved 250.00 in CC fees had Heritage still had a $ 10,000 CC limit -
<< <i>.. look at the math.. sellers lost at least $ 200.00 additional revenue without my bids for the 2 eagles .. but Heritage saved 250.00 in CC fees had Heritage still had a $ 10,000 CC limit - >>
I guess you showed them. Good job!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Since when did Heritage go to a zero credit card policy??? I must have missed the memo.
Just seems a bit overboard, since I thought they just dropped from $10k limit down to $2500, and even more so with the increased buyers' premiums coming next month. I would also have to think really hard about whether I would want to consign coins to a company that doesn't allow any bidders to pay via credit card either.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>Ok, just got my Heritage invoice via email for this weekend's Long Beach auction. The total was well below $2500 so I figured I'd be able to quickly pay online via credit card. Apparently that is no longer an option and the only option is to pay via eCheck.
Since when did Heritage go to a zero credit card policy??? I must have missed the memo.
Just seems a bit overboard, since I thought they just dropped from $10k limit down to $2500, and even more so with the increased buyers' premiums coming next month. I would also have to think really hard about whether I would want to consign coins to a company that doesn't allow any bidders to pay via credit card either.
Are you sure? I had to look a little harder for the credit card option, but it was there.
Jade Rare Coin eBay Listings
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
<< <i>
<< <i>Ok, just got my Heritage invoice via email for this weekend's Long Beach auction. The total was well below $2500 so I figured I'd be able to quickly pay online via credit card. Apparently that is no longer an option and the only option is to pay via eCheck.
Since when did Heritage go to a zero credit card policy??? I must have missed the memo.
Just seems a bit overboard, since I thought they just dropped from $10k limit down to $2500, and even more so with the increased buyers' premiums coming next month. I would also have to think really hard about whether I would want to consign coins to a company that doesn't allow any bidders to pay via credit card either.
Are you sure? I had to look a little harder for the credit card option, but it was there. >>
Agreed, you just have to click the "other payment options" botton.
Thanks again!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Once again I passed on the LB auction.. some of the PCGS DMPL Morgans sold less than what would have bid,,,, .so some sellers lose out again..
Awhile back ,I talked to a heritage rep looking for coins to consign....after I told him I passed on biding in the Central States auction thereby having sellers lose revenue .. the Heritage rep there hasn't been much change to sales from the cc decrease
<< <i>
<< <i>I found that out when I went to pay for the FUN auction; it does suck. I wonder what their reason was for the change? >>
Probably fees. Many a business are looking to reduce credit card fees in an effort to improve margins. Heh I went to Florida last month and was introduced to gas stations that charge more per gallon if you are using a credit card. I hope that doesn't catch on elsewhere.
Jacob >>
Michigan has been like that since I can remember.
Successful Trades: Swampboy,
Clearly Heritage made a business decision which I suspect was thought through careully (although not necessarily correctly)
I am surprised actually that in these economic time that they chose to eliminate/reduce CC use since auctions are well known to be impulse opportunities and CC are a good avenue for impulse buying/bidding.
It is possible that they have such a control of the market and business is so good that they decided that it would help rather than hurt their bottom line by reducing the cost of CC. On ther other hand things might be the opposite and they are struggling to keep profits even.
I also noted that they increased the buyers fees. We will see whathappens when the coin market softens.
For my part the CC issue had no personal hurt as I have elected not to use CC for this purpose even though I have been a significant client of Heritage I don't need the miles as I have millions unused and a VIP status on airlines (free upgrades are usual. I also do not need any moe impulse incentives.
Less business from me.
U.S. Type Set
<< <i>Actually, BF, your vitriol aside, your financial analysis has failed you. You still have numerous options to finance coin purchases:
1. Heritage offers credit.
2. You can write a check from your credit card account.
3. You can write a HELOC check.
Yes, they are slightly less convenient, but #3 will likely even save you some money.
What Heritage is not doing is taking the hit for you to float or finance the purchase of your coins. It's their business. It's their choice. When you run the business, you make the choices. Perhaps it will prove unwise. Perhaps it will even put them out of business. I don't know, but I expect that they have considered the ramifications of this, the pluses and minuses, and are willing to try it. >>
Well Said, and I agree 100%.
<< <i>
<< <i>Actually, BF, your vitriol aside, your financial analysis has failed you. You still have numerous options to finance coin purchases:
1. Heritage offers credit.
2. You can write a check from your credit card account.
3. You can write a HELOC check.
Yes, they are slightly less convenient, but #3 will likely even save you some money.
What Heritage is not doing is taking the hit for you to float or finance the purchase of your coins. It's their business. It's their choice. When you run the business, you make the choices. Perhaps it will prove unwise. Perhaps it will even put them out of business. I don't know, but I expect that they have considered the ramifications of this, the pluses and minuses, and are willing to try it. >>
1. for a four month period at a much higher rate (12%) than I pay with my CC. - a bad idea for me, espeically if I want to float something for longer than four months where it wouldn't be possible to do with Heritage.
2. this is an option I may have to go to, but unfortunately my CC company doesn't always offer checks on a regular basis. And paying with credit card is, as you mentioned, a LOT more convenient.
3. thanks to the housing bubble collapse, my HELOC has dried up entirely. Whereas I once had a lot of equity available to me, now I have none. >>
<< <i>6-8 months later, with higher buyer's premiums and lower credit card limits, I am still getting outbid on most coins that I want. >>
There are many of us that were affected by this decision. You and I (and many others) don't play on the same playground.
I'm not likely to ever have the number one set, but I might make it to the top five if I'm lucky.
My playground.
There are several coins I would like to buy, but dont becuase of the funds.
<< <i>I am not rich, by any stretch, but I strongly feel if you dont have the money to outright buy a coin, and need credit, or to put it on CC, you should not be buying in the first place.
>>
What he said. I would make an exception for a situation where you have a shot at a coin that comes up only once every 10 years or more, and need to make a short tem loan to swing it.
<< <i>Give it some time and their minimum value per-coin for consignment will be $2500. >>
I had $3500+ in coins I wanted to consign to FUN and they turned me down because the "book" value was not $5000. A couple of the coins I wanted to consign have no records of public sales. They could have easily sold in combination at over their 5k level. I am amazed that they would turn away $3500-4500 in business. These were not widgets and were R4 and R5 coins. I guess 4k in sales is peanuts to them now. I bet I'm not the only one looking for a new auction house.
You probably wouldn't get such a chilly reception if you consigned with Heritage for any other Signature sale during the year.
Just a hunch - If you need more time to buy what for you is an expensive coin and someone over there knows you, you may get 90 days to pay, interest free. This was my situation, though my guy @ Heritage found a coin me for and it did not ever go to auction.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>I am not rich, by any stretch, but I strongly feel if you dont have the money to outright buy a coin, and need credit, or to put it on CC, you should not be buying in the first place. >>
I don't usually keep a fortune in my checking account. Use of a credit card eliminates the immediate need to transfer funds to the checking account and/or eliminates the immediate need to convert an investment into cash.
In other words, just because I don't have the money in my checking account right now doesn't mean that I don't have the money available. Credit cards are a convenience for me, not a method of long term financing.
I have to agree with heritage on this issue, cost of doing business increases substantially allowing (substantial) CC purchases.
What coinosaurus said earlier I would agree with, a opportunity that doesnt come around in long periods of time is probably worth strecthing for, even if you have to wiggle around the finances a bit.
here is the big problem i see, locally here I see so many people buy coins and pM's with credit cards, and then loose thier a$$, or even sell the coins for a loss, then not even pay the bill and dig deeper and deeper in the hole.
jim
``https://ebay.us/m/KxolR5
<< <i>
<< <i>I am not rich, by any stretch, but I strongly feel if you dont have the money to outright buy a coin, and need credit, or to put it on CC, you should not be buying in the first place.
>>
What he said. I would make an exception for a situation where you have a shot at a coin that comes up only once every 10 years or more, and need to make a short tem loan to swing it. >>
I actually take the different side on this. While coins are a hobby and the application of one's credit should be used more judiciously than for any essentials, I think we need to draw a distinction from the notion that using credit for coins consists of an abuse of credit. One can buy coins on credit while still being responsible with its utilization and coins are as good a use of credit as anything else I would argue. There are many justifications for responsible credit use and no good reason to abuse it and live outside your means, so the point of quality of use rides on the total pictures of ones financial health and not of the object of purchase.
That said HA doesn't have a problem with credit they are just trying to force collectors to use their system to cut out outside middle men from their margins. The real distinction here is if the move will decrease bids that will then result in smaller auction % rates taken in by the house via lower hammer prices offset by their increased financing revenue. Considering the instant gratification of lower credit card payments to the VISAs of the world, it would take prolonged trend analysis showing lower hammer levels that then resulted in lower consignments to change the course. I don't see that happening.