Dealers Preferred: Has anyone had to cash in some inventory to pay some bills? How badly?

joeykoins · March 23, 2017 8:25AM

Quick Needed Cash! I admit, I myself had to sell some of my coins to get some quick cash.
DON'T WORRY, THIS WILL BE ANONYMOUS!

illini420 · March 23, 2017 8:30AM

Never "had" to cash in any inventory before... but you didn't leave that as a choice in your "poll"

bigjpst · March 23, 2017 9:47AM

At the end of last year I had some bills piling up so I had to sell off some inventory. Most of it I still made money on, but couldn't hold out for retail. Selling off the inventory wasn't too hard though. The hard part was not buying new stuff while I got caught up.

joeykoins · March 23, 2017 10:19AM

Boy, how sad when one has to go to this endeavor? Most of the B&M shops I visit, the proprietor states, "no traffic like it used to be". I'm guessing maybe, because of the internet and the frequent Coin Shows? I think the hobby isn't doing bad, it's just less spending. Maybe the collectors are gun shy on buying in on any series or coin/coins, that might go under? Ala' Statehood Q. and the Susan B.

jwitten · March 23, 2017 10:43AM

Not at that point... yet. We just had our second child a few months ago, and we have decided for my wife to stay home with them, so I am expecting I will slowly need to sell off some inventory to help over the next few years.

neildrobertson · March 23, 2017 10:47AM

Isn't the whole point of a coin shop to turn inventory into cash? Are you asking if a coin dealer has struggled financially, the answer is usually yes.

joeykoins · March 23, 2017 10:48AM

Ah, I hope everything turns out good for 'ya? I think, you made a great decision on having your wife stay home with your children! That is the main concern.

joeykoins · March 23, 2017 10:54AM

@neildrobertson said:
Isn't the whole point of a coin shop to turn inventory into cash? Are you asking if a coin dealer has struggled financially, the answer is usually yes.

Yes, when a Dealer or even just a collector struggles with bills and needs to turn some of their inventory into
"Quickly Needed Cash"

jdimmick · March 23, 2017 11:47AM

Earlier Last year I sold 2 coins to cover a major medical op. I have insurance, but elected to go to Pinehurst instead of the area I live in due to (less chance of dying on the op table) I had bought a huge large 6 figure deal just 6 months prior to that from a customer friend of mine, wanted to keep about 100K worth of the coins for myself, but had to part with 2 of them to cover the part the insurance wasn't covering for going out of plan dr. I don't miss either one to be honest.

1918/7 quarter PCGS 55 (was decent, but in non FH, really not that hard to find if I ever wanted to get another, which I don't. This coin traded hands a few times since then.

1836 Gobrecht dollar pcgs 58 , but not original, in fact a coin I would have never bought for myself , I didn't like it, my friend had paid 18.5 k for this coin when he bought it a year prior. I sold it to a national dealer and this same coin has hot potato'd around several places since then, last selling in a national auction for 3k less than I sold it for. Only reason I had kept it originally from the deal in the first place was because I had never owned one, and though it was neat, even though I didn't care for the coin that much.

Also was a bit pinched as well because of the dealer that screwed me out of 20k plus on a gold scam back in dec 2015

Just sold one larger coin recently, not because I needed too , but because it wouldn't cac and price in 55 is like 2x what a nice 53 is , just didn't see the 25k difference for 1 grade point.

cameonut2011 · March 23, 2017 2:24PM

@joeykoins said:
Boy, how sad when one has to go to this endeavor? Most of the B&M shops I visit, the proprietor states, "no traffic like it used to be". I'm guessing maybe, because of the internet and the frequent Coin Shows? I think the hobby isn't doing bad, it's just less spending. Maybe the collectors are gun shy on buying in on any series or coin/coins, that might go under? Ala' Statehood Q. and the Susan B.

High prices, cheap/inferior offers, and a dearth of quality and variety will do it every time.

Coinosaurus · March 23, 2017 6:19PM

It was said of Jim O'Donnell (RIP) that he would frequently be in "cash raising" mode after visiting the race track.

ricko · March 24, 2017 6:35AM

Never had to do this....yet.....Always add that qualifier.... One cannot predict the future, and although I do not foresee bad times, things can change. If I had to, I would.... Cheers, RickO

Coinstartled · March 24, 2017 6:49AM

The stock in trade of those in the rare coin business is a ready and mostly liquid inventory that can quickly be converted to cash. Try doing that with a showroom full of mattresses or frilly nightgowns.

Cougar1978 · March 24, 2017 7:37AM

I am inventory neutral these days so if it's getting too high relative to cash I may blow out material on the bay - slabbed bullion coins starting 5c below melt or sometimes vintage coins (start at 95 pct of bid - realist 2 more times if not sell first time).

Or if number of slabs getting over my 100 slab limit (storage reasons) may blow out also then buy something from GC.

joeykoins · March 24, 2017 9:21AM

Well, at least I see nobody had to use the dreaded ultimate, Bankruptcy! The time that I mentioned that I had to sell some coins. That was only because I needed some quick cash to have with me to take to a huge Show in my area. I didn't want to use any money from my paycheck or bank account.

Dealers Preferred: Has anyone had to cash in some inventory to pay some bills? How badly?

Dealers Preferred: Has anyone had to cash in some inventory to pay some bills? How badly?

Dealers Preferred: Has anyone had to cash in some inventory to pay some bills? How badly? 15 votes

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