My recent experiences selling coins at online auctions
jonruns
Posts: 1,202 ✭✭✭✭✭
The following are my personal observations from recent coin sales at online auctions. While YOU may not believe in selling your coins...I believe that selling has made ME a better buyer....
I believe that the various online auction services offer markedly different services...here are MY conclusions based upon some of my recent experiences:
Fees and commissions are meaningless if your coin sells for $2000 at GC....but would have sold at Heritage for $5000...or vice versa...
If your coin has a value of $10K+ you should try to get it in Heritage's "Platinum" auction*...greatest visibility...well-attended live floor auction...written descriptions to help make the sale...if your HA rep can't guarantee you "Platinum" I'd ask if you could wait to get it in the next auction versus just accepting the "Regular"...avoid the Internet only section at all costs...
*probably the same at SB, Goldberg's...my only experience consigning is with Heritage...plus I've only purchased from Legend not sold...
. If you are selling a variety try eBay...I just had a PCGS EF40 1840-O broad mill sell on GC (DW estimates 25-30 known) for a very low $900...unfortunately this is a $3000 coin...clearly no one recognized or cared about this variety...the buyer now has my old coin on eBay for its true value...fortunately I saved the better of my two...a PCGS/CAC EF45...and just sold it myself on eBay for $2.7K in two days....
Great Collections is a great venue for coins with values of $1K to $3K...I've listed about 2 dozen coins in the past two months...every one has sold...lower commission once the buyer's price hits $1K...fast payment averaging about 3 weeks after close...total turnkey operation...just pack up your coins and send them off...GC will send for grading if necessary...my selling prices were very much in line with my expectations (with the exception of the 1840-O referenced above)....in the absence of written descriptions...and just average photos...I believe that CAC will get you a little more money here...
- Jon
Comments
Good stuff.
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I agree with you about selling varieties on eBay. I've always done quite well with them there.
I've found that selling, at auction or on eBay, during the summer is disappointing. As a rule, I wait until October. With school out, families go on vacation and go out more to take advantage of the weather. I've always lost money selling at GC and HA during the summer and made money there during the winter. JMO
This is SO true!
GC just doesn't have the coverage of Heritage or even Stacks especially for specialist material. Great venue for selling none the less but I'd see it as a better venue for nice widgets than a venue for unreserved thinly traded esoteric gold (which I like)!
Latin American Collection
Good info to think about
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
Jon, I believe that you are selling Great Collections short with your cap of $3000. It depends on the coin. As you noted an obscure variety would probably do better in another venue (Ebay is good as you can hang it out there until the right buyer finds it.) I would not hesitate sending any broadly collected Morgan or Saint for example to Ian with a value up to 50k or perhaps 100K. Think 1895 Morgan or High Relief Saint. I have referred a few friends to Ian with $10,000 to $20,000 coins and the results have been quite good.
One of course needs to know the coins and the market.
GC is the best source for those the non do it yourselfers as the sale and payment turnaround is quick and the response to questions or concerns are lightening fast. Holding ones breath for 4 to 6 months to get a collection cataloged, sold and paid for with the stuffy guys is more patience than I have.
I'm sure you are right...my current experience selling on GC was primarily with lower four figure coins and that is what I am reporting on...nothing I've recently sold on GC was for over $3000 so I can't advise on that one way or another...prices realized were approximately 80 to 90% of recent purchase which was in line with my expectations...a low of 70% and a high of 110%...
I've sold my $3000+ coins to DW who has offered me very generous prices...and his checks are even faster than GC...LOL...I'm not one to wait 4 to 6 months either...
I'm a big fan of GC. I drop my coins off with them and they're listed within a week or two. They send everything to the TPG's and CAC. I don't have to screw around with packaging or insurance, and they pay the postage. Realistically speaking, it takes a minimum of two months for them to list a coin if it's regraded first and then sent to CAC. I think they can improve with their photography and the lack of descriptions can sometimes hurt a coin. But overall they are very good and Ian does a terrific job.