New Seller *** Need Tips
alliegiza
Posts: 24 ✭
Hello! I recently inherited a large coin collection from my grandmother and am trying to sell it. I started with ebay, but the fees are way too much. I posted some on Coin Book, but haven't got any responses. I'm hesitant to bring it to the collector near me as he seems scammy. Does anyone have suggestions? I bought the most recent red book and am trying to go through and see what everything is worth.
I have a 1955 DDO penny, along with completed blue books of buffalo nickels, franklin half dollars, standing liberty half dollars and quarters, mercury dimes, roosevelt dimes. Along with commemorative coins listed on my coin book account. Any suggestions are greatly appreciated!
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Based on the coin Book listing, I would say eBay is your best outlet for the quality of material. I'm sure the people on the forum can give guidance on any more valuable pieces if you post them here.
Latin American Collection
Thank you @Boosibri ! I assumed the ones on the coin book weren't the super valuable stuff, so ebay it is. I just don't know what to do with the completed blue books.
What type of coins do you have completed in the books?
Collector
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Can you post some photos? They would be helpful. By Blue Books, do you mean Whitman’s?
The problem with usacoinbook isn't the material. They just don't get a lot of traffic. I've sold stuff there...all cheaper stuff. The only responses I get on better stuff is lowball offers. It's too bad the site doesn't take off, as free listing and 2% selling fees is very inviting!
@Smudge I don't have the coins with me at this moment but yes I mean Whitman's books. I have completed books of buffalo nickels, franklin half dollars, standing liberty half dollars and quarters, mercury dimes, roosevelt dimes.
If you're going to sell coins on eBay then the first thing you need to get is a UPS or Post Office Box so that any buyers will not have your home address. You just can't be too careful. Selling a large collection on eBay will take a very long time and there may be other options especially if there are valuable coins in your collection such as the 1955 DDO cent.
Are any coins certified by a third party grading company? Certified coins will bring in more dollars especially for high grade desirable coins. The prices listed in the Red Book are not realistic when selling to the knowledgeable collector. I'm assuming that the items in your Coin Book link are just a partial list?
Local coin shops, if there are any in your area, will not offer you top dollar for your coins as they need to buy low and sell high to keep the lights on.
Keep asking your questions here as may others on this forum will chime in with suggestions.
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Sell to a dealer. The hassle of a new owner of coins trying to sell is WAY more trouble than getting a few bucks less than if you did all the hoops.
You should be able to find something under "Coin Buyers" on Google.
See who sounds best to you and just do it.
or keep them and see if you really want to sell em.
ALL coin buyers want to buy low and sell high. Fact of life.
TIME is more important than anything else as whoever you inherited them from would agree.
@alliegiza.... Welcome aboard.... You might also try listing (with pictures) items you want to sell on the BST (Buy, Sell, Trade) forum here.... no fees.... Cheers, RickO
You can consign them to an Auctioneer with a Good track Record! maybe set a minimum bid also the rates and fees would offset all the hassle of you having to do all the legwork and other fees involved with selling them plus the shipping and handling headaches, it a tough call depends how fast you want to unload!
Some random thoughts:
Firstly, you're generally not going to realize the prices printed in the Red Book. Selling is a trade-off between maximizing your return, minimizing your effort, and how long you're willing to wait to find the optimal buyer. eBay is actually on the lower end of the fee spectrum for do-it-yourself selling, but there's a non-trivial learning curve to getting proficient and unless you plan to keep selling on the platform, it might not be worth it. There are a number of folks on this board who take eBay consignments, but it was reported recently that raw coins in albums aren't bringing much lately. Without seeing exactly what you have, it's hard to suggest the best course of action. It may well be that going to a reputable local dealer is your best bet, but you should know the rough value of what you have before you do that so you'll know how much of a cut you're paying the dealer to do the work of selling retail for you.
FWIW.
Your #1 task is to determine the approximate worth of each item. At that point, you could try the PCGS BST Forum. But frankly, you'll get a lot more eyeballs on eBay.
Good luck!
Dave
EBay isn't free like the BST Forum here and there are far more scammers there.
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@PerryHall - New PCGS members usually don't do too well on the BST, for the exact same reason.
Dave
There are also far more motivated buyers. How many people here would pay over melt for a set of circulated mercury dimes?
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I would try your local "scammy" dealer for a quote. At least that would give you a starting point. Then try another dealer, perhaps further away and compare. You may find that condition is the key to your sets and that if the condition is below vf only the key coins of the sets will bring any value to you. It is very hard to sell a complete set for anywhere near what pcgs or ngc lists the value at, especially low grade. Getting opinions of grade for your coins is paramount to understanding their possible sale value. Show some photos here of your key coins of each set and page photos close enough for all to get an idea of the coin's grade and you will begin to build an acceptable idea of what you have before going to ebay or any other sales venue. Please be aware that if you utilize the BST, as a newcomer, you are not likely to be paid until receipt of the coin, which may cause an uncomfortable feeling, but necessary. Best of luck, I hope you share photos with us. Start off with the 1955 DDO Lincoln obverse and reverse.
Jim
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Search eBay sold item for prices you should expect. That should give you an idea of how you should price your coins.
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One that immediately comes to mind is that if you have a full set of Mercs there must be a 16d. That would be worth having certified in about any grade. Even if it is a problem coin it would be good to have it authenticated. That is just one example, there are many others. Selling for the very top price will be complex and time consuming. @topstuf may be right about just selling to a dealer unless you are willing to invest a lot of time and effort.
Do you have a coin club in your area? If so, attend a meeting and ask questions. I am sure they can also give you advice on local buyers.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
EBay would be a good starting point.
Using your Red Book as a general guide, pull out all of the most valuable items. Put them aside for now. Now take the remaining "stuff" and either sell it for bullion value or try and sell it locally at area dealers. Don't expect much for the non-bullion "stuff". everyone has loads of it and really doesn't want more.
For get about "sets". The value is in the better items. That's what will bring good money. The common items ... just take what you can get, pocket the money and don't look back. Trying to squeeze every last dollar out of a collection like this is a very frustrating and time wasting experience.
Once the bullion and common "stuff" is sold you can go back to the better items and list them on a site like eBay or, if you happen to have found a reliable dealer, offer the coins to him.
It does appear that you are a novice and you so admit. Okay, then take the time to learn. You need to learn several things right off the bat.
1. Never mess with a coin and that means no soap, no cleaning, no nothing.
2. Learn how to grade and you can do this online by comparing your coin, front and back, with those posted on this PCGS website, follow your nose.
3. Understand that the rare examples in those sets, like the 16d dime, 55ddo cent, 1909 p and s cents, 32p quarter, etc will likely need to be sent for grading. You need to understand that some rare coins just do not do well unless they are authenticated and graded. Then collectors will know exactly what they are buying. Rare coins are not cheap coins and money spent to get graded is well worth it.
4. Understand that the US Mint made millions of each example for the most part. Just like that 1879p dollar you have up. 14.5 million so it will never, that's NEVER be rare in circulated condition. There are of course some coins that had a lot made but are still "rare" in uncirculated examples, like the 1883s and 1884s Morgan dollars. It appears that few were saved in mint state, so if you have those they need to be graded but if yours are circulated like the 79 you have for sale then they are not expensive and are quite common.
5. DO NOT be in a hurry to sell anything. You have no idea what you are doing yet, and so everyone with more knowledge could take advantage of you. The Redbook is a great start for sure, but do you know the difference between VF and XF or AU? Each series needs to be learned at studied before you start selling off.
6. I could go on, but please just follow this for a start. Your full sets might bring more money as a set like the Franklin halves, but no so with the Mercury dimes, just take your time.
7. It cost money to sell and ship coins. Ebay will get you the highest price for common material for sure. Just eat the cost.
bob
Exactly....either put them as a BIN or say screw it and make them a 7 day auction....huge exposure
Inherited means you have no cost basis so deal with that
If you want to move them just start them on the bay at 99c. Otherwise open up an eBay store. Get a good reference book....North American Coins and Prices. Good photos a must - I phone does great.
There is some very good advice given here given by the others so far. Just to help a little, I looked at your listings on the link you provide Don't take this the wrong way, but your listings are way over priced and I am sure that most of it is a lack of experience. Some are priced more than double of what they would normally sell for, and if you go to E-Bay you can click on "sold listings" on the left side of the page. Just for example, most dealers I know sell the 1971-S Ikes for $7 - $8 each depending on silver spot price. The 1988 Proof silver Eagle would probably sell in the neighborhood of $40. Looking on E-Bay will help you get an idea of what like items sell for either through "auction" or "buy it now". I know you don't like the fees of E-Bay but the fees really are not that bad compared to other venues of selling. The real question is, how much time do you want to spend just piecing out the collection. You could list stuff here on the "Buy, Sell, Trade" part of the forum here also and there are no fees to do so. What ever you decide to do, there are going to be pro's and con's for each path to take to liquidate the collection and you need to weigh them out as to what is more important to you. If you want to maximize the profits, then expect to consume a significant amount of time to do so.
Stay far away from Craigs List.
If you mean they didn't cost him anything you are correct.
If you are referring to income taxes on the sale he does have a cost basis that is used to determine gain (profit). IRS says his cost basis is the market value of each coin at time of inheritance. All heirs need to be aware of this so they can promptly establish a basis on an inherited asset, because later profits will be subject to capital gain income taxes that are based on the difference between sale price and cost basis. If I inherit a house and don't sell it for 20 years, I will need to have documented its value (my cost basis) at time of inheritance 20 years earlier.
IRS says inherited items get a new cost basis at time of inheritance and it is the current market value of the item, not what the deceased paid for the item. This is why in most cases it is financially smarter to "will" an asset rather than to sell it while alive with plans of giving the money to the heirs. The before death sale gets taxed on the original much lower basis (original cost) resulting in a higher profit, a higher taxable gain and ultimately more income taxes on the sale. Let the heirs sell it and pay lower capital gains taxes which in the long run put more money in their pockets. Items sold shortly after inheritance in most cases see little capital gains because their sale price is close to the newly established basis of current market value. In this case the sale results in very little profit.
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your coin book link has prices at least twice what I would be interested in paying.
your pics are moon shots - show the coin in focus and as large as you can
The best advice is from @AUandAG wouldn't it be nice if you could enjoy the collection while you're evaluating it's worth.
Use the Google with keywords to find the most valuable US coins by denominations. Peace Roy
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How many who’ve never swung a hammer would build a new deck in their backyard? How many who have never checked their oil would attempt to rebuild an engine? How many who have never fixed a running toilet would try to install a battery powered back-up sump pump?
Professionals are called in because they bring value and expertise. I’d suggest contacting a dealer for help. There’s a list by state on the ANA website (money.org). Take the coins. Listen to what you’re told. Get an offer. Get an offer from a second dealer if you have any doubts and sell to the highest bidder.
While I can understand what you're getting at, rebuilding an engine requires light-years more expertise than disposing of a bunch of common coins. The OP has been advised to separate out anything of real value and either have it certified or professionally appraised, but the bulk of what he's selling is "stuff" and the advice in this thread should lay out his options for selling that adequately. IMHO.
I'm still thinking that mowing lawns for a couple weeks would be better than what random coin accumulations will generate in "profit."
Thank you so much for the advice! I am a novice and am learning. I will lower the prices on my coin book and work on the other "stuff". I will get better pictures and post on BST!
I really appreciate the honest advice and help. Receiving a huge lot of coins was very overwhelming, but I know my grandmother wanted me to do this
Until you have the better coins like the 55 ddo authenticated and graded, I would not list them, there are too many problems associated with that. Unless your images are high quality and your research has been professional, you will not know what your coins are worth accurately. You can go on ebay and see results going back 90 days by clicking on "sold" items of a comparable denomination, grade, etc.. I would go slow on this. Either you are going to list too low or too high, or will not properly represent your items.
Think how collectible your items are: if they have problems or are uncertified, they will be less wanted. Any coin worth over a couple hundred dollars should get certified. PCGS starts at around $25 per coin for club members. Most all of us here have spent a lot of money on certification and all the other steps involved in selling coins. That is the bare minimum for getting market money for better date or rare coins.