Selling First Time On A Real Site

Stingray63 · April 30, 2022 6:08PM

New here so please pardon this post if somewhat ridiculous. I just sent some coins off today to Great Collections. It's my first time using the service so curious to know who may have used it before. Not sure what to expect. I'm not a dealer and was using some free local websites for coins I previously sold. These I sent off I really didn't have much invested in at all or I had duplicates and wanted to thin out my collection.

Unknown · April 30, 2022 6:17PM

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lilolme · April 30, 2022 6:23PM

GC is very reputable and liked by many. Since you sent some off I assume you have seen this page at GC. If you have more specific questions others can maybe answer. Example maybe listing, payment, fees, turn around, concerns...
https://www.greatcollections.com/main-sell

alaura22 · April 30, 2022 6:59PM

Can you give us a hint on what you sent in?

Stingray63 · April 30, 2022 7:00PM

All good info. Appreciate the feedback. I never sold on eBay so felt like this might be less of a headache.

Stingray63 · April 30, 2022 7:17PM

@alaura22 said:
Can you give us a hint on what you sent in?

Sure. To me they were the least desirable in my collection. 1856 Three Cent Silver (ICG VF35), 1936-D Buffalo Nickel (NGC MS65), 1972-S Ike (PCGS MS67), and 1980 SBA (NGC MS66). The dollars I won, ICG I don't collect but got cheap in the past, and the Buffalo I bought back around February from a seller who was hurting for money and selling off some of his coins. I already have a number of Buffalos so didn't need this. Also already have a Three Cent Silver but an 1858 that is nicer and moderns I really don't collect.

Unknown · April 30, 2022 7:24PM

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alaura22 · April 30, 2022 7:29PM

jmlanzaf
I am a member of GC for a long time, I don't remember any setup charge? What is that?

1madman · April 30, 2022 7:31PM

@jmlanzaf said:
I would not have sent those inexpensive coins. You will not get good value after fees, especially the one-time flat setup charge. The SBA will struggle to get to $20 all-in and you would lose half of that in fees. Same with the Ike which is maybe a $40 coin that will cost you over $10 in fees.

The other 2 should do okay. I know you didn't want to do ebay with those, but they would have had lower fees on ebay.

Bad math. It’s gonna cost him $3 + 5% hammer, so a $20 coin will net him $16.

Unknown · April 30, 2022 7:34PM

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djm · April 30, 2022 7:35PM

Two quick things about selling on Great Collections:
1) They charge a listing fee of 3 to 10 dollars depending on the starting price.
2) they do accept ICG graded coins, but the starting price is $1

Stingray63 · April 30, 2022 7:35PM

The Ike I won with the super bowl and the SBA was a coin show prize. I had no money in either of those.

*Edited: I just had no takers on Craigslist and didn't want them.

Unknown · April 30, 2022 7:39PM

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Kove · April 30, 2022 7:39PM

You'll do fine.

The simplistic analysis above doesn't consider the time and aggravation you save by not learning eBay for small coins, and dealing with eBay small coin buyers. My $500 eBay sales always go easier than my $20 eBay sales.

And any setup fee should be viewed as getting spread out over all the coins you'll send to GC in the future, not just applied to this group.

Like I said, you'll do fine with GC.

Stingray63 · April 30, 2022 7:47PM

@jmlanzaf said:

@1madman said:

@jmlanzaf said:
I would not have sent those inexpensive coins. You will not get good value after fees, especially the one-time flat setup charge. The SBA will struggle to get to $20 all-in and you would lose half of that in fees. Same with the Ike which is maybe a $40 coin that will cost you over $10 in fees.

The other 2 should do okay. I know you didn't want to do ebay with those, but they would have had lower fees on ebay.

Bad math. It’s gonna cost him $3 + 5% hammer, so a $20 coin will net him $16.

Your assumptions are faulty. You have to include the buyer's premium ($5 minimum) as well, and often shipping. If I want to buy a coin for $20, I'm only bidding to $13 or $14 which will net them $9 or $10.

I believe I read $3 + 1.5% for coins sold under $100 on the GC form. Either way I don't believe I'll take a loss and would be ok just breaking even. The Three Cent I only paid $35 for and Buffalo $38. I have no more room in my storage boxes and stopped collecting so I'd rather rid myself of these. I look at it like this which will sound odd but it would cost me more if I went out to dinner tonight.

1madman · April 30, 2022 7:48PM

@jmlanzaf said:
Your assumptions are faulty. You have to include the buyer's premium ($5 minimum) as well, and often shipping. If I want to buy a coin for $20, I'm only bidding to $13 or $14 which will net them $9 or $10.

Could’ve swore the original poster is a coin seller, not a buyer in this instance. Sellers do not pay a buyers premium on GC, and sellers do not pay shipping costs. Those are buyer expenses. Seller will only pay a listing fee plus 5% (if it sells for $1,000 or less).

Edit: sorry, misunderstood your post. Thought you would be bidding $20 to net him $16, not bidding $10 to net him $6.50.

Stingray63 · April 30, 2022 7:50PM

@Kove said:
You'll do fine.

The simplistic analysis above doesn't consider the time and aggravation you save by not learning eBay for small coins, and dealing with eBay small coin buyers. My $500 eBay sales always go easier than my $20 eBay sales.

And any setup fee should be viewed as getting spread out over all the coins you'll send to GC in the future, not just applied to this group.

Like I said, you'll do fine with GC.

and if all does goes ok, I'll most likely try it again with better coins next time. Just not ready to part with others yet.

Swampboy · April 30, 2022 7:52PM

My money's on 'you'll be delighted,' if not for what your pieces bring then certainly for the service from and the process of GC.

MasonG · April 30, 2022 7:57PM

@1madman said:
Could’ve swore the original poster is a coin seller, not a buyer in this instance. Sellers do not pay a buyers premium on GC, and sellers do not pay shipping costs. Those are buyer expenses.

Many buyers figure those fees into their bids, in which case sellers are effectively, if not in fact, paying them.

Just sayin'.

lilolme · April 30, 2022 8:03PM

@Stingray63
At the link I previously sent is some info on GC fees. I am not seeing the extra 1.5% you noted but..
Also says up to 5 listing for one fee.
This pdf submission form has:
https://www.greatcollections.com/forms/coin_consign.pdf
Listing Fee
Minimum Bid Listing Fee
$1-$99 ................$3
$100-$999 ..........$5
$1,000 and up....$10
Up to Five Listings for One Fee

And the sellers fees on the same link page and/or form:
The lowest seller's fees - 0% for coins/banknotes that realize over $1,000 or 5% for coins/banknotes $1,000 or under

Sounds like you have a good understanding. See how it works with these and then make decision for next.

Unknown · April 30, 2022 11:36PM

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Unknown · April 30, 2022 11:47PM

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wondercoin · May 1, 2022 3:08AM

‘’Same with the Ike which is maybe a $40 coin that will cost you over $10 in fees.”

Jmlanzaf- even worse- it’s a $25-$30 full retail coin all day long. And, even if was offered at a full 50% discount to your originally suggested $40 price, I don’t believe almost any dealer in the field would touch it! I certainly wouldn’t. I net less than that when I sell them on eBay. I know “going in’’ that I produce these MS67 grade Ike coins for $0 return. It’s done to try to land a roughly $100 MS68 once out of maybe 15-20 tries that you get an MS67 coin. If you are very successful you can basically “chalk it up” to making about $5/coin across the board for the submittable coins (19 @ $0 and 1 at $100) that graded out. Every 3-5 years (and countless thousands of coins later), lightening might strike and you can land an MS69 coin in the mix!

I won’t speak for Ian, but I would suspect he wants an MS67 1972-S Ike consigned to his company about as much as I want an MS67 Ike returned back to me graded from PCGS. Maybe a touch more than me because it looks like he might make a little money on the consignment, while I lose money nearly every time I sell one for under $25.

Wondercoin

Unknown · May 1, 2022 4:23AM

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lilolme · May 1, 2022 5:12AM

@jmlanzaf
That's 5 listings for one coin not 5 coins for 1 listing
You are correct and it says it right in the wording of the form. I just didn't read it all and also didn't copy it all. My bad.

As far as the 10%, also a yes. I was commenting on what the seller fees would be. What the final hammer price is (and therefore the final all in price) and what the seller would net after fees, I was saying that I think @Stingray63 appeared to have a good understanding based on their other post and to see results and make a decision for next items after. I totally agree with just selling to a dealer or local coin shop on the lower priced items. However, if one wanted to test the auction results, as was stated here, I am thinking what is being done here to just send a few with different price ranges and see results is okay. Yes could cost several bucks versus other means of selling but will give first hand results at a minimal cost.

Stingray63 · May 1, 2022 5:19AM

As I mentioned I'm only in these 4 coins for $73. I'm confident I can get that back. Anything over would be a plus and anything less is not going break me. Also as mentioned I just want to get rid of the coins without dealing with eBay or having to relist on the free local sites. Not sure if anyone uses free local sites to list coins or if most here are dealers but, these coins are not worth the trouble of setting up times to meet and then the potential buyers are no-shows.
The way I see it, these are gone and I open up 4 slots in the otherwise full coin boxes I have should I decide to pursue 4 worth while coins.

Selling First Time On A Real Site

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