ebay presales
bishftl
Posts: 9 ✭✭
how are ebay sellers preselling pr70 grade coins that aren't even available to buy yet?
where can i buy guaranteed 70 grades instead of paying someone else a premium?
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I have never done this but have heard this is what they do. Some people routinely buy many mint products on day of issue. If there is a 'limit' on the item they have their friends and family buy or advertise for people to buy for them if they feel it is a promising issue. They know the typical grading results (what percentage go 70, 69, lower..) from PCGS or NGC wherever they are going to send to grading. They also know how long it typically takes to get graded and back to them to sell. Say they will have 30 on release date 5/1, their experience says they will get 70% PR70DCAM back in 30 days. They start selling PR70DCAMs for delivery 6/1 since they expect to have 21.
Everything works well except when it doesn't. If the mint has a crappy run and everyone is only averaging 30% 70DCAMs than the sale price was too low and the seller might have oversold. Then they might start cancelling sales. If the mint did really well and is delivering 90% 70DCAMs then some buyers start seeing it cheaper and cancel their purchase 'because they found it cheaper somewhere else'.
I prefer to sell stuff I have in hand or buy stuff from a seller that has it in hand, but others have had great success on what should be.
I don’t participate in them. I know of instances where the coin has dropped considerably in value once released. Nothing there for me.
Sounds to me like ICG plastic or self slabbers
There are coin sellers/shops that buy and grade enough coins through bulk purchase and grade programs that they know they will have a certain quantity of 70's and 69's that they can pre-sell. Of course, there is probably always risk they don't get as many 70's as they expect and cancel your order.
http://ProofCollection.Net
I bought a pre-sale PCGS MS70 First Strike Flowing Hair silver medal last year for $199 on an eBay. I purchased it a few days before the U.S Mint release. The seller never delivered and was selling the exact same item on Amazon for $449 with many available. After numerous messages back and forth they canceled the sale.
I hadn't mentioned it here before but will now. It was Sarasota Coin Exchange. Of course my Negative feedback to them shows up and after holding my $199 for 2 months it was refunded.
Don’t get in something u can’t get out of. Especially if u have to pay upfront then price drops.
Presale risk should work both ways. Sometimes the price goes up and seller should honor their lower price. Sometimes price goes down and buyer should honor their price.
http://ProofCollection.Net
I think Jimmy had something like that years ago - he cussed them out when they tried have him pay some higher price when it fell in market. Idk if that’s really a legally enforceable contract. I think he may have had his cc lawsuit Atty weigh in tell them buzz off.
With eBay presales the buyer always has to pay up front. You're at the mercy of the seller to decide if they want to deliver or not.
Sarasota Coin Exchange refused to deliver my item when the price doubled immediately after release.
Ok - thanks. Confirms what I thought.