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Do people really buy multi-six figure coins on eBay?
Raufus
Posts: 7,272 ✭✭✭✭✭
I see listings like the attached frequently.
I always wonder if people really buy multi-six figure coins off of an eBay listing or whether such listings are essentially ads that prompt potential buyers to contact the seller.
This is not to mention the seller fees for such a sale.
Land of the Free because of the Brave!
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You're looking at the asking prices. Look at the recently sold.
I would find the seller's website to see if it's priced lower on it.
DPOTD-3
'Emancipate yourselves from mental slavery'
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Don
If we assume they are legit sales, the sellers fee is minimal. If you have a store, the fee is capped. I want to say the most I pay in fees for any sale, no matter the final value is $250.
This is exactly what I do. It’s how I found a few of my top coins. 😉 cheers, karl
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Wonder no longer 😉 - in the very large majority of cases “such listings are essentially ads that prompt potential buyers to contact the seller”.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
It is quite possibly cheaper to sell it on eBay than directly. $200,000 sale
All comments reflect the opinion of the author, even when irrefutably accurate.
They likely rarely [if ever] sell so they get advertising for the cost of the listing fee. Funny eBay doesn't have a fee for ending the listing for such coins early unless they sell.
That was discussed here many years ago and there are legit listings for such coins.
I don't think that cap exists anymore. See my post above with the fee calculator. It's less than 2.5%, however, in fees. Try that in any other venue.
So, all you hagglers, you can call the company and ask for a 2.5% cash discount and give up all the protections and CC points. Lmfao
All comments reflect the opinion of the author, even when irrefutably accurate.
God bless the black market.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Unknowingly, yes. A buddy of mine bought a New Jersey colonial a few years ago for six figures. The seller didn’t know what he had and it was a feeding frenzy that week until the end. Knowingly, I would only go to one of the big 3 to sell anything decent.
I think I've seen Rare Coin Wholesalers on eBay many times with coins in the above price range.
I've never used eBay to buy the coin cheaper direct, but there is a second dealer who occasionally sells what I buy with lower prices on their website presumably due to the fee. I'd go to their website and make a cash offer.
If you know the dealer is reputable and can get a lower price discounted for the fee and an additional cash discount, why wouldn't you do it?
Here is an example sold by Atlas Numismatics:
https://www.ebay.com/itm/177757226158
The coin was listed on eBay for $3098 and $2950 on their website. I would have made a direct cash offer of $2850.
Searching for either PCGS or NGC among the Sold listings and sorting by descending price gives the highest recent sale as $73k (for a set of Omega cents).
So does anyone buy anything in the 6 figures? If they do, they haven't done it recently, at least not publicly on eBay.
If you can, go ahead. The point was that it's almost impossible for it to be cheaper for the seller in the $200k range or even the 5 figure range. The total eBay fees, including payment processing are under 2.5%. There is actually no reason for the seller to discount it off eBay because it is cheaper to sell on eBay UNLESS YOU PAY CASH.
Personally, I don't recommend ever paying cash for a $200k coin. LOL. Consider the cashback bonus on your credit card!!!
My response was more aimed at the (incorrect) OP assertion that eBay fees were prohibitive for such big ticket items. They are not.
All comments reflect the opinion of the author, even when irrefutably accurate.
I go to the seller’s website frequently, for coins over $1,000 or so, especially if the BIN price is on the high side or if it’s a dealer I’ve done business with.
"I say, did you hear that Frederick purchased his Stella off of eBay?!? My my, and I thought that lad had class. Oh it's a lovely coin, highest graded, surfaces so pristine that CAC refused to sticker it. Said even a gold bean would be an insult. Of course you know as well as I do that it's worthless now. When someone asks where he acquired it, he just simply can not say. Oh the poor boy. Why he didn't just have his accountant buy direct from a well known dealer is beyond me."
There appear to be several, actual, mid 5-figure, coin sales on eBay in the last few years. That is after sifting through many bullion coin sales in that range.
Based on the fee structure, it would not be a bad platform for buyers and sellers to transact through for coins of that level.
However, it appears that most coins with a 6-figure price tag on eBay are optimistically priced, and that is not conducive to sales.