Have you ever sold a coin before?

CarlWohlforth · July 30, 2003 6:11AM

If you have dozens or more coins and you have never sold one you should. It is an educational experience. I suggest doing so before you buy 100s of coins.

Some people might say "who cares about the grade/slab, what matters is that you like the coin." However it matters very much if you expect to get all or most of your money back.

It also matters what you paid. As an example if you buy a 1994-S Lincoln in PCGS PR 69 DCAM from a top notch dealer like David Lawerence his asking price is $36 not including shipping. A cent in the same holder can be had on eBay and TeleTrade for under $20 including fees and shipping.

I couldn't afford to pay more than $10 for a coin like that as I would sell it on eBay and hope to make 2 bucks. Does anybody know who pays the most for coins like that?

cherrypickincoin · July 30, 2003 6:15AM

I have a problem with selling coins from my own collection but I certainly don't mind selling someone else's for them. Every time I try to sell a coin I can't because then I feel like I would need to sell something else and buy other coins with the money. Can't do it, no matter how hard I try.

LucyBop · July 30, 2003 6:15AM

I've maybe sold one or two... nothing big, just some beat up ugly eyesores...

nwcs · July 30, 2003 6:16AM

I agree completely. People should learn how to sell coins some. If nothing else, it helps you realize what your coins are truly worth -- and you become a better evaluator of coins that you might purchase.

Russ · July 30, 2003 6:18AM

Yep, it can be a rude awakening - and will be particularly painful for the slab hating, "I only collect raw" crowd if they ever find themselves up against it financially and need to liquidate immediately.

Russ, NCNE

MadMonk · July 30, 2003 6:28AM

<< <i>Yep, it can be a rude awakening - and will be particularly painful for the slab hating, "I only collect raw" crowd if they ever find themselves up against it financially and need to liquidate immediately.

Russ, NCNE >>

You tell them Russ! Very succinct!

KlectorKid · July 30, 2003 6:31AM

I didnt just hear the hepkitty call this Link an ugly eyesore did I?

ksteelheader · July 30, 2003 6:38AM

Russ is Da Man...Ken...PS..check out the game in my sig line. Extremely entertaining!!!!

Elcontador · July 30, 2003 6:50AM

I have no idea when it comes to selling moderns, but I did sell a Classic Half Cent when I got a nicer one to replace it. My observations:

1) Only buy nice coins for the grade from a top tier grading service. This way, when it's time to sell, you won't be trying to unload a "problem coin."

Note: If you can't tell what is nice for the grade from what isn't, either you shouldn't be buying the
coin in the first place, or listen to someone whom you trust to make the call for you.

2) Know the market for the coin you're selling & unless it's something really scarce & hot, you'll probably get somewhere between blue sheet & grey sheet bid for it.

3) Find out who is interested in the coin. Ie., Gus Tiso, who specializes in Morgan $s, isn't going to be interested in your SLQ.

5) Venues to sell the coin:
a) I don't do E-Bay
b) I try to sell my coin(s) at a large show, like Long Beach, and know who is interested
c) You could try one of the auction houses if you coin is worth over $X. If you go this route, get
feedback from other collectors and pay close attention to auction terms.

beartracks42 · July 30, 2003 6:59AM

I have sold a few coins and never thought much about it. Then I sold a 1896 Morgan that was bullsye toned on both the obverse and reverse with blues, greens and a red/pink, a NGC MS65. A week or so later, I got feedback from the buyer; "Wow, this is way better than it looked on Ebay. This is a real keeper."

I have doubted selling that coin ever since.

291fifth · July 30, 2003 7:04AM

Building a coin collection should be a continuing process of improving what you hold. Get rid of your mistakes and use the money to buy something nice. As has been said before, selling will let you know what your coins are really worth...not what some price guide says. In most cases you will find they are worth less than what you thought.

Earlier this week a man came into a local dealer and offered some high grade modern proofs. He was probably shocked when the dealer turned him down flat. This dealer doesn't want to put his customers into material he doesn't believe in and he doesn't believe in modern proofs. I congratulate the dealer for taking this position.

coachleonard · July 30, 2003 7:05AM

Sure! I'm selling a 1698 british halfpenny on ebay! Starting price, $3. Two hours to go. No takers!

UncleJoe · July 30, 2003 7:08AM

Agreed!!!, learn to sell on eBay (or wherever). I also feel that it increases the enjoyment of collecting coins.

1) Only buy nice coins for the grade from a top tier grading service. This way, when it's time to sell, you won't be trying to unload a "problem coin."

With no disrespect to Elcontador, the problem is not the problem coin but paying a non-problem price.

If you buy a problem coin for a problem price, no problem.

There is a market for all kinds of coins in all kinds of condition. The trick is to know the market you are buying into and what constitutes a fair price.

Joe.

my3cents · July 30, 2003 7:15AM

Sure! I'm selling a 1698 british halfpenny on ebay! Starting price, $3. Two hours to go. No takers!

How about a link to that halfpenny auction - I can't find it.

MikeKing · July 30, 2003 7:17AM

291fifth has a good point...get rid of mistakes...
I had a beautiful Morgan that had a scratch in just the 'wrong' place. It bothered me big time. Didn't seem to bother a lot of other people, but I finally decided to re-auction it off only 3 mo after I bought it. Why? because it just didn't make me happy. I put it up for bid (stupidly) without a reserve. I didn't care what I got for it. Then, when it was up for auction, I started to get a bit queezy and had nightmares about it selling for 1/10th what I had paid. Fortunately (and mind you, the description pointed out the scratch), the coin sold for more than what I had paid 3 mo earlier. Luck.

Since, I've sold off some generic gold at a minor loss, so I could buy some 'real' coins, and now, I'm considering selling some CC gold I have (not mistakes, but not in line with my collecting venue right now), to pay for something I liked even better.

What this has done was allow me to understand the market a bit more than I did before, and while I consider myself a collector more than an investor, it's not a bad idea to have a sense of what a coin would sell for. I think though, that a lot of my coins, I overpaid for. I won't sweat it. It's ok to a degree.

my3cents · July 30, 2003 7:19AM

speechless?

MikeKing · July 30, 2003 7:26AM

I have to laugh...I posted without any words by accident, and while I was editing it, I was wondering if anyone would have responded before my edit went up....

coachleonard · July 30, 2003 7:57AM

mythreecents,
its in the Colonials section-- ending today!

berylcoin · July 30, 2003 8:05AM

I haven't sold anything outright yet, but I've traded with dealers a few times--no big disappointments so far. I'm probably going to sell off some of my small "accumulation" soon but haven't decided on the best venue for this particular junk.

BC

jdimmick · July 30, 2003 8:50AM

I do sell coins from my collection, as I upgrade pieces or if I decide I want to buy somehting else. It's really beneficial and fun to do so. It gives you an insight on what items are worth and the marketabilitly regardless of what a price guide's say(some bring less, many at least keys bring a lot more).

I very rarely trade in, when I purchase. Usually I just have an oppritunity to pick up the new piece, then place the other for sale.

Although, on my trip to Baltimore tomorrow, I am carrying two pieces with me looking for upgrades, that I may have to trade in on sight to give enopugh leverage to get an upgrade. I hope to find one of the two I am searching for.

CarlWohlforth · July 30, 2003 9:01AM

Thanks for all the replies!

It sure looks like Lucy didn't need any advice

You have some super Franklins for sale there Lucy!

quarterjack · July 30, 2003 9:15AM

Lucy, you calling that Prf.68 Frankie i purchased an EYESORE? I think not!

Thanks again, Dave

291fifth · July 30, 2003 9:23AM

There is another benefit to selling from time to time, especially locally. You will find out which of your local dealers are running a real coin shop and which are just waiting for the old lady with her late husband's coins to come in. Don't laugh. There are some local dealers who are running what I call a "one-way market" as far as active collectors are concerned. They are more than happy to sell you coins but don't want to see you when it is time for you to sell. Why? Because real collectors know what their coins are worth and expect a fair price. The widows just want fast cash since they probably hated seeing their husbands spending money on coins.

09sVDB · August 1, 2003 10:10AM

Many times. The last show I went to, about two weeks ago, I came home with more $$ than I went with and three new coins.

ElectricEye · August 1, 2003 10:26AM

Just sold half a dozen coins on EBay...made money on the raw Morgan, lost money on most PCGS coins , got $12.50 for a 1964 PR67CAM 1C that cost $16 to holder (no carbon whatsoever, PQ for the grade)

ZEBRA18 · August 1, 2003 10:31AM

Haven't parted with all that many. The one that I will always remember was a 2002 West Point Commemorative,PCGS PR70DCAM. At the time it was Pop 1. A fellow offered me $3500.00,and after some agonizing, I accepted. Glad I did.

Have you ever sold a coin before?

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