Do you think that someone could be successful at selling raw coins on Ebay?

mnmcoin · October 27, 2003 6:23AM

I have been getting killed on grades recently on the slab front, so I was browsing around ebay and its seems that some people have been getting some decent prices for raw stuff that I deal in. So I started thinking, maybe I can avoid the whole headache of slabbing coins altogether and just start listing things raw. But, I know how everyone is always reluctant to buy raw on ebay, so I am stuck.

So here is the question, do you think someone with excellent feedback and a good following on ebay can be successful on ebay selling raw. I could list coins just as I do normally but sans slabbed coins and put the honest grade on the coin myself.

The coins I have seen do well are proof coins, do you think that both Mint State and Proof Coins would do okay. Or are people just lured by Cameo coins?

morris <><

Placid · October 27, 2003 6:25AM

Learn to tone them

FC57Coins · October 27, 2003 6:30AM

Morris - personally I think that Ebay's reputation on raw coins is so awful that I wouldn't risk my own reputation by being associated with them in this area. I would think that if you have decent raw material you could find outlets for them, either through the BST or at shows. My observation is that a lot of collectors are still buying raw coins as long as they can see them and examine them. You're going to be back to dickering for prices, but it beats throwing stuff up on ebay and hoping for the best - just my thoughts.

Frank

MadMonk · October 27, 2003 6:31AM

Only if he artificially tones them!

Shamika · October 27, 2003 6:39AM

Do you think that someone could be successful at selling raw coins on Ebay? NO WAY!

bigindie · October 27, 2003 6:40AM

Your reputation and your pictures are good enough that I think you could do alright. Heck, I would buy raw from you. But I'm only one guy. I don't know if raw coins would ever sell as well as slabbed coins on Ebay, though.

CarlWohlforth · October 27, 2003 6:45AM

Why not try one or two cameo proofs just to test the water? Please let us know how it works out for you...

Mikey · October 27, 2003 6:47AM

I like buying raw coins on ebay, but I'm no expert and it's fun. I think there are plenty of buyers out there that will buy some of the more common coins. I like raw coins to fill albums.

TheNumish · October 27, 2003 6:49AM

Morris- I see I'm not the ony one trying to figure out what the next step is. I got crushed so bad on my last set of grades my head is still twirlling around. I'm supposed to go through a huge mint set deal this week and my heart isn't in it.

You would think in a rational world that if a dealer puts properly graded items on ebay over time there would be a following and you could sell a lot of coins for fair prices. Maybe even make a living doing it. The truth is most ebay buyers don't know enough to tell the difference. They are just concerned with getting a bargain. It would sort of be like trying to sell real BU Morgan Dollars in Coinage Magazine for $27.95 when everyone else is selling au/sliders as BU's for $22.95. Even though your coins are really BU no one will pay the $27.95.

I think you should give it a try. It doesn't hurt to experiment with new ways to sell. There might be a segment of buyers that appreciate an accurate description of coins. You'll never know unless you give it a shot. If I was a collector of the stuff you sell I'd try to buy from you.

cosmos66 · October 27, 2003 6:50AM

I buy a lot or raw coins off of ebay to fill my albums too. I just make sure that my bid is somewhat inline with the gray sheet for that particular coin.

MacCoin · October 27, 2003 6:50AM

I aways get killed buying raw coins off ebay. I'll buy acg before I would raw again.

<< <i>I have been getting killed on grades recently on the slab front >>

did this mean you want to dump a bunch of body bag coins on ebay? might as well (everyone does it) but I don't know how much $$$ there is in thats.

Clankeye · October 27, 2003 6:51AM

<< <i>I have been getting killed on grades recently on the slab front >>

Okay, but examine that. What you are suggesting is because you are not getting the grades that you assess the coins to be from the grading services you want to market them raw.

I then presume you would be selling these raw coins at grades that the professional graders do not seem to be giving you. Correct?

So basically, you are going to sell coins with claims to a certain grade that if your customers send in for grading the odds are good that like you they will not get the grades they are expecting.

I don't know, Morris. I seems to me you might be opening yourself up for a whole cycle of problems that really would not be worth the aggravation.

Clankeye

NJCollector · October 27, 2003 6:54AM

My experiences seem to typically be winning a bid on a coin described as EF condition for a G/VG price. Sounds like a good deal for a raw coin, but, coin arrives and is in G/VG condition.

TheNumish · October 27, 2003 7:07AM

Clankeye I don't think that's what he's thinking. I don't think analyzing how you think PCGS will grade coins and puting them on ebay hoping to get that price is possible. I just think he's trying to come up with new ways to sell coins to make a living. If PCGS keeps grading like my last few packages there is no point to even look for these coins. For me I just keep shifting how I do business to fit the market. Adapt or find a new career. I've been thinking about doing more raw on ebay but don't expect to get slabbed prices for uncertified coins.

airplanenut · October 27, 2003 7:08AM

<< <i>Your reputation and your pictures are good enough that I think you could do alright. Heck, I would buy raw from you. But I'm only one guy. I don't know if raw coins would ever sell as well as slabbed coins on Ebay, though. >>

I'd buy from him, too... I know him; I trust him.

THe problem is, a lot of the coins he has are rare in the grades, and pictures can be enhanced (NOT an accusation of Morris, but rather of other sellers who hide problems). And if PCGS is hurting him, he could get someone nasty after they get bombed at PCGS...

I'd start with a few lower priced ones and see what happens...

Jeremy

gemtone65 · October 27, 2003 7:10AM

Unless your name is Stacks, I think you've got a tough road ahead. Why not just bite the bullet and market them as is? If they are PQ for the grade, as you suggest, you might gain a following for subsequent coins, even if you lose a little on these.

mnmcoin · October 27, 2003 7:11AM

All very good points, that you very much for the feedback so far.

I do want to answer something that a couple of people have brought up in a couple different statements.

Clankeye answered the first thing (MacCoin) brought up...and he is correct in stating that it is not bodybags I am getting back, just undergraded (IMHO) coins namely.

Clank, your statement is basically another reason why I am reluctant...and the only other info I have to add is that for the last several months, albeit maybe a year or so now that I have been getting short grades, I have develped a system to inventory my coins, pointing out PQ coins in several different catagories. Namely PQ, PQ+ and PQ+! (for numerically undergraded coins) and Light Cameo, Borderline Cameo, Cam ++ and Borderline DCAM (for designation undergraded coins). I bring this up to say that since I have been listing those extras (again, MY opinion of the grades) I have yet to have someone dismayed in MY assessment. Actually, if you look at my feedback, you will notice that most people are over joyed with my assessments, several stating that I am right on.

So, I have already been applying my assessment to coins with success...albeit it they are slabs already, but I figure it should work with raw as well.

morris <><

paigowjohnny · October 27, 2003 7:23AM

Try the BST, be honest in grading with good pictures, have a fair return policy, and don't ask full retail for your coins.

291fifth · October 27, 2003 7:46AM

The major slab companies, PCGS, NGC and ANACS, all seemed to have tightened their grading standards.
I applaud them for doing so. The result is that I want raw coins less than ever. I simply won't buy them on eBay due to too many bad transactions. I am thru with wasting postage on raw junk.

dbldie55 · October 27, 2003 7:50AM

My local dealer does fine selling raw coins. He doesn't sell the same type of coins you sell, but has no trouble with the coins he deals with.

jdimmick · October 27, 2003 8:24AM

It has been my experience that raw coins do not do nowhere near as well as Certified. Especially with key-dates. I have put a few key-dates on raw, but sales seem to be somewhat slow and lacking compared to the same coin slabbed by say PCGS/NGC. And these were coins that would have easily slabbed, but I just did not want to waste the time submitting. Although, In the long run, I think I would have been better off with prices realized. This is especially true on the $100 and up coins.

jim

rainbowroosie · October 27, 2003 9:40AM

Raw coins are too much trouble....most ebayers CANNOT grade and want to blame you!

BigD5 · October 27, 2003 9:58AM

Selling raw on Ebay is tough. Most buyers expect the seller to be overgrading the coin, so adjust their bids accordingly. Whether or not the buyer is actually overgrading, it almost doesn't seem to matter. The bids usually reflect a sense of mistrust with the sellers listed grade.
Of course, there are exceptions. I tried exactly what mnm is suggesting, but it just didn't work for me. I had to submit the coins to get "real" money for them.
Key date coins were an easier sell, but if something with toning was listed raw, I would get emails asking if the coin was AT, blah, blah blah.
That's why you see so many iffy coins, raw, offered on Ebay. A dealer picks up an ok unc. coin for ms/60 money, lists the coin as ms/63 quality, gets ms/61 or 2 type money for the coin, and walks away with a little profit. You don't see dealers buying ms/63 coins, and selling them as ms/63 on Ebay. They'd go broke. They list that coin as ms/64, and hope for inbetween ms/63 and 4 money.
Not just unc. stuff either. You can pick up a nice vf, at common vf money and sell it as a just miss xf, or even an xf, and if the spread is large enough, you get enough out of the spread between the two grades to entice you into doing it again.

I can sell raw stuff easier at a show, but not online. That's the bottom line for me. If I get tired of some raw material, I send it off to be slabbed, and then get rid of it online.

SeattleSlammer · October 27, 2003 10:14AM

I think that if you had a good return policy than it could help a lot.

By the way, nice website!

airplanenut · October 27, 2003 10:18AM

<< <i>I think that if you had a good return policy than it could help a lot. >>

Problem there is people don't want to go through the hassle of returning a coin... they'd rather just get exactly what they want the first time around.

Jeremy

SeattleSlammer · October 27, 2003 10:25AM

people are lazy!

SeattleSlammer · October 27, 2003 10:25AM

but you're right.

Do you think that someone could be successful at selling raw coins on Ebay?

Comments

Leave a Comment