Question about selling modern proof sets

Mojoe · August 23, 2006 6:23AM

I am in the process of selling some proof sets, specifically 1999-2006 clad and silver sets. The 1999 and 2001 silver sets are the most valuable but I'm wondering...is 15% in back of bid a fair price to liquidate these coins? That is what a small local dealer is offering. The larger coin shops are @ 25%. Thanks.

beartracks42 · August 23, 2006 6:25AM

Personally, i will not sell proof/mint sets any farther back than 10%. I think you can sell them on ebay and get that for them. 25% is a rip!

P.S. I am in the process of selling off some mint products that have accumulated over the yrs. If you get NN or CW, check out Covina coin's buy add. They will buy 1999 silver proof sets at $360.00. Greysheet bid is $365.00. Perhaps you should check them out.

Russ · August 23, 2006 6:28AM

For most sets, 15% is fine. Even 25% isn't all that bad for slow moving common stuff. But, for the 1999 and to a lesser degree the 2001, the dealer should be able to offer a better number. These sets fly.

Russ, NCNE

xbob · August 25, 2006 5:16AM

Let me add an additional question to this thread:

Several of my sets have some blue haze on the coins. I've sold to my local dealer before and they didn't seem to care about it. Ebay buyers might not be happy with a purchase if the set had hazing. I would only sell with honest photos and mention of hazing if present.

What is involved in opening the set without cracking the plastic? i.e. I could quick-dip off the hazing.
or
Would it be better to just leave them as is, hazing and all, list them and let the bidders decide?
or
Just take the 10% in back of bid that the local shop offers?

MadMarty · August 25, 2006 5:19AM

Most local shops here are 20% to 10% back of bid. If you want to dump them that is the way to go. Putting them on E-Bay is a lot of work (with the shipping and such!)..

Russ · August 25, 2006 5:27AM

<< <i>I've sold to my local dealer before and they didn't seem to care about it. Ebay buyers might not be happy with a purchase if the set had hazing. I would only sell with honest photos and mention of hazing if present. >>

In the case of the 1999 silver sets, many eBay buyers also don't seem to care about the haze - which is a very common problem with these.

Russ, NCNE

xbob · August 25, 2006 6:28AM

Thanks for the input. For the few higher $ years, I think I'll go with ebay. I'll be taking the others to the local guys. They said 10%-20% under bid so not too bad. I'll let the buyers worry about the haze. On some of the sets it's only on the rim and actually quite attractive.

Veep · August 25, 2006 6:37AM

I've had a couple of experiences with Covina. They pay what they advertise but be prepared to wait up to 4 weeks to get paid. It may also take a phone call to remind them. I've decided its not worth the effort.

I agree with those who say to sell the better sets on ebay and just move the rest along to your local dealer at 10-20% below bid.

beartracks42 · August 25, 2006 9:25AM

Veep,

Thanks for the heads-up. I will be ready to give them a call shortly.

majorbigtime · August 25, 2006 10:00AM

You can get 10% back from a dealer in the Dallas TX area

RedneckHB · August 25, 2006 10:14AM

Put them on Ebay at ask with reasonable shipping and you will have no trouble selling them.

wayneherndon · August 25, 2006 10:31AM

Hmmmm. This thread just prompted me to post a BST thread. Check it out.

WH

Derek2100 · August 25, 2006 11:43AM

I think 15% back of bid is generous. I usually just offer 35% behind bid for these. Many of them walk but the ones I get I can flip them at shows at bid. Sweet.

RYK · August 25, 2006 11:46AM

I think 15% back of bid is generous. I usually just offer 35% behind bid for these. Many of them walk but the ones I get I can flip them at shows at bid. Sweet.

Oh, lookie, a real dealer who buys proof sets for 90+ % Greysheet.

keets · August 25, 2006 12:46PM

I think 15% back of bid is generous. I usually just offer 35% behind bid for these. Many of them walk but the ones I get I can flip them at shows at bid. Sweet.

while i appreciate your honest answer, Derek2100, it's wannabee's like you that turn away new collectors and suck the life out of the hobby. unfortunately, there are many like you and too, too few like the gentleman who posted just before you. i find that collectors tend to have good memories, so i saved your post before you could edit it.

kranky · August 25, 2006 1:16PM

I have the feeling that member "Derek2100" is a troll, after reading a number of posts.

Derek2100 · August 27, 2006 6:30AM

Keets - take your propoganda about me and go take a flying leap. Offering someone 65% of what you can sell something for is just business. Making 10 cents on the dollar doesn't cut it in the coin business.

Russ · August 27, 2006 6:39AM

<< <i>Offering someone 65% of what you can sell something for is just business. >>

Dealers who do some volume don't need to lowball. In other words, successful dealers can afford to purchase at more competitive levels. The corollary is, of course, that since you can't afford to be competitive you clearly are not successful.

Russ, NCNE

ebaytrader · August 27, 2006 6:43AM

Mojoe,

If you'll sell me the complete run I'll pay bid -7%. That's about what you would realize after expenses if selling on eBay.

Just email me if interested.

Derek2100 · August 27, 2006 11:02AM

Don't know where you have been Russ but 10 cents on the dollar doesn't cut it in the coin business (the overhead costs are at least 10 - 20% or more). A sensible target profit for a coin dealership is a 40% gross profit margin at least. What helps is if you can get double bouble (100% markeup above cost) on the $50 and under collector material. I am sure a lot of dealers give the BS line they only make 10% - take it with a grain of salt. Unless they are in a liquidation mode I would not consider 10% a target profit capable of keeping the business afloat. Consequently if you can't get good retail money then you have to "buy it right" 2/3 of bid or less. This is what it takes to stay in the coin business.

A couple of us were joking about this on the bourse of a major show - said one guy at the table across from me "I don't know of a retail business where your customers expect you to sell your inventory below its replacement cost (like this one)" "Don't let them talk you down LOL" says another. "Well, its all in the art of the rip," said a Cali Dealer laughing.

As far as clad 1999-2006 proof sets I would not give more than 50% of CDN bid for this junk. So if your guy is only 15% back of bid, hey take the money and run LOL.

cladking · August 27, 2006 11:29AM

<< <i>

As far as clad 1999-2006 proof sets I would not give more than 50% of CDN bid for this junk. So if your guy is only 15% back of bid, hey take the money and run LOL. >>

How ironic that it is this "junk" that is among the few things in the hobby for which
a retail market is developing. All sorts of "junk" from low grade buffalos and indians
to modern mint and proof sets are starting to have significant amounts of retail mar-
kets.

Everyone is free to offer or ask what they want for anything they have but the fact
is that it's always easy to get 90% of bid for mint and proof sets. With patience or
quantities it's usually possible to get up to 105% of ask. Many of these will then be
sold in non-traditional venues like magazine sales or on TV.

Question about selling modern proof sets

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