Is it better to sell a coin to a dealer via mail, or be a guppy in the bourse shark tank and sell in
Longacre
Posts: 16,717 ✭✭✭
I am contemplating the sale of one of my coins. In the past, I have sold coins using the quick and easy method by mailing the coin to the dealer (I might be overstating the quick and easiness, I suppose, based on my previous experience in this thread: Griselda ). However, given the closeness in time of the Baltimore show, I think I might try to sell the coin in person. It is a well known fact that negotiations are better made when you are on your home turf. A mail/telephone transaction tends to level the playing field, in my opinion. However, if I decide to sell in Baltimore, will Longacre be like a hapless guppy, swimming aimlessly among a pool of seasoned sharks? Or does it not matter how a coin gets sold, and the selling price will be the same no matter what method is used?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
<< <i>Or does it not matter how a coin gets sold, and the selling price will be the same no matter what method is used? >>
you might get multiple offers on it at a show. Sort of like a walk around auction..........if you wanted to be bothered with it...............assumming it's not a 1881-S MS 63 Morgan.
Too many positive BST transactions with too many members to list.
<< <i>why not cut out the middle man and sell it directly to a collector ? >>
Better yet...... You should "out-do Saintguru" and hold a giveaway !!!
Please accept my entry, site unseen........ I'd take it !!!
One thing about walking it around is a dealer may not be happy if you turn down her best offer of $500, go try to sell it to 5 other dealers, and return. Now the dealer needs to wonder why no one else would beat $500. Just because they offered 10 minutes ago does not mean the offer remains valid after you walk away from the deal.
Editted to add:
When you mail it to someone, I don't view the field as level. You have already shipped the coin. If you decline their offer, it must be shipped back.
And an at a show deal will often be cash, and cash is king!
<< <i>. . . if I decide to sell in Baltimore, will Longacre be like a hapless guppy, swimming aimlessly among a pool of seasoned sharks? >>
I can't imagine Longacre being a "hapless guppy among the sharks"!
The show promoter (and the coin papers) lists the dealers tables a few days before the show. Go through the list and select the dealers who deal in that type of material. Decide which dealers you will visit first in what order, to sell the coin. I'm sure you will have done your pricing research ahead of time. The dealers will usually want you to quote a price on your coin. Hope this helps.
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>why not cut out the middle man and sell it directly to a collector ? >>
Definitely worth a try. Many collectors would be happy to get first chance at a fresh coin.
If a person knows some dealers at a show, that would be the preferred over shipping to a dealer for a blind offer. There are plenty of dealers on this board that will be at the show, and most will either give a fair offer, or point you to a specialist dealer who usually has the high bid for the item. Contacts are just as valuable as numismatic knowledge, use them. I am assuming it is a coin of some value, otherwise a person would not ask about it.
If you believe that you are ready to sell coins in person then you should consider consigning them to a dealer with a table. If you feel that you have had reasonable success selling your coins by mail order then sticking to that may be better. From my observations it seems that coins that are PQ for their grades or other more non-generic dates or denominations tend to sell faster in person than by mail order.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
Have you thought about trading the coin or coins for something a dealer has that you may want?
AL
Nothing you can find out here(and there have been some good replies) will substitute for the experience of doing it yourself, and seeing the results.
Many of us just collected, for all the years we have been interested in coins. But there does come a time when selling is in order. There are many ways to do it successfully, and it depends on the nature and value of the coin, as well as the time element involved.
A special coin-- auction results seem to be the best for getting the highest price. But it takes more time, and if the reserve is too high, no sale.
A common coin--like a MS 65 Morgan, a generic grade commem, etc.-- price it below market and it might sell to one of several dealers, in person, or by mail. It will probably get more on eBay. But then you have to image, and set up accounts.
A mid-grade nice coin, like an 1834 bust half in 62. If it is anything other than PCGS graded, it might not sell for more than 20% back of bid. Most dealers will not offer what you want, because it will sit in inventory for some time.
Key dayes- they sell easily, and most dealers will offer fair dollars at a show, as they always have a customer.
But you have to experience this yourself. Bad auction results are usually the fault(s) of the coin, not the auction company. No offers from dealers may mean you have contacted the wrong dealer for this type coin, or have too large an expectation.
Get out there and learn on your own. Then you will have the confidence that experience gives us all.