We are in the midst of a bull market, and MS65 generic Morgans aren't holding their values. Dealers have these kinds of coins stashed in all kinds of cervices (including THAT one) and are having trouble moving their generic dolalrs. There is no incentive to pay more for this coin than what it sold for. I am a little more surprised about the other sale, however.
<< <i>Read the terms on buybacks/reserves on the site under selling. It's a bargain, I assure you, versus selling a valuable coin without a safety net. You buy insurance, right? Consider it a cost of doing business if you sell expensive coins on TT. >>
So going back to the $500 coin if you place a buyback bid of $400 and no one outbids you at the 5% fee you just gave TT $20. So if you paid $350 for the coin initially your basis is now $370, correct? At what point does the prudent seller stop throwing good money after bad and say just sell the damn thing.
Since I have not sold under such circumstances what would be a normal buyback bid for a $3K coin?
The one consignment I did do was on some ho hum style Morgans. There was an up to $100 savings on commission. I just put em up and let em go.
<< <i>We are in the midst of a bull market, and MS65 generic Morgans aren't holding their values. Dealers have these kinds of coins stashed in all kinds of cervices (including THAT one) and are having trouble moving their generic dolalrs. There is no incentive to pay more for this coin than what it sold for. I am a little more surprised about the other sale, however. >>
Well, the supply does outstrip the demand. VAM hunters are the best friends of those overloaded dealers. They might miss out on a sweet premium by not spending 1000 hours accumulating the knowledge to discriminate the valuable ones, but they do move some merchandise out of inventory.
Not trying to be a nitpicker, but . . . 5% on a $400 reserve is only $20, not $80. I should know as I was charged $55 for placing a $1100 reserve bid on my coin in a past auction.
<< <i>I had a number of lots in tonight's TT sale as well and, I believe, it was a bit slower than the past couple weeks. But, it is a holiday weekend -sometimes sales are great on holiday weekends and sometimes not so great.
Wondercoin >>
Boring auction tonight ..but the bite of a declining stock market is coming to hobbies. I will not bid up my Baltimore bids like I have all year.
<< <i>Not trying to be a nitpicker, but . . . 5% on a $400 reserve is only $20, not $80. I should know as I was charged $55 for placing a $1100 reserve bid on my coin in a past auction. >>
yes yer right, i changed that. if it gets relisted a second time do you get whacked for a second buyback fee if you put in a buyback bid?
Comments
<< <i>Read the terms on buybacks/reserves on the site under selling. It's a bargain, I assure you, versus selling a valuable coin without a safety net. You buy insurance, right? Consider it a cost of doing business if you sell expensive coins on TT. >>
So going back to the $500 coin if you place a buyback bid of $400 and no one outbids you at the 5% fee you just gave TT $20. So if you paid $350 for the coin initially your basis is now $370, correct? At what point does the prudent seller stop throwing good money after bad and say just sell the damn thing.
Since I have not sold under such circumstances what would be a normal buyback bid for a $3K coin?
The one consignment I did do was on some ho hum style Morgans. There was an up to $100 savings on commission. I just put em up and let em go.
edit to correct a brane fart!
<< <i>We are in the midst of a bull market, and MS65 generic Morgans aren't holding their values. Dealers have these kinds of coins stashed in all kinds of cervices (including THAT one) and are having trouble moving their generic dolalrs. There is no incentive to pay more for this coin than what it sold for. I am a little more surprised about the other sale, however. >>
Well, the supply does outstrip the demand. VAM hunters are the best friends of those overloaded dealers. They might miss out on a sweet premium by not spending 1000 hours accumulating the knowledge to discriminate the valuable ones, but they do move some merchandise out of inventory.
NSDR - Life Member
SSDC - Life Member
ANA - Pay As I Go Member
charged $55 for placing a $1100 reserve bid on my coin in a past auction.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>I had a number of lots in tonight's TT sale as well and, I believe, it was a bit slower than the past couple weeks. But, it is a holiday weekend -sometimes sales are great on holiday weekends and sometimes not so great.
Wondercoin >>
Boring auction tonight ..but the bite of a declining stock market is coming to hobbies. I will not bid up my Baltimore bids like I have all year.
<< <i>Not trying to be a nitpicker, but . . . 5% on a $400 reserve is only $20, not $80. I should know as I was
charged $55 for placing a $1100 reserve bid on my coin in a past auction. >>
yes yer right, i changed that. if it gets relisted a second time do you get whacked for a second buyback fee if you put in a buyback bid?
The Morgan is a common coin and the toning is so so at best. The buyer paid bid for the coin.
The gold has problems and is not that aweful rare. Most poeple don;t want problem coins unless they are really rare coins.
As Wayne said, you need to protect your coins if you feel they are going too low.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986