Selling coins -- advice, please

Selling coins -- advice, please

Post by Percival P. Cassid » Sat, 20 Aug 2005 12:42:49



I'm not a coin collector, but we inherited coins from a relative. Many
US proof sets and commemoratives, plus commemoratives from other
countries too.

Dealers' catalog prices look good, but how much would they pay? Would
they pay more for a complete collection than for the same items offered
individually?

Prices on eBay (completed auctions) vary widely, so selling without a
reserve could be a big gamble.

What's the best way to liquidate these assets?

Perce

 
 
 

Selling coins -- advice, please

Post by Drunken Monke » Sat, 20 Aug 2005 12:47:04


Don't use reserves because I think it angers some potential buyers.
Rather, set the bottom price at the price you think most fair (based on
the average of completed auction prices).

 
 
 

Selling coins -- advice, please

Post by Jerry Denni » Sun, 21 Aug 2005 00:44:17


Quote:

> I'm not a coin collector, but we inherited coins from a relative. Many
> US proof sets and commemoratives, plus commemoratives from other
> countries too.

> Dealers' catalog prices look good, but how much would they pay? Would
> they pay more for a complete collection than for the same items offered
> individually?

> Prices on eBay (completed auctions) vary widely, so selling without a
> reserve could be a big gamble.

> What's the best way to liquidate these assets?

> Perce

The best way depends on how much time you're willing to spend doing
research on what you have.  Mint issued products in their original
packaging/box usually bring a set dollar amount, depending, of course,
on what they are.  The value for individual proof sets vary widely
based on the year issued and the coin composition (clad vs. silver).
The same with Mint sets and commemoratives.

Complete collections in Harris/Whitman folders don't normally bring a
whole lot unless they're in high grades and all of the keys are
included.  And with that thought in mind, if they were in high grades
with all keys, they'd most likely be in a Dansco or Intercept Shield
album.

If you want the highest value, I'd suggest doing completed auctions
searches on ebay and other auction sites (e.g., Yahoo) and take the
average value as to what you could expect if you were to list them.
Above all, don't look for MS-65 CC Morgans (which can bring as much as
four figures or more) and expect your beat-up, severely cleaned 1921 to
bring that same amount.  Compare your coins to the dates, mint marks
and condition of those sold and use those values.

If you just want to get rid of everything as quickly as possible, take
them to your local coin dealers and see what they would offer.  Realize
that if you go in blind, you'll probably get lowballed, so it pays to
do your homework.

If you choose to list them on ebay (or another site), avoid "Estate" or
"Inherited" anywhere.  For most of us, it's a red flag.  Also, even
though it's fine to say so here on RCC, I'd avoid making the statement
"I'm not a coin collector" in your auction.  I mention this because a
lot of non-collectors with inherited coins see old coins that really
aren't worth a whole lot and then think dealers and potential buyers
are out to "screw them over" with low bids.  Just be factual that you
have a nice 1982-S Proof Set, for example.  Provide clear pictures of
the obverse and reverse of anything you auction.  Mentioning the grade
is helpful, if you know how to grade.  If not, the Red Book gives a
basic idea of what to look for in determining the grade.

If you like (and I like to offer this suggestion), do a "FS: Proof,
Mint, Commemorative, and Miscellaneous Coins" post, list what you have,
and provide a realistic price or a *best offer*.  Some of us do buy
from other posters, and there's a lot less hassle and expenses than
dealing with online auctions.

Hope this helps.

Jerry

 
 
 

Selling coins -- advice, please

Post by jcsupersta » Sun, 21 Aug 2005 01:07:58


If you are not a collector, how sure are you as to what you have?  A
significantly sized collection at least deserves a proper 3rd party
appraisal before proceeding.  Otherwise, you are at a distinct
disadvantage in the transaction.  I can only guess by your description
that this is a bunch of modern material with no rare coins.  For a
considerable collection to be sold by a non-collector, I'd suggest
going to a major auction house (like Heritage or Superior) because they
have a base of attentive buyers and want to present lots in a way to
maximize the return as their commission is directly tied to that.  Of
course, you pay around 15% on your side and the buyer usually does on
theirs too.  A lesser collection that is comprised of certified coins
(in PCGS, NGC, ANACS, ICG and even NCS holders), Teletrade is a good
choice.  That lets them deal with all of the nonsense that you would
have to on eBay and they have a lot of active bidders and bring
decently strong prices.
 
 
 

Selling coins -- advice, please

Post by Percival P. Cassid » Sun, 21 Aug 2005 02:05:21


On 08/19/05 12:07 pm jcsuperstar tossed the following ingredients into
the ever-growing pot of ***soup:

Quote:
> If you are not a collector, how sure are you as to what you have?  A
> significantly sized collection at least deserves a proper 3rd party
> appraisal before proceeding.  Otherwise, you are at a distinct
> disadvantage in the transaction.  I can only guess by your description
> that this is a bunch of modern material with no rare coins.  For a
> considerable collection to be sold by a non-collector, I'd suggest
> going to a major auction house (like Heritage or Superior) because they
> have a base of attentive buyers and want to present lots in a way to
> maximize the return as their commission is directly tied to that.  Of
> course, you pay around 15% on your side and the buyer usually does on
> theirs too.  A lesser collection that is comprised of certified coins
> (in PCGS, NGC, ANACS, ICG and even NCS holders), Teletrade is a good
> choice.  That lets them deal with all of the nonsense that you would
> have to on eBay and they have a lot of active bidders and bring
> decently strong prices.

These are still in the original packaging, consisting in most cases of
the clear plastic "capsule" in the padded case or display stand in the
box in the sleeve or other outer cover, and with the certificate of
authenticity. Some of them even have *numbered* certificates of
authenticity.

So I, at least, am pretty sure about what I have.

Perce

 
 
 

Selling coins -- advice, please

Post by linxlv » Sun, 21 Aug 2005 09:14:52


Quote:

> Don't use reserves because I think it angers some potential buyers.
> Rather, set the bottom price at the price you think most fair (based on
> the average of completed auction prices).

I know everyone here will probably disagree w/ me, but I start all my
auctions at .99, no reserve, good photos, simple description. I have yet
to have one not do well. I do not bother w/ a reserve. As it is said,
there is no Santa Claus. A double eagle won't go for 300.00. Of course, if
I auctioned things like genuine 14D's raw, then I would put a reserve or
min bid in case not enough people believed it's legitimacy. But if it was
slabbed, I probably wouldn't put a reserve on that either.

-
dw

 
 
 

Selling coins -- advice, please

Post by acau.. » Sun, 21 Aug 2005 12:25:02


Quote:

>I know everyone here will probably disagree w/ me, but I start all my
>auctions at .99, no reserve, good photos, simple description. I have yet
>to have one not do well. I do not bother w/ a reserve. As it is said,
>there is no Santa Claus. A double eagle won't go for 300.00. Of course, if
>I auctioned things like genuine 14D's raw, then I would put a reserve or
>min bid in case not enough people believed it's legitimacy. But if it was
>slabbed, I probably wouldn't put a reserve on that either.

It is a good idea to let the market determine the price of the coin.
For common coins, a seller will probably want to protect him/herself by
setting a price that keeps loss at a tolerable level. Common coins may
only get a bid or two. It always bothers me to see a decent coin going
for less than the price of bullion. I'm tempted to buy all these
things, but know that I could not sell these things well, either.

Most things that I sell are common, so I often have to consider how
much I can afford to lose if the auction doesn't attract bids. If I
know something will sell, I do a true auction. The less likely the coin
is to sell, the higher my opening bid is, relative to the book value of
the coin. I'd rather an item not sell than to give it away to a very
low bid.

Anita

 
 
 

Selling coins -- advice, please

Post by DanKay » Sun, 21 Aug 2005 13:09:13


The others have given good advice.

I would say that basically if you take good photos of the coins and
put them on ebay with a semi-accurate grade, you will get about what
they are worth.

The best way would be to get them accurately graded by someone; maybe
a local coin hobbyist would help you to do that?

Then you can look them up in RECENT (like this month) coin guides
(magazines and on the net, like at pcgs.com, I think it is) and get an
idea what they are worth.

Then list them ACCURATELY and with GOOD PHOTOS on ebay and you will
likely get more than with a dealer buying them from you.

However the above is time consuming so it depends on how much time you
want to spend on this...

If you don't mind getting about 20-40% less for them, but spending a
lot less time and trouble, then just go to the nearest big city and
show them to as many coin buyers as you can and take the best offer at
the end of the day.

 
 
 

Selling coins -- advice, please

Post by LM540 » Sun, 21 Aug 2005 17:15:09



Quote:

<snip>
> Most things that I sell are common, so I often have to consider how
> much I can afford to lose if the auction doesn't attract bids. If I
> know something will sell, I do a true auction. The less likely the coin
> is to sell, the higher my opening bid is, relative to the book value of
> the coin. I'd rather an item not sell than to give it away to a very
> low bid.

Yup yup yup!!! Some of us support our habits by selling some coins to buy
others. We can't afford to give anything away.
 
 
 

Selling coins -- advice, please

Post by linxlv » Mon, 22 Aug 2005 06:12:48


Quote:




> <snip>
>> Most things that I sell are common, so I often have to consider how
>> much I can afford to lose if the auction doesn't attract bids. If I
>> know something will sell, I do a true auction. The less likely the coin
>> is to sell, the higher my opening bid is, relative to the book value of
>> the coin. I'd rather an item not sell than to give it away to a very
>> low bid.

> Yup yup yup!!! Some of us support our habits by selling some coins to buy
> others. We can't afford to give anything away.

I'll mail you a check. You do accept personall checks, don't you?
-
dw
 
 
 

Selling coins -- advice, please

Post by LM540 » Mon, 22 Aug 2005 06:43:43



Quote:




>> <snip>
>>> Most things that I sell are common, so I often have to consider how
>>> much I can afford to lose if the auction doesn't attract bids. If I
>>> know something will sell, I do a true auction. The less likely the coin
>>> is to sell, the higher my opening bid is, relative to the book value of
>>> the coin. I'd rather an item not sell than to give it away to a very
>>> low bid.

>> Yup yup yup!!! Some of us support our habits by selling some coins to buy
>> others. We can't afford to give anything away.

> I'll mail you a check. You do accept personall checks, don't you?
> -
> dw

Sure, please include a $1000 cash deposit and 5 valid picture ID's. The ID's
will be returned when the check clears. The deposit got lost in the mail --  
too bad you can't insure money. LOL
 
 
 

Selling coins -- advice, please

Post by Jonathan_AT » Thu, 25 Aug 2005 10:17:11




Quote:
> I'm not a coin collector, but we inherited coins from a relative. Many
> US proof sets and commemoratives, plus commemoratives from other
> countries too.

> Dealers' catalog prices look good, but how much would they pay? Would
> they pay more for a complete collection than for the same items offered
> individually?

> Prices on eBay (completed auctions) vary widely, so selling without a
> reserve could be a big gamble.

> What's the best way to liquidate these assets?

> Perce

Let's see, you got the coins for nothing...  how could selling without a
reserve be any gamble?  99 times out of 100 you will end the auction with
what the item is worth at that given time.

Jonathan_ATC

 
 
 

Selling coins -- advice, please

Post by Percival P. Cassid » Thu, 25 Aug 2005 23:52:55


On 08/23/05 09:17 pm Jonathan_ATC tossed the following ingredients into
the ever-growing pot of ***soup:

Quote:
>>I'm not a coin collector, but we inherited coins from a relative. Many
>>US proof sets and commemoratives, plus commemoratives from other
>>countries too.
>>Prices on eBay (completed auctions) vary widely, so selling without a
>>reserve could be a big gamble.
> Let's see, you got the coins for nothing...  how could selling without a
> reserve be any gamble?  99 times out of 100 you will end the auction with
> what the item is worth at that given time.

So if you inherit a house, are you going to sell it for $100?

If I have a set of coins with a catalog price of $15, for which a local
dealer might give me, say $5 (I'm guessing because I don't know what
kind of profit they expect to make), why do I want to mess with listing
it on ebay, then having to take it to the Post Office, and perhaps
getting only $2 for it (less eBay's fees)? -- unless I set the initial
price (as somebody else suggested earlier) at some acceptable minimum.

Perce

 
 
 

Selling coins -- advice, please

Post by Jonathan_AT » Fri, 26 Aug 2005 08:20:21




Quote:
> On 08/23/05 09:17 pm Jonathan_ATC tossed the following ingredients into
> the ever-growing pot of ***soup:

> >>I'm not a coin collector, but we inherited coins from a relative. Many
> >>US proof sets and commemoratives, plus commemoratives from other
> >>countries too.

> >>Prices on eBay (completed auctions) vary widely, so selling without a
> >>reserve could be a big gamble.

> > Let's see, you got the coins for nothing...  how could selling without a
> > reserve be any gamble?  99 times out of 100 you will end the auction
with
> > what the item is worth at that given time.

> So if you inherit a house, are you going to sell it for $100?

> If I have a set of coins with a catalog price of $15, for which a local
> dealer might give me, say $5 (I'm guessing because I don't know what
> kind of profit they expect to make), why do I want to mess with listing
> it on ebay, then having to take it to the Post Office, and perhaps
> getting only $2 for it (less eBay's fees)? -- unless I set the initial
> price (as somebody else suggested earlier) at some acceptable minimum.

> Perce

Have you done much eBay selling?  Stuff goes for pretty much market value.
You don't go to the post office, you print the postage and send if off from
home.  If you are that worried about not getting what YOU think it is worth,
it is probably not worth what you think it is.  Like I said, you'll get what
it is "worth" at any given time putting it up for $0.99/no reserve.

Jonathan_ATC

 
 
 

Selling coins -- advice, please

Post by Jonathan_AT » Fri, 26 Aug 2005 08:22:04




Quote:
> On 08/23/05 09:17 pm Jonathan_ATC tossed the following ingredients into
> the ever-growing pot of ***soup:

> >>I'm not a coin collector, but we inherited coins from a relative. Many
> >>US proof sets and commemoratives, plus commemoratives from other
> >>countries too.

> >>Prices on eBay (completed auctions) vary widely, so selling without a
> >>reserve could be a big gamble.

> > Let's see, you got the coins for nothing...  how could selling without a
> > reserve be any gamble?  99 times out of 100 you will end the auction
with
> > what the item is worth at that given time.

> So if you inherit a house, are you going to sell it for $100?

> If I have a set of coins with a catalog price of $15, for which a local
> dealer might give me, say $5 (I'm guessing because I don't know what
> kind of profit they expect to make), why do I want to mess with listing
> it on ebay, then having to take it to the Post Office, and perhaps
> getting only $2 for it (less eBay's fees)? -- unless I set the initial
> price (as somebody else suggested earlier) at some acceptable minimum.

> Perce

BTW, inheritng a house is not the same as inheriting some coins worth $15.
No, I would not sell an inherited house for $100.  I'd have it appraised and
sell it for what it was worth.  Selling coins on eBay in no way compares to
selling an inherited house.

Jonathan_ATC