I’ve always used the Red Book to get an approximate idea of what my coin collection is worth, knowing that this is a retail value. Yesterday I bought the Blue Book and was a bit horrified to find the collection is only worth 44% of its retail value, should I try to sell it to a dealer. Is there some way to get more money out of it, not that I’m planning to sell it.
I don't really place in kind of value on my collection, although I have Coin Manage to inventory it. It's just something that I love and want to keep. Now if I had to sell it for some reason, that's a different story. It's interesting for me to know the value of a key coin, but that's as far as I go because I buy and never sell.
Texmech
You'd be lucky to get 44% of the inflated Red Book prices from a dealer. Love it or hate it, eBay seems to be one of the best ways to go... or the open forum here on CT. Probably two of the better options if you ever decided to sell. And you can always check completed auctions to find what similar coins are selling for.
For the most part, those books and prices quoted are unqualified . Establishing a market value for any coin collection is not as simple as quoting a published grade/price for any individual coin or combination of coins . I would suggest you seek the assistance of someone who provides these services as a part of their daily business routine , a Professional Coin Dealer . Take note that there are different types of appraisals. So be certain to understand your need of one. Happy Holidays .
I look at my collection as a collection, and not an investment. But I am not a rich person and there is the possibility I would need to sell it someday. I’ve been collecting for nearly fifty years and have my Mother’s and Dad’s collections—I do love my coins.Originally Posted by texmech
Can you advise me on what sort of camera I would need to use to sell coins on ebay?
Don't take this wrong because I am not trying to be flippant, but the value of your collection if selling, is the value placed upon it by the buyer.
I have seen some coins sell for almost Redbook pricing and others at 60% less of Redbook.
Personally I find I receive better selling price from other collectors than selling to a dealers although there has been a few exceptions. With collectors if they want and need your coin they sometimes willing to pay more.
On Ebay, sometime I have been real surprised what someone has paid for a coin and occasionally they have gone over Redbook pricing.
Depends on how much you want to pay for a camera. I use a cannon powershot 590IS, 8 mpix, with copy stand and ottolites natural bulbs. My setup including the camera cost me less than $200.00 others in the forum have spend lots more.
That is all fine and dandy, but in my opinion centsdimes is right. If you took your collection in to the average coin dealer, he is gonna pull out the greysheet, go down it letter by letter, and then offer you 75% - 90% of bid depending on how marketable he considers your holdings to be. That is it plain and simple. It is one of the unfair parts of our hobby, but that is the intersection of hobby and business.
That, along with the volatility of the precious metals markets, makes coins one of the riskiest investments possible. I continue to be baffled by people putting their life savings into coins. I believe that the posts above are correct, that to achieve the best yield on your coins (without opening your own coin shop) is to sell them in an auction setting. Not only will you get much closer to retail, you have the potential for bidding battles.
I hope this helps. Merry Christmas!!!
Thanks—I don’t want to pay too much.
Thanks, merry Christmas!
AS I said, there are different types of appraisals and a dealer knows how to establish the prices accordingly, and Red Book, Blue book,& Black book prices are not even relevant .One way to get an appraisal by a reputable Dealer is to contact your Homeowners Insurance Company and ask if they can refer a Dealer who is a member of the PNG for the purpose of a Coin collection appraisal.
Price guides are just that, a guide, a place to start. Many collectors are dismayed at what seem to be low dealer offers for their collector coins. For common raw collector coins in the $5 to $20 value range, 44% of Red Book might be about right. For high demand key dates and semi-keys, certified, the percentages will be better. Bullion related items are a third category and at some dealers trade close to their melt value.
Although Red Book can be very precise, don't completely rely on it. If you're looking at a slabbed coin, I would suggest that you use their website to find out a general price (PCGS or NGC).
As the Tax man always says it's all about the Specific Facts and Circumstances.
I have found that the NGC slabbed coins that I follow on eBay sell for about 80-85% of the PCGS Price Guide, which has lower prices than the NGC Price Guide.
Selling or buying is all about having the patience to wait for what you consider a fair price and understanding the rarity of what you want to buy. If there aren't very many of what you want, then pay what you need to when you find it!
Unfortunately, immediately after you pull the trigger and pay the asking price for that percieved rare coin an other one comes along at a much lower price.
I generally look at the average cost per coin vs estimated cost per coin of my sets. This seems to balance out the great deals and the ones that I should have passed on. I'm always surprised at how close the average cost per coin of a set will come to the average estimated market value per coin.,
Posting Permissions
LinkBack URL
About LinkBacks
Reply With Quote
Bookmarks