Selling Question

Hi Gang,

I have a question that I know the answer too ( I think )though I need to hear from others who have sold coins. When you have a coin to sale that you have purchased from an auctin i.e. teletrade, heritege etc.. do you try to add the buyers fee and shipping to the sale price of the coin?

For example, if you had a coin that was purchased $XX but it cost $10 buyers fee and $5 shipping that you would sell it for $XX+$15?

 

Log in or Sign up to hide this ad.

At the very least I markup the coin 40-50% over cost. Cost includes the bid, buyers fee, and shipping. My goal is to make money on it, not give it away for what I paid or less.

I recently bought a really nice slapped Peace Dollar off Teletrade for $200 and with buyers fee and shipping the total was around $240. CDN Bid is $275. I marked it up 50% over bid: 275 x 1.50 = $412.50 and fudging it up my asking price was $425. It sold recently in my shop for $400 after some haggling with the customer.

 

I'll echo Player.

 

Maybe I am missing something here, but what does the price you paid have to do with an items selling price? I will grant you that if you really got it cheap, you would be more willing to sell for less, but if you over paid, do you actually think someone else should also overpay? Now if you are trying to figure your profit, you should absolutely include all of you costs - premiums, mailing and even interest if applicable.

 

Your comment reminds me of coin show dealers who insist they have to get X amount for their coin because they've got that much into it.
Sorry Mr. Dealer, but just because you paid too much doesn't mean I should too.

 

Or at the time of purchase the price was correct but since then the market has softened for that particular item.

Prime Example:
The early crush in the secondary market to get recent Mint releases.
And then later the market finds a stable level, often lower than the earlier prices.

 

I'd imagine if you're buying like a dealer, you should be buying at about 50-80% of the current value of the coin. Adding another 10-15% for shipping, auction fees, etc, should still make you profit. If you are buying coins at actual current value (as a collector and not seller) only then to mark it up 10-15% higher than it's actual value so you make profit on it, then you'll likely be out of business rather quickly and you shouldn't be selling coins. As a buyer, I don't care if you make profit or not, as I'm trying to get the best deal as well.

 

Your comment reminds me of buyers who insist they know it all and have to get X coin for X amount because X guide says so.

Sorry Mr. Buyer, but just because you do not want to pay, does not mean you're walking away with the coin.

It might be fun to see you on the other side of the table.

 

I try to sell coins for what they are worth, not what I paid for them.

 

And therein the collector/seller be. It hurts at times........

 

Always so pleasant to hear from you.

 

If I am buying the coin as a collector I consider the price I paid for the coin to be what I have in it because I consider the postage etc simply what it costs to get it to me. If I decided to sell it later I would not expect to recover those costs. HOWEVER, if I am operating as a business and I am buying deliberately for resale then I do have to recover those expenses or eventually I will go out of business. So in that case I would have to adjust my buy price downward so I can add those expenses and still be able to sell it for a profit.

 

I think conder101 answered it best from dealers perspective. And then Mike from the collectors point of view - me personally I try to get what I have in them back out - at the same time I do accept less. I know some of the coins I purchased in the past need to be priced less than I paid. And I work with 900fine.

 

Likewise.

While I agree with many of your opinions, is there anything wrong with presenting another side? It goes both ways. We've had a similar discussion before and while your point is valid, it is also yet overgeneralized. Not every dealer who says this has overpaid or is trying to pass a mistake onto an unsuspecting buyer.

 

True. But we do grow weary hearing it all the time........

 

As I do saying it, my friend. Someones gotta do the dirty work!

 

Hey guys,
first off let's not argue, it was a simple question that I wanted to ask once (and if I ever) decide to sell my coins. I knew a couple things would come into play when selling.
A. the price I paid+shipping+taxes etc..
B. the price it's worth or is currently selling for
C. who am I selling it too

P.S. I would have responded sooner however I am working on remodeling my bathroom and for those who have done this knows how many multiple trips you need to make to run to the hardware store because of unexpected results from pulling pipes, drywall etc..

 

You too Shrek? We're doing two and at this time are just half way through the first one. What a nitemare. The studs on the outer wall were all rotted out. Had to knock out the whole thing and redo the siding. Then we had to re-route all of the plumbing as the original builder of this house of mine was an idiot. But were're havin' fun........

Good to see ya old fellow.

 

A lot depends on HOW you present another side.
Your presentation of "another side" seemed kind of nasty and a personal attack on me.

 

:devil: