ebay BIN epidemic

On the BIN I sell my coins at the high range if a person wants it right then. But I normally also put the best offer option so I get at least what I have in it. Most of the ones I sell are cuz I have extras or taking my collection in a different direction. Oh and Krispy you were right about the BSA coins taking a beating on those. Going to sell em high or just hold on to them for down the road.

 

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There are plenty of slabbed coins that are BIN'd and are obnoxiously overpriced...

 

There are indeed those out there too. But much less than just BIN.

 

Setting a BIN price to get back what someone put into it doesn't necessarily always work, either. If the seller doesn't know squat about grading, and overpaid, what makes them think that when they try to flip it, it will magically sell? No amount of hopeful 'fairy dust' is going to help it move...

 

I agree with what you said that BIN slabbed coins are overpriced, but sometimes they are worth it depending on how much 'overpriced' they are.


And to what I am quoting, this is a very good observation because a lot of dealers that have just BINs have a very large selection of BINs that are overpriced and like someone said earlier in this threat, they are just waiting for someone that doesn't know too much about the value of the coin(s) to buy it

 

The dynamics are interesting... because a lot sellers who I purchased specimens from before, for market-rate BIN prices, or won from in auctions (at what amounted to the market prices), seem to have switched to an entirely BIN sales model... Now their inventory just sits.

 

Nope! You're right on the money, so to speak!

 

I list my Bin price at least 30 % higher then my cost with the best offer option.
All my BIN prices are well below Numismedia and PCGS retail.
My goal is not to have someone hit the BIN rather give me a fair best offer so I don’t lose money on the coin. On some very nice coins I have had people hit my BIN. They probably used BING cashback . All my coins are either NGC or PCGS . You have to set you bin high because the mind set of most people on EBAY is to make an offer well below the BIN price. Then you will always get the idiots who will offer you $250 on a
$ 1000 coin !!

 

Yep - noticed lots of BINs on graded coins. Yes - some are out of sight, some are reasonable. Still some sellers get upset when you offer what you know you can get it for at auction. It is funny when they list a coin at $200 and then at $225 - it sells at $225. One coins I am watching was first listed(28 days) for $595, then the second was $650, and the third is $650 again - no best offer option. I have decided each time it gets listed I will put it on my watch list. Maybe if they get down to around $525 I will think about it.

 

The raw ones are often the worst... with no TPG grade, sellers oftentimes price [and many times even advertise a grade] that's way too high.

 

Not justifying anything here Cheetah just pointing it out. A lot of what we sell on ebay is modern, slabbed bullion. I have very little respect for it but it sells. Working in a coin shop this is what we do.

I have found it amazing for sometime (as have others) that a BIN will go so fast. Paypal helps it along IMHO. You can use a BIN pay with Paypal and it's on it's way.

Big deal. I've collected for most of my life. I'm quickly approaching 48 years of age and figure if I want a coin after all these years what's a few more weeks?

I don't have a Paypal account nor do I want one. I no longer sell on ebay personally. The last purchase I made I used a check. Seller said he'd have to hold it. No problem for me he's got to make sure my money is good.

A little patience and knowledge could benefit a lot of people. If they don't want to take the time it is their own fault.

 

Haven't read much of this thread, but I will throw my 2 cents concerning BIN's.
I like BIN's, and most of my toned flip candidates are BIN at retail with crappy photos/scans. In an auction setting those might not sell, because I know a lot of people just look for the quick snipe, clicking the drop down box and going to "ENDING SOONEST"
A lot of BIN's that I look at end in more than 10 days, so it wouldn't necessarily show up in Ending Soonest for those snipers.
I get a some time to think about it, evaluate the coin from the crap photos, and see how much I think I can make off of the coin and the buy the coin, and I've noticed they don't sell, because of the price being at retail and the crappy photos, and I know that I can flip the coins for more than I paid, people are suckers for toning.

So in closing, I like BIN auctions and do agree that I've seen more and more BIN's, but I don't think it is really a problem, lots of people are scared in the market place, and just want to put up a high BIN so they can be assured they will get what they want, and many never go down on price. Not a lot of rush to sell right now if you are the seller in some cases, all the time in the world, just letting the buyer come to you.

I remember about a year ago a lot of the BIN's that I saw with coins were overpriced and were from a seller TNFC, or something along those lines. All of his coins were over retail and the pics were so-so, but a lot of people factor in that they win the item the second that button is clicked, rather than go through a really long process to get what they want.

 

My use of the words 'justify it all you want' was a poor choice. It wasn't my intent to come across the way I did at anyone here in particular.

I apologize.

 

My question is if you guys are not buying coins on ebay then were are you getting them at. I dont have a B and M store anywere near me so that is not an option. Is there another site other than teletrade and heritage that is an auction type place or you just buying them from online stores or what. Let me know.
Thanks

 

Most everybody has a coin show within 50 miles of them at some time during the year. I regularly go 50 to 60 miles to get to shows, 2 or 3 times a year. Way better deals at them than on ebay.

I agree that most of the buy it nows are over priced. Often times, I think they add all the fees to what they want to make and that's your buy it now price. Then they're left with what they want to make. Buy it now is a hefty fee to the seller for having one.

On the other hand, the last thing I listed on ebay, non-coin related, did not meet the reserve, did not sell and I lost money trying to sell the item. Haven't been back.

 

Unless you are a power seller, standard auctions on EBAY are a waste of time and money. I hate EBAY , however there is not a viable alternative for selling coins without listing them on an Auction site.

 

No need to apologize Cheetah. Your points are valid especially from a buyers point of view. You started a good thread and this is why coin geeks (poor choice of words? I consider myself one) belong to forums.