Well Christmas is coming up and i am wanting to get the wife a new laptop. A little short on funds as always so i was considering selling one of my coins. Here is my problem. I have a 1907 2.5 Liberty pcgs graded at MS61. When i look the coin up on Numismedia it values the coin at around 800. I checked with PCGS website and i don't subscribe but it has the MS 60 at 660 and the MS 63 at 830 so i figure some where between say 730-750 for MS 61 on PCGS. The dealer i went to looked up the grey sheet and gave me a price of 565. So something is a bit fishy here to me. Any thoughts? Maybe that is what she can buy them for? that seems a little low.
Welcome to the reality of the coin game. The only way to get near Numismedia/PCGS values will be to sell it to another collector. Your story underlines why I've posted in this forum on numerous occasions that Numismedia (and PCGS) is useless when it comes to selling to dealers. Dealers use greysheet to buy, by and in large. You might tell the dealer that "I need to get X out of this coin" see what they say. They might budge a bit, or they might not.
The thing is i know they are going to turn around and sell that coin for the prices they see on the internet. i know they need to make a profit but i am also wanting to get something out of it as well. PS never by coins from goldline or any of those scammers. I had thought about posting it on heritage but they take 20% right off the top plus any other fee's that they might have. Ebay is just about as bad when the price goes that high then you have paypal to deal with as well. which is why i was looking to sell to a dealer but i am wanting to get a fair asking price for it.
The prices you looked up were retail prices, i.e., prices a dealer may sell the coin for. The price the dealer offered you is the wholesale price. You cannot expect a dealer to buy coins at retail prices. To survive he must buy at wholesale and sell at retail. The spread covers his expenses and (hopefully) gives him a bit of profit. Where does bartering enter the picture?
please read what i posted then correct this. the coin is valued at 800. i realize that a dealer is not going to pay 800 for it, however i am not going to take a 300 dollar loss myself. no sane person would. I don't see it unreasonable to get 650. that is a 150 dollar profit for them when they sell it for 800 which they will. Not to mention the coin is only going to go higher just last week it was only 770 bucks it has jumped 30-40 dollars in less than a week for some reason. when i first got it a year ago it was at 465 dollars. so in 1 year it has almost doubled in value.
If you want to get closer to retail prices you're gonna hve to put some effort into it, that's why the dealer isn't paying retail. A legit business has to factor taxes and also the money sitting there if it doesn't sell in a reasonable time...he might not have a strong client base for those coins...any number of reasons. You're wanting something every collector here dreams of...selling their coins for a retail price with little or no effort, just not gonna happen.
45, 1907 Liberty $2 1/2 Grey Sheet is: MS-60 - $365 MS-62 - $600 MS-63 - $725 These Grey Sheet values are wholesale dealer-to-dealer prices and are based on a gold spot price of $1,203.30 (August 2010). So these values may need to be bumped up slightly. Using the above Grey Sheet values if you interpolate between MS-60 and MS-62 you get an approximate value of $482.50. The dealer offer of $565 does not look out of line to me.
I guess you aren't listen that isn't my problem have a nice day. I am not a dealer so there you have it. i go buy what it can be sold for and a reasonable expectation of what i should get for my property. that is your opinion that it isn't out of line. unfortuantly it isn't your coin but mine which i think 565 is to low considering this coin has sky rocketed in price just in the past week. also this coin doesn't go by bullion pricing, but by collectable value. Again i am not really asking for retail. do you think 650 is to high on a 800 dollar coin? i could understand if i was being unreasonable and not wanting to sell for less than 800. i think 650 is a solid offer. that is like a 20%+ profit margin right there.
The 11/12/10 CDN Greysheet, based on a Gold price of $1409.80 shows a generic $2.50 at MS60 bid of $400, MS62 bid of &650, interpolated MS61 would be $525 bid (~$545 ask) at that elevated Gold price. I believe to have that coin in NGC MS61, and would be ecstatic to receive $565 at the lower current Gold price, without the selling fees/hassle. I'm really confused, as a very reputable seller with ~30,000 feedback has a considerably lower "Buy It Now" price offered for what I believe is a comparable coin? I must be missing part of the story. http://cgi.ebay.com/1907-2-50-LIBERTY-GOLD-COIN-CHOICE-GEM-BU-/140451913114?pt=Coins_US_Individual&hash=item20b3961d9a
Mystery - I'm afraid you are the one who is not listening here. First of all your coin is not valued at $800. Those price guides you are basing that value on are not worth the paper they are printed on. Pretty much everybody knows that, and that is what they have been telling you. The real value of your coin is what the dealer offered you. You got a fair offer, you just don't know it because you are basing your estimated value on bad information.
Agreed. Also, you coin's value WILL follow the price of gold. What you're facing is the reality of coin collecting. Folks think they're going to make money collecting but rarely is it so. The dealers offer was fair and, if you want to sell quickly, that's what you'll be faced with. I'd counter offer with $600 saying "it's NGC slabbed". You might squeeze $575-585 out of him with some back and forth haggling. Good Luck
Bartering. If you wish to get the perceived value of $800 for your coin; you should put up an ad on craigslist. While you will probably never get $800 in cash for your gold...you could probably trade it for an item valued at $800 (i.e. the laptop you desire). I have had 3 successful trades where I have given bullion/generic pre-1933 gold in trade for a cedar canoe, 40 acres of timber in SE MN, and a collection of bamboo/cane fishing poles. All via craigslist. IMO, bartering is your best way to go if you want $800 in value from your piece. Isn't bartering what most of the tin foil hat wearing bullion hoarders plan to use their stash on when the economy collapses?
Sorry - while I agree witht the others if you look at the 565 offer, figure 30% for the dealer - the total is about 734. The dealer can mark it 750 and then come down a little depending on the buyer. That is all fair in my mind. I can not think of a way to get full retail value quickly. Also some gold coins are very little numismatic value(or small premium) and follow bullion more closely. The $20 saint I had I bought for about $100 over spot and sold for about the same - except I consigned mine to a dealer.
