Hey everybody. I'm sellin two of my coins for my first time ever and I need some info on this. Any help on how to deal with a dealer? anything would be appreciated especially some do's and dont's. Thanks.
well, first we need pictures to tell you how much they are worth, and then we would go from there on what to do.
Most dealers will try to buy the coins at the lowest possible price. Don't be fooled into selling for the first offer.
If you want a quick sale, sell to a dealer who has to make a profit from buying them, so expect lower offers. If you aren't desperate for immediate cash, sell them to collectors or to the public at the price a dealer would sell them as. Either become a dealer in selling them or lose out to the dealers, your choice.
Depending on what the coins are, a dealer is going to offer you anywhere from 10-40% less than retail. And in most cases that will be a fair offer.
If I where you I would post them on craigslist in your area first. Make sure to meet them in a public place like wal-mart parking lot or something. Never have someone buy coins from you at your house because then they'll no where to come next time the sun goes down when no one is home. Selling coins on craigslist can become rewarding in meeting fellow collectors in your area. You can also post in the barter section to make a trade if you don't need the cash. I would try that before taking them to a dealer. Another possibility would be to find someone close to you that you can trust that has an eBay account. I have one and my friends bring me coins almost daily to list for them. They usually give me $5-$10 bucks for selling the item for them. They know that they'd get more money this way then selling them a dealer. Lastly, If you are in no hurry take some time to crank up your posts and you can list them directly on this site in the Buy/Sell Section of the forum!
First, you need to figure out what you have, quality-wise and value-wise. Are the coins certified and if so, by whom? Each of the answers can make a big difference. Also, understandably, most would-be buyers prefer to be quoted a price, rather than to be asked to make an offer.
Also, initially, at least, I'd recommend trying to sell to collectors, instead of dealers. In some cases, that might not be practical and efficient, however.
Don't sell to the first dealer you come across. Always try to get third or fourth opinions whenever possible. If there are not several different dealers for the type of coins you have where you live, sending clear and close-up pics to a dealer online is usually enough to get a ballpark figure. At the very least, this will weed out the lowballers.
I do not of even 1 dealer who ever give you a price or estimate on a coin or coins without seeing the coins in his hands first.
The easiest way to get multiple quotes from dealers, is to go to a coin show in your area. You may have to wait for one, but depending on how many dealers there are in your area, this could be the easiest way.
No, actually that's a bad idea. For if you start shopping coins at a show the other dealers at the show know exactly what you are doing by the time you reach the 3rd dealer. And once you do that, nobody will give you an offer. Dealers absolutely hate having people "shop" their coins at a show. The reason they hate it is because that other dealer that you are asking to make an offer on your coins, is probably the guy, or one of the guys, that the first dealer you talked to was going to sell your coins to if he bought them. The first dealer bases his offer to you on what he knows that other dealer will offer him for the coins he just bought from you.
It's worked out well for me so far. As long as the pics are clear enough and the person selling can provide weight/measurements when necessary, I'll make my offer just the same. I'll only do a "blind" deal if it's someone I buy from regularly and there is an agreement that a return will be accepted. Not sure if it matters, but I don't buy US coins. Only foreign stuff.
I'm not trying to be argumentative, I always find your posts informative, and have gained some real insights from you. Thanks. Clearly you have more experience then I do and have no doubt been to more coin shows then me, so I'm not disputing what your saying here. In fact I know from other hobbies that this is exactly what happens. But in my defence maybe it's just a freak thing but the three semi-frequently occuring coin shows I attend, all advertise in Canadian Coin News, as "Buy, Sell, Trade and appraise". So there are some shows out there.
Hamhawk - I'm not say that you shouldn't try and sell your coins at a coin show, far from it. Coin shows are a great place to sell your coins. I am only talking about the preferred method to use when selling your coins at a coin show. And that method is not by going to one dealer after another asking him to give you an offer on your coins. For if you do, it will have the effect I described. The best way to do it is to pick out 1 dealer that you either already trust, or one that you have been told by other people that you trust - that you can trust that particular dealer - and then make your deal with him. Doing that is what will get you the best deal on selling your coins at a coin show.
And depending on the coin you might even be able to consign it to a dealer. I have done that. It just depends if you can wait for it to sell.
