I need advice and opinions about selling off some of my error coins!

Hey CoinTalk Folk,

I am in need of some serious advice and opinions on selling off some of my error coins as I need to reduce my inventory and recoup some of my investment! I recently purchased almost the entire inventory of error coins from a nearby Error Coin Reseacher/Coin Dealer which was well over 300 coins. All but a couple of the coins are high BU's and Proofs, many are recent new finds by Ben which are now included in Wexler's files and quite a few of these are in their' original submission 2x2's with notations on them by Wexler himself. With this purchase from Ben, my inventory of 2x2'd and attributed error coins which includes previous purchases and my own finds, now comes to around 500. There are Cents (Flying Eagle, Indian, Lincoln Wheat & Lincoln Memorial), Nickels (Buffalo & Jefferson), Dimes (Barber, Mercury & Roosevelt), Quarters (Washington Silver & Clad) and Half Doillars (Walking Liberty, Franklin & Kennedy Silver and Clad). About a quarter of the coins are Proofs while the remainder are Business Strike coins. The errors mainly consist of DDO's, DDR's, RPD's & RPM,s, although I have quite a few other types of errors including Strike Throughs, Off-Centers, Broadstrikes, Clipped Planchets, Lamination Errors and others. I also have well over a thousand other Error Coins that I have found and just placed in bags, since I have not had time to catalog, 2x2 and attribute them.

Since some of the Error Coins such as some of the Cent, Nickel and Dime Errors may only fetch $3 to $6 each and others $5 to $10 each, it would not be cost effective to sell these individually on eBay or another site where fees are incurred. Also since I receive most of my payments for the items through PayPal, the additional fees incurred may sometimes outway (cost me more) than what and individual coin sells for at auction. Even with some of the higher valued Error Coins, the fees incurred would not be cost effective in any return on the coins!

What would you do about selling the coins, how would you go about it? Should I sell 5 or 10 or even more in a lot? Since my' Digital Camera does not take very good close-up pictures and the fees go up with the addition of every pictures included, can I get away with providing 2 to 3 very clear pictures which clearly shows all of the coins in the low but also shows the attribution on the 2x2's? I was advised to see what some of the big Web Coin Dealers such as Roger's Coins, Ken Potter, Mike Byers and others would offer for the coins but I resist doing so. Why should I let them jack the prices up on the coins and make all of the profit off of my work and investments!

Please respond as I really need some good advice and opinions!


Thanks...The Other, Other Frank

 

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If you want to sell on Ebay, then your 5-10 lot idea with the pics showing attribution is fine. Maybe post them in groupings ie..."off center wheaties", "RPM War Nickels"...etc. Do only 1 pic, and don't list in multiple categories. Just because you have a quarter, and it's an error, doesn't mean you have to list in both Quarters and Error's! List them only in Error's. You'll have a much more focused interest base, and a better chance of selling them. (I'm an Ebay Junkie...send me a PM if you need help with listing, descriptions...etc.)

I agree with you about the Big Dealers. I've gotten some nice double strucks on Ebay in the 2 digit range, that they charge in the 3 digit range.

I'd like to get a first crack at any Nickels you have before you sell.

 

Howdy OOFrank. I'm in a similar. though diminished, situation. I have saved every RPM, BIE, filled die, clashed die, and odd duck coin I've ever cherried. My experience with dealers is that they tell me they don't have buyers for this stuff. The stuff that sells on ebay is the FS# stuff, or Cherrypicker picks. And even then you have to show an enlarged photo or two. I've had some unattributed coins sell for small amounts , even properly discosed strike doubling-for under $20 each - but it has to be dramatic, and closeup photos are critical. It's a lot of work, and there doesn't seem to be much of a market for the small stuff. And some folks like to find their own. I'm trying to make a point that I've tried to find a market for this stuff, but it's a small market, and you find it where you can, for what you can get. The error section in ebay is the only place I know that offers small(and sometimes bogus) coin errors. regards, mike

 

Hey OOFrank, man that will never stop being funny , why not take a little time and post them here? I know I am now sounding like a moderator, no offense Speedy, but try and unload some in the open section and see what happens. I mean it is free. We all know and trust you. Or is it the Other Frank? Again, still funny.

Also I think lots are the way to go on the old Ebay. Try one or two and see. If you take it in the shorts on those then try something else.

Once you build that reputation for selling good stuff, people will come back.

Hold on Frank, here come that moderator again. Please list the auctions in the auction section so we can all see!

There is my opinion,

Michael

 

Michael:
Nice, I have to remember that: OOFrank!
Frank:
I'd sell them in lots, and give excellent descriptions, Ebay doesn't charge by the word, yet, (I'm sure that someday they will get around to this) and I'd explain that the descriptions are guaranteed.
Sure, it is not cost effective to do individuals, but add a buck to the shipping and explain that it is to cover Ebay & paypal costs.

 

I agree with Michael-- Post them here on CT in the OPEN forum.

Speedy

 

I have a few modern mint commemorative proofs/unc error coins and I've also been wondering
what to do with them. Should these be graded prior to selling? Thanks
kidkayt

 

Nah, better to have them in the orginal boxes and with the papers, the slabbing will probably be more than you'll make.

 

Think about local or "backwoods auctions".

There is a local Auction company ehre in mid missouri that routinely gets estate sales that include large amounts of coins. One time there were pages of error cents. There were only 2 of us there who collected coins, I am pretty wide in what I colelct adn the other guy stuck strictly to pre-1940 or silver. I bought a lot of about 20 cents as well as a 2 inch binder for $2. I found 4 of what I could comfartably call error cents in the whole shin dig, but I figured what I paid for was the binder anyhow and it held all the other lincoln cents i had as spares.

 

Hey Everyone,

First, I would like to say, thanks for all of the advice so far! I knew that I could count on you all to offer some good, sound advice! I have been struggling over what to do with many of the error coins for awhile, especailly since I have so many others that I haven't even cataloged, 2x2'd and attributed. To make matters worse which may actually be great, I had a phone call tonight and a gentleman may sell me all of his' Indian Cents (about 130 of them) which includes 1 1909-S, 2 1908-S', 2 1888/7 (one of which is the rare one), several other overdates and one which he described as an 1887/1875. If the last one is actually an 1887/1875 overdate, then I believe that it will the first it's kind found and worth a mint (not U.S. Mint but maybe worth that too!). I won't even go into the rare Liberty "V" Nickels and Buffal Nickels that he has including a 1914/3 Buffalo which he may have me sell so that he can complete some sets that he has.


Michael,

I will probably list some of the coins in the Open Forum and the higher valued coins on eBay!

I have sold quite a few items including coins on eBay but have not sold anything on there in about 9 months or so! However, I have purchased quite a few coins on eBay in the meantime. I think that folks on eBay will trust me and believe that most of the folks on CoinTalk will do so as well, since I have a Feedback rating of 345 with 100% Positive feedbacks for rating puposes and a total of 445 Positive feedbacks.

It will take me some time to get these coins organized to list them, so please bear with me! Also, there are designations on some of the 2x2's that I am not familiar with and may have to contact Ben to get clarification.


Thanks...The Other, Other Frank

 

I just wanted to note my eBay Seller/Buyer ID so that you all can check my Feedback out before I list any of my error coins here in the Open forum and on eBay! Also, I wanted to get this Thread back to the top for any additional advice and opinions that anyone wants to offer.

OOOPS! Sorry but I forgot to give my eBay Seller/Buyer ID! It is EDITED--sorry Frank but this kind of info must be posted in the Auction or Open forum


Thanks...The Other, Other Frank

 

OOOPS again! I totally forgot that I cannot post my eBay User ID in the any of the forums other than the Open and Auction forums! I will post it in the Open forum once I get the coins together an list them here on CoinTalk!


The Other, Other Frank

 

Hey Forum Folks,

I had planned on listing some of my error coins in the "Open" forum today after work and after running a few errands but instead, I had to bury our' dog "Baby Sue" (a 12 year old Beagle) when I got home. She has been with our family for right at ten (10) years and she will be sorely missed. Our family is really distraught over this and my youngest daughter, Leeanna which won't get home until 2:00 or 3:00 AM will really take it hard. She asked me many years ago, if she could consider Baby Sue as her dog and that she would take over all responsibility for her. Well, Leeanna made sure that Baby Sue got her shots and checkups and was really upset when Baby Sue's right eye had to be removed due to Glaucoma.

I will try my best to get the coins which I already have cataloged, listed in the "Open" forum in the next few days with some pictures as well.

 

Something else to remember, (I don't know if everyone does this), but I typically don't give even a glance at the auctions with the fancy names. or the "stuffed safe" pictures. Those auctions are pictures of stuffed safes, but the shipments are full of wheaties.

 

OO Frank:
I am very sorry to hear about "Baby Sue".
I know how you must feel, our little guy is 13 years old and he's been sick for a while.
Good luck.

 

FRANK,
Sorry to here about "BABY SUE" my prayers our with you and your family.

BRUCE "THE FRANK GROUP"

 

Frank and Bruce,

Thank you for all the sentiments! It is hard when a member of your family (which Baby Sue was) is no longer with you. Since she and our' kitty cat, "Pooka" (yep, spelled just like the imaginary white rabbit that Mr. Doud (Jimmy Stewart) could see in the movie "Harvey") slept in the garage and since I go out that way every day, I am really going to miss seeing her and the kitty sleeping together as they always have done. When I left for work this morning, I noticed that Pooka was sitting in the front yard, waiting for Baby Sue to come home.