How do you get the best price for a coin?

Dress up like the monopoly guy, with monocle and all, walk in with your cane, wearing a loupe around your neck. Act like you know EXACTLY what everything is worth. Look at the coin, look at the price, hand it back and put your nose in the air and go HMPH! Then say "I shall pay no more than *** dollars, kind sir!" If they laugh at you, just walk out and say "You shan't see me here again, I shall take my business elsewhere!" ......or something.

 

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Another point, Greg, is that many coins offered by dealers were probably bought in group lots, where there is usually considerably more room (percentage-wise) for profit. The coins are generally lesser quality or common-- still desirable for us coin addicts-- but weren't of good enough quality or high enough value to warrant the trouble of hassle of individual listing.

@zumbly recently acquired a stunning exception to that premise though. Although the lot wasn't cheap, as a group it sold for FAR less than could have been realized if the higher-end/rarer coins had been sold individually. I'm still in awe of that score!!

 

I was actually thinking that as I wrote it and figured I had a better than 50% chance of being right without doing the politically correct his/her thing. Dang!

SORRY TIF!!

 

I get alot of my coins on Ebay but I also have my half dozen or so ebay dealers I buy from. Many times I get 10-20% off depending how old the stock I am getting is.

I have also done trades with many too.

 

Ooooow, I really like that one!!




By the way => I always offer 70% of the asking price and then stand back and see what happens (the dudes that know me, usually go with it, for they know that I'll soon come sniffin' around for another acorn!!)

 

I do not recommend the average collector buy very large lots. Often, they don't get accurate representation in the photographs provided (not all coins are shown, only one side shown, etc), and you'll end up with all sorts of coins in all sorts of condition that you never intended to have in your collection. Also, these large lots are typically sold 'as is' and are not-returnable, unlike individual lots in the same auction. You're always taking a gamble with these lots.

Disclosure: I love me my large lots and can do without the additional competition!

 

All true, Z.

I really enjoyed buying a few large mixed lots at the outset of my ancient collecting. Some of those individual coins appear to be super deals when considering the price paid per coin... but only if I ignore the numerous other coins I wouldn't seek out or purchase individually or that I've lost interest in. It's working out well enough though. I had a great time attributing them and now I'm selling off some of them to fund other coins .

 

Yes - and the "buyers premium!" You think you get a winning bid at a good price then you have to pay 10/17% MORE to make the deal final!!

 

Another very important point, Greg, if you want to buy the coin for the lowest price possible: don't target coins I'm bidding on!

 

My most recent auction wins came with a 22% buyers premium. I've found that a calculator is indispensable when bidding at these auctions.

 

Of course, don't forget to figure in the exchange rate if the auction is not in your country's currency.

 

Hell with the PC - and 22% premium is ridiculous - Hope you have ALOT of scoots cause when you go to sell how would you make that up???

 

Sell??

 

Yes, but remember-- many dealers are buying these coins and reselling them. They're paying those premiums too!

As Zumbly pointed out though, buying a coin at auction in no way means that you've absolutely paid less than if you'd bought a comparable coin at retail. Sometimes the bidding gets a bit insane. Sometimes the insanity is justified, if the coin highly desirable and infrequently seen. Sometimes the auction price is just incomprehensible, with two or more bidders doggedly determined to win that coin on that day. I've been that person on occasion . Generally though, I try to stick to my initial assessment of value (value to me).

 

Ugh the Australian dollar sucks!
Three years ago AU$1 bought US$1.10 and everything American was cheap.
Now the AU$ has depreciated 35% and buys US$0.70!
All the coins I bought three years ago have appreciated simply because the US$ has appreciated against my currency.

 

Right - but how many normal people can afford to buy them AND raise a family?? Gotta put normal and out of my realm into the same category!

 

Some of the best 'deals' I have seen came from buying a coin that did not belong where it was being sold. This could be the major auction that listed a few coins (the dregs) from an otherwise high end collection but collectors looking for that kind of material don't look at such sales. It also can be a super nice coin owned by a small time dealer who asks twice the 'normal' price when a big sale might have sold it for five times 'normal' where big money bidders refuse to lose without a fight. The big secret is to walk away from what you consider overpriced and buy what you consider indispensable. Of course, when you sell, the opposite will be true. Don't sell your (genuine) EID MAR at a flea market.

 

I used to look on eBay for sellers who don't know what they're selling. One time I found an 'unidentified' coin that I knew was a James II crown, which I bought for $40. It was well worn, but clearly a good deal - I put it up for auction on eBay a year later and got $200.

 

I read the thread... How am i ever gonna compete with a find like that?
Every coin in Zumbly's group looks amazing. Super impressed!

 

This thread has a lot of good advice, to be sure. But really, it's more of a Zen thing. You have to find the silence within, and let the coins come to you.