Retail or wholesale, somewhere inbetween?

Hello, I am going to have set that helps people get started collecting coins. I know that I want to have an amount of coins that are worth X amount of dollars but I do not if I should base the X amount of dollars off of greysheets, redbook, or womewhere inbetween?

 

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One place that's always good to look are completed auction records so that you can get a general idea of what the market price range is for a given grade. Check out this link:

http://www.pcgs.com/auctionprices/

Edit: whoops, it looks like I totally misinterpreted your post because I was too lazy to read. That said, the old auction records are a good guess on value.

 

Check out Heritage actions and Ebay completed listings to get ball park figures.

 

I remember this from the other thread, so considering your goals, may I ask if you've ever actually looked at the CDN (greysheet)? If not, perhaps you should order a sampler pack.

With that said though, you're entering into the age old problem of how to reasonably value coins. People are going to tell you not to follow the red book, supposedly due to its being "outdated" by the time it is released each year, but the reality is that the problem is where the values come from. One is not going to be able to go back to a time in the previous year and say the values within were spot on on this date or that date because they were never good in the first place. While most red book values are generally on the high side for average specimens, there are exceptions, but one has to generalize, it is essentially a high retail guide. The CDN is generally better, but it's usually better only for commonly traded material, and even then there again are many exceptions. One you get into the supplements, it can rightfully be said that many listed values are wholly unrealistic. Pricing/valuing a coin, at least beyond those well into the widget category, just isn't always as easy as looking at a guide or saying X coin in X grade is worth $X because not all are equal, even in the same grade. Researching end prices for comparable examples is probably the best way, but doesn't really help in your situation. Do you see where I am trying to go with this?

With that said though, if one of the two were to be included in a "kit", the red book would be the obvious choice, not for pricing, but for the other valuable information within.

As for you selling some sort of "starter set", have you yet done your homework to see if there's even a market for such a thing (which I respectfully doubt)? It's certainly noble to want to help people if that's your only true goal, but if this idea would need to turn a real-life profit, there has to be a demand or else you're going to sink. As I tried to stress in the other thread, small businesses designed to fit one's interests often fail and for good reason; potential customers are not going to spend money on what you want them to. You may think this the greatest idea since sliced bread, but if your targeted clientele do not feel the same, they're not going to buy and is as simple as that. Have you yet played with all the necessary numbers to see if this idea is remotely viable? Have you figured out where you're going to reliably acquire inventory to stock the sets? A steady supply of books/guides is easy; coins not so much depending on what you use, and I could go on and on. I just would hate to see you invest your time and money into something that has no real chance of succeeding. Gimmicks are tough in this business and really only work for certain larger companies who can invest significantly in reaching their targeted buyers. Unfortunately, if there was a demand for coin collector starter sets, you would likely find them all over ebay. This type of thing is not a new idea, and there are literally thousands and thousands of people out there who would jump at the chance to profit from something so easily put together if the demand was only there.

If you insist on doing this, please take it slow and test the waters before jumping in, and get feedback from those with more experience in coins as a business before you do. Again, I wish you luck.

 

Always start with the auction prices. That's a realistic view of what is going on with a particular coin.

 

Your good, still awesome information I never knew that PCGS had auciton records

 

Go to the source.......Heritage.

 

Heritage, cool! what do you think about stack bowers, or sullabies.

 

Never use them. Check out Great Collections too. Folks tell me they're great to work with, though I've had no dealings with them.

 

Auction records are where it's at. I've stopped using other price guides. Personally I think the advent of online auction data has rendered other sources obsolete.

 

True, but still my bottom gets lit up at times........have to stop from bidding so strong.

 

"Sullabies"??

I assume you mean "Sotheby’s"...

I can't imagine they're going to be much help with this project though (nor was I aware they handled coins beyond their deal with Stack's). In fact its doubtful any of the auction houses will be considering your desired max retail offering price. Such sites, while excellent tools, are only useful once past a certain level of material.

 

I would just put them on eBay and start at .99 and let it go. It is true that the fees are high but coins normally bring prices that are on the higher side of there selling average in my experience.

 

That or list it as a buy it now with obo. You can then find out what someone is willing to pay for your "starter set". I've always said something is only worth what someone is willing to pay. I pay little attention to price guides. Just set your buy it now price high so you receive offers.

 

I don't know how you would market a starter set to true non collectors just getting started. If you want to sell than sell

 

From what I am told the Redbook prices are many moons outdated before they even get to press.

 

I think for volume of coins you can't be Heritage. They have ample examples and their records date back 10+ years. I buy from Stack's, but don't use their archives for pricing help. I don't use eBay archives because I can find what I need at Heritage. IMO, eBay would be best for moderns.

 

The auction records handy. The greysheet too. But you also have to factor originality and eye appeal in for the price of the coin too

 

Thank you for the advice, what do you think about marketing this product on amazon?