Heritage Auctions question

I am considering making an offer to an owner through Heritage.

My question: Does Heritage have possession of the coin or does one have to trust the owner to send it? Might be a dumb question to some but I have never done this.

Thanks!

 

Log in or Sign up to hide this ad.

The owner has possession. They would send it to heritage and heritage would collect payment and send to the buyer. Basically Heritage brokers the sale between the owner and the prospective buyer for a commission. I have had offers on coins in the past which I've declined. A couple I shoulda took

 

Thanks, Bill!

 

What's the buyers premium up to these days 18% ..

 

The BP is 17.5% and the SP is 5% but what he is talking about is Heritage's "Make on Offer" option and they only charge the seller 10%. I have sold several coins this way, the only downside is how long it takes to get your check as the seller.

 

Good thread! I've wondered the same about how the make offer works as I haven't used it for either buying or selling yet. Thanks santini

 

Getting paid is one thing and waiting and hoping the USPS, which we have had discussions about, will deliver on their end, but is it worth figuring the profit you want to get for the item then adding the premium, shipping charges ?

 

You think they would have something set up with PayPal !

 

Can't stand PayPal, can't stand the USPS, ESPECIALLY, since they are raising their rates AGAIN !

 

Maybe " Homing Pigeon " ..
https://en.wikipedia.org/wiki/Homing_pigeon

 

and it was free except for the feed.

 

Regarding the post office:

FWIW, I've had absolutely perfect results with priority mail and several disasters with first class. Why anyone uses first class for anything worth more than $100 is beyond me. I get really irritated with Ebay sellers who choose to save $2 and send a $100+ item by first class where it may or may not arrive and might take weeks if it does arrive. Priority has been excellent for me - at least so far.

Regarding Heritage make an offer selections - I've made several reasonable bids on items over the years and not once have I ever gotten a response. I don't think they keep up with who and what is active. And it takes 72 hours to know if you're going to get a response. A lot can happen in 72 hours. They should revamp the system.

 

This thread is relevant, although my interest is paper currency. I have made more than one offer to purchase from someone who has listed a note with a green button, wanting to sell. The offer made is definitely not low ball, but often there is no response, i.e., a rejection. Or there is a rejection with no negotiation suggested. My impression is that the HA database of who actually owns a note/coin is not current. There seem to be listings that are no longer accurate. You end by driving up the price of a note/coin.

 

I've won many auctions at Heritage and do not accept offers on the coins I've won. I selected that in my account profile.

IMO, after an auction is won, the "make an offer" price is usually so much higher than the auction final price, I don't even bother with this option for acquiring coins through them.

I have purchased from their existing inventory on occasion.

 

Once the prospective buyer submits an offer, the owner of the coin/note has a finite amount of time to respond to the offer (48 hours IIRC). If the owner of the coin does nothing, Heritage sends and auto rejection notification to the seller. If you get a rejection sooner than that, then the seller decided to reject your offer.

 

Heritage takes physical possession of it from the seller and ensures that the coin has not changed since the coin sold. Heritage then mails the coin to you and takes 10% commission from the seller's proceeds.

 

I contacted Heritage. I emailed them a couple of pictures of coins that I have acquired to see if I could get an approximate value on them. I would like to get them graded, however I found out that is quite expensive. So I was trying to find out before I sent them to be graded. The pictures of the coins I emailed them are in much better shape then the ones I compared to what they have on Auction selling for hundreds of dollars. The person who contacted me said my coins were worth $15.00 each. I was thinking of taking them to a local coin grading has anyone else done that?
Thank you.

 

Coin grading (reputable) ain't cheap Icetea........Welcome to the forum.

 

Can I ask a question about checking past auction results at HA (I just signed up earlier today):

http://coins.ha.com/c/search-results.zx?Nty=1&Ntk=SI_Titles-Desc&Ns=Time|1&N=51 790 231&Ntt=1879-S ms67 CAC&ic4=SortBy-071515

I just wanted to see what 1879-S MS67 CAC Morgans recently sold for...I bought mine early in 2015 for about $800 so I just want to see where the market was in recent weeks/months and see how the HA archives worked.

1st Coin sold 2 weeks ago for $1,175 (up a bit from what I paid a year ago)...Coin 2 sold same day and sold for $940 (but NGC)...Coin 3 (back to PCGS) sold a few weeks earlier for $1,880 ??? Huh ? Minute differenes in appearance, coin basically is the same. In fact, my URL above the only differnces are "+" and "*" as all are MS-67 and CAC.

Down the list: Coins #8 and #9 in November....$827 & $881 on the same day....and in September...$2,232 ??

HUH ???

I realize prices on any given day can fluctuate depending on who is bidding etc....but the listing for #3 looks identical to #1, what am I missing that the price was up over 50%? And what was up with that September price of over $2K?

I'm comparing identical coin listings (MS67 CAC) and yet I am seeing huge moves in the final auction prices.

I must be doing something wrong, right ?

 

You know, they gave us surcharges in the past when gasoline was $4/gal......now that it's under $2, it's unreal. Heck, even Post Office charged me $23 (!!!) for an overnight package from NY to MA. I remember it was always $12-$15. Airborne Express...ah, the good old days.