I am still a novice collector. Though I have been collecting for about 6 years. I have collected multiple coins. I recently sold 14 of my graded Morgans via a reputable internet auction house. I am not very happy with the results but want to gauge my displeasure until I have some kind of benchmark to use as those results were standard for the market. I used the NGC price guide as a barometer. The aforementioned auction house listed, i.e. the min bid for my 87 Morgan in ms-66 PCGS at $100, sold for 192.89 net to me 164.75 Price guide-$325. Could someone weigh in as to whether I am an idiot an used the wrong venue or not? And could anyone guide me as to a better way to realize the best values for future coins that I may wish to sell?
I'm guessing the NGC price guides are for coins slabbed by them. Selling coins is always kind of a crap shoot via auctions. I think others here might say something like 'a coin is worth what someone will pay'. Don't guess there's any set formula for realizing maximum resale value. Coin shows, E-BAY, etc. Dealers will only give you a percentage of retail. Guess others will chime in with better suggestions. Heritage past sales might be a good gauge also.
Thank you. I know enough to know that all markets are fluid and there probably no substitute market knowledge. But if you ( I am assuming that you possess more acumen in the coin collecting world) wanted to sell some of your coins what, who and where would you look to do so? I have contacted Golden Eagle with a quote request on a couple of my Morgans and waiting to hear back. They told me over the phone that they use the gray sheet as a reference when buying coins
You should have a look at realized auction prices. Alternatively just go to ebay.com and search for (pcgs,ngc) ms 66 morgan 1887 -details You’ll see there are many BIN (buy it now) offers of 1887 Morgans for about $200. Your Morgan sold for $193 so you’re in the same ballpark. Price guide values are often too high, but for an outstanding coin with great eye-appeal or rainbow toning a coin may sell for way more than what the price guides suggest.
Just a heads up, I can buy one now with free shipping for $199.99 https://www.ebay.com/sch/i.html?_fs...1887&Certification=PCGS&Grade=MS%2066&_sop=15 Here's an auction that ended recently for $177.50: https://www.ebay.com/itm/1887-MORGA...524380?hash=item4d69eb849c:g:lHUAAOSwXf1aUU9Q Numismedia has a MS65 listed at $148 and an MS66 at $263. http://www.coinprices.org/cgi/usrar...e=any&searchtext=fmv&search8=any&proof=&plus= Looks like your coin sold in the right ballpark, i would not be disappointed, nor would I be particularly please. If you want more money and/or lower fees the sale will take longer and require leg work on your end.
A Price Guide says what it is, a guide and nothing else. If a professional grading service put the guide out then I suspect they are setting prices for what they grade. Please use this as a learning lesson and don't use guides for determining prices in the future.
You have to consider your choosen venue handled everything, listing, shipping etc all of which is time consuming. I'm guessing your sold price includes the buyers fee? You should have used the 99 cent start to save fees. Setting it at $100 cost +$2 (I'm guessing) x 14, They'd hit market target regardless of starting. My take is your venue fine, price guides are set high, don't use NGC guide for PCGS coins, and it costs money to sell.
That's not true if its the venue I think it is. The low starts generally have done worse than the ones that sell with a minimum price that just get a single bid. And yes I am excluding CAC and toners.
This is my experience having sold approx 600 coins @ the venue. Certain conmon coins are liquid. Nothing of course is fact, you have your opinion, mine differs.
I gave them a try for several submissions as well if its who I think it is before getting sick of getting hammered and went back to eBay where sellers will almost always net more on mid priced coins. My "opinion" was based off of their sales history.
Why is everyone tiptoeing around the name of the auction house? It would be useful information for everyone to have.
