I am curious what fellow board members would do in this situation. Background: You want to raise money to buy other coins (sooner the better), so you select a coin from the collection to do so. First, you've had it reviewed by an expert in the type and he has pointed out a few small problems with the selected coin that make you unsatisfied with retaining the piece. It is already slabbed by a major TPG. Opportunity: You send the coin to a specialist who has offered three options: 1) Consignment on his website. Fee 10% of the sales price - no charges to you for sales expenses (shipping etc.). A similar coin at a major auction house sold a slightly less nice version of same grade/variety for %25 less than what you have in the coin. Upside.....depending upon sales price, you can make money. Downside.....may not sell at the desired price point given current market. 2) A trade credit slightly above your purchase price based on the current prices on his website without discounts; Previous experience with the dealer indicates a small reduction is possible in listed sales prices. He has a nice inventory. 3) A check now for 17% less than what you paid for the coin. What would you do?
Offer it in the open section here. Perhaps somebody here would like a shot at whatever it is. If that don't work, take the check and run with it.
I agree with this. Maybe you'll get a little more than you would with the check. But, if not, I would take the check.
I agree w/everyone else (check) as you need to sell sooner the better. Try open section if you have a little time. Good luck.
I would agree with Doug----but would add one thing. If there is a coin on his website that you like, and that really "rings your bell", then go for it. Speedy
How rare is the coin? I'm asking because it seems that a certain level of coins are scarce enough that they would be more likely to hold or increase in value even as the more common coins drop off. If it's not expected to be one of those coins, I'd probably take the check. If it is, I might consider consignment.
option 4 start a contest with a lucky draw and pick the number from a generator on a website. inform spock of website beforehand for a possible mind meld
"What would you do?" I woud offer the coin to others (preferably at a show) to see if you can do better. Specialists are often NOT the best people to offer coins to, and I suspect this exercise will lead you to the same conclusion.
Update I decided to take the money. Thanks to all for your thoughts. Leadfoot, if I were more patient, I would take your counsel. You are right that I may have been able to sell it for more at a show and since I'm going to FUN in January (where I hope to meet you and other CoinTalkers!), that is an opportunity. However, I am a little spooked by the market right now, the coin has some problems evident to a careful experienced eye, and I want to lock in the cash. Obviously, I've paid a price for that security. Once I receive the cash, I may reveal what coin I sold and a little more detail on the problem issues.
Number one choice. Of course there is always just not buying anymore coins. Then too there is jumping out a window so no more problems. Sending me all your coins so no more problems. Take up stamp, Beanie Babie, Hot Wheel car, or baseball card collecting instead of coins.
If the market crashes further (and it looks like it might) then you really won't regret your decision.
