I need to raise some cash and am considering selling a few coins. Some time back a regular had recommended Teletrade for selling coins. In reviewing a recent auctions results, I find some real surprises in low realized price. Most sold for less than the PCGS Price Guide listed price, but this was a real shocker: a $25 bullion NGC 70 realized only $300. How is it possible for a coin to sell for less than its bullion content value? http://www.teletrade.com/coins/lot.asp?auction=2267&lot=2241 Any advice on the best place to sell coins would be appreciated.
i dont follow gold coins much, but it is a bullion 1/2 ounce gold coin .. gold just hit the $600 mark per ounce, although i am not sure of spot price on October 1st .. so $300 for 1/2 ounce is about right ...
Thanks for the response, but the more important part of my question was about Teletrade. Have you, or anyone else, ever used them for selling coins? What method do you guys use when selling coins? Do you sell to dealers, through local auctions, on line auctions, what?
The PCGS Price Guide is highly on nearly everything. About bullion selling for less than melt, remember that Teletrade charges a 12% buyers fee and buyer pays shipping + handling, so bidders factor this in when buying. I am too attached to part with the coins in my collection , so I'm not so sure about the best sale venue.
The answer to that question lies in how you define best. To some it would mean how do I receive the most money. To others it would be the quickest & easiest method, the one that requires the least amount of your time & effort. And to yet others it would be somewhere in between. To get the most money I'd say ebay. The easiest is to sell to a dealer. The in between is Teletrade or Heritage. You pick it
It all depends on what type of coins you are wanting to sell and how fast you want to sell them. If you have a set of coins like a 2001 mint proof set or low end grade coins ebay would be your best bet, but if you are try to sell high end single coins I would go through Heritage or a big coin dealer like Coast to Coast coins. The problem with ebay is you do have a commission to pay and if you don't use PayPal it can take some time to get your money. Good Luck!
I'm not sure I would recommend Coast to Coast, but I do have others I would recommend, like: http://www.legendcoin.com/ http://www.sgbh.com/Shop/home/index.html http://www.anacondararecoins.com/ http://www.markfeldcoins.com/ among many others. These guys will treat you fairly if you have very good stuff. If you have common (even valuable common) stuff, then your best bet is your local dealer. If your stuff is modern then Teletrade is your best option. If you would like a full service auction house I recommend Heritage ( www.ha.com ), but there are several other very good firms including ANR ( http://www.anrcoins.com/ ), Stack's ( http://www.stacks.com/ ), and Ira and Larry Goldberg ( http://www.goldbergcoins.com/ ). If you have a good eBay reputation and a lot of time to spend, then eBay will net you the most money, but will also be the most aggrevating as well as the riskiest, due to the potential for running into a scam artist being so much higher there.
