Ancients: Mixed Lots

As most of you guys know ancient coins are not cheap. Recently I've been looking at mixed lot of ancient coins to buy and resell the coins individually to make extra money so I can buy the coins that I love. I have a lot of time on my hands and I feel like it not only would be fun but could also make me some extra cash. Do you guys recommend doing this?

 

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CNG auctions off some larger lots. If you can stay disciplined and not overbid, you should be able to turn the coins around individually for a profit. I've done it, selling here at CT and on eBay, but watch your overhead like a hawk. You've got to calculate shipping costs, plus PayPal and eBay fees - very carefully.

My problem with buying larger lots was that I fell in love with the coins and refused to part with them. I don't sell anything anymore, and I regret selling the coins I did - but I had to learn for myself that I'm simply not a dealer.

 

Is CNG more reliable than ebay?

 

I would say make sure you know your costs, CNG has a fairly good buyers premium, and their shipping is pretty pricy. So know costs of acquisition. As to selling coins I cannot help very much. That is just an area I really know nothing about, and don't really plan on learning about.

Btw, lots of other auction firms have large lots as well. As with CNG, expected final price will always be an issue if you are trying to resell, so make sure you investigate expected charges. For example, for a English auction, ask them what the normal shipping charges to the US are.

I like large lots too, but that is just because I like LOTS of coins!

 

Of course. CNG has a sterling reputation, has professionals on staff. I have never received a lot I was unhappy with from them. Same is true of other ancient selelrs, though. This is their only livelihood, they have reputations to protect. CNG and similar firms is where you buy quality and know the firm stands behind them. Ebay literally is a crapshoot. There are some sellers there I like, but for the rest I have to be very suspicious of. Just look at the "grades" most people assign their coins there, and then look how CNG grades. CNG is correct, most of Ebay is utter garbage grading.

 

Ebay seems creeper price wise. And what about buying like 100 coins at a time?

 

If you are successful. I haven't bought an ancient group lot off Ebay in a couple of years, (at least not something I would think I could resell). The days of great quality ancient group lots on Ebay are long gone IMHO.

 

I haven't come across any sources that offer a hundred quality coins. You can certainly buy a hundred uncleaned Romans, most of which turn out to be culls, but that's hardly worth anyone's time. CNG lots are considerably smaller, but you get good coins that people want. Just don't overbid, and don't forget the buyer's premium. Here are the listings from the current auction...

https://www.cngcoins.com/Coins.aspx?CATEGORY_ID=4541&VIEW_TYPE=0

Of course, not overbidding assumes that you know your stuff and can accurately size up the market value of a lot.

 

Ah, ancient coin buying, stick to CNG.

 

If you're a beginner, yes, you can't go wrong with CNG. However, there are dealers on eBay that offer very nice, authentic coins with true auctions. Let's not go overboard bashing eBay - it's not a monolithic entity. There are quite a few very good dealers on eBay.

 

Maybe Ill just stick to CNG. Is it just the 15% buyers fee that I have to worry about?

 

There is often a "LOT SOLD AS IS, NO RETURNS" clause ... so I'm assuming that they may waive their 100% authentic guarantee for the bulk lots? (maybe somebody else knows that specific?)

 

My short answer is NO.

I would buy a lot of coins (for resale) only if I knew I could sell most of the coins as a lot for more than I paid for it.

P.S. I hope that some coin dealers at CT will provide you with some additional advice.

 

I do not think CNG would ever refuse to accept a group lot proven to be false. The problem with group lots is some people used to get them, substitute a couple of coins, and send them back. There was not enough controls for this abuse for group lots.

OP, CNG is an option, but many other sellers sell group lots. This concerns supply. Selling is a whole other ballgame. You might be shocked how low some coins might sell for if you are a new seller on Ebay. Its simply NOT a foolproof way to make money. Lots of people lose money doing this. Also, you have to consider Ebay and Paypal fees as well, those will cut into any profit considerably as well.

 

Mine too. It's just not much of a money-making venture. I spent hours scouring the web for deals, putting in low bids, winning one out of twenty auctions, photographing the coins, composing write-ups, calculating overhead, buying shipping supplies, and driving to and from the post office. Pfft. Who needs it?

If I had a substantial amount of capital it would be worth the time to invest in an inventory which would yield a profit that amounted to a living wage, but short of that, it's just a hobby. And my hobby is numismatics, not dabbling in the market.

 

Im not a new eBay seller so I know the fees. Its a risk. I know that. I thought it might be a good idea to make a little extra cash but maybe not anymore...

 

Ummm sadly silverdrachm, I think that there are far better "get-rich-quick schemes" than ancient coins (I would collect ancient coins for "fun" and then hope-to-God that they manage to retain their value and/or go up a bit) ... it's a hobbie, not an investment plan

=> lookin' back, I'd buy some well postioned "land" if you want to make a few bucks, and even that is dependant upon a whole lotta things .... ummm, maybe you could invent something? (hmmmm, maybe invent "Robot Woman, with awesome body and patience up the ying-yang") ... it's a niche market, with a huge cult following!! (cha-ching!!)

 

I don't mean to throw cold water on your enthusiasm. The only way you'll know is if you try, and maybe you're wired to be a dealer. All I have to say is thank God there are a lot of people wired as dealers, or I wouldn't have any coins. Take my perspective as the opinion of one man only.

 

Like John said, we are not wanting to stop you. Maybe it will be a successful venture on your part. ALmost eevry area there is potential to make a buck in if someone wishes to try. My main concern sir would be you are paying both fees to acquire coins, as well as fees to sell. That is a whole slew of fees to be overcoming. Now, if you could buy wholesale off local dealer ancient coins, that eliminates a whole lot of fees. I would look at that route if you want to make some money. Lots of local dealers know zilch about ancients, and are glad to sell you any they run across.

 

hmmm ... *nobody sees my vision* (be patient, Robot Woman)