What is the best way to sell your coins, or the easiest way to find a buyer that will not try to rip you off? I have called a few dealers but they seem to be only looking for the rarest of the rare, whats a good place to sell? if anyone knows of any dealers in Minnesota that could help me, that would be great thanks
Ebay only works well for those that already have an established account and reputation. It is also wise if you know what you are selling before trying to sell it. That is rarely the case when someone inherits a collection. If you truly wish to sell your collection you would be better served to find a trustworthy dealer. The ANA site seems to be down right now - but there you can find a list of ANA dealers for your local area. That might be the best place to start. www.money.org
A dealer in your area is going to give you a price that allows him to make a profit. Selling on Ebay allows customers to buy directly from you, thus you get the opportunity to make the money the dealer would otherwise. I sold some coins when I first started Ebay and was well satisfied with the prices I got. But I did offer a return policy. Trustworthy...... when $$$$ are involved...........? No comment. Just remember, that dealer, ANA or not, is in business to make a living. He is NOT your friend, nor is he interested in doing you any favors. Get an itemized written price from the dealer, then compare to prices they are going for on Ebay. If you are new, and even if you are not, when the dealer offers you $XX for that "MS-60 _____ coin", chances are that coin is at least a MS-61 or higher. If you do not know what you are doing, a dealer will screw you with the grading. If it is an inherited collection, at least you are not losing your own money by going to a dealer. Some local ANA dealers are just as crooked as the worst Ebay seller. All the "ANA" distinction means is that he pays an annual fee for that logo to be on his door.
mitchell, where I see your point, you are making the process sound very adversarial - which can be the case, but not necessarily. It's been my experience that Ebay does not give the seller 'dealer' profits. By most accounts, it 'can' get a seller a bit more margin than selling to a dealer - even that may or may not be the case. Most dealers are not crooked - some are - most dealers are lifers in the hobby, and they would not risk their reputation for a few bucks. Such a dealer as that would make a few dollars today, where others would make a couple dollars now and then (from the same person) for years to come. That said, leatherface, I would say you need to do some homework before you make a move. Doug has it right - talk to a trustworthy dealer, and see what he thinks. If you're interested, pick up a book, and learn about what you have. If you're not interested, but want to make sure the prices being offered are right, do some checking before you make a sale.
Another suggestion, often repeated in the forum for good reason, is to read read read read. Know what you have before you sell it. Otherwise, you will, not even may, but will sell a "Ferrari" coin at a "Ford Focus" price. A good book to start with, is The Red Book . You may even be able to check it out at your local library. Even if its a couple years old, it will help you identify the coins you have. Others more knowledgable than I can give you even more excellent resources Welcome and good luck
One more thought on this subject. I see by some of your other posts, Leatherface, that you may actually have some interest in these coins - I could be wrong. Before you sell them, make sure that's what you want to do! I, myself, have never had an experience of inhereting a collection. It pains me to think that 10 years ago, I would have sold such a thing, without much thought to it. 10 years down the road, I find myself a collector, and I would be kicking myself if things turned out that way. This may open a road for you, and - trust me - there is room for everyone!
I hear the phrase "trustworthy dealer" bandied about a lot. What is a trustworthy dealer, and how do you know one when you see one? I have seen some pretty shady deals on eBay from sellers with a whole alphabet to their credit (ANA etc.) Seems to me that if you go to a dealer with a set valued at $1000 dollars then the dealer has to offer you less than that in order to turn a profit when he re-sells it. On eBay you have considrably more exposure and have a better chance of realizing a good return. I agree with Mitchell when he said "Ebay, cut out the middle man."
Have to agree with Rick. Ebay is ok if your established. But honestly, how much do you trust a (0) bidder or seller? Until you have a few thousand, or at least a 100 or so, sales with %100 percent feedback, your not going to get what you can as a seasoned seller. Stating that using Ebay avoids the middle man is a bit misleading or at the least misinformed. Ebay IS the middle man And don't forget paypal or a bank, plus whatever shipping service you decide to use (in which the items can be lost or damaged, and so on). With Ebay, you run the risk of a no pay bidder, hassles with shipping, email nightmares, etc. Going to a dealer puts cash in hand. Your best weapon is knowledge. And knowing is half the battle....GO JO!!!!
You can start out slowly with lower priced items and buy some cheap stuff for yourself off of ebay. If you can do this for a few months and build up some FEEDBACK, then put up the more expensive coins you should do fine, probably this way you will receive the most money, imo.
that could work. Even then, I guess it depends on how much you value your time. If this route will put an extra 15 or 20 bucks in your pocket, it might be worth that sort of marginal loss just to sell it to some guy who will purchase them straight away. poof! you're done! PLUS! most coin dealers I know are smart and interesting people - and they will have a friendly chat with you for free. you don't usually get that on Ebay.
Value my time, what about driving to coin dealers, that's a lot of time. Ebay has way more exposure than you ever will be able to drive to and if you could how much time would that be.
It seems everybody is forgetting a point I mentioned - the seller needs TO KNOW what he is selling. That especially includes grading the coins. And somebody who knows nothing about coins is gonna learn that quick enough to sell on ebay ? Isn't THAT what makes everybody mad when they buy coins on ebay ? NOT getting what they thought they were buying ? Don't get me wrong gang - I LOVE ebay. But for someone who knows nothing about coins - it can be a nightmare from you know where.
If the collection warrants, have it appraised by a dealer you have told you only want an insurance valuation and documentation, and don't intend to sell. Expect to pay a fee. Ask him to appraise at a fair market value which you could realize from the sale, not a dealer's retail price. Get a price for each item.
