Question for collectors

Okay collectors, got a easy question for you.

When it comes time to sell your coin or coins, and you are aware of the value,

Do you prefer to ask a set price and have the dealer say yes or no?

Or do you prefer to have the dealer make an offer?

Or do you try to sell the coins yourself as the dealer. (online auction)?

Please say why you choose one over the other.

 

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I prefer an online auction, because there is a higher probability that you will get the price you want or better and someone who really wants a particular coin may have an opportunity to see it and buy it whereas a particular dealer, although having buyers, may not want a particular piece. I like it when dealers have wish lists for coins so that if I have one that I know is wanted, it will sell. The other thing I've noticed is that some of the larger online dealers have wish lists and what they will pay for particular items and I get insulted because I know what something is worth and even see them SELLING it for multiple times what they will pay. This turns people off quickly because of the apparent greed. I would rather make a person happy because I have a coin they want and depending on the market they can bid and get it.

 

i dont think this is such an easy question nd. if i was to sell off some coins to a dealer i would obviously research the worth of the coins and decide what i wanted for them. knowing that i am going to a dealer would make a difference in the decision because the dealer is in it for money as compared to selling to another collector or on an online auction. it would seem that you would get more for the coin or coins doing it the latter. i mean dont the collectors make the market and decide what is worth what? it has to be hard for you guys?

 

online auction.

Nothing against dealers, but the have to make their money so I figure theyd pay no more than 50-70% of what i could get on ebay or to another collector.

Actaully, I spent some spare time aquiring a Huge Vampirella collection off ebay..........watching for deals and sniping a lot........
I managed to sell the lot and make $200 on the deal.
I could never have come out ahead selling to a dealer.......

 

I would offer them to a dealer that I was familiar with.
I keep an inventory of my coins, and update it about once a year, to make sure my insurance policy will cover it. So, I pretty much know what the wholesale/retail value of it is.
I would expect the dealer to buy the entire collection, not just the cherries.
I would tell the dealer my asking price, for which I would expect him to make me a counter offer. If we could come to an agreement, then we would have a deal.
I hope I never have to sell my coins, but there may come a day when I'll have no choice.

 

Thank you all for the info. I appreciate all of your thoughts and opinions.

Now Jody has made a good point. I also understand the rest of the opinions, but what do you do with the regular dates and issues? Is it really cost effective to sell a $3 coin on Ebay?
I will give an example, say you have a complete Lincoln Wheat set. Without the plain 22 or 55DDO in Good or better.
You could sell the keys anyplace and make 500 or maybe 550. So what do you do with all the other coins.
Now granted, the dealer bid of $625 is based off of the same four coins. 09 SVDB, 09 S, 14 D, 31 S. But an extra amount if figured for the remaining coins.

Now a few of you stated that it is hard for the dealer, having to buy at levels lower than the selling price.
I view this from the other side. Knowing exactly how hard it is to sell common coins, why collectors try to do it on their own.
I have heard many times over the years that Ebay is such a good place to find deals. If this is true, how do you make money selling your coins in this way? I don't hear many collectors stating that the local coin shop is offering coins at a great deal.

Thank you all for your answers. I really do appreciate them. As you can tell, after being a dealer for so long, sometimes it is tough to see the view of the collector. So I am trying to learn this.

 

I know after i had aquired the Vampirellas I tried to sell them in small lots and grew very distgusted very quickly.

Totally frustrated in the whole thing I just listed the whole batch and its condition and listed it with a $200 mark up and within 10 mins it was won and paid for.

What wouldnt sell very well at all in bits and pieces went like hotcakes and for a pretty good profit as a ''collection''...........well, at least for me..

 

I guess for me, it is the past experiences one has that determine what he/she will do. For example, I went into my local coin dealer to buy some supplies and I brought som pre-1900 foreign coins that I acquired. I asked if he had a reference to find out what they were and the value of these coins. He handed the coins over to an older gent who worked there and said "he's the expert". The guy looked at the coins for 3 seconds (no exaggeration) and said "$50 bucks", "that's what we'll pay you for them here". I never said I wanted to sell (much less at the melt value-these are silver coins) and had no conversation about the coins - this was not what I considered to be a positive experience going to the dealer. Of course I must say I realize that they are trying to make a living at it which is difficult, but where is the passion about the beauty, rarity, etc. This is what I would have liked to hear, even if he was busy and said "you know, why don't you come back so we can take a closer look at those" or something to that effect. Isn't that how relationships begin with dealers/collectors? I think most don't care about that anymore. I've had a similar experience at another local shop where he pointed at a refence book and said that'll be $50. E-Bay is looking better all the time....

 

Well believe me, I have heard horror stories about dealers everywhere. But these people are just that. People. Some are good, some are bad, and some fall in the middle.
I suggest the same thing for any buying trip. Whether it is coins, groceries, gasoline, or anything else. Find the one that treats you like valued customer, and you are both going to be happy.

 

Let me share this thought with you.

I will try to do this without any self promotion.

I operate a rather large firm. I still take the time to talk to each customer. If they take their time to email me, or call me the least that I can do is return that gesture.
I learned a long time ago, that each person deserves the same respect that they show to me. Whether their coin is worth 5 cents or hundreds of thousands of dollars, they still deserve the same attention. To them, their coins are valuable. This could be for sentimental value or monetary. They are still people who are seeking information.
I remember all too well in my early days having dealers tell me my coins were not worth more than the time to spend them.
Now often because of our schedule, we don't have the time to spend with each customer that we would like, but the effort is always made.
I do not make excuses for what my colleagues do or say, all I can do is be the best person that I can be.
I do my best to treat each and every person the way that I wish to be treated.

 

I can tell that you are the type of dealer that cares and always keeps in mind the history, beauty and fun of the hobby that which you chose to try and make a living. That's admirable, I admire all coin dealers in that way, I certainly could not make a living that way and be successful and to me it might ruin the "hobby" aspect of it all. I've found that when you are the expert sharing just a little information, could win the respect (and potential business) and loyalty of someone. And it seems to me that loyalty is the premium in your business. Anyway, I know there is good and bad in everything and I still buy my supplies from local dealers to support them where I live, I'm just still in the "excitement" phase and love the history and meaning of different coins and hope that I never lose that feeling.

 

I haven't done it yet, but my intention in the next few weeks is to take a few items to a dealer to see what he will pay for them. I will turn right around and buy items I need with the proceeds. The items I'm selling are all US Mint products and the items I will be buying will be only proof and mint sets, so I should have an easier time of the process because these items prices are readily available and most of the objectivity is eliminated. A proof set in original packaging is a proof set in original packaging, if it walks and talks like a duck it must be a duck. My only unknown is what he is willing to pay versus how much profit he expects when he sells. I hope it turns out to be a win/win transaction.

 

I would suggest you take a copy of the greysheet with you, or ask for their copy.
If you don't get offered at least within 10 percent of greysheet bid, thank them for their time and waive good-bye.
The good sets...Any with a bid of $100 or more, do not take less than bid.

 

Thanks ND, that's exactly the guidance I was loking for. What should I expect to*pay for sets from him?

 

When buying mint or proof sets, the opposite side of the greysheet should be used. The ask price is what we (dealers) try to charge each other. For retail, most dealers mark up about 10% above ask.
Taking a peak through this weeks CoinWorld, I see as an example a 1995 mint set selling for $21.95
Current bid is $19.75 and current ask is $21.75

So you can see what kind of profit we dealers make on this item

 

Today was the day I quit procrastinating and I think I had a good experience. I walked in Bob's door with my box of goodies and asked what kind of deal we could work out. He said he would buy from me at 15% below bid, and sell to me at bid, I said okay. He added all my stuff up (using his Greysheet) and I ended up with $700 to spend. As we got down to the more expensive items on my list we ended it. I told Bob when we first started that I didn't want any money to change hands. I left his store with a $137 credit and he has my want list. He said he was going to a big show in Milwaukee this weekend and should be able to find some items for me. When I left, I asked him about future transactions and he said same deal, I can buy at bid unless he has to pay bid, then he'd charge me 5%. He said he doesn't play games with customers want lists like jacking prices, etc. Well, how did I do?

 

Well 15% below bid is pretty average. Not great, but not bad either. With mint and proof sets, some of the issues will just take up space on his shelves for a while. So not bad overall.
Now as for allowing you to buy at bid, that is great. Not many dealers will do this.
I am a big fan of want lists. Before you use them with any dealer, make a few buys to make sure you like the way they grade. Both of you have to be comfortable with each other. One suggestion, if you ask for a coin, and you are happy with it, buy it. Tying up your dealers money is not a good thing. That doesn't mean you should buy a coin you are not happy with. Be very specific in your want list. Take your time and build a good relationship with your dealer. Remember, it is like having an inside friend

 

That's what I figured, because I was expecting and would have been happy with a 20% spread either side of bid so 15% overall made me happy. Not to mention the fact that he bought everything I had, some of the items will probably sit on his shelf for quite a while. The part about tying up his money is the reason I left with a credit rather than taking his cash (which he offered) because even though he is in business, nobody likes to reach in his pocket and give a stranger money. I thought it was a smart move on my part to develope a relationship. He also said even if he gets things on my list, there is never any obligation, so I liked that too. I think we are off to a good start.

 

That really sounds great, Douglas. I am a firm believer in building a good relationship with your dealer.
We hear too many stories about dissatisfied customers. I'm glad you took the time to relate a positive experience with us.