As I have mentioned a couple times recently...I am looking to downsize my coin collection and sell off some of my lower end stuff. I was thinking eBay might be a good way to sell some of it. For example, I have a bunch of lower grade IHCs...I thought I could sell them on eBay in lots of 10 or so. I have never sold on eBay...just bought. I know they take 9% off the top plus listing fees...but I figure I am better off slowing selling online rather than going to a LCS and selling. I'm not in a huge rush. Any general advice? I will post good photos and give descriptions to the best of my ability...but it is mostly lower grade stuff (again...probably selling "beginner" type lots). Also, I have always just had paypal tied to my credit card for purchases and then I just paid it off. I assume I'll need to tie my checking account to paypal if I am going to sell.
For auctions, listing fees are free. For auctions, ebay takes 9% of the final sell value up to a maximum of $250. For Buy it Now (BIN) listings, they are $0.50 each. For BIN, ebay takes 11% of the first $50, 6% of the value between $50 and $1000, and 2% of the value above $1000. PayPal transaction fees are $0.30 per transaction, plus 2.9% of the amount. ------------------------------------------------------ If/when you want to withdraw money from PayPal, you will need to have it linked to a checking account. If you plan to just use your PayPal balance to purchase other things, then you can also leave the balance in PayPal and use it as if it were a payment account there.
I am not exactly sure how low the lower grade stuff is, but if you have some real low stuff, like IHC's worth fifty cents, try doing what I do. Just throw them in the street and on the sidewalks. The local kids find them, and it creates quite the buzz. Folks come up with all kinds of theories on where the old pennies are coming from. Easily worth the 5 or 10 bucks just in entertainment value. I have also created a few YN's. Mike
I will make it a bit better for you. You get 50 listings per month that are FREE. As for PayPal, you do not need to tie it to your banking depending on what you are going to be doing. You can always use that money to buy new coins from eBay. Personally, I have a PayPal credit card (they are not a bad deal) so I buy paying with the CC and they give me nearly 2% back and eBay gives 2% back. I get 4% back from each purchase and then I pay that from what I sell when I get the CC bill.
Yeah, I've sold a lot of coins on eBay the last year and a few things I've discovered. People like auction type listings. Start with .99 with NO RESERVE (state "no reserve" in the description, bidders like that) and if the coin is of high interest, the more bidders you get the better. If the coins are of questionable valve or unpopular, you can list them with a fixed price or buy it now, but be prepared for them not to sell. Always list as "returns accepted." People look for real bargins with "lots" and the smaller the lot the better...even for IHCs. imo. Look up similiar coins on eBay to see what they have sold for in the immediate past....(do an "advanced" search and check "completed listings" ). And yes, you'll need to tie your checking account to paypal since this is the most popular and expedient way of getting paid. Finally, be honest and courteous...people will buy from you because they "like" you!
Most buyers require their sellers to have a number of positive feedback comments so they can judge how well the seller handles his sales (from proper grading through packaging and shipping). However, selling low grade "lots" is a good way to build up feedback, as buyers are more apt to purchase inexpensive items initially from newer sellers. When I started selling, I would find successful auctions and "copy" the format that was used (as far as presentation). Many sellers develope their own technique, and once you establish your own method, future listings become quite simple, even for the occasional seller. The 9% figure is good, but I've never paid a listing fee for coins as I'm under the 50 free listing figure (however "gallery plus" is thirty-five cents). All pictures are free. And I recommend free shipping, as this generates more interest in your auctions, and any shipping charges are subject to eBay fees. "Buy It Now" fees are a little higher, so I usually stick to auction format. If you use BIN, make sure the price you select covers additional costs. Also, don't forgot PayPal also charges a fee. I've always linked my checking account, so I'm not sure if that's an actual requirement. Another thing, as a new seller, PayPal may hold your funds for a period of time. There are both positives and negatives in using the 'bay, but I would give it a try if you prefer that method over selling your coins here on CT.
My first option before fleeBay is the venerable BST. No fees, you can charge the extra 3% for payPoo purchases, you can take cheques, money orders, cash, dental gold etc as payment. Oh, no usurious listing fees, no final auction value fee, no convenience fee etc. Even if you sell for a bit less than on feeBay, you can still come out ahead by not paying all those usurious fees.
I was going to put the stuff on BST first and see if it sells...but I wanted to start planning for eBay too.
You'll definately want to verify your paypal account so you can transfer seemlessly between your bank and paypal. I would group common, cheap coins together in lots for sure. It's not worth the trouble of selling them separately unless you're just trying to boost your seller feedback. Package your shipments well! When I sell a group of coins, I put them all into a ziplock with the printed receipt that clearly shows the buyer and seller info....just in case your package gets ripped open. I then bubble wrap and tape the bundle. I greatly prefer the poly type shippers that have internal bubble wrap. I buy these by the case of 500 since I use so many. I've had the paper envelopes rip on me, the poly ones are tough and don't easily rip. I also use clear packing tape over the address to keep it from getting ruined. Finally, ALWAYS use delivery confirmation!
I opened a checking account at a seperate bank specifically to link to my paypal account. It makes it easier to notice if something odd is going on.
Good idea. A few years back someone hacked my paypal account and did dozens of transactions for $20 phone cards. They drained my linked bank account and then took about $1k off my credit card. I got it all back eventually, but it happened in late Nov or early Dec so I was out all that money through Christmas. I learned a valuable lesson then. Now I have a separate account (although with my main bank) that isn't linked to anything except for PayPal. I can transfer money in and out with ease, but if someone hacks it again they can't touch my normal accounts.
Well, I did my first eBay auction in more than a year today, a 1909-S VDB in AU58 NGC. I started it at 99c, free shipping, etc. We shall see how it goes.
I sold a 1913 wheat cent a relative found in their change at Dunkin Donuts, just to try it out. Out of the $1.04 I received minus shipping, Ebay and Paypal took 46 cents. That is a high percentage. It may not be worth it to sell low cost items on Ebay. Maybe you should bundle coins together for a higher price, that may be better.
Problem is that PayPal charges 30¢ for each transaction regardless of the amount. In other words all fees save PayPal transaction fee only amounted to 16¢.
This is true but not till later. I forget the amount but once you make a certain amount of sales you will need to get "Verified" by connecting a bank account to your PayPal account. The best thing to do when selling on ebay is to absolutely take your time. Have fun with it, make a fast sale and a fast delivery and if some idiot asks for a refund don't be difficult, just give the person a refund and move onward. :thumb:
I was in Home Depot on Monday and heard an announcement over the sound system that they now accept PayPal at the checkouts! Somehow, you go online to their website and register. I didn't catch all the details, but that would be another avenue for using your auction proceeds.
