I'm wondering what are the merits of thinning out my collection? My main focus is on proof sets and mint sets. However, I also have quite a bit of other items as well but they are hit and miss, one or two here, one or two there. They are all US Mint products and include things like Prestige Proof Set, Silver Proof Set, Ike proofs, SBA proofs, a few comm's, etc. They don't really fit into my main theme. What's the best way to dispose of them so I know I'm not getting screwed? Are dealers more receptive to trades rather than paying cash outright? One reason I'm considering this is limited storage space and getting the resources to add to my proof/mint sets.
Usually dealers do not like trades for other merchandise. (Usually). The reason being, is that most collectors are searching for the same things. If a trade of Prestige set is taken for say a CC Morgan, than the dealer loses. Not necessarily in terms of profit, but in the time it takes to sell the coins. It is easier in the long run to purchase the coins outright. I realize that in the end, it all evens out, but sometimes we (dealers) are not always thinking of the end results. Proofs are selling very well on places such as Ebay, and that is what I would suggest. We have a few ebay dealers that buy the majority of our proof sets for just this purpose. Now if you have the opportunity to visit a show, I would pack all of my extras and sell/trade on the bourse floor. Go early in the show and you should do well.
Well...as a dealer...if we agree on a price for an item it doesn't matter to me if I pay you cash or give you credit for a trade. You won't get more for your item on trade, or less. If you're afraid of getting paid too little just take the time to visit multiple dealers and go with the one you feel the most comfortable with.
If I were you, I'd put them up on e-bay. If you can put some pics of what your selling. You will get about what there worth. This way here you don't have to worry about being taken by a dealer. Also buy your self a redbook, this will give you a idea of what your stuff is worth. If you have the right dates on the prestige sets they can be worth alot of money( 95,96,97) to give you a few dates. Dave
Dave, I'm sure I'm going to get some flak from this, but I hate ePay, heres why. I have been disappointed a few times with some of my purchases, one time I paid with a MO and got nothing, one time I paid by PayPal and inadvertantly hit the pay button twice and that cost me. Unhappy eBay and PayPal customers have no recourse, there is no way of contacting the eBay company or the PayPal company, either by phone or by email or any other way. Another problem I have with eBay is sniping, there are computer programs available that will automatically place a bid with just a few seconds left in the auction. I have been sniped many times. There are people who actually make a living off eBay, get a life and get a job. A lot of sellers (not all) leave something out of their desciption, a nick here, a dent there, a pic that's not close up enough, etc. I have never bid on a coin or even looked at one on eBay, but my gripe on eBay coins is some sellers (again, not all) are not even coin collectors, they buy up everything they can get their hands on and then put up for auction. This practice is not a good one for the Coin Collecting community, all it does is drive up prices and take items out of the hands of people like me. Flame away, I have my asbestos suit on.
Well let me throw this thought into the forray. Buying coins using the Red Book as a guide is by far not your best choice. This is a once a year retail guide. While I absolutely recommend the Red Book for referrence, it should NEVER be used for prices. Maybe you have not noticed the price increases that have taken place in the past twelve months. With the precious metals market at levels not seen in years, the prices are skyrocketing. I here all sorts of horror stories about dealers ripping off customers. 9 times out of 10, it is not the dealer buying the coins, but the customer having paid way too much for it. No dealer will pay retail prices when buying. If we did, we would not be dealers very long. This is not an easy business by any means. A great one, yes, but not easy. We are called Charlatans because we don't pay TV prices. The only way to buy and sell coins ( whether dealer or collector) is to know and understand the business. Yes, it is a business. Education and knowledge are essential. If you are paying Red Book prices for your coins, then it is you that is ripping yourself off. Now I do not mean to offend you or anyone else by these statements. This is just a subject that gets brought up way too often, and can be traced back directly to a lack of knowledge.
National dealer - I agree with every single word you said. There are many good, honest dealers out there. Unfortunately - there are also those dealers who will take advantage of the inexperienced collector. Sad but true. You ever hear a comment like this - a man do nothing but good his entire life - but then one day he does something bad. And when the man is dead and gone - the only thing people remember about him was the one bad incident - all the good is forgotten. Well it's like that with coin dealers too - as I'm sure you know. The bad ones ruin the reputations of the good ones. And the good ones must struggle to overcome that on a constant basis. They must rely on their customers for repeat business and to bring in new customers by word of mouth. Word of mouth is the best advertising in the world. But let a customer get burned one time by a coin dealer - and from then on in that person's mind coin dealers - all coin dealers are low lifes. It doesn't matter that it's not true - what matters is the word of mouth. A collector tells a story of a bad experience and all the good that a coin dealer has done is gone out the window. Again - sad but true.
Hi all, you just knew i'd show up eventually like that proverbial bad penny. Anyhow i've used old coins i no longer wanted in either partial or full trades for coins that i did want. And yes with dealers. Sometimes dealers are very willing to accept, i have dealt with dealers before that will buy coins from me, one just takes all the gold he can get, the other takes just about anything. Then i've had other dealers that refuse to trade. It just depends that's all, but there's no harm in asking!
Well yeah - I kinda had a hunch BTW Sylvester - if you do not wish to quote the previous post - use the Post Reply link at the top left of each thread. If you do wish to quote - then do as you have been.
Ah cheers! just getting to grips with it, got to get myself back into the flow on this type of forum setup, numisaddict was almost like this, so i kind of know what i'm doing! Kinda!
What I hate about ebay is the phony "auction" venue. An auction open to a few hundred million people, dragging on for 3 to 10 days is not my idea of an auction. Also, most people selling on ebay aren't businesslike about their selling practices. Another thing I've learned is that most ebay sellers are at least mildly dishonest. The honest seller there is so rare that he sticks out like a white bean in a bag of frijoles negros. I know that there are plenty of people who swear that they never got a bad deal on ebay. My own belief is that there are two kinds of ebay buyers: those who have been ripped off, and those who are going to be ripped off sooner or later.
Douglas Douglas--That's my middle name too Just some thoughts. The coin shop in town is the only one I go to--two reasons. 1--It's the only coin shop for over 30 miles. 2--He gives me coins below the marked price--sometimes that is He also lets me trade in like tarnished half dollar, ASE and gets the same back (Give him a half dollar for a half dollar) I know not all dealers would do this--- I have gotten some great deals off e-bay even though some have not come thru--I'm finding out more and more NOT to go by the RED BOOK--if you like the coin and you have the cash, buy it. What I'd do is ask a few dealers what they give you for them and then you've got an idea on what you'll get--If I needed the cash I'd sell, but IF I could wait I'd wait. I won't rattle on any more. Speedy
