Coins

[maber7801]

I've been collecting for a few years now and have a very "pretty collection". Id like to start selling but don't know the best site to do it on

[4pawsup*]

Have you ever sold anything online before. If not you might be better off checking with coin stores in your area. 

[ajs_coins_and_alchemy]

Ebay's a great site for selling coins. Sell cheap ones at first only so you don't get scammed on high value ones. Auctions are hit or miss. You may not get a lot for them but you'll more than likely get better than going to a B&M dealer. 

Once you sell over $600 you'll be required to provide your SSN before receiving further payouts (i believe that is still how it works).

Look at recent sales by other non-dealers , anticipate the lower end of those prices

[4pawsup*]

I agree it is a great place to sell coins. I would suggest the first thing to do is to read ebay policy for new sellers. That will tell you what you will need to get started. I sold here for seven years from 07 till 12 and i stopped. I only recently came back and there is alot that has changed.Number one is the cost.Now with add fees it can be over 25%. You must know what you have and about how much it is worth. If you have a B &M that you have done business it would be worth talking to them first. JMO.

[ajs_coins_and_alchemy]

This is all so very true .... and it's all SO very sad that it even needs to be said.

I completely agree w/ what you said and the fact that  you need to say it @4pawsup* ... but it's so so sad that people need to be told to read about selling on EBay before attempting to do it ... and need to be told "know what you have" before selling something.

That was SO fundamental to me, I studied EBay's policy pages (never did seller school) as well as different threads on the forum before I ever listed anything for sale or bought anything. I SERIOUSLY think I knew more about EBay policies before I ever conducted a single transaction, than some members we meet on here who have 1,000 or 5,000 or 10,000 feedbacks or more.

I didnt and still don't know everything by any means but I sure as heck knew a lot more about MBG policies than some of these people today

[simba6]

Since your a new zero feedback seller, start with low value items. Say under 25.00.  No legit buyer will bid much on a new unproven seller. You would attract a lot of scammers however.  Never sell an item you can't afford to lose.

[ajs_coins_and_alchemy]

I could go into so many details but I'm trying to answer very broadly because the question was very broad...

So let me also add, depending on the type and value of your collection, and the state of your life and the value of your time ... B&M dealer buyout may be a lot better.

Selling ANYTHING on EBay, especially when you're just starting, can be very time intensive. Depending on the type of stuff and it's marketability, how much your stuff is worth... how much you want to get ...how much you will realistically get... and how much you can get at a Brick & Mortar retailer ... you may make more on EBay but your time investment may not be worthwhile.

My advice would vary easily based on if you're trying to move graded or raw coins, currency or bullion, 19th century, 20th century, 21st century. Foreign or domestic. Albums. Sets. Commemoratives. Proofs. Uncirculated. Gold, silver, base metals. Move it as individual items or entire collection.

Ive seen people piece out their collections and do fairly well...and do very poorly... Ive seen people try to move an entire collection and do well ... and do poorly.

So much is hit or miss.

[ajs_coins_and_alchemy]

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@simba6 wrote:

Since your a new zero feedback seller, start with low value items. Say under 25.00.  No legit buyer will bid much on a new unproven seller. You would attract a lot of scammers however.  Never sell an item you can't afford to lose.

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Hey hey hey, I take a little bit of offense here 🤣. Any HONEST buyer well versed in the MBG will happily bid on a new unproven seller, especially if a deal can be gotten. Sadly few buyers are well versed in the MBG. Well, actually not sure if it's good or bad that few are well versed. Jury is out on that. Cut down on scam sellers but create scam buyers.

Totally agree with the advice in general, but that statement isn't 100% true.

I bid and won @ $12k on an unproven seller FWIW

[greatmidwestcoin]

I actually have sold coins here for over 23 years. Recently, someone came into a collection in my family and wanted to liquidate them. I suggested we take them to one of the largest coin shops in the tri-state area.  The only one I would recommend as I have known the owner for decades. I didn't feel comfortable suggesting I would be interested, so this is what I thought was the next best thing. We did that and the dealer offered $16,000. The collection was mostly coins that I am familiar with but don't handle so it would have taken a lot of time to research and price out several hundred coins. After finding out the offer and without pricing everything out I offered $2k more and rolled the dice. Now remember, if they had gone into the B&M store, they would have not known any difference and taken the $9k. They accepted my offer. I am still in the process of selling them but after a few months now of selling and reviewing the collection, I believe the dealer offer was at least 50% low.  I am positive other dealers would have offered much less. Just throwing that out there for what it's worth.

[greatmidwestcoin]

Some tips on selling coins on eBay from a coin seller of over 23 years and 50+ years in the business.

#1. Keep your listings short and sweet. Get great photos. I use an Epson V200 Photo scanner. Old tech, great scanned pictures. You can still buy these used on eBay for under $50. Fast, inexpensive, and easy, unlike many other ways that I have researched for decades. This model does not work on MAC, only Windows.

#2. Mailing your items. Don't use used mailing material. Think, "How would Amazon or Walmart mail this item?" I use padded envelopes and coin mailers. Buy them by the case and you can get padded envelopes for around 12-17c each. Be professional. Use large 2-page mailing labels for your printer. You can get these free by the case from one of the big delivery companies. Insure everything.

#3. Research your bidders/winners. Check their FB. Google their address and name. See where they live. To some, this may sound creepy but in my 23 years of selling and over $1-2 mil in sales, I have been taken only once for $100. After PD involvement, I even got that back. 

#4. Learn the eBay rules and requirements. Probably should be #1. You will be covered if scammed ONLY IF YOU have done everything correctly on your end.

#5. Don't waste your time reinventing the wheel.  Look at how others sell - what their listings look like and what their business policies are.

I could go on, but if you have any questions or problems, just message me.

Wish you the best.

CT

[greatmidwestcoin]

I meant to type $16k toward the end and not $9k. Sorry for the confusion.

[deltilogical]

Whatever you do, don't clean your coins!   😉

Is there a coin club near you?  They often have member auctions and sales.  Set up at a coin show or flea market?  If these are high value ($500+), are they worth consigning to one of the numismatic auction houses? 

Do coins get 6 month returns with credit card?