eBay

oldwestgold · ‎03-05-2020

Looking for a new business for selling on eBay? Let me suggest coins! I have listed a few of the top reasons below.

#1. eBay FVF (final value fees) are lower for the coin category.

#2. Shipping fees. Great news! Most coins can be shipped USPS 1st Class 4 oz rate. This translates to about a $3 shipping charge allowing you to offer free shipping if you desire. USPS insurance can add a few bucks although using a third party insurance provider will save you 50-75% compared to USPS insurance fees. Last time I checked, UPS and FedEx do NOT insure coins for loss or damage so please keep that in mind. The shipping insurance company that eBay offers will not cover losses of coins either.

#3. Packaging the item once you have sold it. Great news again! Mailing any coin is as simple as using a photo card mailer or bubble envelope which is inexpensive. Much cheaper when you buy quantities by the case - 250 envelopes or about 10-15c each for a # 0 or 1 size bubble mailer. No searching for right size boxes to ship toys, lamps, shoes, tools, car parts, etc. One size mailer fits all 99% of the time with selling coins!

About this time you are probably asking just how does one get started selling and buying coins? What I would suggest is finding yourself a niche or just a couple of different areas of coins to start out with. Better yet, just pick one. Don't start with something like wheat pennies which everyone is selling. Pick an area still yet unexplored and sell the different. Look what is selling and what is not. Go to local coin shows and join the ANA (American Numismatic Association). Always, always investigate before you invest. This means acquiring some basic knowledge and education. A few suggested areas would be foreign coins, Morgan Dollar VAM varieties, errors, So-Called Dollars and my favorite, California fractional gold. Pick up the book CHERRY PICKER'S GUIDE TO RARE DIE VARIETIES. Read it and memorize the major varieties to look for when you go to a show or search eBay or at online auctions.

Low on funds? No problem again. Start out small and reinvest in more inventory as you go. Ask any large coin dealer how they got started and most will tell you they started by going to the bank and searching bags of coins for errors, varieties or silver coins. The point is they started out small. Over the years they accumulated a large, diverse and expensive inventory. I have been at it for 45 years and yes I started searching through dealers inventories at shows, in their shops and through bags of coins from the local banks. Above all, don't be afraid to ask questions. Most dealers will enjoy helping you out and getting you started.

These are just some of my suggestions from a few decades of experience! Thanks for reading and enjoy!

I have been selling and buying coins for over 45 years with 20 years on eBay alone.

gwzcomps · ‎03-05-2020

It is all fun and games till Managed Payments come into play 😉

luckythewinner · ‎03-06-2020

@oldwestgold wrote:
Pick an area still yet unexplored and sell the different.

If an area of coin collecting is unexplored, how would a newcomer educate himself about it?

upgradedendmills · ‎03-06-2020

Temporarily keeping a seller out of MP might be the biggest advantage of all in listing some coins!

bar-29368 · ‎03-06-2020

I was thinking the same thing although I did read that only those sellers who sell in that niche in a major way are protected.

If coins etc are only a minor % of what you usually list that most likely won't work.

divwido · ‎03-06-2020

While I agree with you, I have trouble selling coins. It seems like a great idea right up to the listing.

But I started with a lot of low dollar coins and started buying and selling and now have a nice collection of graded coins. My grading skills are not useful.

But then, eBay's about to squash coins sales here.

Good Moms let you lick the Beaters.

Great Moms turn them off first.

upgradedendmills · ‎03-06-2020

I said this because I found some old coins yesterday and considered making a couple of listings for common coins starting at thousands of dollars just to put off MP as long as possible. Also thought of using the same train of thought on a couple of GSP listings at the same time. I am happy for anyone in MP that it works for but totally opposed to the program for myself. I have been holding back on doing listings or any long term eBay plans for this reason alone.

cashvaluerecovery2011 · ‎03-06-2020

I too have been selling coins on ebay for 20 years. And while i appreciate your valid points the fact is tgat selling coins here is far far from good any longer unless.......you can buy dirt cheap......or you only do rare coins.

The days of selling a $20 coin are long gone unless you rob someone. I wont do that to my customers. Example.....silver eagle. Pay less than melt for a premium coin? Not fair to seller. Pay melt? Have to sell for $25 here to make any profit because fees and shipping are stupid high. 10% in fees= $2.5+ $.30+ $3.00 postage+ $.65 materials and gas. $6.45 in selling costs leaves you with $18.55 for a coin if you were fair paid $17.50 to $18.

OR......you could sell it locally with no fees or shipping or materials for $20 in cash. Without cheating your seller buyer or yourself.

When fees were 6% with $1.91 postage this was THE place to sell coins. Today i sell 10s of 1000s of $s worth of coins a year elsewhere. Maybe $500 worth here.

You can still do it i admit. But if you are doing it here its costing you profit and likely costing you customers.

magicjohnsonsvariety · ‎03-06-2020

You mean like looking for Buffalo nickels facing the wrong way.....

earlyant-77 · ‎03-06-2020

@magicjohnsonsvariety wrote:
You mean like looking for Buffalo nickels facing the wrong way.....

Andy Taylor or Barney Fife - is that you?

Anonymous · ‎03-06-2020

@gwzcomps wrote:
It is all fun and games till Managed Payments come into play 😉

Hi @gwzcomps, we touched on coins (and other categories not currently included in managed payments) in a recent Town Hall, confirming there are no plans to eliminate these categories. There are a variety of rules and regulations to selling certain items and while some categories are not currently rolled into managed payments, we plan to add them as time goes on.

magicjohnsonsvariety · ‎03-06-2020

@earlyant-77 wrote:
@magicjohnsonsvariety wrote:
You mean like looking for Buffalo nickels facing the wrong way.....
Andy Taylor or Barney Fife - is that you?

Nice....i was wondering if anyone would get the joke.

oldwestgold · ‎03-06-2020

Surprisingly enough after 20 years like yourself, the past 2 years have been my best. The market is flooded with common coins and that's why I got out of choice silver dollars 20 years ago. I got bored with them since everyone had them. A lot of collectors have gotten bored also. Just my opinion and results. I'm not burning any doors down but it is more than enough to keep me busy. I also sell on my E-site and other venues beside eBay which helps. My customer base continues to grow with lots of new buyers. eBay is far from dead for me but I also realize the majority of coin sellers are seeing differently. And I agree, you can't waste your time on $20 sales. Simply not worth the hassle and no room for profit which isn't a dirty word. My bottom line is great and allows me to buy new stock continually. My items are tough to find and some unique. I use to be the only one selling on eBay in my category when I started. The competition now only enhances my inventory since most are overpriced or have problem coins. I advertise here, in many coin magazines and elsewheres which also helps. I have found several techniques that have proven positive for keeping sales kicking. Good luck!

oldwestgold · ‎03-06-2020

Thanks for your input on the coin category. It would be a shame if this category were to go away as to be truthful, eBay holds a good percentage of the market share of coin transactions in the world. Go to any coin convention and eBay is all you normally hear between dealer and collector conversations. I'm positive eBay's bottom line is healthier also because of the coin category. Thanks again!

oldwestgold · ‎03-06-2020

You must have changed your eBay ID as I see you have only been on since 2011 and not 20 years as you mention here. The few items you have for sale are very common where you simply can't make a profit in my opinion, especially silver certificates. Coin FVF's are still 6% in checking my last actual sales FVF's , so I don't know where the 10% you mention is coming from unless the 10% is for $20 and less item sales. I just don't' know other than what I can confirm from actual sales fees shown. I definitely am not losing money and not losing customers. Again, this has been my best year yet due to actively seeking new customers, innovative advertising and promo's, sales, etc. If I was losing money and wasting my time anywhere I would just box everything up and ship to one of the large auction houses and go fishing. The market is still there, it's just no longer low hanging fruit. If you want to make a profit and survive you have to keep pushing your bottom line with different ideas. Trust me, I wanted to give up a few years ago. Change has to come from within I found first before you can open your eyes on the outside to search for solutions. I think I read that on a bubble gum wrapper somewhere. Good luck!