With 15,000 Coins to Sell - "What Auction Site Should I Use?"
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- Опубліковано 26 лис 2022
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Ben The Coin Geek
Old Pueblo Coin
Stacks-Bowers is the auction house you were struggling to recall.
The enjoyable part of the hobby is when buying. When selling is the complicated and “ true” side.
Good info thank you - I have a lot to sell and not getting any younger
I list it on my own account on eBay.. I am only allowed 11 Million US Dollars per Month. Purple Color w over 870 Positive 100% Feedback.
Great Collections; Heritage and Stacks Bowers, depending on the coin & the audience each brings to the table; always be fees up front and backend, Ebay’s platform reaches many folks; use of Colors & Algorithyms help sell! Bowers & Merena, lol
Coin dearer seems to help buyers but not so much sellers.
Totally agree with you Ben. Where you auction your coins depends on what they are. I wouldn't expect to find someone trying to sell a Nero Sestertius on eBay. Those type of coins require a specialty auction. I think you gave him the best advice you could with the information you were given.
I think you gave the best advice you can with the information you have.
Yes he did it’s well appreciated for the average person who wouldn’t know any of this who can be overwhelmed by it all & have no direction on which way to go.👍
Can you elaborate on what’s in the collection?
@@truckerj8717 Are all or most of these coins slabbed?
Excellent comments!! Most folks that have coins to sell are not aware of the time and knowledge required to get them into the market.
Facebook Groups. I’ve sold 10s of thousands, with a starting $ and sometimes a reserve. Raw and slabbed: you can find a great group.
Thanks for sharing!
I would agree that going the coin show route seems like the best option.
It might take time to sell the majority of it off but you will be in more control of how much you can charge.
Hi Ben, I like that photo chart that you have framed on the wall behind you. Any idea can I find one? Thanks
I don’t think the guy has 15000 coins , who buys out 5 coin dealers with out a game plan ? Nobody 😂
Why did he buy to start with? Become a dealer? Bought them at fire sale prices? Too many questions to give specific answer with this guy.
Maybe… five Vest Pocket Dealers, or Flea market dealers 🤔😂
TBH, if I felt I was getting a smoking deal, I'd buy them without a game plan. And I would probably sit on them for years. It's like an addiction, one that I've had for many decades.
Exactly!
Coins in general have really taken off price point wise since 2019; I’d try a small sample in several auction houses as well as Ebay; special coins like foreigns & ancients require a knowledgeble base of buyers; goodluck !
I would like to see more dealers utilize a website, or the one they currently have to a greater level. I love buying from a website that offers medium to higher end coins, both slabbed and raw. The thing is, those listings need to be refreshed every so often, instead of leaving listings up for 4 to 6 weeks. It's like stocking dead inventory. Take a hit on non movers and list something fresh. If you are using ebay and a website, rotate back and forth.
Bowers and Merena! LOL, I do the same thing!
15,000 coins is a lot to sell. Just thought I’d leave a like and comment to help the old algorithm for ya!
Has a lot to learn. Good for you Ben.
Good advice, thanks. I like the idea of finding a dealer who will sell them for me on consignment. I'm in a similar predicament, not as large a collection but not far behind. And some of my coins are very specialized, so they'll appeal to a smaller audience.
Well done, and a good answer to an interesting problem. Looking at it from a standpoint of 'labor' includes REALITY. Many in the 'sell mode' would like to just have you send them a fully insured envelope or box, have a one-week turnaround, and have all funds based on the highest auction result in the last 5 years immediately deposited electronically in their personal bank. It just does not work that way. Coins do have a nice inherent value in many cases, but there is also a challenge in selling all types of coins at the maximum you see in the market immediately and without any work or corollary expense. It is a great hobby, and in some cases, due diligence can provide an option to get the pride of ownership value over your lifetime, and still get out with a certain profit, but numismatics involves just as much work as the corresponding pride of ownership.
Thanks Ben, great perspective. No free lunch.
Good info.
We’re here to watch and help!
HI brother! Just found your site after the Spegtacular interview. I will be around often, keep up the great work!
Excellent video. It's amazing to me how many don't seem to understand - that comparison made in this video...about when you need service for your home, you pay somebody (that's trained hopefully) to solve the problem/issue. But somehow many ppl w/coins think that a common 10/15% or more fee to do the same, is highway robbery. All I can say to the "trucker" is good luck then: if you want a fast sale, expect a bigger price discount. If you're willing to wait and give it time, w/perhaps selling some-at-at-time, you'll likely get better pricing.
Always informative. Thanks Ben!
I'm only interested for the site auctions and would appreciate your post about it.
As usual, Ben is correct. The dynamic is the same whether you’re a coin dealer as Ben is or if you’re a “precision sporting items” dealer as I am.
My guys have to evaluate, photograph, measure, and list the thing online. After that, phone calls are fielded, invoices written up and issued, payment accepted, relevant licensure confirmed, and the item is shipped. All that crap takes multiple skill sets and more than a little time to execute-never mind the company reputation built over decades to enable this whole process to happen at all.
Same with coins! And besides, people, The Engineer takes better coin photos than you can. Believe me. He’s crazy good.
15,000 coins... my first thought, that sounds like a lifetime of birthday and Christmas presents, he'll never have to go shopping again!
I guess, I'd sell the easiest to get rid of first... Morgan, Peace, etc... and save the hardest stuff for last just to bring my inventory down!
Plus, I'm wondering if he wants to sell offline to avoid taxes... in addition to the fees 🤔
Always great advice!
Agree. Not enough info. Possibly reconsider Ebay as they are the largest coin marketplace. The fees only seem high until you realize what it costs to sell elsewhere. Selling is a lot of work. And yes, you should expect to pay taxes on profit.
Good information, thanks for this one👍🤙🖖
It gets even worse with bulkier items. Try selling several thousand collectable lamps. Now everything is fragile and bulky. Coins are relatively easy compared to most things.
Great info Ben!!
This is a major problem when you deal with quantity over quality. It is so much easier to manage inventory when your inventory is small.
I've been collecting for 50 years and have about 700 nice coins. I use ebay when I sell.
I agree. It depends on the coin where it gets sold. Junk coins should be sold on a free or low cost platform because of your slim margins. Coins that are in demand or rare should be offered for Auction at a reputable auction house.
Great video, Ben!
👍👍Thank you❤
You should invite your shops customers to a night of live auction and hold it at your shop, that way you get cold hard cash and not have to be visited by the tax man.
New subscriber here.
Thank you sir for imformation
8:58 I agree, wholesale is his best bet. It’s interesting to me how many people don’t want to invest in themselves or think that education is free.
IMHO numismatics is a lifelong education.
I watch and enjoy your videos!☝️
The fees make it difficult to make a decent profit
Yah it all depends on how much work he’s willing to do. The more time he spends selling the coins individually himself and avoiding all the fees the more money he will make. Those coins have gained a lot of value since 2019 but if you auction them the fees are likely to eat up all the profits and will probably end up breaking even. I just went through this exact thing and at the last minute decided to sell them myself. It was a lot of work but I probably netted an extra $30k-$40k off the collection
I recommend starting on Instagram. Also if the coins are raw I would recommend sorting out the coins and having the nicest ones graded
I’ve already sorted out from years. 1800’s,1900’s,”2000’s. I going through them listing & categorized all coins on my laptop w/pics & prices that I paid so that I don’t lose any money.
That’s great
What’s the most valuable coins in the collection? Have you had anyone knowledgeable look at them ?
I think if you're rich enough to buy 15k coins, and don't want to put a lot of time and "labor" into it, you either hire someone to manage everything, or you talk to Ian over at Great Collections.
Loggins and Messina? Coheed and Cambria? Funky Cold Medina? 😂
Stacks and Bowers?
5 dealers had a total of 15K coins? Seems like they weren't really dealers, I dunno. Sage advice as usual Ben, LOVE IT.
I would contact Miles Franklin and see what Andy Schectman would pay. Also contact Apmex or JM Bullion and see what they would pay outright.
Should use my auction site, I trade unfairly 😂 only because I know you got great coins. 15,000 coins is a pretty huge lot Just any 300 away just to have a buddy flip is daunting as it is
Nice video 👍
That gentleman should consign his 15,000 items to my company. I host regular Ebay auctions on a weekly basis and have an extensive clientele. I use top notch marketing and handle all the hassle, stress, Ebay fees, taxes, supplies and shipping. I do this for a 20% consignment fee plus all Ebay expenses are covered also. The consignor gets 80% of net sales. Would your customer potentially be interested in doing an arrangement such as this?
He wouldn't have to pay any taxes, fees, shipping, supplies or any other related expense. I do all the work and he gets the net proceeds.
Let me know what you think, Ben.
Even if he's not certain about eBay...he should create an account and sell a few coins. eBay will not allow unlimited listings for new sellers. I think he'd be limited to 10 items per category (they will give exceptions for a few more, depending on seller performance)/month (?) for the 1st 90 days. He should get the clock moving. If he has valuable coins, the big auction houses would be romancing him. Most likely, they will not be interested (or might want to take on a few of the more valuable coins and leave the rest).
I agree with Rick selling is not the problem. The problem are the fees and the tax liability are extreme on ebay.
What is the best way to use Etsy for coin selling ? Would you say buying estates and customer coins is essential for getting inventory at a price that allows you to make money ( after cost is covered and percentage of sale for the bills are considered)? Personally I don't want to support our enemies buy giving eBay or PayPal / Venmo money ,tiktok as well .they are chinese owned . As we all should know , the nature of chinese business means large percentages of that $ goes directly to their government . I used to use them . now I wont even buy from eBay.
I actually have an idea on how to shift everyone away from paying a government ( ok, so yet another government) that hates our guts as north americans . But it would require other people to care so I haven't preseneted it lol .
The labor is real ,depite it not seeming so. Picture taking is quite intensive . Especially if your device doesn't take consistent photographs . I can get one picture that is clean enough to read the date on a half dime perfectly and the next 20 will be fuzzy ,despite no changes to setup ,positioning, lighting ect .
Hi, Ben. No one ever looks at Community Pages. *TYU*
Well said, i am in a similar spot but i only have 10 coins. Here is the difference there high end coins, all draped bust dollars and one flowing hair dollar 1795-1803 VF30-XF45 with a greysheet value of over $60K. Now how to sell. Yes that is the ? Ebay piece by piece or Auction ....i would like to sell them all in one shot, but i need that one person. So that is my dilemma, any feedback is appreciated. Thank for you hard work with the channel...
You can see the coins on PCGS registry under my name Chris Mendez
I would sell them yourself on some sort of higher end coin forum or Instagram something like that. No fees
If your coin has comps around let’s say $10,000 price it for $9,500. You would net $9,500 instead of that coin selling at auction for let’s say $8,500 ( $10,200 after buyers premium) at best you would get 95% of the $8,500 hammer price or about $8,075 total. Do the leg work yourself
High quality coins are easy to sell
Call Ghost Busters
NGC and PCGS give updated values of their certified coins. ANACS doesn't. Does anyone know why?
How to sell a 1974D one cent US coin double dye Thank you
Good stuff👍. eBay 15% plus 1099 are HUGE downsides for amateur collectors
I thought it was closer to 11% and 9% if you have a store
@@tylonnplatinumthe3rd659 I think you’re right
My ebay store is 8.8%. If you price it right, you can pass that on to the buyer and sell at retail prices.
The two previous dealers that sold their collections to him wholesaled them out to him because they already knew the time and effort it was to piece it out for top dollar.
That wasn’t why but that was a damm good observation though.
I only buy from eBay and great collections…………..that’s it.
Ebay is ok to sell stuff but is not seller friendly.
Try DLRC which is David Lawrence Rare Coins.
Ty
Who buys 15,000 coins without a solid game plan (or experience) for how to re-sell them? He just bought the problems of five coin dealers and now he’s looking to pass the problem to someone else. 😆
Always buy quality over quantity. Quality items will practically sell themselves. It’s easier to sell one $1000 coin than it is to sell one thousand $1 coins.
If I had to guess it’s more like 15,000 $1 coins
@@tylonnplatinumthe3rd659 That’s my guess too. If a dealer is liquidating coins in bulk, it’s their non-premium coins that they are getting rid of. It’s the stuff they can’t be bothered with selling individually. They were probably thrilled to be rid of them.
I have a question what would you recommend to purchase buffalo gold coins or graded coins ?
Both
All depends on price point. I’m still avoiding gold coin’s because they are so heavily priced by gold spot price. I would stick to numismatics until precious metals drop down quite a ways (if it ever does)
Don’t forget shipping costs - not only USPS, but envelopes, tape, printer supplies - not free. eBay does make it easy by selling u the shipping label with tracking.
I can sell my coins on 1972 1958 how to sell my coins
Heritage auction company .
Ty
Sir I Jefferson Nickel History Rare Coin 1967 Five Cents I Like To Sell It
comment
Another alternative to Ebay, Heritage, Great Collections, and Stacks Bowers is to consign to an online auctioneer that uses one of the auction platforms such as Hibid or Proxibid. Of course you'll have to agree to a consignment fee and also expect the online auctioneer to charge a % buyers premium, which will make it difficult to realize a "profit" from your consignment. So if you agree to a 20% consignment fee, and the auctioneer also charges a 15% buyers premium, you can expect the buyer to pay about 80% of the real value of the coin, and of that amount, you'll only get 80% of it. The upside is that the auctioneer will handle the payment collection from the buyer and also handle the shipping of the coin to the buyer. If the coins are relatively low value coins, you can also expect the auctioneer will bundle the coins into lots (e.g., 15 low value quarters in one lot, rather than sell each quarter in individual lots). The auctioneer, as part of the terms of consignment, will demand that he/she have the discretion on how to bundle your coins in sale lots. Lots of auctioneers who'll accept consignments -- you just have to shop around to see who offers the best deals on consignment fees.
I used to buy and sell a lot on ePay. But their fees make it a no profit site.
I can't even count to 15,000 much less sell 15,000 coins.
Your’e cutting your nose off to spite your face when you say: no ebay. Lots of Expenses regardless of what this person does to sell!
This comment is for the good ole Al-Gore-Rythm
If he truly has 15K coins and they are collecting coins, not clad quarters, any house auction will offer a great deal. My guess? None of the coins are more than 5 dollar coins, otherwise would not be asking.
I think your spot on
Sounds scammish to me...looking for ben to reach out. Not saying ben would get scammed but sounds weird. Buying out 3 coin dealers PRECOVID hmmmm??? Like the comments here ALREADY "I made 15k in two" days blah blah blah. Dang SCAMMERS get a REAL job!
If you are not into selling coins don't collect them. Collecting and selling go hand in hand.
A whole lot of talking without no good tips
Many FB market place groups are very good places to sell. If you become established, there can be zero fees.