| Author |
Topic  |
|
|
SFDukie
Pillar Of The Community

USA
980 Posts |
|
How can I help support Coin Community?
|
|
catman
Pillar Of The Community

USA
954 Posts |
|
|
Metalman
Moderator

USA
6533 Posts |
Posted 09/12/2005 3:45 pm
|
with the advent of online auctions, I would say that the brick and mortar dealers as well as the coin show dealers will have to change their approach if they want to survive,,
The people of todays world are the fast food generation, convienance of shopping from my easy chair at home people.
So yes the way that a person puts together a collection has changed, the Local dealer who used to be the source of information and service is now almost a last resort person.
TPG's and the added value of the plastic has also changed the coin collecting world, IMO for the worse !
Rick
|
|
Send note to staff  |
|
|
Kyra
Pillar Of The Community

USA
867 Posts |
|
|
Gary Burke
Pillar of the Community

USA
3724 Posts |
|
|
catman
Pillar Of The Community

USA
954 Posts |
|
|
wrk4lvg
Pillar Of The Community

USA
734 Posts |
|
|
longnine009
Pillar Of The Community

USA
1246 Posts |
|
|
national dealer
Pillar Of The Community
USA
2724 Posts |
Posted 09/27/2005 4:25 pm
|
quote: Originally posted by Metalman I would say that the brick and mortar dealers as well as the coin show dealers will have to change their approach if they want to survive,
Oh come on now, you should have known that I would pick this one apart. Sometimes I think that you (metalman) do this to stir my pot a little  First, let us look at some numbers. According to EBAY, there gross profits are in the 4 Billion dollar range worldwide on all of their products, with 430,000 sellers. The coin industry is a 15 Billion Dollar industry. That is just the reported earnings. Anyone attending any show will agree that a lot of business is done in cash. Ebay is FAR from the best coin venue in this country, let alone the world. NO ONE has ever shown me consistant sales on Ebay that are consistantly above GREYSHEET prices. It seems as if internet users begin and end their day with Ebay. What is the facisnation?
More real world numbers.
Bowers and Merena average auction $8 Million Heritage average auction $6 Million David Lawrence average auction $4 Million ANR average auction $6 Million
This is just a few examples. And guess what? These are NOT yearly totals, they are average totals. Bowers has 10 to 12 auctions per year.
These articles are NOT talking about run of the mill junk coins that are found on these internet auction sites, but RARE coins. Can anyone remember the last time a Mint State 1921-S Walker was offered on Ebay? Anyone remember any Rare Mint State coin being sold on Ebay?
Sure you get a few dealers who put some $50,000 coins out there for shock value, but when did any sell?
The above four auction companies that I listed ROUTINELY offer coins deep into 6 figures. With each auction, many rare coins change hands. Find a PROOF Half Cent on Ebay. Find an 1895 Morgan.
Ebay allows people to play dealer. Simple as that.
There is NOT 1 single seller on Ebay that is a direct competitor of my firm. NOT ONE. I could care less about the few million dollars that gets sold on Ebay.
When they reach the BILLION dollar mark in Rare coins, Maybe just Maybe I would take a second to consider being associated with them.
I know that I have stated my views on these internet flea markets a hundred times. If you want ripped off, go ahead. Facts are facts. More counterfeits and lousy 3rd party coins are sold on internet auctions than ANY show floor.
|
Send note to staff  |
|
|
Morgan Fred
Moderator

USA
2684 Posts |
Posted 09/27/2005 7:31 pm
|
Wow! I was having mixed emotions as I read down this thread, but ND put the finishing touches on my concluding thoughts, all in a nutshell. Yes, eBay is a great place to find ALMOST all the coins needed for a series or a specific collection. The keyword is "almost". To polish off this collection to completion with the really rare date (1895 Morgan is a good example), presuming cost is immaterial, one is going to have to go through a reputable dealer or a coin show. EBay just does not normally attract buyers looking for five and six-figure truly rare coins (although, as ND said, some put them out there to tantalize: here's some luscious six- and seven-figure eBay offers from Michael Casper: http://search.ebay.com/_W0QQsassZcaspercoinQ2ecom ). Certainly, if I were to spent that kind of money (yeah, right) on a rare coin, I'd want to hold it in my hot little hands before plopping down the bread.
Fortunately, there is a place in our hobby for all coin sources such that anyone can play and build a decent collection from his/her preferred or most convenient source.
|
|
Send note to staff  |
|
| |
Topic  |
|