Ebay Coin Dealer: Eternity Coins

I feel like I've been seeing more and more of this as well. Of the series I collect, I feel I see it happening most with Buffaloes where coins with some eye appeal can be marked up 2-4X above the NGC/PGCS guides and they are hoping to get lucky "because its really nice". If the offered price is now not too far above my opinion of market, sometimes I'll try to track down the seller off eBay and see if a deal without those fees can be worked out. Sometimes they just hold firm and see the fee savings as their profits, other times they talk. Sometimes we work something out. Sometimes we don't. I've never taken it personally, though.

I have probably a bit of a different perspective as a former coin dealer, recently retired. Full disclosure: I never bought or sold on eBay.

There's an old joke that made the rounds back in the day:
Q. What do you call a coin dealer who doesn't make a profit?
A. A bankruptcy debtor.

Every dealer is a coin flipper. Every coin in inventory was somebody else's sale. Every coin eventually will be in somebody else's collection.

With very few exceptions, coins are fungible assets. The reality is that patience pays off. If a bidder doesn't win coin X, the solution is to move on and wait for coin Y to show up. That's still true. It's all about supply and demand.

The supply of classic coins is static, and so is the demand. The hobby isn't expanding rapidly (and maybe not at all). What has changed is the funneling of demand into a few online portals, such as eBay. Auctions live on the "gotta have it" syndrome, and eBay is one of the worst markets in that business, especially when fueled by artificial demand in the time of COVID. For the last 21 months, COVID has disrupted many local coin markets, including local coin shops, coin shows, and coin clubs. This made many people move to eBay, and created artificial demand for run-of-the-mill coins.

Looking at the specific issue, this dealer seems to have a strong niche in slabbed detailed coins. In that sense, the dealer is taking a risk buying detailed coins and creating a market for better-looking rare detailed coins. What's wrong with that? How does that differ from, say, cherrypicking for variety or crack-and-resubmit? Auctions are public. Anyone can bid. If this dealer thinks there is hidden value, remember that the dealer has cash outlay, carrying costs, and doesn't have any better crystal ball than anyone else looking at an uncertain future market. The markup on one coin may be needed to cover a loss on another. Not every item can be a loss leader. That's business in a free market economy.

This dealer has a non-eBay website with contact information. Nothing is stopping people from reaching out directly to negotiate coins.

Just some thoughts from the geezer's corner.

How to win coins at auction: Bid higher than everyone else. Simple.


How to bid at auction within a budget: Bid the maximum you are willing to pay (backing out fees, pack&post, etc.). If that is higher than everyone else, you win. If not, you lose, staying within your budget.

If your budget is realistic, then you will win some coins, probably not all.

If you win no coins, your budget is not realistic.

As a reseller, my budget would reflect my estimate of what I can resell the item for within a reasonable time (the time-value of money is not zero).

We all have a maximum , that we will pay .
Some people's maximum is " whatever it takes " .
Before Covid we bought a fair amount from auction
for our inventory . Since Covid .. bought very little.
It is quite difficult in this environment to acquire stock.
Certainly not going to go on about it or worry too much .
Just have to work different avenues .
You are hardly the only one who can't get something
at what he feels is the correct price .
Heck I remember buying mint state Morgan's at 10
bucks or less and Sovereigns at 20 bucks .

Outbid with 2 hours to go, and I'm done. Next auction I bid on I'll try 70% of straight grade as a maximum on a details coin. I've noticed that eBay sellers are asking 10-20% over PCGS straight grade prices for details cc coins. Not a buyer's market for me.

The bidders blew right by my maximum and this scratched details coin finally settled 20% higher, at 80% of straight grade. Their mistake isn't my mistake. Waiting might not improve things, but I will move towards value somewhere else in the meantime.

Eternity Coins is fine with me. Satisfied with transaction.