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 Replies: 20 / Views: 3,269 |
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Pillar of the Community
Australia
2830 Posts |
G'day, selling a lot of coins in a batch will always, I think, involve a discount, to the detriment of the seller. On the other hand, selling individual coins is inconvenient, time-consuming, and may result in higher fees, etc. The tricky question is: is the higher price worth the extra effort ? And, if you sell direct to other collectors, whether by ebay, CL, or whatever, you'd have to get more than the dealers would offer you. Peter in Oz |
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Pillar of the Community
United States
1840 Posts |
If it is a sizable collection and you are pricing it to sell, maybe you should try a table at a coin show.
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Valued Member
United States
245 Posts |
"Personally, I would probably use Craigslist"
Me too, I don't sell, but do use graigslist to buy. A lot of dealers and collectors read it daily. I have found many treasures, it just takes time.
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Bedrock of the Community
United States
20753 Posts |
Quote:
What about an auction house like Heritage or just take the whole thing to a dealer like Harlan Berk? If you sell it yourself, what are the tax liabilities? Taking coins to almost any coin shop is not a real great idea and that one in particular. I've seen way to many situations personally there that would make you cry. As to taxes, that too is pending on where your at, how you sell them, who you sell them to, etc. Many dealers do not record such purchases and sales. Others that use coin sales as a business do record purchases and you could be liable for taxes as an income. With that YOU should consult a tax advisor or attorney. What you hear about such laws on a coin forum may place you in a really bad situation with those IRS people. Back to coin stores. Remember that they must pay for all utilities, food, clothing, a family, etc and all from the profit of sales so your not about to get a good deal there. Selling yourself on ebay or similar sites could really be time consuming although you would probably end up with the highest values. Naturally the worst part would be attempting to get rid of the common coins that usually make up a collection. If you look at an entire Album of Lincoln Cents you would see that most are just not anything that could be easily disposed of for a profit on such sites as ebay. Quote:
Personally, I would probably use Craigslist. I have sold a lot of coins there at reasonable prices, and it's safe, as long as you meet in a secure place, and there is no fee. Not sure but I think that that suggestion would be the most profitable one. And the easiest method of disposing of an entire collection all at one time. And as noted, not many records to be kept and recorded that way. |
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Valued Member
United States
245 Posts |
"With that YOU should consult a tax advisor or attorney. What you hear about such laws on a coin forum may place you in a really bad situation with those IRS people. "
If you provide a SOS# , then prepare to be 1099 for tax.
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Pillar of the Community
 United States
1083 Posts |
Good comments. I checked out Craigs List and most of what I saw were not up to the quality of many of the collections that are represented on the Forum. Not to mention that the face to face required to sell a large collection locally is highly dangerous in my opinion. Am I missing something?
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Pillar of the Community
United States
1534 Posts |
Well, you can always meet at a bank, or somewhere else secure.
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Pillar of the Community
United States
1083 Posts |
The last time I showed my collection to someone in bank, he left with a valuable large cent in his pocket. The biggest problem I see with Craigslist for anyone here selling a collection, is that it doesn't reach the customers who have the money to buy a valuable collection. As a result you can waste a lot of time.
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Bedrock of the Community
United States
10982 Posts |
Selling in less than $10K increments will avoid the tax problems. It's always good to have records of what you paid for the coins though - sometimes selling at a loss can be deductible.
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Pillar of the Community
United States
8904 Posts |
Okie-colin wrote: Quote:
The last time I showed my collection to someone in bank, he left with a valuable large cent in his pocket. Can you explain more about thsi? (I think I might be a bit annoyed...) |
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Pillar of the Community
United States
1083 Posts |
Quote:
The last time I showed my collection to someone in bank, he left with a valuable large cent in his pocket.
It is old business Moe and I have already posted about it. I don't want to get us off topic. Thanks.
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Valued Member
United States
245 Posts |
"is that it doesn't reach the customers who have the money to buy a valuable collection."
A lot of high end collectors cruise Craigslist daily, you would be surprised.
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Pillar of the Community
United States
511 Posts |
Avoid ebay as much as possible. |
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Moderator
 United States
189473 Posts |
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Bedrock of the Community
United States
20753 Posts |
Quote:
Good comments. I checked out Craigs List and most of what I saw were not up to the quality of many of the collections that are represented on the Forum. Not to mention that the face to face required to sell a large collection locally is highly dangerous in my opinion. Am I missing something?
Unfortunately what you bring up does have some really bad results. And then too, many great ones. Ny next door neighbor has acquired a refrigerator, washer, dryer and many other items from craigs list and all free. One really scarry situation was a person that was giving him the refrigerator said he would deliver it and showed up about 10:00PM at night with several friends. But all turned out well although really scarry for a while there. Now with something like a large amount of coins and the cash for them, I'd really be a little leary about meeting a stranger anywhere, anytime. Imagine saying just bring $25,000 in small bills to the parking lot by the Dominiks store on the corner of something or other at 10PM. I'll have the coins with me. Not sure how that would work out. |
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Replies: 20 / Views: 3,269 |
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Posted 12/03/2009 07:34 am
