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 Replies: 18 / Views: 3,193 |
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Valued Member
United States
373 Posts |
I just sold my NGC 2006 W American Eagle G$50 PF70 Ultra Cameo for $1,800 to a reputable gold and silver coin firm. The guy behind the counter said this coin is going for $1,800 now. I bought the coin for around $940 in 2006. Currently, Numismedia and NGC Coin Price Guide has this coin at $2,440. So, did I get a good offer? I never expect to sell a coin for what Numismedia, or any other firm thinks the coin is worth.
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Bedrock of the Community
 United States
12856 Posts |
You nearly doubled your money in 6 years. No one is going to tell you that was a bad investment. And I agree... guides tell you the maximum you can expect to receive for a coin in the market, not what you can reasonably expect to get. Count on closer to the low end of the hi-lo range, especially if you're dealing with shrewd/savvy investors. The market has been pretty soft in recent years for collectibles in general and smart buyer know it.
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Valued Member
 United States
373 Posts |
I was actually expecting and hoping for $1,700, despite Numismedia's numbers. Thanks for your input, CelticKnot.
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Pillar of the Community
United States
4901 Posts |
Edited by Foxwoods Man
09/23/2012 09:11 am
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Pillar of the Community
United States
759 Posts |
Your percentage gain is irrelevant. Can you recap the negotiations? Did you throw out a price first? Counteroffers? Did you check completed sales before before or during negotiations? Did he have anything similar in stock? Was this the only place you offered the coin? Did you mention what you paid or if you needed the cash soon? All of those factors and more can contribute to how well you did. It looks like one went for $2100 on ebay on the 13th and they were going for the $1800 ballpark before the late Aug move in gold started. I would venture that maybe, you could have negotiated a bit more somewhere, but it may not have been worth the effort to you. If you sold it on the weekend (yesterday) and the shop doesn't move many of those items, I could see him holding close to the $1800. Without a buyer lined up, he's probably thinking he'd take the first $2000 offered, meaning an 11% profit, but he's taking the market risk. So I'd probably place this one in the "neither party is absolutely thrilled," meaning it was somewhere in the fair range. |
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Valued Member
United States
373 Posts |
It's true I didn't negotiate a price with the dealer, but I did ask several times whether $1800 was the top price he would pay, and yes it was Saturday when I went. I see that ebay auction where the coin sold for very close to what Numismedia and NGC price the coin at. Unfortunately, I didn't see this auction before I sold my coin. I went to one place and they referred me to this dealer because they would be able to offer more. I probably should have at least asked for $2000 and then negotiate. I don't know whether that would have changed his mind. So, I learned something from this experience. Firstly, I did make a sizeable profit. Secondly, I could have negotiated better (with some more research into how much the coin is presently selling for). But, the fact is, I was really in need of selling the coin (for at least $1700, which would have been a good profit), because I needed the money. I found myself in a bit of trouble with a certain medical bill, and I was short on resources. I didn't want to sell the coin, but from all this, I will do more research about gold coins for future reference. I did mention how much I paid for the coin in 2006, but I didn't say I needed the cash soon (although, he probably assumed that I did). I don't remember if he had a buyer waiting for this coin, but the dealer said he would sell the coin for around $1850, or so. I didn't want to deal with selling on ebay because of the fees. Final verdict: This was a fair deal. By the way, there were several people selling anything that had silver content. I saw bits and pieces of broken up watches, jewelry, etc, just so they could sell the silver content. |
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Bedrock of the Community
United States
14454 Posts |
any B&M place has overhead so they will not be able to pay what a collector is able to pay, so I think you did pretty good at 1800 from a B&M store
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New Member
United States
16 Posts |
I agree, he has overhead and considering if he sells it for the top price, will not make a great deal.
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Pillar of the Community
United States
1817 Posts |
He might have given you a slightly better offer if you regularly buy and sell to him, i.e. already have a trading relationship. That said, a cold, walk in cash offer of 80-85% of retail is a good offer, particularly if you are not known to him. I expect you gave him the paperwork from NGC or the original invoice to prove it was your coin?
Edited by Bizybackson
09/23/2012 10:09 pm
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Pillar of the Community
United States
4337 Posts |
Quote:
Your percentage gain is irrelevant I'd love to know what that means. His gain over the course of the past 6 years is irrelevant? |
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Pillar of the Community
United States
4901 Posts |
I think he was referring to the determination of a fair selling price....present market price would be more relevant than what he previously paid for it
Obviously the percentage gain is important but it shouldn't be a determining factor in a determining a selling price
Edited by Foxwoods Man
09/24/2012 10:32 am
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Bedrock of the Community
13014 Posts |
Quote:
I think he was referring to the determination of a fair selling price....present market price would be more relevant than what he previously paid for it
Obviously the percentage gain is important but it shouldn't be a determining factor in a determining a selling price
 He could have sold it for 1200 and made a good chunk of money but doesn't mean he got a good deal for the current pricing |
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Bedrock of the Community
United States
11951 Posts |
I think you did well. I check two local dealers and the largest bullion dealer on the gulf coast. All three were between $1800 and $1835 There is a difference wholesale and retail prices. Coin shops have to buy at a price where they can make some money, in order to stay in business. IMO to get retail price you have to find someone that wants the coin (collector) or sell on ebay (hassle and fee's) or open your own coin shop. |
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Pillar of the Community
2224 Posts |
If you're happy with the $$, you did good. Don't second guess yourself.  On the other hand, those that walk into Pawn Shop (TV show) and they ask: Pawn Shop: How much did you want for it? Seller: Well, I did want $300, but I'll take $150 Pawn Shop: I have to resell it, I'll give you $50. Seller: How about $125? Pawn Shop: No, $60 is the best I can do. Seller: Ok, I'll take it.  That's why they call it TV. I seriously doubt these are authentic sales, or there are more stupid people in the world than I thought. Back to the OP |
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Pillar of the Community
United States
759 Posts |
Quote:
I'd love to know what that means. His gain over the course of the past 6 years is irrelevant? Yes, as foxwoods and baseball clarified my point was % gain is irrelevant in determining a fair selling price (FSP). Examples: you get a $35 FSP Morgan in change, cost basis = $1. Buy it for $17.50 from CL, cost basis = $17.50. Buy it for $70 from a shop, cost basis = $70. In all cases, the FSP is still $35 and the 3400%, 100% and -50% gains/loss do not impact FSP. They might affect whether you're willing to sell at that price though. |
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Valued Member
United States
373 Posts |
Bizybackson, I did not give the dealer the paperwork/original invoice to prove it was my coin, and this was my first time in this coin shop. I did have to provide my driver's license for ID proof.
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Replies: 18 / Views: 3,193 |
Posted 09/23/2012 04:20 am
