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Question About Selling A Collection - Buyer Or Auction?

 
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Valued Member
Macau
166 Posts
 Posted 06/10/2019  04:44 am Show Profile   Bookmark this topic Add TomSwift to your friends list Get a Link to this Message
I have decided to sell my currency collection as I want to go in a different direction. I contacted a few dealers and buyers online and they were very interested but all said they would not accept the grading but needed to see the notes first, which to me is code for "we will say the note is graded too high when buying but when selling it to someone, we will charge the graded price". I also got an offer at an auction house who said they will not charge any sellers fees and since I am a non-resident of Canada, I won't have to pay any taxes. This is more attractive to me, as the offers I received from buyers were about CDN $10,000 less than what comparable notes have gone for in auction. One buyer mentioned that auctions are not the best way to sell but did not elaborate.

Any suggestions as to my next move?
Bedrock of the Community
Australia
15781 Posts
 Posted 06/10/2019  07:39 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Try
Taisei Coin (HK) Ltd. - phone No. +852 2311 1699

Their address is:
Unit9, 8/F Wing On Plaza
62 Mody Road
Tsim Sha Tsui
Kowloon HK

I have seen some copies of their auction catalogs at coin dealers in Sydney Australia.


My collection, (after I kick the bucket), which I have built over a period of more than 50 years, will go to public auction. (I started in my mid 'teens)
Edited by sel_69l
06/10/2019 07:41 am
Valued Member
Macau
166 Posts
 Posted 06/10/2019  07:42 am  Show Profile   Bookmark this reply Add TomSwift to your friends list Get a Link to this Reply
Sorry, I should have mentioned that my collection is in Canada. I'm going back this summer and will be selling there.

Why did you choose an auction site rather than sell them outright?
Edited by TomSwift
06/10/2019 07:43 am
Pillar of the Community
Canada
2675 Posts
 Posted 06/10/2019  10:55 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
@tomswift, most dealers will not make offers without seeing the item (unless it is a TPG item), whether honest or not. Too many people cannot properly describe their items, and it causes no end of trouble.

Auctions really are the best bet to maximize your gains, but you have to be patient.
Bedrock of the Community
Australia
15781 Posts
 Posted 06/10/2019  11:24 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Why do I chose public auction?
I have good business relationships with two of the leading public numismatic auctioneers in the Southern Hemisphere, both of whom have been known internationally for decades.
The value of my collection justifies sale by public auction.

Since the collection will be sold after I kick the bucket, my son will submit the collection and pocket all of the proceeds for himself. Therefore, it is in his own best interests to negotiate the best way of disposal.
Also, before the collection is auctioned, he is under instructions to 'cherry pick' what coins he wishes to keep for himself. He has already 'cherry picked' part of my collection.
Bedrock of the Community
Australia
15781 Posts
 Posted 06/10/2019  11:36 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
From my experience, one of the best coin businesses in Canada is:
Calgary Coin ph No.+1 403 266 5262
their address is
1404 Centre St S Calgary
AB T2G 2E4

I do not know if they do public auctions.
Valued Member
Macau
166 Posts
 Posted 06/10/2019  7:33 pm  Show Profile   Bookmark this reply Add TomSwift to your friends list Get a Link to this Reply

Quote:
most dealers will not make offers without seeing the item (unless it is a TPG item), whether honest or not. Too many people cannot properly describe their items, and it causes no end of trouble.


All my stuff is TPG, which is why I get suspicious. Every person I have contacted has said the same thing. They want to see the collection first.
Pillar of the Community
United States
3403 Posts
 Posted 06/10/2019  7:36 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply
Depends what TPG. For instance CGA graded currency is not better than raw, and no one, other than a novice, would buy it sight unseen. I suspect there may be TPG material from basemment slabbers out there also.
Edited by jimbucks
06/10/2019 7:37 pm
Valued Member
Macau
166 Posts
 Posted 06/10/2019  7:40 pm  Show Profile   Bookmark this reply Add TomSwift to your friends list Get a Link to this Reply
My most expensive items are all graded PMG and PCGS. I have lots of lower-priced items in CCCS but none of those are more than a few hundred bucks.
Bedrock of the Community
Australia
15781 Posts
 Posted 06/10/2019  7:41 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
None of my collection is TPG

The majority of the more valuable coins in my collection have come from auction, and in every case I have viewed the lot before making a bid.

Numerically, most of the coins in my collection would be valued individually at less than $20.
Whenever my collection comes to auction, I would expect that most of the less valuable coins will be grouped into multiple coin lots. Perhaps a thousand or more of my coins would be valued at around a dollar or so.

Edited by sel_69l
06/10/2019 8:13 pm
Valued Member
Macau
166 Posts
 Posted 06/10/2019  7:43 pm  Show Profile   Bookmark this reply Add TomSwift to your friends list Get a Link to this Reply
I can understand wanting to see a collection before buying it but ever person I contacted has stated that bills are frequently overgraded, which leads me to believe they will claim overgrading while turning around and selling them as graded versions. Why else would they all mention overgrading?
Pillar of the Community
Canada
542 Posts
 Posted 06/23/2019  5:59 pm  Show Profile   Bookmark this reply Add walk2dwater to your friends list Get a Link to this Reply

Quote:
I contacted a few dealers and buyers online and they were very interested but all said they would not accept the grading but needed to see the notes first, which to me is code for "we will say the note is graded too high when buying but when selling it to someone, we will charge the graded price".


_ I understand your skepticism but I have actually found many dealers to be more honest than many collectors! Most auction houses don't want to p!ss around when it comes to grade- so that's why they want to see the notes in question (you wish to sell). They've seen it all- and can you blame them for being somewhat cynical re: grades? I mean I have seen literally countless notes over graded by well established American TPG so I have no qualms with them requiring to inspect the notes. In fact, there is a well-known auction house in the GTA (Greater Toronto Area) who frequently over grades notes they list for auction (which to me is worse than just getting TPG verification). Grading has always been a bone of contention.

Anyway- personally, I will likely disperse my collection online myself through eBay since I feel its the method I won't take the biggest hit. For you (& I have seen some of your rare notes) you would probably do better to go auction. There's many but why not try Torex (or some other CDN auction house). It's a bit late for Torex (they're going to auction notes this coming weekend) but I do believe they have other auctions throughout the year. Try http://www.canadiancoinsandpapermoney.com

Valued Member
Macau
166 Posts
 Posted 06/23/2019  6:11 pm  Show Profile   Bookmark this reply Add TomSwift to your friends list Get a Link to this Reply
That's the auction house I am leaning towards. I was hoping to get them in for TOREX but as you say, I will be too late since I don't get back to Canada until July. They offer no seller fee and since I am a non-resident, no taxes and they will wire my winnings to my bank in Hong Kong.
Yeah, I don't want to chase the high-end notes anymore. I am a completionist and I will be able to complete my collection much easier if I stick with VF notes instead of the 64 and above ones. I have already finished off a complete set of mint Canadian stamps (five volumes, some proofs) and am working on the Canadian Provincial issues as well as a complete collection of circulated Canadian coins. I have a long way to go until I finish that collection. With the currency, It is not implausible that I will be able to have almost a complete set of Canadian notes (give or take a few) but if I try to get them in mint condition, it will get prohibitive.
When I get back to Canada, I am going to go through my storage locker and find every note and coin and stamp I have that I am not actively collecting and sell them all off to concentrate on completion. Will take me years and is more fun.
Pillar of the Community
Canada
555 Posts
 Posted 06/27/2019  10:02 am  Show Profile   Bookmark this reply Add TheBurnz to your friends list Get a Link to this Reply
Why not post a list here on CCF? People who are interested will contact you and you can send pictures. Notes that are in a well known TPG are a safe buy online. Plus I think you will make more money this way instead of a bulk sell to a dealer.
Valued Member
71 Posts
 Posted 07/15/2019  12:29 am  Show Profile   Bookmark this reply Add TorontoCoinExpo to your friends list Get a Link to this Reply
Hello TomSwift,
I would highly recommend you contacting Geoffrey Bell Auctions.
This firm will work with you and your collection so you are 100% satisfied.
Talk to them about your needs and concerns, they are there to maximize your collection.

email: info@gbellauctions.com
Call: 506-333-7778 ~ Fax: 506-634-1026
Mail: 1141 Main St, Moncton, NB, E1C 1H8

http://www.gbellauctions.com/

They have two big sales a year in Toronto at the Toronto Coin Expo.
Edited by TorontoCoinExpo
07/15/2019 12:52 am
New Member
Canada
12 Posts
 Posted 07/15/2019  01:10 am  Show Profile   Bookmark this reply Add collectorx to your friends list Get a Link to this Reply
As with anything you want to buy or sell, it would be good to consider more than one option -- that is, consider more than one Canadian auction house.

Suggest looking at Google Reviews and any other online resources.

Also in Canada there is the CAND organization (www.cand.org) that ensures ethical behavior of its members. If the business you are dealing is not a member, something to consider.

Good luck!
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