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Coin Flipping: Bought On Ha/Gc Selling On Ebay

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United States
337 Posts
 Posted 10/21/2020  09:19 am  Show Profile   Check Lancek's eBay Listings Bookmark this reply Add Lancek to your friends list Get a Link to this Reply

Quote:
Then we have to deal with those flipper guys that buy slabbed problem coins at major auctions than crack them out and try to pass them off as "problem-free" coins on eBay.

That is what irritates me!


Recently sold a Morgan I had graded. Came back spot cleaned. Lesson learned. I sold it on ebay in the holder with the details graded noted.

I was purchased by a guy who has his own ebay store. Where he has nothing but raw coins. I highly suspect he will crack it and try to sell it problem free. I am watching his newly listed coins. If I see it go up, and I can tell it's the same one I sold him, I will post a link here.
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Canada
3828 Posts
 Posted 10/21/2020  09:44 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply

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Will this practice eventually put dealers out of business? If more and more collectors find out it is better/cheaper to buy directly from large auction websites like Heritage and Great Collections, nobody will buy from dealers any longer.


1. It is true that Heritage is taking some business away from some dealers, more so in the high-end market. However, there are dealers on many scales, from the vest pocket to the monster ones. Local dealers of a modest size should continue to be OK. These smaller dealers tend to get material from the general public which ranges in quality from junk to valuable. The general public is not going to send their $200 of mixed stuff to Heritage. Many local dealers can do OK with this plus the usual "junk silver" and gold.
2. it is not necessarily cheaper or better to go to a big auction house. When you are dealing with a minimum shipping cost of $25 or so, the entire small market is outside of the Heritage sphere of influence.
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United States
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 Posted 10/21/2020  09:57 am  Show Profile   Bookmark this reply Add Zurie to your friends list Get a Link to this Reply
Dealers on eBay tend to focus on the lower end of the market. About 90% of eBay coin sales are under $150, while most sales on Heritage and GC are higher. So there's limited overlap in the types of coins in those venues.
Edited by Zurie
10/21/2020 10:07 am
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United States
161 Posts
 Posted 10/21/2020  10:19 am  Show Profile   Bookmark this reply Add Dieuwer to your friends list Get a Link to this Reply

Quote:
1. It is true that Heritage is taking some business away from some dealers, more so in the high-end market. However, there are dealers on many scales, from the vest pocket to the monster ones. Local dealers of a modest size should continue to be OK. These smaller dealers tend to get material from the general public which ranges in quality from junk to valuable. The general public is not going to send their $200 of mixed stuff to Heritage. Many local dealers can do OK with this plus the usual "junk silver" and gold.
2. it is not necessarily cheaper or better to go to a big auction house. When you are dealing with a minimum shipping cost of $25 or so, the entire small market is outside of the Heritage sphere of influence.


Hey, I send a couple of my random $300 coins to GC!
Edited by Dieuwer
10/21/2020 10:21 am
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United States
962 Posts
 Posted 10/21/2020  12:31 pm  Show Profile   Bookmark this reply Add machine20 to your friends list Get a Link to this Reply
I only feel comfortable using ebay, not ha or gc. There are probably a lot of others who take the same approach, so the seller may benefit from that.
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 Posted 10/21/2020  4:22 pm  Show Profile   Check Lancek's eBay Listings Bookmark this reply Add Lancek to your friends list Get a Link to this Reply
Nothing says an LCS can't expand and do both. One of my local shops does over half their biz on ebay. I think he also uses GC occasionally.
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 Posted 10/21/2020  4:57 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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Nothing says an LCS can't expand and do both. One of my local shops does over half their biz on ebay. I think he also uses GC occasionally.
True. Those that adapt will survive, those that do not risk going out of business.
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Canada
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 Posted 10/21/2020  5:22 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply

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Hey, I send a couple of my random $300 coins to GC!


Good for you! Probably that is close to the minimum that makes it worthwhile to send it to a large auction house.

Also, here in Canada our auction companies are on a rather smaller scale and do not yet have the same effect on dealers. Cross-border shipping costs are a real issue which eliminate an even larger share of the low cost market. There is no denying that Heritage or GC are the go-to places for maximizing the sales on high end material, especially US.

I have spent a lot of time in coin shops, and aside from gold that is only worth bullion, not many $300 items cross the counter.

A lot of estate collections come in, and most of that is coins collected from circulation, mint products, or tourist money. The sellers are not interested spending hours work and months waiting to get $100 more even if they can, and are quite happy to take their money now.

In fact, where an item is very valuable and the market is thin, my LCS may suggest that the best alternative is an auction.
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918 Posts
 Posted 11/06/2020  4:01 pm  Show Profile   Bookmark this reply Add tpg22 to your friends list Get a Link to this Reply
Very common practice that is now out in the open for auctioned coins because auction history comes up when you search a coin on PCGS. Some dealers add a lot of money on to their auction buys. I have seen some try and double the price a couple months after winning it at auction. It is very common to see 25-30% bumps as well. Limited coin shows has pushed many dealers to GC, HA, Stacks, etc....
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