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Replies: 14 / Views: 1,932 |
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Valued Member
474 Posts |
I understand many folks shopping in the CCF Auctions & 'Pocket It Now' listings like to have raw coins. We have many raw coins listed in our store, but many more are TPG (PCGS & NGC) certified. As far as we are concerned, certification serves only to take coin grade out of the question. The coin can just as easily be removed from the slab. Besides, all are priced well below FMV already.
With no real luck in either of the forums, or promoting our eCrater store we are very inventory heavy. A lot of capital is already tied-up in the coins we have listed.
We don't use ebay for the principle of the matter... What are our options concerning consignment or some other means to alleviate our inventory situation? Thanks for your thoughts in advance! Edited by FlipOfACoin 03/03/2012 9:18 pm
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Moderator
 United States
16679 Posts |
IMO, TPG's exhist to take authenticity out of the question. If you don't need the $ right away, I'd say be patient, it will move.
swcoin.ecrater.com
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Pillar of the Community
United States
759 Posts |
Honestly, if cash flow is an issue, I am afraid you may have to re-evaluate your principles. 88% of something is better than 100% of nothing. Alternatively, you could establish a "make an offer" sales channel. When the inventory situation is resolved, you may want to consider restocking with a mix different than what you currently have. Best of luck.
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Valued Member
 474 Posts |
Not my cash flow! The coins belong to my Gulf War Combat Veterans Association. I just handle the coins for our organization.
I collect coins for a reason, our Association collects them to sell to put money in our Disaster Relief Fund.
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Valued Member
 474 Posts |
Oh yes, thank you vermontensium I think that is more what I was trying to say. Thanks for the correction. 
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Moderator
 United States
16679 Posts |
Well, I think it's an honorable and noble thing you our doing for those that put their lives on the line for the rest of us ;-) Tell them thanks for me would ya. I will check the store out!
swcoin.ecrater.com
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Pillar of the Community
United States
759 Posts |
When you say "A lot of capital is already tied-up in the coins we have listed" and you mention an "inventory situation" and "liquidate," it is generally an indicator of a cash flow issue. In a way, it still is, even if it's not yours, but instead is the Association's. Perhaps better put then, the Association simply isn't generating the sales volume desired.
Back to the question then...if your sales are too low, it indicates issues related to product, pricing, and/or selection of sales channels and marketing. This is the first I am aware of the cause for which you are selling and I would further recommend emphasizing that prominently on the site and anywhere else possible and expand upon the definition of what disasters would trigger the release of funds. I am not a fan of the look and feel of eCrater sites either and it wouldn't surprise me if you could obtain volunteer services to create a new site. That is a longer term idea though. Then again, since you don't seem particularly appreciative of the effort expended thus far, provided by a business consultant, maybe the magic answer exists in the other 110 pages of replies. Don't get me wrong, I heartily applaud both your involvement and the cause (although Disaster Relief Fund is too fuzzy for me), but the only other input you're received thus far is to do nothing differently. The #1 advice any struggling business, and your cause is a business at its roots, is to be open to any and all sound advice. Again, best of luck to you.
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Pillar of the Community
United States
1745 Posts |
I just placed a small order. A couple of things.
1. I use Google checkout, but not sure if many others do. This might scare off some shoppers. 2. I am involved with an Employee Emergency Fund at my work, sounds very similar. Maybe explain it more.
Good Luck.
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Pillar of the Community
United States
1031 Posts |
I just looked at one of your Pocket It Now listings and I didn't see any mention of accepting payment via Paypal. I think that if you added Paypal as a payment option that would open up the doors to those who will only pay via Paypal. It looks like you are doing it for a good cause. I wish you luck.
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Valued Member
 474 Posts |
Quote: The Duke: I just placed a small order. Thank you Sir, your support is very much appreciated.
Quote: OneBowl: since you don't seem particularly appreciative of the effort expended thus far, provided by a business consultant Please forgive me CCF members, I must reply to this statement. Your comments are insightful, but condescending. Perhaps more than any others, I/we know and understand what appreciation means. Do not attempt to judge until you have walked a mile in our shoes.
This is not a question of business model, because it is not intended to be a traditional business, only a funding resource for the Disaster Relief Fund.
Sir, I too have a degree in International Finance, speak three languages and am a Commissioned Officer in the U.S. Army. It is wise to know your student before you teach.
Anyway, there isn't near enough room here to cover the entire organization, that is why we have a unit website: http://www.40thfieldartillery.org
The Disaster Relief Fund - serves as a resource for 40th Field Artillery, MLRS Combat Veterans who find themselves in severe, 'not at fault' circumstances. Events that trigger the out-flow of funds are primarily weather related (tornado, hurricane, flood, etc.), fires, severe economic hardship associated with the VA claims process, etc...
We have a set of guidelines we follow in our organizational charter. It takes at least three serving officers to OK disaster relief payments.
Perhaps the question would be better stated as: Which auction house, such as TeleTrade, Heritage, etc. would be best? 
As for why we don't use Paypal: Last year they arbitrarily froze more than $20,000 in our account under the guise of the 'Patriot Act.' Yes, that right, the funds belonging to a Combat Veterans Organization were frozen for 3 months, even after all paperwork, etc. had been submitted. 
Thank you all for your thoughts, prayers and support. 
MAJ Bill Morris, US Army (Ret)
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Pillar of the Community
United States
2254 Posts |
Quote: As for why we don't use Paypal: Last year they arbitrarily froze more than $20,000 in our account under the guise of the 'Patriot Act.' Yes, that right, the funds belonging to a Combat Veterans Organization were frozen for 3 months, even after all paperwork, etc. had been submitted. So, do you foresee them doing that again? And how exactly did they seize 20K in an account? First, open an account with them for selling only. Don't have it linked to your current business account. I would never dream of giving them access to any of my accounts that have more than $500 in it. I agree that not accepting Paypal is a huge thing to rectify. I don't see it being too big of a deal. Quote: This is not a question of business model, because it is not intended to be a traditional business, only a funding resource for the Disaster Relief Fund. I think OneBowl was trying to help and not being condescending. You didn't acknowledge any of his initial advice, good or bad, which would lead him to believe that you are merely complaining and not looking for help. This statement above makes sense and doesn't make sense all at the same time in my opinion. You're looking for funding, period. Any time you are doing such a thing it is good to have a good business model. If you don't, you will be where you are at now. You have a great idea and "cause", but you need it to get out to the public in the correct way to illicit more sales. Accepting different forms or payment and changing your selling venues in general may help. Even though ebay fees can be very high, making 10% on 1000 coins might be better than 50% on 10 coins. Once you have an established "business", you can reap the benefits or returning customers as well. Just thinking out loud and trying to help is all. Good luck coming from a fellow veteran. 
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Valued Member
 474 Posts |
Quote: tights24: And how exactly did they seize 20K I don't want to go into much detail, doing so will not change anything. 
Last year, when silver was around $42 or $43, we dumped our bulk, 90% holdings. We had not yet transferred the money out of PayPal, because we always ensure customer satisfaction before transferring funds. We thought the money was safe in our PayPal account. 
At that time we had more than 500 transactions, 100% positive feedback and literally 5.0 DSRs across the board. We were Power Sellers and Top Rated Sellers. A perfect record. The next thing we know, PayPal limitations calls and says our account is limited and requested all sorts of paperwork...
So no, we do not foresee this happening again. Why? We will not give Paypal the opportunity. Instead, we now use Google Checkout and ProPay, we will also accept personal checks.
My question has still not been answered. Which auction house (TeleTrade, Hertigae, etc.) would be best for unloading certified inventory?
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Valued Member
 474 Posts |
Quote: tights24: Just thinking out loud and trying to help is all. Good luck coming from a fellow veteran Thanks Brother, I can certainly see your point of view. Having another set of eyes (from the same background) always helps to see things more clearly 
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Bedrock of the Community
United States
12437 Posts |
Quote: Which auction house (TeleTrade, Heritage, etc.) would be best for unloading certified inventory?
That really depends on what kind of inventory you have, <$1000 would probably be fine for Teletrade while >$1000 would be best suited for Heritage. However, the seller's fees would be slightly less to slightly more than Ebay+PP fees. IMO, you really limit your market size and the number of eyeballs on your merchandise by not utilizing Ebay(the world's largest marketplace) or PayPal(the dominant online payment system). You say that you are inventory-heavy but all I see is a very limited inventory, I only counted 139 items with over 50% of them being Roosevelt dimes and Jefferson nickels(nice coins but hardly a bastion of bigtime profits). I have over 200 coins in my inventory which is still relatively small but I have representatives of every 20th century series(sans gold) and many 19th century type coins with only about a dozen items of any one series. Diversification brings customers since many people like to have a good selection to choose from, hence a major reason why ebay is so popular. The last item I want to address is your photos, nice quality but they are way too small. Your photos should be minimally 600x600 but preferably 800x800. I will usually pass on by and go to another site when I see small photos, not worth the effort to strain my eyes.
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Valued Member
 474 Posts |
Thank you for the feedback and your thoughts biokemist6.
Your inventory thoughts are right along the lines of what we are thinking. The certified Roosevelts amount to ~$7,000 and I have no idea about the rest of the coins listed. Our thinking is to liquidate the vast majority of the Roosevelts and use that income to begin some serious diversification.
I think we should have no problem increasing image size to at least 600x600. Good idea, thanks 
Additionally, we have 2, 40th Field Artillery Brothers whose families were seriously affected by the recent storms in the mid-west. So, we need to send some help their way as well.
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Replies: 14 / Views: 1,932 |
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