| Author |
 Replies: 16 / Views: 2,438 |
|
Pillar of the Community
Egypt
3470 Posts |
Hi all,
I am going to my coin club monthly meeting. There are a lot of collectors and dealers who attend this meeting on regular basis and I always buy coins (if I found anything interesting) from them.
This time I would like to try selling some coins but I dont have the enough experience and I know that there are a lot of you who have tried this before and I hope that you share your experience with me and give me some tips about selling coins.
Thanks Edited by EgCollector
06/08/2012 05:33 am
|
|
|
|
Pillar of the Community
United States
1302 Posts |
Know what you want for each coin and know where your limit is for negotiating. Don't feel pressured to sell at prices you don't like. and be confident but friendly.
people like confident sellers who know what they are selling.
|
|
Bedrock of the Community
13014 Posts |
Quote:
Know what you want for each coin and know where your limit is for negotiating. Don't feel pressured to sell at prices you don't like. and be confident but friendly.
people like confident sellers who know what they are selling. Exactly. Dont be afraid to say no to an offer or counter an offer you dont like. If you decided to ask for the minimum you are willing to accept feel free to say that right off the bat. If you have any info about what your coins have sold for in the past that can be helpful too |
|
Pillar of the Community
United States
3540 Posts |
I actually don't like having dealers at coin clubs. My reason - they buy at greysheet. A coin club is for collectors....unfortunately, coin clubs are where the sharks feed. If this was their retail setting, then they have that right....but at a collector's club, in my humble opinion, they don't.
I DO sell to a couple dealers at our monthly coin club, but we buy/sell/trade at numismedia, pcgs, ngc, or RECENT auction prices....NOT greysheet bid/sell pricing. Dealers always want to buy at or less than low bid. I understand they have a business to run....but not when the fishing waters are being baited. :)
|
|
Pillar of the Community
United States
1348 Posts |
Depends. How did you buy your coins?
If you bought them for asking price I would simply do the same when selling. Maybe negotiate I pinch but not much. Just have fair prices
If you bought by negotiating expect other coin club members to expect your coins to be negotiable.
|
|
Pillar of the Community
 Egypt
3470 Posts |
Thank you guys for your advice
|
|
Pillar of the Community
Australia
9391 Posts |
|
|
Pillar of the Community
Egypt
3470 Posts |
Thanks Steve  |
|
Pillar of the Community
Egypt
3470 Posts |
I went to my club meeting and I took some coins with me to sell. First I want to say that it was fun and I enjoyed it very much. I followed your advice ...... I decided a minimum price that I would sell at for all the coins I was selling. The first coins I sold I didnt have much self confidence to say the prices and to refuse a bargain so the first sell wasnt that successful but next were a success. I decided to follow a strategy of negotiation; first I ask the maximum price for the coin and when the buyer negotiate the price, I dont go very low but when reaching near the minimum price I would sell at, I gave an offer. If he buys another item I will give both for the minimum price I set for each. This was my offer for all the sells I did and I discovered that buyers like discounts and offers very much. I sold to collectors and dealers and both didnt buy except when I gave an offer. Dont know if this will always work or was it beginners luck but I really was very happy with the experience and I learnt a lot. I also bought some coins but as usual the sellers were more successful in this bargain than I did ...... I still need to work on my buying strategies Edited by EgCollector
06/09/2012 4:30 pm
|
|
Bedrock of the Community
United States
20753 Posts |
As a general rule at all the coin shows I go to and that is about 2 to 4 times a Month, there is one thing in common.
The prices of all the coins are inflated. By that I mean regardless of what price lists you look at, the prices at all these shows are more than those. One dealer I know well told me he over inflates all his prices by as much as 30%. Usually about 25% though. The reason is you have to remember there is not REAL true prices on coins. It is sort of like an oil painting. The only REAL price for a coin is what is stamped on that coin. If you have a Dime, it is worth 10 Cents, 1/10th of a dollar, 1/5 th of a half dollar, etc. Yet you could sell it for that or a million dollars.
Coin shows are really only specialized flea markets. If you have them in Egypt like here, you would know that prices are seldom, ever stable. Hagling is a necessity. That dealer I mentioned before told me he expects every buyer to haggle him down by about what he over inflates the coins by. Most do just that.
You really just have to know what is the lowest price you'll pay or sell for and stick to that.
|
|
Pillar of the Community
Egypt
3470 Posts |
Thanks Carl for your advice I think that I discovered my self what your friend has told and it is really a very good way to sell. I need to know now what good strategies of negotiation/haggling I should follow as a buyer? because I usually buy overprice  |
|
Bedrock of the Community
United States
20753 Posts |
Quote:
I need to know now what good strategies of negotiation/haggling I should follow as a buyer? because I usually buy overprice Unfortunately also true of many, unsuspecting individuals. To many times I've hear someone ask a dealer how much is that and whatever the price is stated, the person just says OK and buys it. Never understanding the dealer is nogotiable. They usually do learn but it is a costly learning process if they don't ask. Not sure about other countries but here people haggle about the prices of a used car, new car, boat, house and many other items. Actually even many stores advertise that if you see a price lower than ours, just tell us and we'll lower our price on that item. This too is sort of haggling. It is almost understood that any item can be chewed or haggled down. This is called buisness. I've always liked the jewlery stores that say everything is marked down 50% now and then you go there and can still haggle the prices down more. I always wonder just what the real prices could, should, might really be. |
|
Pillar of the Community
United States
1691 Posts |
Do not clean and shine your coins before selling, just to make them look better
Ask full retail for them and then bargain down from there....good luck!
find a collector rather than sell to a dealer, who will generally give only
40-50% of true value.
|
|
Pillar of the Community
Canada
3692 Posts |
Be approachable and knowledgeable! The one thing that I don't like about some dealers is that they are rude, grumpy, or unapproachable. I'll admit that I like to talk to someone who knows their business inside-out. They give you valuable insight into the hobby, but more importantly into history. Good prices is one thing, but valuble info is the icing on the cake.
Edited by Libertad
06/10/2012 11:56 am
|
|
Pillar of the Community
Egypt
3470 Posts |
Quote:
I always wonder just what the real prices could, should, might really be. I think, for dealers, there is no real price for a single item (at least this is what I think) They may lower the price on one item and compensates it in another. I mean they value the whole deal and not each coin separately. I think there are dealers among CCF members who may tell some of their strategies (if this is allowed  ) and I hope some will give some advice on how to buy? |
|
Pillar of the Community
Egypt
3470 Posts |
Quote:
find a collector rather than sell to a dealer, who will generally give only
40-50% of true value  |
| |
Replies: 16 / Views: 2,438 |
Posted 06/07/2012 9:07 pm
