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 Replies: 16 / Views: 3,952 |
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Valued Member
Australia
251 Posts |
If you had a coin to sell and had roundabout figures from reputable coin dealers buy it now and walk away sort of thing what would you do? Would you sell on the spot or do it through a privet auction?
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Pillar of the Community
Australia
1006 Posts |
By auction nearly always brings a higher profit and generally if a part of a well known coin auctioneers catalog can bring a lot more than being sold to a dealer and it is quite common that dealers will buy coins from auctions only to resell them to collectors. Doing it by private auction is a mixed bag and in my honest opinion a large gamble for valuable coins which is for the most part lost.
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Valued Member
 Australia
251 Posts |
what happens say if downies or someone like them offer a price to buy a coin can they do it different as in take a percentage of what the coin goes for ?
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Pillar of the Community
Australia
1006 Posts |
I believe you are talking about taking a commission on it? I think they could but probably would take a larger percentage than the buyers premium
Edited by oh my florin
11/21/2013 10:19 pm
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Pillar of the Community
United Kingdom
856 Posts |
I think it's difficult to pick because it really depends on the coin in question. Dealers here (UK) offer 50%, maybe a bit more, of what they will price a coin at. Part of that is that they need to make a profit. Plus if a coin doesn't sell for some time (and it can take years!) then that's money tied up they can't use.
Auctions if well timed, advertised and with photographs of the coin, may do much better than a direct sale. And depending on the value/coin, seller commission may be negotiable. But there are no guarantees that on the day there will be the buyer interest. Sure, you can set a reserve, but it's still a no sale if the bids don't go high enough.
Another option I've had success with is part-exchange. If a dealer has a coin you want, the discount in respect of your coin may well be quite a bit more than if you just sold for cash. Plus you get something you want straight away. Just an idea.
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Valued Member
Australia
251 Posts |
The coin is a 1979 20 cent coin that looks near like any other but is a bit thinner and weighs 9.57 it should weigh 11.30 but dose not add up with any coin or foreign coin minted that year. I have confirmation form the royal Australian mint that is the only one that they have seen and to test it can result in damage to the coin... I would not be so concerned but the amount of money that has been spoken about is thousands so I what to be sure with no regret before handing it over to anyone as its a one of a kind really rare coin. I do have a post on it here on the forum https://goccf.com/t/161969 It the 20cent coin. I think more phone calls are needed. If you had it how would you do it with this one? |
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Pillar of the Community
Australia
4411 Posts |
Sell it to unico if theyre the ones who tested it and want to buy it. A couple thousand is madness IMO. Take it if its offered.
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Valued Member
Australia
251 Posts |
enworb it is the only one of it, and your opinion is not exactly creditable. Do you think you know more than the coin experts and PCGS that have been dealing with coins longer than you have been on this planet?
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Pillar of the Community
Australia
750 Posts |
Candace, Enworb's opinion is more than credible.
Don't ask for people's opinions if you don't want them.
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Pillar of the Community
Australia
1006 Posts |
To be absolutely honest I entirely agree with enworbs opinion I have heard of coins being struck on the wrong planchet, wrong dies used, different varieties but in my honest opinion that is absolute madness to buy a coin just because it is a little less than two grams less than usual. In terms of it being worth thousands of dollars I am rather sceptical as many can tell you just because something is unique or one of a kind doesn't make it instantly worth a lot of money. What I think you have to understand Candace is that all industries work on the concept of supply and demand including numismatics meaning this "unique" 20c coin may only be one of a kind but is someone really willing to pay so called thousands of dollars for a coin which looks like any other exactly except that it weighs around 2 grams less? And also with the knowledge that it could have purely been a defective batch of planchets meaning there could be thousands or millions more of them? I personally wouldn't.
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Pillar of the Community
Australia
539 Posts |
I say take the money and run.
$1000 is a lot of 20c coins to noodle
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Pillar of the Community
Australia
1006 Posts |
Either way it most probably is not unique by any stretch of the imagination
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Valued Member
Australia
251 Posts |
Every time enworb reply's to anything that is, or might be good he disregards it in a smart butt way, hes opinions on my posts have been just that. So of cause I'm going to react to his post and be defensive with him. and enworbs answer "A couple thousand is madness IMO. Take it if its offered" if the coin is not worth as much why would autherised pcgs coin dealers be offering this amount of money? because I'm sure they just dont willy nelly give away cash without knowing there going to make money of it them self's.
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Pillar of the Community
Australia
1006 Posts |
Firstly PCGS authorised only means that they can submit coins to PCGS and fulfill some basic criteria which can be found here http://www.pcgs.com/becomedealer.html and you maybe surprised but just because something has been authorised doesn't mean they act ethically e.g. A dealer who undervalues coins to save on insurance as exhibit one and some dodgy dealers in ANDA as exhibit two. Now the issue with the coin personally Candace would you pay a $1000 for a phone which is two grams lighter than every other phone as opposed to having the same phone with the normal weight for lets say $20? I thought not anyway what enworb is saying is entirely true if you want to sell it by auction you would have a tough time getting even $200 for something like that why because not a lot of people are willing to part with some money for something which is only two grams lighter. Now the company I believe is taking a gamble in the hope that it is a hybrid a 20c coin being struck on a foreign planchet and would then be worth multiple thousands or tens of thousands of dollars. BUT the chances of it being such is in my honest opinion very very very small like 1 in 1000000000 billion due to the reasons set out in my other response in the variety section found here https://goccf.com/t/161969 |
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Pillar of the Community
Australia
4411 Posts |
Candace if you took offence to my post you need to toughen up a bit. I wasnt trying to offend you but was simply giving a short answer which reflected my opinion. You need to look at the prices fetched for certified UNC examples of wrong planchets (see Universal Coin co's recent purchase from a downies auction of a 10c on 2c which was later certified as UNC by PCGS). They might sell for a couple thousand but seeing as youve been offered thousands for a worn circulated 20 cent coin that may or may not be a wrong planchet you should take it. P.S. just like you and me coin dealers make mistakes..... big big mistakes! |
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Pillar of the Community
United Kingdom
856 Posts |
I don't know about Australian coins Candace, but generally with British ones, only once a variety is recognised by being published or documented in numismatic literature or a reputable price guide does it become desirable to collectors.
Oddly, one off errors are usually just regarded as curiosities and command far less than something for which 5-10 examples are known.
My suggestion? Have a word with somewhere like Downies and see what they say. But I think I would be tempted by an offer of $1000 without the hassle and gamble of auctioning it.
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Replies: 16 / Views: 3,952 |
Posted 11/21/2013 08:16 am
