Auction Site Question?

Since I think you're asking about buying and selling, I'll post a selling opinion:

First of all, it's easier. I know all the ins and outs of ebay and it takes very little time to put together the auctions.

Secondly, I sell mostly raw coins in circulated grades. These coins are simply not worthy material for the large auction houses.

Thirdly, the fees are higher with the larger auction houses. We would have to charge a higher percentage in order to sell through the major houses.

If the time comes that we are dealing mainly with graded, higher grade coins, the major auction houses are definitely a consideration. For the most part, though, we are getting prices comparable to Heritage with the better coins we sell. Some of them have been higher than the same coins on Heritage. With the lower fees, this makes ebay a smarter business choice.

A fair question. In 1999 when I joined ebay, most of my collection was at a relatively low level with only a few more valuable coins, none of with which I wanted to part. I wanted to build up my cash to buy fewer, but rarer and more valuable coins by selling my common coins. However, the large auction houses such as Heritage and B&M seemed like overkill and too intimidating to sell common coins which might bring in only five or ten dollars and consigning to a local dealer didn't enter my mind. ebay was hot then (and is hot now) with the promise of fast sales (instant gratification) due to its huge market audience and the convenience of doing it all from home at my computer appealed to me. Still does and I do all my day-to-day wheeling and dealing on ebay, but if I had a really, really valuable high-level coin I wanted to sell (say, $10K or more), I certainly would not try to sell it on ebay; either Bowers & Merena or Heritage would be my choice. Conversely, on the buying end, ebay is still the venue of my choice for "ordinary" coins, but if I'm looking for a specific coin in a specific grade and there's a lot of zeros behind the dollar sign, I definitely check out the big-house auctions; for something at this level, there's too much risk with ebay.

I don't use ebay a lot. Mostly I use it for stuff that I have a hard time find elsewhere such as my World Coin birth year sets.

Heritage and Bowers and Merena don't sell the stuff that I collect. It is just that simple. They are for the high end collectors and the investors, IMHO. If I am looking for a 1935-S Lincoln, I don't need a $300 dollar MS67. I am happy with a $3 AU or a $15 MS63, etc. That goes for all the rest of the series I collect too. I have bought one coin from Heritage in my life and it was one they were selling on Ebay.

My preferred methods of buying is from other collectors and collector/dealers, a couple of internet dealers, and from shows when I can get to them.

I prefer to deal with DEALERS, but as I am a darksider and my concentration is Australian coins, there are very few US auctions that have anything of interest for me.
There are some good Auction houses in Australia that handle mostly high end coins, but for an average collector such as myself,
I use ebay to find "raw coins or current coins" I check prices with my dealers, If their price is even close, I prefer to buy from them if not I will take an occasional gamble on Bay.
Been burned once, but all the other transactions went well.
Have also had some fun buying some coins on some forum auctions

Hi ND,

Most of my reasons have been covered except for one. I don't like the idea of the buyers fees. It leaves a bad taste to think I'm paying for nothing more than the right to purchase an item.

catman

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Originally posted by Susanlynn9
Thirdly, the fees are higher with the larger auction houses.

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What is the percentage that ebay charges? Final fees?

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originally posted by twentycent
One of the main draws to ebay is that it is continuous

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Heritage also offers this.

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originally posted by crystalk64
I absolutely HATE to pay for the right to do business with someone

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Isn't it the total price paid that is important?

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originally posted by adobero1
P&H can be more reasonable and of course, there is no buyer's fee. Now that I've brought up Teletrade, I would be interested to hear how others feel about them.

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Again with the buyers fee? I hear this so often, and in the end, it is ONLY the total price paid. Teletrade is a pretty good firm. I only mentioned the top two auction houses, but their are plenty such as ANR, DLRC, Superior and more.

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originally posted by ojo
and sometimes you have people on there who dont know what there selling so you get a great deal.

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And many times, it is the buyer who has no idea of what they are buying. More cleaned, altered, and counterfeit coins are sold on ebay than all the major houses combined.

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originally posted by metalman
ND the answer for me is as simple as I dont collect slabbed coins.I buy raw based upon a few simple factors.
I would have to crack them out anyway.

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So again I ask, isn't it the final price that is important?


Okay folks, I got the answers that I expected. ebay has marketed itself so well that many collectors fail to do the research for themselves. Compare the fees, the service, and the safety for yourselves.
One of the most mind-boggling statements that I hear constantly is how ebay is such a great place to buy coins, and yet the greatest place to sell coins. There is NO WAY that it can be both.

I know a seller that consistantly receives very good money for low end coins, but 99% of the time looses money on the better material. Their logic is that the better material helps to raise the prices of the low material. They are power sellers, and would make better money and save loads of time if they NEVER again logged onto ebay.

I truly don't get it.

I thank you all for sharing your thoughts with me.

"Why do you pick ebay over the mainstream numismatic auctions such as Heritage or Bowers and Merena?"

Because a lot of us don't have deep enough pockets to play with the "big boys". I refuse to pay moon money for a common date toned Morgan just because it is wrapped in the right plastic. I don't want a vf typeset coin in plastic, I want it raw to put in my Dansco. I get better coins at better prices on ebay.

ebay offers what I enjoy. I love trying to cherry VAMs, getting an R-6 VAM for under $20 is a kick!! I can't do that at Heritage.

I have bought a few coins at the large auction houses. I love the ANR auctions and have some Elisaberg gold, but usually I can only drool over their pics in their catalogs. Again, I don't have the money to purchase these coins. Most of my disposable income goes into a 401k.

I don't buy and sell coins for a living. I work as a mechanic at a hospital. I love this hobby, but for me, that's what it is, a hobby!

ND
If I had another venue to buy raw coins from,I would use it !!

What would you suggest?

I Have put my desire for single proof cents on the forum and had one person respond ,And I appreciate that person!!

But If I wanted to wait for others, I would find my collection idle, with nothing being added!!

My Local dealer is a joke !! coin shows? once in awhile I will find coins at one of the gun shows locally but that is limited to one or two dealers who's inventory I have looked thru several times and very seldom changes!!Not to mention the outragous prices they will not budge from on there mostly overgraded raw coins!


Its easy to bash ebay but in all reality whats left for the raw coin collectors ?

Rick