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 Replies: 24 / Views: 3,629 |
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Pillar of the Community
 United States
5177 Posts |
Noticed the recent offer of a 2C PCGS MS63 RB on ebay for $245. After tracking down the cert number, I found it was auctioned off on Heritage a couple of months ago for $195. Seems like a case of "coin flipping". Is this par for the course? Do most of the higher grade coins on ebay come from more reputable auction sites like HA and GC? If so, what's the point of ebay? Might as well go straight to HA/GC etc. and only buy there. |
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Pillar of the Community
United States
3755 Posts |
Every coin sold anywhere is being flipped. It was purchased somewhere else and the purchaser is now selling it. Therefor, most everything on Heritage is being "flipped" from somewhere else. Same for ebay or your local coin store. |
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Pillar of the Community
United States
4589 Posts |
I have one of those from the 1st Newman sale - sold for $140, BIN on ebay two weeks later for $118. -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
600 Posts |
I agree there is a lot of flipping, but if it sold on Heritage for $195, the 20% buyer's premium would make it a total of $234. Selling it on ebay for for $245, minus the 10% fee, nets them $220.50. Overall, they lose $13.50. Could be they decided on another coin they liked better, or they just needed to sell for some other reason. |
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Pillar of the Community
 United States
5177 Posts |
No, the $195 includes the Buyer's Premium.
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Pillar of the Community
 United States
5029 Posts |
Regardless if it includes the buyers fee or not what is the problem with flipping coins. Shop where you find the best deals. As smokediron said Quote:
Every coin sold anywhere is being flipped. |
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Pillar of the Community
United States
4680 Posts |
Out of curiosity, what year is this coin of discussion?
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Pillar of the Community
United States
5177 Posts |
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Pillar of the Community
United States
5663 Posts |
Looks like it's an 1864. You can sometimes get a good deal at a true auction, and there's nothing wrong with waiting for the right buyer as a BIN listing on ebay. Works better if you buy with bad photos and sell with good ones, so I'm not sure flipping coins from Heritage is done very often. Perhaps he wasn't happy with the coin when it arrived, and just wants to unload it to break even. |
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Pillar of the Community
Canada
5393 Posts |
Most dealers buy their inventory out of coin auctions .
Then they resell them .
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Pillar of the Community
United States
5177 Posts |
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Pillar of the Community
United States
5663 Posts |
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Pillar of the Community
United States
7614 Posts |
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! |
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Bedrock of the Community
United States
17884 Posts |
Did it sell on ebay for $245 or is it being offered for $245? There is a difference. But yes you could just skip ebay and buy directly from the Heritage auctions there is nothing stopping you. The thing is good deals are where you find them. All you have to do is out bid the dealers and other collectors. This guy bought the coin on Heritage for $195 but he thinks it is worth more and he put it on ebay. Maybe he is right and maybe he isn't. As Bstrauss shows sometimes what you buy on Heritage ends up later selling for less money. You often see that on big name collections. When they are initially sold there is a lot of hype and prices go high, then later prices return to regular market levels. And as Pacificoin says most of the better coins you see in dealers stock came from auctions like Heritage and they have to sell it for more than they paid to stay in business. A collector doesn't have to. He can sit on it and hope/wait for the market to go up, a dealer can't. |
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Bedrock of the Community
United States
20753 Posts |
Normal practice with many hobby type items.
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Pillar of the Community
United States
5177 Posts |
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.
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Replies: 24 / Views: 3,629 |
Posted 10/20/2020 5:57 pm
