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 Replies: 20 / Views: 3,266 |
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Pillar of the Community
United States
1083 Posts |
I don't need to sell my Collection right now due to financial reasons, but who knows what the future holds? These are scary times and many here may be facing just such a decision. I have, at least for me, a pretty good sum of money invested in my collection. There are several completed Dansco albums, including a 7070 with gold page. I have cracked out many of the nicer coins from TPGs and saved the labels. In addition there are a number of commemorative proofs, five GSA Carson City Morgans and a fair number of other Morgans in MS65 or better, but raw, and miscellaneous other US types, proof and uncirculated sets. Using my collection as a typical example, how would you sell it? Of course one could consign it, but that usually takes 30% commission or more? Of course you would avoid ebay fees that way. Would you have the key dates and more valuable coins re-slabbed before selling? If you use ebay do you use Buy It Now or set a reserve to reduce the risk? What about an auction house like Heritage or just take the whole thing to a dealer like Harlan Berk? If you sell it yourself, what are the tax liabilities? I would welcome your ideas and even better, actual experience. Who knows, this discussion may be very important information to some of us. What would you do? Edited by okie-colin
12/02/2009 7:31 pm
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Pillar of the Community
 United States
1083 Posts |
I don't need to sell my Collection right now - honest! Please stick to the topic.
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Valued Member
United States
436 Posts |
If it came down to it, I'd re-slab, then call heritage.
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Pillar of the Community
United States
1534 Posts |
Personally, I would probably use Craigslist. I have sold a lot of coins there at reasonable prices, and it's safe, as long as you meet in a secure place, and there is no fee. You probably wouldn't sell all your coins, but eventually you could probably sell off all of them. There is always the option of selling them here.  For your more cheaper coins, I would say sell them raw, and if you can't get a good price for your expensive coins, I would get them slabbed. It definitely depends on what's comfortable for you though. |
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Pillar of the Community
United States
1083 Posts |
Would you sell out right to Heritage or consign them to auction?
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Bedrock of the Community
United States
10982 Posts |
Quote:
Would you sell out right to Heritage or consign them to auction? That depends on the value of your collection. There are many good numismatic books containing advice on the best way to part with your collection. If I was trying to sell my entire collection, I'd contact Heritage and Teletrade with an inventory and listen to their comments. It's important when selling to know the realistic market value of your collection. Many people don't and leave a ton of money on the table. |
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Pillar of the Community
Australia
2830 Posts |
G'day, selling a lot of coins in a batch will always, I think, involve a discount, to the detriment of the seller. On the other hand, selling individual coins is inconvenient, time-consuming, and may result in higher fees, etc. The tricky question is: is the higher price worth the extra effort ? And, if you sell direct to other collectors, whether by ebay, CL, or whatever, you'd have to get more than the dealers would offer you. Peter in Oz |
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Pillar of the Community
United States
1840 Posts |
If it is a sizable collection and you are pricing it to sell, maybe you should try a table at a coin show.
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Valued Member
United States
245 Posts |
"Personally, I would probably use Craigslist"
Me too, I don't sell, but do use graigslist to buy. A lot of dealers and collectors read it daily. I have found many treasures, it just takes time.
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Bedrock of the Community
United States
20753 Posts |
Quote:
What about an auction house like Heritage or just take the whole thing to a dealer like Harlan Berk? If you sell it yourself, what are the tax liabilities? Taking coins to almost any coin shop is not a real great idea and that one in particular. I've seen way to many situations personally there that would make you cry. As to taxes, that too is pending on where your at, how you sell them, who you sell them to, etc. Many dealers do not record such purchases and sales. Others that use coin sales as a business do record purchases and you could be liable for taxes as an income. With that YOU should consult a tax advisor or attorney. What you hear about such laws on a coin forum may place you in a really bad situation with those IRS people. Back to coin stores. Remember that they must pay for all utilities, food, clothing, a family, etc and all from the profit of sales so your not about to get a good deal there. Selling yourself on ebay or similar sites could really be time consuming although you would probably end up with the highest values. Naturally the worst part would be attempting to get rid of the common coins that usually make up a collection. If you look at an entire Album of Lincoln Cents you would see that most are just not anything that could be easily disposed of for a profit on such sites as ebay. Quote:
Personally, I would probably use Craigslist. I have sold a lot of coins there at reasonable prices, and it's safe, as long as you meet in a secure place, and there is no fee. Not sure but I think that that suggestion would be the most profitable one. And the easiest method of disposing of an entire collection all at one time. And as noted, not many records to be kept and recorded that way. |
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Valued Member
United States
245 Posts |
"With that YOU should consult a tax advisor or attorney. What you hear about such laws on a coin forum may place you in a really bad situation with those IRS people. "
If you provide a SOS# , then prepare to be 1099 for tax.
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Pillar of the Community
United States
1083 Posts |
Good comments. I checked out Craigs List and most of what I saw were not up to the quality of many of the collections that are represented on the Forum. Not to mention that the face to face required to sell a large collection locally is highly dangerous in my opinion. Am I missing something?
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Pillar of the Community
United States
1534 Posts |
Well, you can always meet at a bank, or somewhere else secure.
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Pillar of the Community
United States
1083 Posts |
The last time I showed my collection to someone in bank, he left with a valuable large cent in his pocket. The biggest problem I see with Craigslist for anyone here selling a collection, is that it doesn't reach the customers who have the money to buy a valuable collection. As a result you can waste a lot of time.
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Bedrock of the Community
United States
10982 Posts |
Selling in less than $10K increments will avoid the tax problems. It's always good to have records of what you paid for the coins though - sometimes selling at a loss can be deductible.
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Pillar of the Community
United States
8904 Posts |
Okie-colin wrote: Quote:
The last time I showed my collection to someone in bank, he left with a valuable large cent in his pocket. Can you explain more about thsi? (I think I might be a bit annoyed...) |
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Replies: 20 / Views: 3,266 |
Posted 12/02/2009 7:44 pm
