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 Replies: 29 / Views: 2,053 |
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New Member
United States
4 Posts |
Hope you don't mind a question on selling. My parents are needing some money for health care costs, and they have some gold and silver coins - not rare. Most are in PCGS cases with MS62 on them. What are the ins and outs of using a dealer or ebay or Heritage? What percentage is considered reasonable for a dealer to take? I've sold on ebay before, and I've joined Heritage to get an idea of what some of these coins really go for, but it looks like it could be very time-consuming, and I wonder if it's worth it. Your thoughts  |
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Pillar of the Community
United States
986 Posts |
Companies like Heritage and Teletrade basically do all the work for you. The downside is that they charge a comission to do their work, and it takes about 6 weeks to get your check after sending off the coins to them. You will get top dollar for your coins by going through heritage and teletrade.
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Pillar of the Community
United States
954 Posts |
If there is nothing rare, take some good pictures and throw them up on ebay. Start them at .99c with no reserve and end them on Sunday night. You'll have the money right away. or The quickest and easiest is to take them to a dealer. He will offer you something like 20% less then bid, and you are done. |
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Pillar of the Community
United States
1454 Posts |
What types of coins and do you have an approximate number of how many there are? Good pics are a must, even on graded, I like to look at the pictures when I am looking at ebay or any website for coins. Listing and getting an auction up does take time but then you are doling out commissions left and right. I guess the question is, how badly do your parents need the cash and how fast do they need it. If they aren't in dire need right now it would probably only take you a week or two on ebay if you price them right (depending on the quantity you have, if you are talking thousands then....) Coins are hot right now and selling like hotcakes. Personally, if it were me I would sell them myself. I have nothing but time on my hands.  Edited by Irishraider
08/05/2006 7:14 pm
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Pillar of the Community
Australia
9412 Posts |
LikeMike, if you get 50 posts up in this forum, you can try and sell those coins to our members in our buy/sell/trade section. Won't cost you anything then. Steve |
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Pillar Of The Community
3147 Posts |
My dealer will give you BID per the current greysheet. I wouldn't even think of paying someone else to do what you could do yourself. Use photos and go with ebay or find a dealer that will pay you close to bid. And, as suggested there would be a great number of folks here who would pay you bid for your gold and silver as well and there would be no loss due to commission and willing buyers would also pay the shipping. |
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Forum Mom
 United States
5877 Posts |
Actually, attempting to sell them yourself on ebay with no reputation or experience could be a big mistake. You could lose a lot of money depending upon what types of coins you have. That is why there are people (like myself and Bobby131313) who sell coins on consignment for people. If you are interested, please email me at susan@coincommunity.com. |
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Forum Mom
United States
5877 Posts |
Also, you will not be able to sell your coins on the forum until you have at least 50 posts. This is for the protection of our members.
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Rest in Peace
United States
2684 Posts |
LikeMike, first, welcome to the forum; you've come to the right place to ask for advice - we have a LOT of expertise in our family. You're asking the $64K question which has been asked in many different ways before, which many of us may have to ask at some point in our lives for comparable reasons, and for which there is no generic answer which will fit all. You've already received some excellent advice and my personal choice for my situation would be to go with ebay or with Bobby and Susan as highly reputable consignment dealers. In a nutshell, you have to take into consideration all the parameters listed (numbers and qualities of the coins on hand, need for fast cash, current ebay status and reputation) and make a decision for maximization of income from the coins measured against your family needs. The more time you have to sell the coins, then the more choices of venue you have and the more likely you will sell them for maximum value. Whatever you do, don't sell them to the first neighborhood person to come along with an offer; list your options along with the pro's and con's of each. It's a compromise, weighing time against money, but in the end, you'll find what works best for you. Fred |
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Pillar of the Community
United States
1454 Posts |
I know one thing. Susan and Bobby are very reputable coin dealers and would do the right thing by you. Yes, there are commissions involved in consignment, but if you are looking to liquidate then this is the best route. They have the knowledge and years of experience and if I were in that situation I wouldn't hesitate to hire them. Just my opinion and I am not sucking up. |
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Pillar of the Community
United States
2365 Posts |
I too would not even think twice about consigning coins with our Forum Mom and Dad (Susan and Bobby). In fact, I've considered doing it down the line. Unless you are a collector yourself and knowledgable, I would not recommend trying to sell them yourself. There are too many sharks in the Coin World waters and it's much better to use a known and recommended source! |
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Pillar of the Community
Australia
3831 Posts |
Actually, why not list the coins of what you got there? MS62 could mean a lot, especially if they are rare coins or just normal Morgans. I believe opinions will vary depending on the rarity of the coins.
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Rest in Peace
United States
2684 Posts |
FWIW, I've named Bobby and Susan in my Will as potential liquidators of my collection. My sister is my Executrix, but has absolutely no clue regarding disposal of a coin collection. Of course, I will have absolutely no control over what she actually does; she might crack out the MS-65s and -66s, take them down to the convenience store and buy a couple litres of Pepsi.  Fred (don't count me out yet  ) |
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Pillar of the Community
United States
2365 Posts |
quote:
Originally posted by Morgan Fred
FWIW, I've named Bobby and Susan in my Will as potential liquidators of my collection. My sister is my Executrix, but has absolutely no clue regarding disposal of a coin collection. Of course, I will have absolutely no control over what she actually does; she might crack out the MS-65s and -66s, take them down to the convenience store and buy a couple litres of Pepsi.
Fred (don't count me out yet )
That's impressive Fred and speaks volumes that none of us can compare! If that's not a strong recommendation - I don't know what is. Thanks for sharing! |
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Valued Member
United States
218 Posts |
Make 50 posts as quick as you can.
I am sure I am not the only one wanting to see what you have to liquidate.
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Pillar of the Community
United States
2365 Posts |
LikeMike: What do you think of the options that have been suggested so far? Are you leaning in any particular direction that needs further clarification from our Members? Do you wish to have our creative liquidation minds keep turning for you? Let us know what you're thinking? We're all here to help - truly!
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Replies: 29 / Views: 2,053 |
Posted 08/05/2006 7:05 pm
