How do I sell these coins?

Freddy · May 3, 2011

I'm curious if anyone is interested in this list of coins. I doubt that they have any collectors value, since they are mostly Franklin Mint coins, but it seems like a waste to just sell them to a refiner like ARA. What are my best options?

metatp · May 3, 2011

Do you have any pictures of the coins?

Thanks,
Tom

Freddy · May 3, 2011

Yes, I just finished scanning them. I guess they might be a little big, but here goes:

Freddy · May 3, 2011

And numbers 6-10:

Freddy · May 3, 2011

Numbers 11-15:

scrapman1077 · May 3, 2011

Give this site a try
http://forums.collectors.com/index.cfm

Freddy · May 3, 2011

And 16-20:

Freddy · May 3, 2011

21-23:

Freddy · May 3, 2011

scrapman1077 said:
Give this site a try
http://forums.collectors.com/index.cfm

Thanks, I'll check it out. Sorry about the big pictures. I'll ask to have them deleted if there are complaints.

Militoy · May 4, 2011

They should all sell for a small premium over spot - but none of them have any numismatic value as far as I can determine. They are bullion coins sold for their gold value, by less popular "countries".

Freddy · May 4, 2011

Militoy said:
They should all sell for a small premium over spot - but none of them have any numismatic value as far as I can determine. They are bullion coins sold for their gold value, by less popular "countries".

Thanks for that. Any ideas who would buy them for that small premium over spot?

jimdoc · May 4, 2011

Ebay is where they will sell for the most.

Jim

Freddy · May 4, 2011

jimdoc said:
Ebay is where they will sell for the most.

Jim

Thanks, Jim. I have my reservations about ebay: the fact that there are so many rip-off scams going on and the 9 percent that they soak from the auction. I would do much better at a smelter, I think.

Militoy · May 4, 2011

Freddy said:
jimdoc said:

Ebay is where they will sell for the most.

Jim

Click to expand...

Thanks, Jim. I have my reservations about ebay: the fact that there are so many rip-off scams going on and the 9 percent that they soak from the auction. I would do much better at a smelter, I think.

I would agree with Jim - the premiums over spot on eBay can run well over their commission. Buyers are going a little nuts over gold right now. Just remember they are now collecting on the value of the whole sale - including the shipping. You can always try out a trial Buy-It-Now sale. Set your own base price a bit higher than spot - or at least higher than you expect to get from the smelter - and then add in the commission %. There is no insertion fee in most of the new auctions, and you only pay if you sell and collect.

EDIT: PS - The ship patterns are very nice - and ship-related gold coins tend to sell fairly well.

metatp · May 4, 2011

I agree with militoy. You will pay ebay and its other company Paypal at least a total of 12%. I also think you might be able to get that premium on ebay. There is no harm in putting them up on ebay over spot to get your 12% back. I do understand the reluctance with dealing as a seller on ebay. Some of these buyers can try to cheat you and there is not much protection for small sellers. You may also have to wait a couple of weeks before Paypal will let you touch the payment. They will most likely put a hold on the funds.

patnor1011 · May 5, 2011

If you sell for buy it now - remember final value fee 9%, then paypal fee probably about 9% too. So if you want 100 you list it for 125 to cover fees.

Militoy · May 5, 2011

patnor1011 said:
If you sell for buy it now - remember final value fee 9%, then paypal fee probably about 9% too. So if you want 100 you list it for 125 to cover fees.

Buy-it-now fees have actually changed a bit recently. There is an initial $.50 insertion fee for BIN - then 12% of the first $50, and 6% of the balance to $1000, and 2% of anything over that. Then Paypal charges 2.9% plus $.30 per transaction.

So looking at a hypethetical 1/2 ounce gold round (I'll ignore today's plummet in the spot market, and pretend AuX is $1500 / ozT):

Your bullion round sells for spot of $750. Your insertion fee is $.50; and you pay $6.00 on the first $50 of the sale, and $42 on the remaining $700. So figure $48.50, and round up to $50 added for eBay fees. Now let's say you take in $800 to your PayPal account. (the initial $750 plus the $50 in added fees). PayPal will charge you 2.9% of the $800, plus $.30, or $23.50 on the transaction. So you round up, and add an additional $25 to the BIN price. $750 + $50 +$25 = $825 for the half ounce of gold. So...looking at recently closed BIN auctions for half ounces of bullion (and ignoring gold eagles and rarer pandas), some of the figures I see today are $790, $790, $850, $914.91, $898, $846, $836. So at least for today, it appears you can sell gold on eBay - cover all the fees - and still have a little bit over spot value stick to your fingers.

EDIT - I realized I might not have been exactly clear as to the idea of "rounding up". When you add to the auction amount to cover fees, eBay will "tax" the increased amount - so you have to cover the "tax on the tax" as well when you figure BIN amounts. The bottom line is that below $1000, about 10% adder should cover your fees. If you can collect more than that above spot - it's all profit.

Seadog70 · May 29, 2011

just sell them all to me for $100 US Dollars,,

LOL

seriously do a ebay auction with a reserve a few hundred over the value to cover your costs, u never know it might get enough bids to make it worth your time and cover all shipping and fees

Freddy · Jun 3, 2011

Seadog70 said:
just sell them all to me for $100 US Dollars,,

LOL

seriously do a ebay auction with a reserve a few hundred over the value to cover your costs, u never know it might get enough bids to make it worth your time and cover all shipping and fees

I've never done too well with reserve auctions. I find that people aren't too interested in bidding when they don't know if they will ever reach the amount of the reserve price. I'm still a little too gun shy to sell coins on ebay, so I have yet to decide how to get rid of these coins.

The good news is that gold seems to be going up in value (or the dollar is decreasing, however you want to look at it).

RGJohn · Jun 5, 2011

I wish that I knew the answer to your question. The coins and stamped covers are beauties and should command a premium somewhere but how one finds the individual who would cherish and esteem them is unknown to me.
Have we all become so crass and mercenary that there no longer exists appreciation for art?

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