Has MODERNCOINMART pulled out of Ebay ???

[jgrinz]

Nonthing for auction since the 14th of FEBRUARY and NOTHING in his Store ??

 

That would be a VERY BIG vendor to loose for EBAY .. Anyone here anything on this ??

 

 

[Doogy]

yes, he announced it this month ATS

[carson city]

Will the world recover, or even care ?

[jgrinz]

Funny thing is I never use to buy anything from him on EBAY - I would check his EBAY store and go to his web site and buy it there

 

 

[gmarguli]

That's rather surprising. I just read John's post ATS mentioning it.

 

Sounds like the competition from Gainesville Coins was too much. I'm actually surprised that he was able to go so long without such major competition. The profit margins are large and you can move big quantities of this stuff.

 

I guess once you build up a big enough client list you no longer need eBay except to do a little advertising and refresh your client list even now and again.

[BULLY]

I've bought a LOT from ModernCoinMart (including very recently) and heard nothing of this.

 

Although, it could explain some things.

 

Does anyone have a copy of the announcement posting from "ATS?"

 

 

[gmarguli]

John's post:

 

We were the number two coin seller on ebay in 2006 with sales of over $500,000 per month. In 2007 a competitor came on strong dumping huge quantities of similar coins into a market that could not absorb it, the result being much lower prices and some discouraged buyers who watched many prices tank. We made the decision to concentrate on our website instead and do much less on eBay, as our business model calls for making a profit, not selling mainly loss leaders to attract new customers.

 

As for 2008? Well I can tell you we will be starting the year off with a bang on ebay as it may be time to get back in. Stay tuned. BTW, we just uploaded 5 informative videos to our site.

 

John Maben

 

[jgrinz]

Must have caught him in beteen uploads as 70 items appeared in his store last night ... Should have held off buying my Gold BALDIES as he beat the price I scrounged for by 20 dollars each coin

 

[BULLY]

Must have caught him in beteen uploads as 70 items appeared in his store last night ... Should have held off buying my Gold BALDIES as he beat the price I scrounged for by 20 dollars each coin

 

 

Meanwhile, I had recommended him (his business) here on one of these chatboards recently, fearfully actually because I was afraid I was letting others in on "the secret" of a good seller -- a good seller with good prices to boot!

 

Tell me, seriously though, how does a merchant sell a gold coin for $20 less than the Mint sold them for?

 

I mean I get VOLUME and all, but still

[jgrinz]

Must have caught him in beteen uploads as 70 items appeared in his store last night ... Should have held off buying my Gold BALDIES as he beat the price I scrounged for by 20 dollars each coin

 

 

Meanwhile, I had recommended him (his business) here on one of these chatboards recently, fearfully actually because I was afraid I was letting others in on "the secret" of a good seller -- a good seller with good prices to boot!

 

Tell me, seriously though, how does a merchant sell a gold coin for $20 less than the Mint sold them for?

 

I mean I get VOLUME and all, but still

 

Not what I said/meant - I only Buy certified coins - I had to finess another vendor for the 2 Gold baldies for 879 - he has them on his sight both for 839 - NGC MS/PF70's

[DC Dawg]

As a previous customer of theirs, I decided to call their offices (two days ago--I've been busy). The person I spoke with was very nice and told me that they decided to honor the boycott and pull their auctions from the site. Now that the boycott is over, they will repopulate their eBay store shortly--after Baltimore. The rep told me that the same coins can be purchased from their website moderncoinmart.com.

 

I didn't ask if Modern Coin Mart or John Maben would have a table in Baltimore. I'll have to look that up!

 

Scott

[gmarguli]

Tell me, seriously though, how does a merchant sell a gold coin for $20 less than the Mint sold them for?

 

Dealers who order $5000 of coins get them 4% less than retail prices. I believe the discount goes higher the more you order.