Coin Sale Venue Recommendations

[$ilverHawk]

I've decided to change my collecting direction and will partially fund that change by selling my Morgan Dollar Set.

 

I'm looking for some real life feedback on experiences with the major auction houses. I've contacted Heritage and Bowers and Merena. Anyone have positive or negative experiences with either one?

 

Obviously, Florida Fun is coming up in January and that could be a good venue with Heritage. What about Scotsmans?

 

Any other suggestions to maximize profitability?

 

Don't even think about FeeBay.

 

$ilverHawk

[James_OldeTowne]

Scotsman, of course .

[michael]

after thinking about this question

 

unless you got all pcgs pop top morgan dollars for the date and grade then heritage is the way to go

 

but with less than pop top pcgs morgans then i would go with scotsman

 

1---- they dont get lost in the shuffle so to speak with the huge offering heritage has and mostly promotes their trophy coins

 

 

2--- scotsman with james cataloging you got a better chance at being able to work with james concerning photos and descriptions to maximise their selling prices and james can better gauge which date auction would work better for you

 

3---scotsman seems to get more stronger prices for more collector orientated popular items and this sums up a nice collection of morgans

 

4--- i am assuming here you just have some nice slabbed morgans with eye appeal

 

5--- the silver dollar show which scotsman has their auctions tends to bring out more buyers on the collectors side and again from the last year or so their prices are definately above average for good slabbed popular and/or scarce collector coins

ie. morgan dollars

 

 

[$ilverHawk]

Thanks,

 

That's exactly the type of reply I am looking for.

 

$ilverHawk

[michael]

good luck with it and with james on your side you got a good situation

[Oldtrader3]

If you are not the big wheel at a big auction house, you will get no oil when you squeak. Example: I bought a 1916-S, PCGS, MS65 Saint from a large auction a few years ago. They lauded the coin up and down as the best strike and luster since sliced bread was invented.

 

Three years later in a gold market up $400 per ounce from what I paid for this coin, I listed it and a dozen other classic coins for sale with this same auction house, all of which were $1000+ per coin listings. The 1916-S, MS65 Saint was one of these coins that I tried to sell. The cataloger listed my Saint as having a "significant rub" and "average luster" when they cataloged the coin. I immediately pulled the coin from the auction and sent Mr. "Pompous", their auction Director a picture of this company's own wonderful, glowing auction description and picture of the surfaces and luster of my coin when I bought it from them.

 

Mr. Pompous called me back and tried to pass the faux pas off as acceptable (it wasn't). He actually stated that: "its just one of those things, because all these gold coins all circulated you know!!!!!". Actually, Saints almost never did! He then proceeded to tell me the "good news" that he had found a buyer for my poor coin at only $300. less than I had paid for it (mind you gold was up 50%). I told him to read his copy of my original listing again for their the original auction and call me when he had something to talk about.

 

This is about what you can expect from several of the big auction houses, especially their their swelled head, Auction, Directors. So buckle up and put both hands over your wallet or find a dealer that will truly represent you. Times are tough now and I am sure that even Mr. Pompous has mellowed some in pomposity but I doubt that his leopard spots have changed a lot. Be careful out there.

 

 

[BillJones]

Unless you coins are really something special with high grade examples for the marquee coins like the 1893-S, 1889-CC and 1895 Proof, I’d consider one of two options.

 

(1) Shop them yourself on the floor. Know what your coins are worth, set your selling prices and be upfront about what you want for them. Don’t mess around with getting the highest offer for the dealers and going back to sell it the highest bidder. That’s amateur stuff, and all you will do is turn-off the best buyers. Don't do any hemming and hawing. Once you decide to sell the coins, think of them as GONE. No collector regret.

 

(2) Come up with some reasonable bottom line numbers and consign them to a dealer you trust to sell them for you for a percentage. Sometimes you can get some decent prices, at least for the better date coins.

 

The trouble with the big auction houses is that run-of-the-mill coins get lost in the shuffle. They get listed without pictures and get little exposure.

 

When I retired as a dealer a year or so ago, Morgan silver dollars were not selling well at all. The numbers on the Gray Sheet for all but the better dates were the real retail selling prices. I don’t know if the market for these coins has improved, but I tend to doubt it. This might not be the best time to be selling these coins although the current silver bullion price could be having a positive affect upon the prices.

 

[Oldtrader3]

My take on the present market is that many Morgan dollar prices are still pretty soft in the market place. I bought one (slightly better date) recently that I need for to replace one that I had sold a couple years ago and got it for less than Grey Sheet.

[$ilverHawk]

Bill,

 

Thanks, I decided to send all 95 coins to Heritage for the Tampa FUN auction. From all the replies and weighing various options, I believe that would be my best market exposure.

 

I realize that this is an iffy time to be selling Morgans, but I've decided to take the plunge.

 

I don't have a top pop set--ranking is # 57 at present Morgan Set with NGC Collectors Society. Some very nice coins some so so. I really don't know how to approach a dealer on the bourse of a major auction with 95 coins in tow.

 

This will be my first experience with Heritage. I have already pushed down the Heritage "take" to 7.5% and will have no problem negating the consignment if I believe the "boys" are trying to roll me.

 

It will be an interesting experience to be at Tampa FUN as a seller and buyer. I've only been a buyer before at major auctions.

 

Carl aka $ilverHawk