If you were in my position, what would you ask for this coin?

[MarkFeld]

This type of situation comes up every once in a while. And when it does, I usually have a difficult time deciding what to do.......

 

I viewed, liked very much and placed a maximum bid of $423 for this coin.

 

But I won it for only $258.

 

If I'd had to pay my maximum bid of $423, I would probably list the coin for sale at approximately $500.

 

But since I won it for only $258, 1) I admittedly think that my bid was possibly/probably higher than the coin deserved and 2) I would feel like a pig asking $500 for it.

 

What would you do if you were in charge of pricing it? Thanks.

 

For the record, the coin is not currently for sale. And, in order to avoid the potential issue of spam, I will not sell it to anyone who posts to this thread or contacts me as a result of this thread.

[MJ]

Most dealers would put it at $500+ if $423 was they were prepared to bid and I would understand it.Somehow, I know you probably won't. This can be tricky.

 

I guess you will list it at $400 or $425.

 

MJ

[cpm9ball]

258 is to X as 423 is to 500 = 129,000/423 = $305.

 

Chris

[TomB]

If your max bid was $423 then you would have been into the coin in the $485-$500 range after Hertiage's BP, depending upon how much you purchased in that auction. Therefore, you believe the coin is worth approximately $500 plus your markup. In a case such as this I see nothing wrong with offering it at $500 plus your markup, but I think I would start a bit lower given that it was obtained for less.

[coinman_23885]

If you thought the coin was worth $X when you bought, and you turned out to purchase it for a lower price than anticipated, I say good for you. It would NOT change my price of $X unless I found that I was grossly off and it wasn't selling at the price when listed on my (your) site.

[HCumberdale]

I'd price it at $400.

 

If it sells quickly, you were on the right ballpark originally when you placed your bid and you've given a buyer a good deal.

 

If it didn't sell in a month (max 2), I'd drop it to $325 and be done with it.

 

 

Generally speaking, if you came across a rare variety worth 10, or even 50x your purchase price would you feel like a pig pricing it as such? I wouldn't!

[Walkerfan]

I agree with MJ. I wouldn't let it go for less than 400.

 

You were lucky this time, so why shouldn't your luck pay off? There are likely other times when you have overpaid, as well.

 

I admire the ethical nature of this question, though. Maybe you can sell it cheap to someone who has done you favors in the past or has been a good customer, too.

[JIM F.]

I'd price it at what you think the market value is. I personally don't think that one's cost basis should be used for pricing --- if you got a 1955 double die in change would you price it at 2 cents representing a 100% markup? Similarly if one bought gold in the 1970's at $800/oz it wouldn't make sense to try to get more than that when it fell to much lower values.

 

Any way that's my 2 cents. And should you find a 1955 double die in change I will certainly make your profit margin seem pig-like!

 

 

 

 

[MJ]

Mark

 

Surly someone who finds this in the auction records will criticize you for gouging regardless of your intent. I've seen it time and time again the logic just won't resonate with some. MJ

[coinman_23885]

Mark

 

Surly someone who finds this in the auction records will criticize you for gouging regardless of your intent. I've seen it time and time again the logic just won't resonate with some. MJ

 

But if I were him, I wouldn't really care whether they liked it or not. I would ask them if the next time they purchased a coin for a low price, whether this would reflect in the price that they would sell it to me as a dealer. I bet the answer would be no.

[MJ]

Mark

 

Surly someone who finds this in the auction records will criticize you for gouging regardless of your intent. I've seen it time and time again the logic just won't resonate with some. MJ

 

But if I were him, I wouldn't really care whether they liked it or not. I would ask them if the next time they purchased a coin for a low price, whether this would reflect in the price that they would sell it to me as a dealer. I bet the answer would be no.

 

I wouldn't either but we are not him. MJ

[Mark T]

Mark send it to me I will sell it on EBAy for $500.

I mean we are both Jewish with the same first name so who is going to know the difference !

Seriously – I would list it for what I thought it was worth and consider taking lesser offers because of the nice margin you have.

 

[MarkFeld]

If your max bid was $423 then you would have been into the coin in the $485-$500 range after Hertiage's BP, depending upon how much you purchased in that auction. Therefore, you believe the coin is worth approximately $500 plus your markup. In a case such as this I see nothing wrong with offering it at $500 plus your markup, but I think I would start a bit lower given that it was obtained for less.

 

Tom, when I mentioned "maximum bid" I was including the buyer's premium. Sorry for the confusion.

 

Edited to add: With Heritage, the Buyer's premium is now 17 1/2%, regardless of the amount purchased. It is Stack's which charges either 15% or 17 1/2%. depending upon the amount spent.

[Mr.Mcknowitall]

This is a classic supply and demand issue, isn't it?

 

The market "spoke" to you, according to your comments, and you seem to agree. The pricing issue can only be decided by "wants", now. Someone would have to appreciate the coin and want it and not be concerned that it is or is not a me too coin because of population reports, or prior sales, or what other persons are selling a similar quality piece for.

 

It is a showcase coin. It will either speak for itself, or it won't.

 

Price setting prior to determination of the "want" market would seem to me to not satisfy your pursuit of equity for you and your customer.

 

I would let the coin ride, in a showcase without visual pricing.

 

What was bid or not bid, and whether or not the max bid was higher (or lower) than deserved, is not germane. The same could be said for any coin at the time of sale.

 

You "won it for ONLY 258". The "only" would seem to indicate that you believe this was a bargain.

 

The fact is that this was the maximum market value at that time and that location. It is not a determination of anything else.

 

Your difficulty appears to me to be an ethic dilemma, not a profit point dilemma.

 

Ethic will not interfere with the profit point. Lack of ethic will.

 

I say determine the 'want" factor, for both seller and buyer, not the profit factor.

 

Respectfully, of course.

John Curlis

[newprepper]

I would price it at what I originally figured. This allows you to maintain your margins and if you like, you can offer a deal to somebody deserving on a multi coin deal or something to that effect, market value is market value regardless what you have in it. If you found a 1909 S-VDB on the ground would you list it for 50 bucks because you have nothing in it?

[newprepper]

Mark

 

Surly someone who finds this in the auction records will criticize you for gouging regardless of your intent. I've seen it time and time again the logic just won't resonate with some. MJ

 

But if I were him, I wouldn't really care whether they liked it or not. I would ask them if the next time they purchased a coin for a low price, whether this would reflect in the price that they would sell it to me as a dealer. I bet the answer would be no.

 

I wouldn't either but we are not him. MJ

 

If somebody who is interested had time to look through the auction records, they had time to look for and bid on it when you did, they didn't, their loss, if they want it they should be prepared to pay a fair market value.

[AegisIII]

I suppose the relevant question is, given what the coin actually sold for (and similar examples at the ANA auctions and show), how does that change your opinion of the market value of the coin? And, while your opinion should change, that change can range from "just a little" to "a whole lot." So, I guess my answer is, "I don't know," since I don't follow toned Morgans. But by posting the question on the forums, I suppose you can no longer ask $500 for it.

[jom]

I'd just sell it at market value...whatever that might be.

 

jom

[MJ]

Mark

 

Surly someone who finds this in the auction records will criticize you for gouging regardless of your intent. I've seen it time and time again the logic just won't resonate with some. MJ

 

But if I were him, I wouldn't really care whether they liked it or not. I would ask them if the next time they purchased a coin for a low price, whether this would reflect in the price that they would sell it to me as a dealer. I bet the answer would be no.

 

I wouldn't either but we are not him. MJ

 

If somebody who is interested had time to look through the auction records, they had time to look for and bid on it when you did, they didn't, their loss, if they want it they should be prepared to pay a fair market value.

 

Yep, but I have seen people whine just the same on these very same boards over the EXACT same situation and try to justify their positions.

 

MJ

[newprepper]

That seems like people just trying to take advantage. They dont care when you sell something at a loss, but try to make a profit and you are the bad guy..........thats too bad

[mumu]

Youre already ahead about 150, and since you only wanted to make 75$ on it your 75$ ahead of that. So I say give it away

[e1cnr]

start with your original plan with what you thought it was worth

 

list as what you felt it was worth before the auction

 

if you still have it in "XX" months, then reconsider

 

what you bought it for should not matter in what you feel it is worth

 

- it was in major auction, not a widow bringing in her husbands collection and you offered 80% of melt for.

[jom]

That seems like people just trying to take advantage. They dont care when you sell something at a loss, but try to make a profit and you are the bad guy..........thats too bad

 

Sounds like many (if not the "typical") coin collector. At least based on many forums posts over the years...

 

jom

[Mr.Mcknowitall]

Youre already ahead about 150, and since you only wanted to make 75$ on it your 75$ ahead of that. So I say give it away

 

He does not really know with finality if he is 150 ahead. He might just as easily be 75 behind.

 

All he really knows is what the coin sold for at that time and that location.

 

He thinks he may have set to high a max bid, based on what the coin sold for. He thinks he would have set a certain profit factor if he had bought it at his max bid.

 

How can it be determined that he is 150 ahead? Even if it could be, then setting an arbitrary price point that includes a 75 split the baby "profit", does not solve the dilemma he is presenting.

 

Respectfully,

John Curlis

[newprepper]

Actually sounds like people in any business, laypeople have no idea what it takes to run a successful business....I mean as the business owner you only have to work 1/2 days right?...................................its just deciding which 12 hrs that is the hard part. They dont see that

[Raisethis2]

I'd be one to assume my max bid was just off and would lower my asking price accordingly. You still make your margins and maybe you wind up with another customer (the coins eventual purchaser) who will tell others that they were treated fairly.

 

That kind of credibility is golden.

[bsshog40]

I would have no idea what the coin is worth. I would think that with your selling experience Mark that you would have some sort of percentage to cost ratio that you use on other coins for pricing to sell. Btw, nice Morgan!!

[newprepper]

I would just get rid of it now................................its tainted, an albatross around your neck

[MJ]

I have often accused Mark of not charging enough. MJ

[newprepper]

I'm going to go to work tomorrow and just tell my boss I make too much money.