NEWP. "bulk lot" of nice NGC slabbed coins

[CoinPulsive PCM]

45 NGC graded 2007 Washington pres. dollars. MS65's

 

Just won this lot. As far as I am concerned, I got a good deal in terms of resale value.

For what I paid + shipping for the lot, I paid about $3.89 per coin.

 

I verified the cert# of the one slab in the 2nd photo. NGC has the value at $10.00.

I am really not one for the presidential dollar coins but I couldn't pass this one up.

My question (mainly directed at members who buy/sell volumes of the presidental dollar coins):

Do you think that in todays market, I should be able to move them fairly fast if I price them at $10.00 each?

 

I'm just asking to gather some insight about the modern, presidental dollar market, not because, according to one person here I "lack knowledge."

 

Thanks

-Dave

[mkman123]

you have to find a buyer and I'm not one of them

[CoinPulsive PCM]

you have to find a buyer and I'm not one of them

 

.... What does that have to do with this thread? Fine by me if you have no interest, I am not even going to bother listing them in the BST forum. Also, don't get ahead of your self, the seller has not even shipped them yet.

 

-Dave

 

[HCumberdale]

Personally if I somehow acquired these (I wouldn't be trying to) I'd try to find someone to sell all 45 to @ $5 each. Based on what they sell for individually on Ebay, it appears you paid about retail.

 

Even if you can manage $8-$10 each, my guess is that it will take you more time than it is worth to manage a $180 - $270 profit.

 

 

Also, for what its worth, I think several forum members would be interested in further clarification of your CDN thread.

[CoinPulsive PCM]

Personally if I somehow acquired these (I wouldn't be trying to) I'd try to find someone to sell all 45 to @ $5 each. Based on what they sell for individually on Ebay, it appears you paid about retail.

 

Even if you can manage $8-$10 each, my guess is that it will take you more time than it is worth to manage a $180 - $270 profit.

 

 

Also, for what its worth, I think several forum members would be interested in further clarification of your CDN thread.

 

I agree. You kind of brought my low end part into the light. Before I bid I did the math on my cost per coin and as much as I would like to sell them all at $10.00 each, I know that I will probably sell 35 of the 45 for $5.00.

 

As for clarification of my other thread. Yes, it needs clarification because I put my thoughts into the wrong words.

The starting point for that thread was an Email I received from another coin dealer whom I work closely with. He informed me about 3 people who are regular customers/collectors. Let me just say that I really have no problem with a collector using the CDN and if a collector wants to use the CDN instead of the Blue and Redbook that is fine with me. What I found concerning was these three people have consistantly been refering to prices in the CDN, offered complete lowballs on great coins, and have caused issues with several dealers.

One dealer who has attended the show for many years has decided to not reserve a table for a while because a customer insulted him and made a scene about the prices. From what I understand, the guy spent 20 minutes at the table, and kept on dropping a grade or two on what the dealer listed on the RAW coins. He would want to pay a Fine price on an AU Carson City Morgan because a light "scuff" bag mark on the cheek is apparently a scratch due to PMD.

One instance that I remember, this guy called the dealer a few choice words, made some remarks then stood up and asked quite loudly "Does anyone here NOT price their coins like a "mentally ill" person?!"

We hope he does not come back.

 

I have sold to collectors who bring the CDN with them as a price guide BUT this "measure" is right now ONLY TEMPORARY until the storm passes. 10 dealers including myself were part of this email. 9 of us felt the same about these 3 guys being problems in one way or another. I have yet to have a bad encounter with these guys but maybe I have but I didn't notice.

 

That is what I MEANT to say in the thread. And I put a little too much extra in there that was uncalled for and I apologize.

 

-Dave

[jerseycat10]

you have to find a buyer and I'm not one of them

 

[physics-fan3.14]

You paid nearly full retail price for those dollars. There is little to no demand for them, especially at that low grade. I have bought bulk lots before, thinking that I would be able to sell them easily - and I wound up giving them away.

 

Good news is, they will make excellent trick or treat gifts to the kids for Halloween.

[braddick]

I remember years ago doing this with a large grouping of Sac dollars. Bought them cheap, per coin.

 

By the time I had them all placed and marketed on eBay what with fees and postage and whatnot I about broke even.

 

I vowed never again.

 

I know the saying, "Fast moving dimes are better than slow moving dollars", but with the labor intensiveness involved, it is wrong when it comes to cheap/common coins (slabbed or not).

 

Just my take, based on personal experience.

[newprepper]

It went to a charity, maybe you can get a tax deduction, take the difference from FMV to your selling price, as a loss.

[DaveG]

CoinPulsive PCM:

 

It sounds like what you're describing is bad behavior by customers, which may or may not have anything to do with a specific pricing guide.

 

When I was first attending coin shows I noticed a couple of things, one of which was a couple of collectors who were very unpleasant to the dealers: they whined about prices, tried to chisel the dealers at every opportunity, covered their cases with papers so that no other collectors could look at their coins and they spent way too long at each dealer's table.

 

After a few months, I noticed that a couple of dealers began to greet these collectors cheerily: "I have nothing for you; get away from my table!"

 

After another few months, I noticed that a couple of these collectors had stopped coming to the show; and, then, the next month, the last of these collectors wasn't there. I spoke to a dealer about the missing collectors and he told me that the show promoter finally had the last collector banned from the show due to dealer complaints.

[RWB]

I am really not one for the presidential dollar coins but I couldn't pass this one up.

My question (mainly directed at members who buy/sell volumes of the presidental [sic] dollar coins):

Do you think that in todays market, I should be able to move them fairly fast if I price them at $10.00 each?

 

If you plan to buy and sell coins and make a profit, this is the kind of question to ask yourself BEFORE you buy, not after.

 

There are lots of "deals" available on junk box slabbed coins...Why are they in junk boxes and bulk lots? Think really hard about that…..we can wait…..tick, tick, tick, tick…..no, don’t roll your eyes – exercise the ol’ noodle….

 

[CoinPulsive PCM]

I am really not one for the presidential dollar coins but I couldn't pass this one up.

My question (mainly directed at members who buy/sell volumes of the presidental [sic] dollar coins):

Do you think that in todays market, I should be able to move them fairly fast if I price them at $10.00 each?

 

If you plan to buy and sell coins and make a profit, this is the kind of question to ask yourself BEFORE you buy, not after.

 

There are lots of "deals" available on junk box slabbed coins...Why are they in junk boxes and bulk lots? Think really hard about that…..we can wait…..tick, tick, tick, tick…..no, don’t roll your eyes – exercise the ol’ noodle….

 

I know it will take time to sell them. The $10.00 was just what NGC said when I verified the cert#. I was thinking about pricing them at $6.50, and move as low as $5.25 which would get me aprox. $2.00 per coin in profit. I was just trying to get a feel for what is a reasonable price in todays market. I've sold a couple before but that were graded by PCGS, but the last pres. dollar I had for sale I had sold over 5 months ago.

 

As to the junk/bulk lots, yea, there are truck loads of garbage for sale on eBay. I haven't purchased a bulk lot or collection in maybe a year. I did buy one though, last week. 100 coins all in mint cello. I paid $35.00. Sadly, most of the coins were pennies (no suprise) but there were some decent JFKs and Washingtons.

Stuff like this I buy for selling at flea markets and I have done well selling coins like this there.

 

-Dave