Interesting lessons learned about selling PF70 coins posted by Yankeejose

[CSJournals-migration]

Sharing (for what it is worth) for proof coins from 1999 to current

 

In a previous journal I had talked about scaling down in some modern coin types to allow me to have more funds for other coins. The results of my selling spree have been enlightening so I thought I would pass them on- again for what it is worth. Now we are not talking about expensive coins here, mostly in the 15-40 dollar range. My observations are only relevant to coins that fall into this price range so they are not rarities or even condition rarities, but there is a collector market for them at the right price.

 

I never came into collecting looking to make a profit or even expecting the values to go up in 10-20 years. I did believe that as long as I did not overpay I should at least be able to get 85-100% of my money back (a lot more than my wife's new shoes will be worth in 10 years). Even if I sold them for what I paid, the EBay/PayPal fees would eat up 13% off the selling price. In general I have been able to sell for around what I paid some more some less. So the lessons I have learned are:

-Do not overpay for a coin just so I can fill a hole in my collection. A nice quality coin at market price can be sold for around the same value as I paid if bought at the right price. So far I have seen that any PF70 Modern that I buy at 15-25 dollars will only sell for 15-25 dollars (Lincoln cents and Kennedy halves in PF70 are generally priced higher at 30-75- but the rule still applies). So paying that buy-it-now price of 35-100 dollars so I can have-it-now really means I-am-overpaying now. Again my selling has only been for 2000-2011 proof coins but this is the trend I have seen.

 

You can say PCGS coins will sell for 25-50% more than NGC coins- but they usually cost that much more to purchase. Again there are certain coins that are the exceptions.

 

-Don't believe the price guides, especially on Moderns. In the PCGS price guide I have seen some PF70 PCGS dimes from 2001-2007 go from $350 down to $100 in the last 2 years. I am sure glad I only paid 30-35 dollars for those coins!

 

-Don't go out and pay top dollar for the new PF70's just to maintain a top registry spot. Time and again I see newly released moderns go for a lot less 6-12 months after they were first released. It will be almost impossible to get that top dollar back when it is time to sell.

 

-Even for non-modern coins don't expect to get back the same amount paid to a dealer or at a coin show. They are in business to make money so their prices are what I would call at or close to retail. Unless you want to let the coin sit on EBAY at a high buy-it now price for a couple years, chances are it will not sell at an auction for the same close to retail price paid. Even if you give the coin to an auction house the buyer's premium essentially comes off the top market value price that buyers are willing to pay.

 

I hope everyone has a great 2014 and gets nice coins at even nicer prices!

 

See more journals by Yankeejose

[Six Mile Rick]

Good post Yankee,

Another idea -----If you can't sell your coin at the price you paid for it.... Trade It!!

 

I love to trade!!

 

Rick

[coinsbygary]

Thanks for the tips Dave! Although I don't buy or sell many moderns, I think the principles you are espousing ripple through other types of collecting as well.

All the best to you in your collecting purchases for 2014, especially your Washington Quarter collection.

Gary

[Yankeejose]

Rick- some of the coins I am selling I got from you in a trade! !

 

Thanks Gary- right back at you!

[RichH]

Dave,

 

Enjoyed the read and your market perspectives.

Continued success on your collection's transformation.

 

Cheers !

 

Rich