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Well I tried posted by us navy vet

11 posts in this topic

  • Member: Seasoned Veteran

lost my shirt on this one


Well Hello Fellow collectors, I jumped in with both feet with my first try auctioning my coins at a highly recommended site. And had to buy some of my own coins to keep from giving them away. lesson learned, I'll now try and sell my coins in the money market place at least there I can decline an offer and make a counter offer. I now have 2 topic lines of coins for sale in the money market place. but that's not the reason for this post I suggest that you search the auction site your looking at to see what similar coins that you want to sell Are selling for before sending in a submission. Like I stated above it may not be the outcome you were hoping for.


Happy Collecting and may God Bless.....Mike


See more journals by us navy vet

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Well Rich to be honest with you that didn't cross my mind I would have never guessed that a coin with a NGC FMV of $77.00 would sell for $17.00 but like I said above I went into this not truly knowing what I was doing. It was a hard Lesson learned and believe me it will never happen again. That and I would not have thought that they would break up a 30 coin submission into 3 auctions making me wait until the 2nd week of Sept to get a check and to beat it all if no one bids on the 5 coins that end in 2 hrs and 20min (as of this post) I've bought 5 more of my own coins back. Oh well live and learn.......Mike

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Explain this bought your own coins back? I thought it was great collections.


I remember with teletrade they had it where you placed a bid and it was your reserve but I didn't think GC was that way.


Are you bidding on your own coins? With your account you are selling them with or a different one?


Please explain.

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Seth, I had a friend bid on them with the understanding that if he won I would pay the bill. On the first round I bought 6 coins and on the auction that ended tonight I bought 5 coins.

I just could not let my coins go for less than 1% of FMV. To me its worth the cost of paying my buddy back. I have 1 more coin left that runs until about 8pm est next Sunday. I sure hope the bidding increases on this last coin. I don't want to have to pay for it also. He is just bidding high enough to cover the $3.00 consignment fee and the 3% sellers fee......Mike

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Sounds like shill bidding to me. I'm getting out of all modern coins. I can't even get 35% of FMV for them versus over 200% gain in three years on most of my coins from the 1800's. Modern coins seem to be hot when they first come out then decline rapidly. I have six commemoratives from this past year and I can't even get close to what the US mint charges. With a very few exceptions moderns should only be collected on the saying buy what you like because you're not going to make money. FMV is a total joke and have zero contention to real world prices; ie the 2009-D SMS Lincoln set FMV over $700 for four coins but one can't even get 50% of FMV.


Good luck with your sale



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I have read the submission information on Great Collections and it clearly shows how to set reserves. I'm not sure why you did not do this. Having a friend place "Shill" bids sounds like you are artificially inflating the prices to suit your desire to get the price you feel your coins are worth. The truth is if you would have set the reserve at the price your friend was bidding at they would not have sold. Then you would have just had to pay the fees to list. Sounds fair to me.


Some of the coins you are selling are low grade modern proofs. The professional submitters pay NGC to evaluate their coins for a fee and return the ones that do not make the grade they are looking for. This eliminates the possibility of receiving a coin that is worth less than the grading fees. That is why it looks like only a small handful of the millions of coins minted for a given year are graded. If they listed every coin they evaluated the population numbers would be huge.


I have heard people say, "Only a small fraction of the coins minted for that year have ever been submitted." This is a falsehood perpetrated by misinformation.


The truth is only a small fraction of the coins minted for that year will ever be a 70UC and if it has marks and was never struck fully to begin with why would someone submit it in the first place.


Just my two cents.

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1. I have zero --ZERO-- respect for a shill bidder. It is the equivalent of stealing from an honest bidder as a person tries and artificially inflate a coin's selling price above what the fair market would dictate.


2. You could have asked anyone here about "NGC FMV" of modern issues and found out the truth before you purchased the coins in the first place and also before you tried to re-sell them.


I learned my lesson a little cheaper than you---a friend of mine at the registry ( and from a group we used to have called "Trading Slabs") went in together and bought 100 slabs all graded PF69UCAM from the 1970's to 1990's...a few were even silver dimes. We got 100 slabs for just $500 or $5 a piece for the bulk lot. We split the lot arbitrarily with each taking equal cents, nickels, dimes and quarters and also splitting the few silvers equally.


Ultimately I tried to sell a few small lots and individual coins on ebay---by the time fees, paypal, shipping and time and packaging were factored, I probably came out a little behind....for a $250 outlay it was a cheap lesson.


Moderns have tens or hundreds of millions of high MS coins and tens of thousands of 69's and 70's for proofs.


If NGC quotes a $77 FMV, that is for the dealer's benefit ( the ones who keep NGC coffers full) but the reality is evident when coins are sold by halfhearted collectors....


$17 for a common date, common grade, clad, non-precious metal coin??? You should have cut your losses and let it ride....now you still have coins with little value and even more money pumped into them.


I'm sorry if this sounds harsh--I am a bit angry at hearing that you used underhanded and unethical deception to try and cheat others out of viable bids for coins....but I hope you can learn from this. If you maintain your interest in coins as a hobby then 2 rules may be a good start.....


1.) Don't buy for the short haul. You will always lose money-especially with common date moderns--if you sell in a few years.


2.) The easier the set to build, the cheaper it will resell. Simply put, if you buy common coins, you won't get uncommon resale value. Do you really think a PF69 clad Kennedy half is going to get the same $70 that a common date Morgan MS64 from the 1800's is selling for?

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