Would like to sell Coin coins on ebay

[RBowtie97]

Hello, I'm new the forum. I would really like to sell coins on ebay. I have questions though. What's the best way to obtain the coins to sell that will allow me to make a profit? Should I find a wholesaler? If so, how do I go by doing this? Do I have to buy in bulk? Any help would be appreciated. Thanks!

 

Amazon Forum Fav 👍

Family Maps of Hinds County, Mississippi, Deluxe Edition - Grab it through Amazon!

[cudamark]

There are lots of ways to get coins to sell. I would suggest sticking with coins in which you have some expertise, otherwise you may find it to be an expensive venture. Estate sales can be a good source for older coins. Buy a whole collection and piece it out. The bank is a good source for new coins with errors. Occasionally, you'll find old coins while searching rolls of coins but that can be very time consuming and frankly not worth the effort in my book. The first thing I'd do is to learn to grade a coin. Condition is the key when buying and selling coins. Also, get a good camera that will take nice macro photos. To get people to buy on E-bay, you need to show great close-ups if you want top dollar bids.

 

[Harry_Morant]

When I was selling coins on Ebay as a hobby I would spend hours researching in preparation for buying coins at local coin auctions to on-sell on Ebay - I would then spend $1000s on the auction lots taking into consideration the auctioneers premium, Ebay & Paypal fees. Over a year the profit averaged 25% - some more some less. To make $2500 I'd have to sell $10000.

Whilst I now run a full time Ebay business selling books & collectibles - coins only make up a very small part and they are usually something with either special rarity or are of a high grade. If you can find cheap silver coins at an estate sale sure you can make some money but will you have a regular supply. If you just want to make some pocket change and have some fun in the whole buying and selling thing, coins are a good option - they don't take up much room and most are easy to research. Remember you will not get catalog price on Ebay - I'm in Australia so our market is different but as a general rule of thumb what coins go in Ebay for is only 40% of catalog price. For research try Terapeak - I'm a subscriber so I can look back over 12 months of Ebay sales data but they do provide a 7 day free trial to give you an idea.

Don''t forget to factor in packaging and how you are going to protect the coin. You need to strike the right balance for how much you charge for postage/packaging - too much and the buyers will think you are profiteering through postage. Source where to buy envelopes, 2x2s etc in bulk to make savings. From the right source a padded envelope costs about 40c, 2x2s about 20c each etc. Personally I absorb the cost of packaging because customers really don't like paying above the postage which it says on the envelope. I figure people are 100% happy when they buy an item off me so I like to keep them at that level - if you introduce uncertainty about postage costs then that happiness level drops. I have over 4100 positive feedbacks on Ebay without ever receiving a negative so I figure its working for me. In the long run having repeat customers and a High Rated Seller score pays off - I find I get above average prices due to customer confidence - that and high quality photos and descriptions. With coins - collectors want to see the details - investing in a tripod and a macro lens is a good idea. You can still sell a good coin with a few flaws as long as you describe it and they can see it - if people find a coin different to what is described then their happiness level will drop and you risk negative feedback. The coin below many would describe at first glance as Uncirculated but it has two miniscule spots - one black one green - that sort of detail matters to coin collectors. Good lighting too - daylight globe, 5200 kelvin, at least two sources. Good luck - have fun - if you stop having fun - time to change to something else

 

[RBowtie97]

Thanks a lot for the advice! It's a great starting point! I'm going to do some more research and hopefully soon I'll have a game plan. Thanks again!

 

[huntsman53]

Harry_Morant gave some very good advice and it would be hard to expound on it! However, if you live in the U.S., you can get some shipping boxes and envelopes from the Post Office directly even if you are just a part time Seller on eBay. Now, if you hold a Business License (I think it is required), you can go to the USPS Website, signup, login and order shipping boxes and envelopes to be delivered to your' door and they are free. I only ship via the USPS and keep an assortment of "Flat Rate" and "non-Flat Rate" boxes on hand to use depending upon where the item or items is/are being shipped, I compute the costs to the Buyer's address and ship the cheapest way possible. Sometimes that is via "Flat Rate" shipping and sometimes it is via "Non-Flat Rate" shipping. Also, as Harry_Morant stated, the Buyer's happiness level drops when they (the customers) realize that they overpaid for shipping! Likewise, their' happiness level drops when the coin they purchased from you was not as described, so be concise in your description of the coin, any flaws, any Mint made Errors, what Variety it is and what makes it such and never be shy to talk up the coin in your description but just don't lie or give a line of B.S.! It only takes a few negative Feedbacks to totally destroy your' integrity on eBay and significantly effect the prices your' items fetch at auction.


Frank

 

[CC-Hunter]

I also think Harry provided some excellent information.

Question for Harry: How do you feel about the use of a scanner for imaging coins in place of a camera? I do not have the camera equipment you have, but it seems that my scanner provides fairly detailed images. Just curious whether you considered a scanner and rejected it in favor of a camera for some reason.

 

[Harry_Morant]

Scanners do work really well for some people - the issue for me is lighting -different coins benefit from a different lighting setup - for instance proof silver coins need a different lighting treatment from a tarnished bronze one to bring out the highlights and present it in the most accurate manner - there is not much adjustment you can do to scanner lighting. The other thing for me is that I sell other collectables whose size and shape just doesn't allow use of a scanner.