Premium on high grade coins?

[Guest irish79]

I was wondering if there is a premium paid above the UNC value in SPINKs catalogue for copper coins if they have full original color. For instance, here is a really nice looking coin from a dealers site which is described as "Brilliant Uncirculated - A superb specimen,full red satiny mint lustre", A 1895 Half Penny. Spink Cat value for UNC is 70 and the dealer is asking for 150. So why the over double price? Is it normal based on the condition?

Thoughts?

[Rob]

That's silly. It's in keeping with the mentality of the person who paid many hundreds of dollars for a 1901 penny on the basis it was in the slab with the best number so far. £400 for an unc 1901 is equally stupid, double Spink prices less so, but still OTT.

[TomGoodheart]

Many of that dealer's coins seem to be slabbed and slabbing costs money. Plus I don't know that dealers necessarily consider Spink prices when they list. If they think they can achieve a price, even though it might be way above Spink, then why not?

Maybe in his experience someone will pay that sort of money. Of course, that doesn't mean that it's a sensible price. You only need to look on ebay to see coins almost as nice going for a fraction of the cost. Or here:http://coins.ha.com/c/item.zx?saleNo=231223&lotIdNo=29027#Photo where a similarly graded coin went for US$70

[Peckris]

I was wondering if there is a premium paid above the UNC value in SPINKs catalogue for copper coins if they have full original color. For instance, here is a really nice looking coin from a dealers site which is described as "Brilliant Uncirculated - A superb specimen,full red satiny mint lustre", A 1895 Half Penny. Spink Cat value for UNC is 70 and the dealer is asking for 150. So why the over double price? Is it normal based on the condition?

Thoughts?

No. Spink make it quite clear in their catalogue that the prices quoted for UNC copper/bronze is "with full mint lustre". £150 for a BU 1895 halfpenny? Ye gods. Even Spink's £70 is going some. It's nowhere near as scarce as even the second issue penny.

[Guest irish79]

Thank you for your replies. I was thinking what you have confirmed but being new to the hobby was not 100 % sure if there was some sort of premium to be expected. Good to hear tHat that is not normally the case.

David

[scott]

it is slabbed, however if you look at the buy it nows on ebay, they want to make money, but they overcharge.

[Rob]

it is slabbed, however if you look at the buy it nows on ebay, they want to make money, but they overcharge.

That's because there are probably four realistic options for selling on eBay. Wanting to make money is hardly a heinous crime.

1. BIN at the market rate or BIN with best offer. Accurately and fully described, you would accept the going market rate but take anything in excess of that in the case of the latter.

2. Set a reserve at or about the market rate. Again accurately and fully described.

3. Start rubbish at 99p as seen and let punters make of it what they will.

4. Start at 99p even if way below market value, add a description, cross fingers and hope it makes a realistic price. Emphasis being on the word hope.

Of the four, number three is probably the best return on capital. Best offers attracts the speculative bargain hunters. BIN without offer is probably the worst from a seller's perspective whilst number 4 leaves you in the lap of the gods.

[Peter]

I have bought a few BIN coins which I deemed value (or just had to have)

The logic of best offer...a lot of sellers put a 10% acceptance.

Starting rubbish at 99p is a no brainer but the hassle and return makes this IMO a waste of my time.I much rather put these in a bulk lot.

Starting a good coin at 99p.I put it on a 10 day auction.As long as the picture/terms/listing is in the right place I don't worry.

The more information you can put in the description the better.

I like a positive pay pal account.I feel I can buy anything (not just coins) and I don't feel guilty about not telling Mrs Peter.

[Rob]

The sad thing is that you can put on a £30 or £40 coin starting at 99p and nobody bids, yet list a piece of s**t that would be rejected by most scrap merchants and it sells for pounds. As a seller, the logical thing to do is list it at the price you want plus expenses and forget the auction side of things. In the case of crap you are just happy to shift it.

Alternatively, get collectors to buy from dealers at fair value as used to be the case rather than buying exclusively on ebay because there you can pick things up cheaply and have the chance to view in the flesh, or return if not happy. I was going to bid on a coin this weekend. Described as the rarest it was needless to say the commonest, so I informed the seller who was apparently deaf and unable to amend the description. Needless to say it sold based on the inaccuarate description. Funnily enough, the other item listed by the same seller was also described inaccurately and coincidentally as the rarer of the two varieties.

[scott]

i would bit on them. just say when you put em there

and i'm not saying making money on something is a problem, but there are a lot of BIN coins flooding up Ebay that are far over book price

[Coinery]

There are a lot of BIN coins on eBay, but there are also a lot of 'BIN' coins on the internet generally. I guess with eBay, at least, you can filter out all the BIN coins with a single click, which is a pretty good facility I'd say.

I can't remember ever buying a BIN coin on eBay, but I've bought a few 'BIN' coins from internet dealers. I guess I'm also caught by that 'trying to get a bargain' strategy on the 'bay, but wouldn't insult a dealer's list with the same tactics if I liked the coin.

[Rob]

I've bought BINs on ebay many times. Sometimes people get into eBay final price mode which is frequently under on quality or rarity, but overpriced on the commoner pieces. Know what you are looking for and at and make an educated purchase.

[Rob]

i would bit on them. just say when you put em there

and i'm not saying making money on something is a problem, but there are a lot of BIN coins flooding up Ebay that are far over book price

A few months ago I listed some dross plus a couple of £30 coins starting at £1 and no bids. Thankfully, the pieces I put on to save the embarassment of having them in the trays at fairs for a fiver max all made double figures. I won on both counts. And before anyone says I've converted to using eBay, no. They were listed by someone else. I still find the results too unpredictable to risk putting quality on. BINs on eBay are a reflection of the number of buyers who will happily spend for England on a dodgy photo or two, but won't buy from dealer's sites because they perceive they are being ripped off.

Edited October 22, 2012 by Rob

[declanwmagee]

it is slabbed, however if you look at the buy it nows on ebay, they want to make money, but they overcharge.

That's because there are probably four realistic options for selling on eBay. Wanting to make money is hardly a heinous crime.

1. BIN at the market rate or BIN with best offer. Accurately and fully described, you would accept the going market rate but take anything in excess of that in the case of the latter.

2. Set a reserve at or about the market rate. Again accurately and fully described.

3. Start rubbish at 99p as seen and let punters make of it what they will.

4. Start at 99p even if way below market value, add a description, cross fingers and hope it makes a realistic price. Emphasis being on the word hope.

Of the four, number three is probably the best return on capital. Best offers attracts the speculative bargain hunters. BIN without offer is probably the worst from a seller's perspective whilst number 4 leaves you in the lap of the gods.

Good analysis, Rob!

I tend to use No.1 with Best Offer for my better coins, with the BIN price reducing each month - kind of like a reverse auction. Eventually they reach the market level (whatever that is!) I keep records of what I have got for each coin, so I base my initial pricing on my own historical data. I do tend to bid according to book prices, adjusted heavily one way or another, but I never price coins according to book.

The books aren't the Bible, and need to be taken with several pinches of salt. Only the market on that day knows the market level on that day; sellers like me certainly don't. All we know is that we've sold a coin too cheaply if it goes too quickly.

I snap stuff up on Newly Listed BiN all the time, because people have put them on too cheap. If you are watching Ending Soonest, you won't see any of those coins, as they'll all have gone before they get there. I got my 1904 halfcrown, not far off VF, for £15 like that.

My big secret, and don't tell anyone, is how low an offer I'll usually accept. I'm of the opinion that moving stock is better than static stock, so an offer has to be pretty stupid for me to refuse. I probably refuse less than 10% of the offers I get. Because I started the coin at a high price, the buyer's happy because he regards it as a bargain and pats himself on the back for his negotiating skills, and I'm happy because my stock is moving. Often I counter offer if an offer is borderline.

Any dealer who tells you that he isn't trying to get as much as he can for a coin probably isn't telling you the truth!

[Coinery]

My strategy has always been in viewing the 'time ending soonest' category, maybe it's time to join you boys on the newly listed BINs!

Oh, and shhhhhhhhhhhhh!

Edited October 22, 2012 by Coinery

[scott]

i always do ending soonest.

have looked at BINS newly listed never seen anything.

[Gary D]

So a question for you all. I'm about to have a clear out and wonder how you would sell this.

[Coinery]

So a question for you all. I'm about to have a clear out and wonder how you would sell this.

I've bought 2 of these LT's in the past on eBay auction, and was very pleased with the purchase price on both occasions.

If this helps, I have sold one before on BIN & BO and was also very pleased with the outcome!

It really all hinges on the quality of the images you can get onto eBay! Get links in the description to photobucket if you have to, just get the viewer an easy way to see a quality image! Don't do that 'I can send pictures' thing, that should be in Paulus's Room 101!

So, not auction IMO, a 30-day BIN or BIN & BO IMHO. Everyone has very different views on this, to each his/her own!

[Gary D]

So a question for you all. I'm about to have a clear out and wonder how you would sell this.

I've bought 2 of these LT's in the past on eBay auction, and was very pleased with the purchase price on both occasions.

If this helps, I have sold one before on BIN & BO and was also very pleased with the outcome!

It really all hinges on the quality of the images you can get onto eBay! Get links in the description to photobucket if you have to, just get the viewer an easy way to see a quality image! Don't do that 'I can send pictures' thing, that should be in Paulus's Room 101!

So, not auction IMO, a 30-day BIN or BIN & BO IMHO. Everyone has very different views on this, to each his/her own!

I see were you are coming from. I had also considered an auction with a highish reserve, then if under but close take the highest bidder. I do have interest in this coin but I've no idea what it's worth? Perhaps any dealer types could pm me their thoughts.

[declanwmagee]

I see were you are coming from. I had also considered an auction with a highish reserve, then if under but close take the highest bidder. I do have interest in this coin but I've no idea what it's worth? Perhaps any dealer types could pm me their thoughts.

Not a PM, Gary 'cos it's only book prices that anyone could look up, but I just fed it into my creaky old Heath Robinson valuation machine and cranked the handle...

Here's what came out on the ticker tape - an average of CCGB 2011, Spink 2012, BCMV 2012 and Coin Yearbook 2012.

EF-: £98

EF : £124

EF+: £166

I'm sure the grade is in that range somewhere!

If I had that sort of money, I'd bid £82.50 at EF. I don't, of course, but that's what the machine would tell me to bid if I did have. It would certainly be a handsome upgrade for my VF-.

Edited October 24, 2012 by declanwmagee

[Coinery]

So a question for you all. I'm about to have a clear out and wonder how you would sell this.

I've bought 2 of these LT's in the past on eBay auction, and was very pleased with the purchase price on both occasions.

If this helps, I have sold one before on BIN & BO and was also very pleased with the outcome!

It really all hinges on the quality of the images you can get onto eBay! Get links in the description to photobucket if you have to, just get the viewer an easy way to see a quality image! Don't do that 'I can send pictures' thing, that should be in Paulus's Room 101!

So, not auction IMO, a 30-day BIN or BIN & BO IMHO. Everyone has very different views on this, to each his/her own!

I see were you are coming from. I had also considered an auction with a highish reserve, then if under but close take the highest bidder. I do have interest in this coin but I've no idea what it's worth? Perhaps any dealer types could pm me their thoughts.

I personally always run a mile when I see reserve not met on listings. I'd go bin & BO for this one! There aren't generally that many going through eBay, so you will get some interest for certain.

[Peter]

I do find it annoying when a seller lists a coin with a value of £10 and states no reserve....considering £50 is the lowest reserve.

[Gary D]

So a question for you all. I'm about to have a clear out and wonder how you would sell this.

I've bought 2 of these LT's in the past on eBay auction, and was very pleased with the purchase price on both occasions.

If this helps, I have sold one before on BIN & BO and was also very pleased with the outcome!

It really all hinges on the quality of the images you can get onto eBay! Get links in the description to photobucket if you have to, just get the viewer an easy way to see a quality image! Don't do that 'I can send pictures' thing, that should be in Paulus's Room 101!

So, not auction IMO, a 30-day BIN or BIN & BO IMHO. Everyone has very different views on this, to each his/her own!

I see were you are coming from. I had also considered an auction with a highish reserve, then if under but close take the highest bidder. I do have interest in this coin but I've no idea what it's worth? Perhaps any dealer types could pm me their thoughts.

I personally always run a mile when I see reserve not met on listings. I'd go bin & BO for this one! There aren't generally that many going through eBay, so you will get some interest for certain.

I notice a seller on ebay has an example, a very nice one at that, on for BIN £750 A bit on the high side I would say as Spinks only quote £400 UNC/BU. Very tempting to put mine on for say BIN £300 to see if I get a bite.

[Peckris]

So a question for you all. I'm about to have a clear out and wonder how you would sell this.

I've bought 2 of these LT's in the past on eBay auction, and was very pleased with the purchase price on both occasions.

If this helps, I have sold one before on BIN & BO and was also very pleased with the outcome!

It really all hinges on the quality of the images you can get onto eBay! Get links in the description to photobucket if you have to, just get the viewer an easy way to see a quality image! Don't do that 'I can send pictures' thing, that should be in Paulus's Room 101!

So, not auction IMO, a 30-day BIN or BIN & BO IMHO. Everyone has very different views on this, to each his/her own!

I see were you are coming from. I had also considered an auction with a highish reserve, then if under but close take the highest bidder. I do have interest in this coin but I've no idea what it's worth? Perhaps any dealer types could pm me their thoughts.

I personally always run a mile when I see reserve not met on listings. I'd go bin & BO for this one! There aren't generally that many going through eBay, so you will get some interest for certain.

I notice a seller on ebay has an example, a very nice one at that, on for BIN £750 A bit on the high side I would say as Spinks only quote £400 UNC/BU. Very tempting to put mine on for say BIN £300 to see if I get a bite.

You don't seem to have read your PMs, Gary.

[copper123]

A 1902 halfpenny in around mint state should have a lot of appeal to a type set collector.

This might account for some of the silly prices offered.

But if you just wait and are prepared to be outbid a few times you should get a nice one on the bay for £40 - £70 depending on it's grade and if anyone else wants it.