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#11
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1796 B-4 Draped Bust Dollar -- Opinions??
Brian writes:
Hi, Everyone. I recently had a coin graded by ANACS for someone wanting advice. It came back F-12 Details, Cleaned. Here are the pics: http://home.comcast.net/~bhartman24/1796secondobv.jpg http://home.comcast.net/~bhartman24/1796secondrev.jpg The reason I had it graded was for selling purposes. How do you think it would do on Ebay? Or is Heritage a better choice? Any advice you could give me would be appreciated. I asked some people on the PCGS U.S. Coin Forum, and they sounded like Ebay would be an okay venue. What do you think it would go for? Been away at a show, Brian, so couldn't reply before this. No one in the replies seems to mention that the coin is cleaned, and although many early dollars have been cleaned, this cleaning is obvious enough so that it is unlikely that PCGS or NGC would certify it at all. Since an UNCLEANED F-12 (I agree with the detail grade) would sell for $2000-$2500, I would simply start bidding a $995 in a 7 day auction. It's typical retail would be about $1200, just under what an uncleaned VG would bring. You may do as well or better. Or, set a reserve of $995 which will cost you a $10 reserve fee on top of the eBay listing fee and start at $250. That will encourage bids, and you may get the type of activity that will bring a fair price. I would mention that the coin has been lightly cleaned and/or show the slab so stating that. If it does sell then eBay won't charge the $10 reserve fee, but if you relist it, the reserve fee is again imposed. Ira |
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#12
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1796 B-4 Draped Bust Dollar -- Opinions??
JMark wrote: .... The rationale behind a reserve is sound. If it hangs people up - then they don't bid - probably weren't going to help maximize your potential anyway... You said it very well. I have used a reserve a couple of times. The reserve was well under Greysheet. People who don't like a reserve may be wanting to seriously underpay for coins. Of course, the seller doesn't want to be underpaid, so sets a reserve. A seller only has a couple of ways to protect an investment -- a fair opening bid or a reserve. A fair opening bid inhibits bidding more than a fair reserve does. (I'm not talking about obnoxiously high opening bids or reserves.) If a bidder offers a fair price, then most likely the reserve will be met. There is no reason to avoid reserve auctions. A seller has to make a decision on a coin to decide how much money he/she can afford to lose. If other sellers are like myself, even the reserve price will be a loss of money, just not an intolerable loss. An auction is risky for a seller, particularly when selling coins that have an uncertain market. It does take away the bidders' hope of getting the coin at bargain basement prices, but that is the point. Sellers cannot afford to give their coins away. BTW, I do a lot of true auctions. I would not recommend this as a good business practice, particularly for coins that are not on the current hot list. We had a thread a year or so ago about figuring how much loss was tolerable, then setting an opening bid or reserve. From what I have seen, these are often fair prices for the coins (with many notable exceptions), so shouldn't create any resentment. Most of the people selling coins on eBay aren't rich, so don't want to let their coins go for too little. Anita |
#13
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1796 B-4 Draped Bust Dollar -- Opinions??
Ira wrote: Been away at a show, Brian, so couldn't reply before this. No one in the replies seems to mention that the coin is cleaned, and although many early dollars have been cleaned, this cleaning is obvious enough so that it is unlikely that PCGS or NGC would certify it at all. Since an UNCLEANED F-12 (I agree with the detail grade) would sell for $2000-$2500, I would simply start bidding a $995 in a 7 day auction. It's typical retail would be about $1200, just under what an uncleaned VG would bring. You may do as well or better. Or, set a reserve of $995 which will cost you a $10 reserve fee on top of the eBay listing fee and start at $250. That will encourage bids, and you may get the type of activity that will bring a fair price. I would mention that the coin has been lightly cleaned and/or show the slab so stating that. If it does sell then eBay won't charge the $10 reserve fee, but if you relist it, the reserve fee is again imposed. Ira Hi, Ira. You're right that PCGS wouldn't slab it. Been there, done that, got the bodybag to prove it. I'm a little surprised that you think it would bring less than uncleaned VG money, because from what I can see, the details are far better than that, even acknowledging the cleaning. I think the thing I might end up doing (pending the seller's permission) is announcing the Ebay auction on the B/S/T forum on PCGS and here, and then setting an opening bid of $1000 on a 1-week auction. (Incidentally, is there any difference between a starting bid of $995 and $1000?) |
#14
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1796 B-4 Draped Bust Dollar -- Opinions??
Come to think of it, I think I might just go with a reserve. It will
at least attract people's attention more than a high opening bid will. If I lose people who don't want to hit the reserve, that's okay, because I guess that's the point. |
#15
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1796 B-4 Draped Bust Dollar -- Opinions??
Brian writes:
You're right that PCGS wouldn't slab it. Been there, done that, got the bodybag to prove it. I'm a little surprised that you think it would bring less than uncleaned VG money, because from what I can see, the details are far better than that, even acknowledging the cleaning. ...... The cleaning will make a signifiant diffrence. In my experience, A coin i n that price range will drop in value more than just a single grade, but less than two grades. VG-8 has a high retail of $1500..perhaps a typical retail now that Graysheet bid has increased to $1225. Therefore, subtracting a bit more for the cleaning, I arrived at about $1000. Crianly a common date Morgan dolar in Fine miht be worth $14 and a cleaned one $8..just for the silver. But for a high demand early bust dollar, the value could well be cut in half. As a I wrote, you might get a bit more, but cleaning is a major detrrent to any bids at all from savvy collectors, so you'll attract those with bugetary constraints or those not too experienced. $995 is essentailly $1000, but psychologically, the under $1000 price might well help to get the ball rolling. You decide. Ira |
#16
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1796 B-4 Draped Bust Dollar -- Opinions??
Ira wrote: Thanks, Ira. I figured the pricing might be a psychological thing. I'll consult with the seller on the pricing and then take it from there. Thanks for your thoughts. The cleaning will make a signifiant diffrence. In my experience, A coin i n that price range will drop in value more than just a single grade, but less than two grades. VG-8 has a high retail of $1500..perhaps a typical retail now that Graysheet bid has increased to $1225. Therefore, subtracting a bit more for the cleaning, I arrived at about $1000. Crianly a common date Morgan dolar in Fine miht be worth $14 and a cleaned one $8..just for the silver. But for a high demand early bust dollar, the value could well be cut in half. As a I wrote, you might get a bit more, but cleaning is a major detrrent to any bids at all from savvy collectors, so you'll attract those with bugetary constraints or those not too experienced. $995 is essentailly $1000, but psychologically, the under $1000 price might well help to get the ball rolling. You decide. Ira |
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