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Here is an excerpt from a recent email response sent to one of our ShakeMyHand guide readers who has a collection of certified coins that he is considering selling in preparation for his upcoming wedding next year.  We thought it might help some of you out there who are considering selling your coins, but aren't sure where to start.  This is just a primer.  Please consult experts for a good, well-rounded perspective before you start selling.  We do hope you find this information of some value.

The response:

I don't know a lot about coins... there is too much to know.  My first bit of advice to you is to START with my advice; but seek additional advice from those who know more than me.  I have, however, done some homework on numismatics; and I have been able to combine my computer science Masters, my BBA, and my military background to come up with a few successful strategies for buying & selling coins.

It sounds like most, if not all of your coins are already graded, so I won't go into the virtues of sending them in to one of the top two grading companies prior to selling them.  Hopefully you have some gold... this is a great time to sell gold. 

If you truly love your collection and don't want to part with it; consider using it as collateral for a wedding loan.  I'm not encouraging you to take on debt for your wedding; just offering a way out of parting with one love to gain another.

If you decide to sell; and don't want to mess with the selling aspect of it yourself, I recommend either selling your entire collection to a reputable dealer or consigning through a reputable Ebay dealer, a local coin shop, or one of the other auction houses (Heritage Auctions, Teletrade, are David Lawrence to name a few).  Bear in mind, when you consign there is a steep "Buyer's Premium" in many cases.  This is a fee that is tacked onto the price of the auction (usually 15% - 25%) IN ADDITION TO any fees you pay as a seller... it's quite a deal for the auction houses; but even with such a premium, you might make more money going this route than one of the others.  This is due to the level of exposure, since these auction houses normally conduct combined auctions that include web and a potentially large crowd of live, onsite bidders all competing for your coins.

If you're thinking about selling the coins yourself (you have strong enough feedback to do this with your Ebay feedback rating of nearly 200), the first thing I would recommend is to study the art of effective searches, so you know how to place your coins in front of the biggest pool of qualified buyers.  You might take a look at my search guides and at some or all of my favorite searches to get a good feel for it.  They can be found here: http://myworld.ebay.com/shakemyhand/

It's important to know your market and how/where they look to find coins.

Next, find/maximize the value of your collection:

      1.  Subscribe to both NGC (ngccoin.com/poplookup) and PCGS (pcgs.com) population reports, so you know how many of each coin are available in the grades you own.  This is a very important contributor to pricing.  Study these population reports; but don't pay a lot of attention to the price guides.  The grading companies don't put much effort into developing accurate pricing; and most buyers know this.

      2.  Buy a current Red Book (Google "Redbook Coins").  Enough said on that.

      3.  Build searches that unearth coins similar/identical to yours and look at past sales (check the completed listings box in search criteria).  This will give you a recent history.  BUT... once you obtain a good sample, study each sale to glean insight as to why certain coins sold for more than others... i.e. listing duration?  Feedback rating?  Type of auction (buy it now, reserve, no-reserve, etc)?  Days of the week listed?  Time ended?  Etc...  Search Ebay (using search queries you build), Heritage and Teletrade (using their search tools).  This is truly the key to maximizing your auction profits.  The real estate term "Location, location, location" applies equally to virtual venues... knowing how to capitalize on virtual venues can pay you big dividends.

      4.  Know your fees.  Research the Ebay/Paypal, Heritage, Teletrade, etc. fees that are involved with using their tools.  If you don't, you may be surprised at how high they can be.  For example, putting a reserve on your listings can be very costly, whereas, selling with Buy-It-Now / Make Offer or No Reserve 99 cent starting bid are much less expensive.  Further, there are times when paying higher fees can maximize your profits... how? 

a.  PayPal is a good example of this - although none of us like paying those exorbitant fees, buyers will often pass on items that require the extra work of sending a check or money order, thus reducing the level of competition (and profit) for your coins.  I find it best to offer a broad range of payment options.

b.  99 cent auctions have very low fees; but they are risky if you haven't done your research.  There are times when a Buy-It-Now / Make Offer listing can generate a significantly higher profit.

      5.  Do as much as you can to build trust in would-be buyers...

a.  Feedback rating is obviously important - you have that.

b.  verify both your Ebay and Paypal accounts.  Each site has a separate process for verification.

c.  If you have a big collection, sell only enough to become a Power Seller within three months.  Then make the big push.  Check out the Ebay criteria - it's not that difficult to become a Power Seller; and it's a tremendous confidence booster for clients.

d.  Give customers/prospects more than they expect.  It's not a waste of your time or money.  You will get return and referral business.

e.  Write an effective guide about something you know.  Ebay has a great mechanism for getting valuable information into the hands of those who need it via their guide process.  Effective guides will engender trust (as you know); and the ancillary benefit is they will also put some of your items in front of your guide readers (free advertising).  Although it helps to write guides about items you are selling, there is value in writing on any topic as long as you receive yes votes.  Ebayers like to see that "Top reviewer" tag next to your id.

      6.  Pay attention to the seasons.  The best time to sell coins is January through May.  Late Fall can also be productive; but watch before you sell.

Please vote yes below if you found this guide helpful.  Thanks!

Good luck to you, my friends.  We look forward to shaking your hand in the future.

ShakeMyHand