EBay the Smart Way: Selling, Buying, and Profiting on the Webs #1 Auction Site
Store subscriptions remove the need to pay listing fees, but you still pay for upgrades. This company never charges you more than three percent in final value fees and there is no cost to verify yourself as a seller. There are two sign up options: as a buyer or as a seller. As a seller, you pay eBid three percent of the final value of your items, but you can both buy and sell.
You can also sign up for a seller plus account which removes the final value fees, but is a paid account. This site has over 2 million registered users, which is significantly less than our top pick eBay. However, eBid is active all over the world. You can view how many people have looked at your listings and show your buyer feedback from past purchases so new customers can know that you are trustworthy.
You can accept payments through PPPay. Read the full review. This company charges a 3. You also can see your traffic and give buyers coupons for your items. In our research, we found this feature was slightly glitchy, but a built-in-photo editor can save you time and money as you upload your listings.
With most online auction sites, consider the various fees the site charges, such as listing fees, final value fee, auction fees, membership fees and more. This is how auction sites make money. However, Webstore has no fees. It is a completely open marketplace.
eBay the Smart Way: Selling, Buying, and Profiting on the Web's #1 Auction Site - PDF Free Download
It's like selling the card in your driveway to a neighbor. Webstore isdriven by advertisements and donations from members. Of course, this means the site is dominated by ads, and this can turn off potential buyers. Still, with , registered users, it's the third largest auction site we reviewed.
A significant downside to consider, especially if you plan selling full-time, is the lack of a resolution center. If there is a dispute between buyer and seller, such as a lack of payment or dissatisfied buyer, the resolution is mediated between the two private parties. For part-time sellers, this is not a significant issue, as disputes are not common. But if you're selling a lot of items, a dispute is likely to happen. That said, Webstore has tools to helping buyers and sellers develop confidence in transactions.
The site charges no monthly subscription fees or a seller verification fee. In addition, you don't pay a final value fee on items you've sold, unless the item was sold through the main marketplace. Even then, the fee is just 2. With fewer upfront fees, it's easy to get started auctioning off items. For starters, the site only has about 65, users, so the total number of eyeballs you get on items is not going to compete with larger auction sites.
Secondly, you can't sell and ship anywhere outside the U. We picked the top seven online auction sites to research for our comparison. While eBay is the most well-known online auction site, our research uncovered several other alternative sites with almost as many registered users and lower fees. Some of the sites we researched only have email addresses for technical support, while the best offer phone support too and even live chat support.
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Online auction sites have many ways of eating into the bottom line of your sales. Here are the most common fees you need to consider:. We compared the sites' buying and selling processes and to see how simple it was to set up a listing on each site. In nearly all circumstances, certified coins are more liquid than non-certified. You can buy and sell with reasonable confidence if a coin has been graded and encapsulated by one of these four services. Do not expect quick profits. Temper your expectation levels. Maintain records of all your sales.
What, When, Where, and How Much. This goes for both buying and selling. You may be required to pay taxes on profit realized from the sale of your coins. The IRS will assume you made the biggest profit possible to increase your tax due if you cannot prove your actual gain. In the opinion of many collectors, coin selling is generally not as fun as coin buying. If you own Bullish US coins to start with, observe these common sense guidelines, and become adept at one or more of the coin selling options described below, you should have no trouble finding an eager buyer.
At any given moment in time, hundreds of thousands of US coins are being auctioned off on eBay. The "Buy it Now" eBay feature is also quite popular, whereby sellers set a price, and if someone meets it, the item is instantly sold. Yes, there is a lot of competition, but the coin buying traffic on eBay is immense and motivated. This is especially true if you are attempting to sell a coin on the Bullish US Coins list or have utilized the Coin Value Tables to identify other coins of proven high demand.
Also, eBay charges relatively small fees for access to their tremendously popular website. Here are a few basic points to keep in mind when selling coins on eBay:. Make sure you understand the selling rules. The best way we know of to get familiar quickly with all things eBay, including selling, is to invest a little time at the eBay University Learning Center. You should not list your first coin until after you have taken the excellent tutorial on selling , where the essentials of eBay selling are laid out in simple terms.
As a seller, potential buyers are carefully scrutinizing your Feedback Rating. If you have not yet established a Feedback Rating, you really ought to generate some positive feedback for yourself by purchasing a few items, not necessarily coins, before putting your coins up for sale. Do not bother to list your coins without a good photo or scan. Would you bid on a coin without at least seeing a good photo of both the obverse and reverse? Can you expect potential buyers to think otherwise? Buyers are more confident bidding on certified coins. Set terms for your sale. This includes return policy, acceptable methods of receiving payments, shipping and handling fees, and more.
If you're clueless where to start, observe how some of the eBay "Power Sellers" of coins do it. Get signed up to accept payment through PayPal. Buyers love the security and convenience of transferring money for purchased online merchandise via PayPal. They'll nick you for a small fee, but having the Paypal logo displayed on your auction will likely result in more bids.
PayPal benefits not only the buyer, but also you, the seller. Buyers can send funds to you from their PayPal account reserve. They can also pay with a credit card through PayPal, whether they have a PayPal account or not. Also, we suggest you read our Coin Buying section, where, nestled in with other topics, we lay out a few pointers on the purchase of coins on eBay. Understanding what prospective buyers are thinking will help you to become a better seller.
Some eBay coin selling folks are a bunch more successful than others. It is justifiably one of the hottest selling books about the eBay. Collier's affordable book demystifies any trepidation you might have over tapping into the Web's 1 auction site. Readers of this book are taught step-by-step how to prepare eye-grabbing listings, and introduces the little and big things you must do to establish a high level of credibility within the eBay community.
Actually, there are plenty of other good books on eBay selling at Amazon , too. While eBay is still the pound gorilla in the room, Amazon dove into coin buying and selling in May Anytime an organization with the platform the size of Amazon's starts doing something, people in the business take heed. The banner under which this internet behemoth is marketing coins is called Amazon Collectible Coins. With about 60, United States coin listings available at any time, Amazon is already a player in numismatic activity.
In addition to major coin dealers, everyday collectors can liquidate their coins on Amazon Collectible Coins. It is not necessary to be one of the big guys to list a coin on Amazon. If you're not already an Amazon seller, you need to get signed up. When it comes to coin auctions on the Internet, eBay isn't the only game in town. Some of the biggest names in numismatics sponsor live auctions for traditional "in person" buyers, with Internet accessibility for bidders who wish to participate remotely, either live or in advance. A few coin auction companies operate solely over the Internet.
These auction houses are not shy about promoting their events to attract buyers, spending gobs of dough on advertising and producing classy, beautiful sales catalogs. Their interactive websites cost a lot to develop and maintain, but potential buyers worldwide can peruse online catalogs at their leisure long before the auction date, and with the click of a mouse, place bids at will.
All this helps to intensify the competition for your consigned coins.
It all sounds exciting and it is , but the big auction venue is not for everyone. Contemplate the key points below before deciding if this is a viable coin selling option for you. As you might have guessed, it's expensive to publicize and conduct a worldwide, high class coin auction. Naturally, seller commissions is how the auction company keeps things going, and the cost to the coin seller can be substantial. The trade off, of course, is that you can get top dollar for your coins.
Be ready to meet the consignment deadline. The auction house must have all consignments turned in by a deadline, so plan accordingly. The deadline might be as much as 30 to 60 days before exceptionally big sales. Time is needed to prepare for the auction.
This includes, but not limited to, develop promotional materials, advertise, organize a catalog, and printing press lead time. Not every coin will be accepted. Common date coins in conditions below the highest tier of grades generate little excitement on the bidding floor of the larger, better known firms. In this environment, coins bringing four, five, or six figures are commonplace. Every now and then, we see a million dollar coin exchange hands.tuicomalimig.cf
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If your coins cannot bring in at least a few hundred dollars, don't be surprised if your consignment attempt is politely refused. If you're not sure if the coins you have will fit in, by all means, ask the auction company. They have account reps who are there to guide potential consignors. Rare stuff gets bidders jumping out of their chairs.
If you had the wisdom to acquire rare coins earlier in your numismatic career, you're sure to benefit from spirited bidding. You'll most likely be rewarded for your foresight by receiving a handsome price at auction, and other than submitting the consignment and paying the seller commission, you won't even have to lift a finger to get it done. Who are some of the best auction companies selling coins on the Internet? As a service to our readers, the auction companies we think are some of the best are mentioned below. By no means is this list fully complete, but its a very good starting point for collectors with valuable coins to consign.
Don't consign your coins over to just any auction house. Does the company have expertise in numismatics? Do their sale catalogs and Internet presence appear professional? Get a copy of their consignment rules, and read all the fine print. If you still have questions, ask a coin dealer or experienced coin collector for an opinion. Red Flag Warning : If the company name is not recognizable to veteran numismatists, what are the odds that bidders know who they are, either?
Some collectors sell their coins at relatively small public gatherings, complete with live auctioneer and gavel. Under this scenario, owners consign their coins to an auctioneer, who in turn lists the coins on the sales bill of an upcoming event. Unless you live in a remote wilderness, the chances are good that an auction of this type will be held in a nearby community sometime soon.
Community coin auctions are usually publicized in local newspapers. Check the local newspaper about once a week to stay informed on upcoming sales. Don't be surprised if your coin has to share the stage with bicycles and lawn mowers also in the sale. Most of the coins sold in community auctions are less expensive.
eBay the Smart Way Selling Buying and Profiting on the Webs 1 Auction Site
Mega dollar material crossing the block at the worldwide Internet sales is routine. For many hobbyists, this is an appropriate venue. That's the going rate charged by many auctioneers. Still, if your coins sell at fairly close to retail value, you'll come out ahead compared to outright wholesale. Community auctions also hold the promise of getting you acquainted with other coin enthusiasts in your area. These contacts can work to your benefit as you seek to purchase and sell other coins in the future. The importance of developing new friendships is something not to be overlooked either.
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Coin dealers, large and small, replenish their stock, in part, by purchasing coins from collectors wanting to sell. If you're in the mind to sell some coins, one possible buyer is a local coin dealer. You can find them listed in the Yellow Pages. This may be the fastest, easiest option for liquidating your coins. However, there are a few facts you should be mindful of before you approach a local dealer to ask for an offer on your coin:.
Coin dealers are in business to make a profit. Numismatics is their chosen profession, so they are certainly entitled to one. Like other businessmen, coin dealers have numerous overhead expenses, including salaries to employees, rent, taxes, advertising, insurance, travel, and many other miscellaneous items. The percentage can vary depending on what the dealer already has in stock, his cash position at the moment, and how quickly he can "turn" the coin.
It never hurts to stop in for a friendly chat with a local dealer, but do not expect him to pay close to retail for your coin. Indeed, buying coins at wholesale is central to his survival. Local dealers usually have a small customer base. The typical "mom and pop" coin dealer does not have access to a large base of customers. He cannot add to his inventory just any collectible coin that comes his way.