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| Cash...still just as good as money. |
You are pulling out all those coins because they are supposed to be valuable. It makes sense that selling some of your coins would help you offset the cost of some of those high dollar purchases and move forward with your coin roll hunting project. You have the advantage of low product cost: face value.
Back in the day the most practical method of selling was taking your stock down to the local coin shop, coin club, or coin show. Mail order sales was possible but this was usually done without so much as photos of the coins being sold-just a list of dates with grades and prices. While all this is still possible, there are better options available with the internet and digital technology: sell online.
If you are reading this blog, chances are pretty good that you have access to a computer or a phone. That's most of what you need to sell online. If the phone has a good enough camera, you're all set. The combination needed is a decent camera and a way to get the photos posted. It's a sure bet that I'm not a professional photographer so I won't get into details or tips on photography. As long as the photo is good enough, you should be able to start selling.
WHERE TO SELL
There are plenty of websites that allow you to list and sell your coins. Some have fees, some don't. There are professional auction sites that are best suited for the finest coins in the world. These include Stack's Bowers Galleries and Heritage Auctions. For coins being pulled out of circulation being sold directly by you, there are other sites which are more appropriate which I will discuss below. If you want to get deeply into it or have LOTS of coins to offer, consider your own website.
eBay
This is probably the most widely used auction site in the world. They attract a huge audience, have payment systems in place, allow you to post photos as well as text descriptions, and have features in place for the buyer and seller to settle disputes. It costs nothing to set up an account, although you will need a Paypal account. If you have only a handful of items each month selling in a No Reserve Auction costs nothing if the item does not sell. If something does sell, eBay handles the transaction and it's fees will be deducted from the buyer's payment before you get it. For coins, the fee is 10% + 30¢. Paypal also charges 3% of the total sale + 30¢ per transaction.
If you have a large number of items to sell, there are features such as an eBay Store which reduce your costs and commissions. The disadvantages here are lack of moderation and the risk of being lost in the crowd. Without moderation the issue is more a problem for buyers. For sellers, the shear volume of items being sold means your items may not be seen by that huge audience.
USA Coin Book
This one is less well known. While the site has considerably less traffic than eBay, it's a site that handles only coins and related items. The commission structure is a much more reasonable 2% flat fee on the final sale. Paypal fees apply. You can list everything you have and don't pay a thing until something sells.
Craigslist
This is a classified ad site. You can list anything and everything. There is no commission. They do not handle payments. It is up to you to negotiate directly with the seller. Since it is a local sale, you will have to meet the buyer in person. For reasons of security it is recommended that this be in a public place, a restaurant for instance, rather than at your home.
Coin Forums
There are several forums out there with hundreds to thousands of members. Some allow sales on the site. As with Craigslist, these sites do not handle payment.
What started as a social networking site has developed over the years to include Groups. There are scores of coin related groups which operate much like a forum. Some allow sales with set prices, others only auctions. Some specialize in particular issues such as Lincoln Cents or with a focus on errors and die varieties. These groups have the advantage of being administered by attentive and responsive moderators. Buyers who don't pay are removed. Seller's who don't ship are removed. You can get involved in the group without buying and selling. This lets you get to know the people on a more personal level. Over time, you build a rapport with buyers and sellers alike. The size of the group is an important factor. When the group grows to a substantial size, say 10-20 thousand members, the personal touch can be lost. Still, there are large group which haven proven to be cohesive. You can list items with no commission. If the item is for a fixed price, the sale can proceed immediately. It is up to you to invoice or bill the buyer. Paypal comes in very handy in this aspect. You can also accept money orders, concealed cash, personal checks (if you dare), or settle on a trade. If you so wish, you can start your own group or set up a page of your own. This is one of my preferred venues.
Personal Website or Blog
This will take effort to set up and is a long term commitment so it may not be for everyone. There are free websites such as Blogger (you are reading this on a Blogger site). Alternately you can use a fee based server. I use GoDaddy for another website of mine. It costs me about $127/year for the domain name and server fees. With a dedicated website it takes time to attract a viewer base. I offer information, tips, suggestions, and essays intended to inform the reader. I'm adding coins and items for sale over the next few weeks. Blogs and websites have the advantage of developing revenue through several methods in addition to direct sales. I'm sure to talk about those over time.
A dedicated website demands more than simply listing coins for sale. It is a lifestyle choice. It requires dedication and constant drive. If you are up to it, it can be a wonderful means of developing an income.
Some pointers
You'll find selling on facebook to be easy. Best part is the moderators keeping the deadbeats out.
There are several groups which allow selling coins, be sure to read the rules first, some allow auctions, some allow BIN, some allow both.
-Good Photos, front and back, just the coin, best size is 750 pixels across but larger is appreciated. Clear detail is key
-Describe your coin as best you can, in your own words. Mention the good as well as the bad-you dont want the piece getting returned so if there is a flaw, let the people know.
-Explain payment options, be it paypal, USPS money order, concealed cash (with applicable limits)
-Explain shipping and shipping charges. If you are going to drop it in an envelope and put a stamp on it, please mention that. Most folks like their coin in a holder protected with bubble wrap, shipped USPS 1st class with tracking. I charge $3 for shipping, covers the envelope, shipping label, $2.62 postage, packaging and paypal fees on the $3 charge. If you will only ship to US address, mention that. most groups assume shiping is paid by the seller if it is not stated in the listing.
-list the price if it's a BIN, Buy It Now,
-List the starting bid if its an auction, minimum increments how the auction will end, and the BIN price if someone wants to skip the bidding and take it.
-When the auction is over, be sure to announce the winner and send a PM to discuss payment and shipping arrangements
-Have the coin ready to ship when it is listed. When the auction is over, all you have to do is get it to the post office
-If you accept returns, explain the terms. Don't spend the money until the return period has passed.
I use a script when listing a coin on facebook so I don't leave anything out.
I have a script I use. Real simple text file, I copy/paste then fill in information specific for the item. I use this, I don't leave anything out.
>>>
Description
[2018 Lincoln Cent MS71RD ]
[blah blah, its nice, you should buy it]
---
Grade is my opinion. Coin pictured is the coin you are buying.
This lot WILL SELL once the starting bid is met, to the highest bidder. It is not being sold or offered anywhere else.
THIS IS AN AUCTION.
Starting Bid: $5
Auction ends when 24 hours have passed since the last bid
Payment in US funds by Paypal Goods and Services, or Postal Money Order.
Shipping: $3, USPS 1st Class with tracking, USA only. Combined shipping on all purchases within a 10 day window in any group.
14 Day Return for any reason gets you the purchase price refunded. No refund on shipping charges.
Bid Early!
Bid Often!
Good Luck!
Lot#:
<<<
-If you accept returns, explain the terms. Don't spend the money until the return period has passed.
I use a script when listing a coin on facebook so I don't leave anything out.
I have a script I use. Real simple text file, I copy/paste then fill in information specific for the item. I use this, I don't leave anything out.
>>>
Description
[2018 Lincoln Cent MS71RD ]
[blah blah, its nice, you should buy it]
---
Grade is my opinion. Coin pictured is the coin you are buying.
This lot WILL SELL once the starting bid is met, to the highest bidder. It is not being sold or offered anywhere else.
THIS IS AN AUCTION.
Starting Bid: $5
Auction ends when 24 hours have passed since the last bid
Payment in US funds by Paypal Goods and Services, or Postal Money Order.
Shipping: $3, USPS 1st Class with tracking, USA only. Combined shipping on all purchases within a 10 day window in any group.
14 Day Return for any reason gets you the purchase price refunded. No refund on shipping charges.
Bid Early!
Bid Often!
Good Luck!
Lot#:
<<<
Further reading
Open a checking account for your coins
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