I thought I'd take a moment to draw your attention to the Lincoln Cent Die Variety Cheat Sheet.
You'll find the link on the right of this blog so you can access it easily.
I've been adding more photos as well as links to pages offering more information,
Friday, June 30, 2017
Saturday, June 24, 2017
Key Information Websites
I encounter people everyday who are new to coin roll hunting, searching for errors, and identifying die varieties. I see photos of an unmistakably damaged coin owned by someone unable to judge if it is an error or if it spent 8 hours rolling around inside an unattended garbage disposal. Either they are not trying to do their homework or they don't know where to look to learn. It's time to change that.
The way the internet is used is changing. It used to be computers, now it's 2/3 cellphones. The way we store links is also changing to go along with the new technology. Rather than have to dig through a long list of bookmarks, just bookmark this article. I'll do my best to keep it updated. In the meantime, the most important sites will be listed here, ready when you need them.
*The next iteration of the database will become operational within a few weeks.
If there is a starting point, start here. Learn what sorts of errors are out there and how they happen. This site is akin to drinking water from a firehose. The sheer volume of information at your fingertips is astounding. Site has an effective and easy to use search feature. Take the time to read the whole site. Its long, kinda dry, but theres much to learn. You'll be able to tell the difference between a mint error and post mint damage at a glance.
Numista is a participative catalog of world coins, kinda like a wiki for world coins. There's a lot of information already in place to help you identify your coin, with more information added by users all the time.
MyCurrencyCollection.com
The way the internet is used is changing. It used to be computers, now it's 2/3 cellphones. The way we store links is also changing to go along with the new technology. Rather than have to dig through a long list of bookmarks, just bookmark this article. I'll do my best to keep it updated. In the meantime, the most important sites will be listed here, ready when you need them.Grading
PCGS Photograde
For US coins the process of determining the grade of your coins is as easy comparing what you have to the photos of they type of coin. If your coin is as well detailed as one grade shown but not as well detailed as the next better, your coin falls into the lower grade. This does not account for scratches, dings, excessive contact marks, damage, holes, or alterations which will dramatically affect value.
Value
What's it worth? To estimate value, you'll first need to estimate the grade.
Numismedia
I've found this site to be a fairly accurate representation of market values for US coins.
Die Varieties
Useful and abundant information on die varieties. Each offers advantages over the other. If you have a coin you suspect is a doubled die or has repunched mintmark you can compare your coin with known varieties.Doubled Die .com
John Wexler has forgotten more about die varieties than I will ever learn. His site expands well past Lincoln Cents and offers a library of articles explaining in detail various aspect of the coins he has studied and that you are looking for. Offers attribution service.Variety Vista
Variety Vista is the name of the website. It's common to refer to it as CONECA. Dr James Wiles operates the site as the home of the CONECA Master Listing of Die Varieties. Offers attribution service.SAN Database
Using the Standard Attribution Nomenclature developed on this blog, this is an ongoing project to document all die varieties for all US coins with photos, notes, linked cross references.*The next iteration of the database will become operational within a few weeks.
General Information
Error-Ref
Senior Editor: Mike Diamond.If there is a starting point, start here. Learn what sorts of errors are out there and how they happen. This site is akin to drinking water from a firehose. The sheer volume of information at your fingertips is astounding. Site has an effective and easy to use search feature. Take the time to read the whole site. Its long, kinda dry, but theres much to learn. You'll be able to tell the difference between a mint error and post mint damage at a glance.
Numista
Numista is a participative catalog of world coins, kinda like a wiki for world coins. There's a lot of information already in place to help you identify your coin, with more information added by users all the time.
CONECA Online
The home page for CONECA. CONECA is an acronym for Combined Organizations of Numismatic Error Collectors of America. I'm a member. You can be too.Cuds on Coins
Specializing on die chips, die breaks, and die cracks this site is continually developing. Updates are frequent. Readers are encouraged to submit their finds for attribution and gives the discoverer credit. This lets you make a direct contribution to the hobby. I've got a dime listed on the site.Trail Dies
Site dedicated to a particular style of anomaly.Maddieclashes.com
All things Die Clash.1 Million Pennies Project
A developing site exploring the entrepreneurial side of coin collecting, die varieties, and gets into the How-To of identifying errors and varieties. Specializes in Lincoln Cents with a developing Lincoln Cent Die Variety Cheat Sheet. Offers an Inspection Service and preparing to establish an attribution service for errors and die varieties.USACoinBook
Lots of information available for weights, measures, designer, mintage, some variety identification and a value guide (that needs to be taken with a grain of salt).Specialized Information
IndianVarieties.com
Great site for Flying Eagle Cents, Indian Cents, Early Cents
Coppercoins
If Lincoln Cents are your thing, this will be a GOTO site for you. Easy to use search engine by date/mintmark/variety.The Lincoln Cent Resource
Creator Brad Podraza brings a wealth of insight on Lincoln Cents. Articles, photos, links, all easy to access and a great place to learn.3 Cent Nickel
Specializing in...3 Cent Nickel. Also has some 2¢ die varieties listed.Seated Half Dimes
Steve Crain Seated Half Dimes on the Newman Numismatic PortalShieldNickels.Net
A treasure trove of information on the first nickelBrian's Variety Coins
Fantastic resource for nickel varieties.
JeffersonNickels.org
A guide to the Jefferson Nickel coin series
Seated Dime Varieties.com
Web-book resource for Liberty Seated Dime varietiesRichard’s Roosevelt Review
If you like Roosevelt Dimes, you'll like this.Double Dimes
The United States Twenty Cent Piece.SeatedLibertyHalfDollar.com
Wiley-Bugert
Capped Bust Half Dolla.org
Somewhat limited information on the 1807-1839 Capped Bust Half DollarsFranklinLover.com
For collectors of Franklin Half Dollars, errors and varieties.Trade Dollar Nut
Reference material for Trade DollarsVAM World
A site dedicated to errors and varieties on Morgan and Peace Dollars.The Ike Group
Reference material for Eisenhower Dollar enthusiasts.US Patterns
Canadian Coinage
Coins and Canada
All denominations of Canadian coinage. Includes major varieties, grading standards, values.Vickie Cents
Articles of interest for Canadian Large Cent collectors.World Coinage
Numista
120,000+ world coins in the collaborative coin catalog, built and constantly enriched by the Numista community.
Coin Related
Token Catalog
Reference site for tokensCurrency
MyCurrencyCollection.com
The Provincial Token Coinage of the 18th Century
Outstanding information on Condor TokensCJ's Numismatic Book List
Thursday, June 22, 2017
Selling Coins in Facebook Groups
I've talked before about where to sell your coins. I've briefly discussed the idea of flipping coins. I've explained how just a small extra income can improve your situation. I want to get more in depth regarding selling coins in facebook groups because it is perhaps the easiest platform to use. Quick, simple, you are probably already on facebook and the best part of all: no commission.
FEES
There are no commissions or listing fees to participate in these groups. Prices need not be inflated to account for high overhead expenses.
You get to talk with the buyers (I pick up sales all the time far in excess of items sold in groups)
Bad people get removed, often from many groups at the same time.
Its a return to earning a reputation which made the hobby more fun.
SOCIAL ASPECTS
The nature of facebook as a social network offers tremendous advantages that are impossible to find in other sites such as eBay. The people join groups primarily because the subject of the group is of interest to them. Gardening groups have gardeners. Quilt groups have quilters. Coin groups have coin collectors. If they are in the coin group, coins are their thing. The groups have moderators to keep things smooth. The moderators establish the rules of the group. In some groups sales are allowed. In others, its only discussion. Both types of group are handy.
The social networking aspect is critical to selling on facebook. The buyers and sellers are able to become familiar with each other, gauge their level of knowledge and sincerity, and develop trust. Out in the corporate world, they call this Branding and Name Recognition. Regardless of the label, the fact is people will get to know you. They will be more willing to purchase from you if you come across as friendly, approachable, and sincere. As a seller, your personality will become an overwhelming aspect of your ability to attract customers. There is no room for drama. There's nobody in the groups that want to get involved. If you want to talk about romance, emotion, hardship, vice, or subjects not related to coins, you risk losing that reputation that takes so long to develop, even if you conduct the chat over private messages.
There is a tremendous percentage of the population in these groups who are new to collecting. There are lots of young people. There's people who have insecurities about collecting coins and don't really have a good handle on what they are doing. Bear in mind, these people may well be your customers one day. When coaching or commenting on coins posted by others, be positive and supportive at all times. Someone finds a 1981 Lincoln Cent in decent condition and wants to show it off? "That's a coin in excellent shape and well worth adding to your collection." At the very least, give it a thumbs up. You need not offer a shoulder to cry on, but being pleasant and supportive will go a long way in showing the world you are a nice fellow to do business with. It may be just a few words, but for a new collector, stepping up and posting a blurry photo of a low value coin is a big step. People relate to their coins, and often take comments personally. Commenting that a coin is junk, trash, or otherwise unworthy can be perceived as an assault upon their character. Maintain a positive and supportive posture and you will win their hearts. Tear them down, you'll drive them away. Go back over this section. Learn it, live it. Its the same everywhere, not just in coin groups. People want to be told they are doing it well, whatever 'it' is.
There is no room for drama, anger, or discord. Being involved in an argument will only hurt your reputation. There is no victory to be won, no point to make, no gain from being right. Facebook group coin sales offer you the opportunity to develop a substantial income. Enough to pay your bills. This is one sandbox you will want to keep clean. Personal differences may arise, personalities will surely clash. Pay these situations no heed. Walk away without comment or involvement. Being involved in any sort of petty bickering, belittlement, or personal attacks will only hurt your opportunity. Focus on the income and what it means for you and your family's lifestyle and stay out of it.
TABOO: THE BIG 3
In the groups, avoid discussions of the Big 3: Politics, Religion, and Abortion. These are subjects that are highly volatile and emotional. As an example, if you show yourself as a liberal or conservative, you can drive away half of your prospective clients. If these subjects are on your personal page, people can see the posts if the privacy setting are public. It may be wise to keep customers separate from your personal page. Friend them at your own risk. Discussion of these topics in groups will drive people away and probably get you removed from the group. You want to bitch about the gubmint? Rant on about your agenda? Do this on your personal page. In the coin groups, talk about coins. That's what people are interested in, and the reason they are there.
MODERATION
The group administrators and moderators take an active part in the groups they serve. By removing those who fail to meet the standards set in the group rules, the buyers and sellers have some protection from less scrupulous individuals. Moderation is what sets facebook apart from eBay. If the coin is fake, the mods will find out and take it down in a hurry. If a seller is moving bogus coins, not only is the post going to be taken down, the seller will be booted from the group. The moderators of some of these groups share information. If a seller gets removed from one group, there's a good chance they will be removed from others. Sellers have a strong incentive to tow the line, offer authentic products, handle billing honestly and ship promptly. At the same time, buyers want to be honest in their dealings and pay promptly. The result is a heightened level of professionalism. Better buyers, better sellers, better results.
I am one of several moderators in the group: Coin Opp Sales and Trades Only. When the group was created there was much discussion as to standards. We elected to screen sellers before they are permitted to post items for sale in the group. The first test was if they have sold online before. Novice sellers make lots of mistakes and may not be able to perform at the level of experienced sellers. The next test is procedures, for example, does the seller take steps to ensure coins are shipped properly and safely. Another test is policy: does the seller guarantee a refund in event of an unsatisfied buyer. Meet these standards, the group is populated with better sellers to attract better buyers. So far the results have been excellent and the group is about to pass 1000 members at the time of this writing.
MODES OF SELLING
As with eBay, you can offer your coins for sale in a variety of ways: Auction, Buy It Now, a combination of both, or in a trade. BIN items are straightforward: here's the coin, $X takes it away. Auctions are a bit different. Rather than have a time limit, the auction ends when the BIN is reached, if the listing includes a BIN price, or when 24 hours have elapsed since the last bid. This is a tremendous advantage for the seller. The time limit on eBay can often result in bids only in the last few moments, with the clock cutting off potential higher bids.
When listing your items, be specific regarding terms of sale:
-What is being sold: how many coins, what date, opinion of grade, price if applicable. If the coin is a die variety, list it's attribution and attributor, for example, CONECA DDO-001 or Coppercoins RPM-002.
-Payment Option. You can accept whatever form of payment you choose. Paypal is the preferred method. USPS Money Orders offer protection from check overdrafts and have no 3% fee. Personal checks are at your discretion. Concealed cash is an option.
-Shipping. If not listed, shipping is assumed to be included in the price. Once offers/bids come in, you don't get to go back and change your listing.
Shipping method: USPS, FedEx, other carrier, overnight, Priority Mail, USPS 1st Class, Media Mail, spell it out. If tracked or untracked, make a note. Combined shipping should be mentioned. USPS 1st Class with tracking is $2.62, be sure to account for envelope, shipping label, padding, and whatever else is required for your situation.
I suggest you put together a standard disclaimer containing all the pertinent information that you can add to the bottom of each sale post.
I do this, it saves a lot of headaches. I copy/paste then edit for the specific item:
>>>
---
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
Buy It Now: $25
Auction ends when 24 hours have passed since the last bid or BIN is met.
Payment in US funds by Paypal Goods and Services, or Postal Money Order.
Shipping: $3, USPS 1st Class with tracking. Combined shipping on all purchases within a 10 day window in any group. I will ship to Canada for $4.
14 Day Return for any reason gets you the purchase price refunded. No refund on shipping charges.
Bid Early!
Bid Often!
Good Luck!
Lot#:ABC123
<<<
PHOTOS
High quality, clear photos are critical to online selling. Facebook groups are no different. Buyers scroll through lists of coins being sold. The only way to get them to stop and look is to present the best photo possible. The right photo is about all you have to grab a buyer's attention. I find a short description with date, mintmark, grade and price is also helpful, but secondary to the image. If the photo is not clear, the buyer will scroll past you. Good photos means more people stopping to take a look, more bids, and higher bids. Decent camera equipment can get expensive. You'll need the ability to handle full coin images as well as zoom in on the finest details. With each piece of camera/photo equipment your results will improve as you learn how to use it. Without a decent camera and the skill to use it, you will not get top dollar for your goods. You can figure a 20% lower price for the coins you manage to sell if the images are poor. This is not a big deal when just getting started, but when you are generating sales in the $500/week range, poor camera equipment is costing you big money.
COMBINED SHIPPING
This brings in the sales. Not only does the customer save money buying several items with a single shipping charge, the seller saves with paying only a single Paypal fee. Paypal gets 3%, but they also charge 30¢ for each transaction. If a customer buys 10 items on a single invoice, the savings is enough to pay for the shipping. Offering combined shipping works well when you have multiple items being offered at the same time in the same group.
SALES STRATEGY: BATCHES
I see folks dabble in coins, selling one or two here and there. It can be successful, but its slow and limited. Consider selling batches of coins: a dozen different items listed in the same day offers the buyers a chance to pick and choose several items which allows them to take advantage of that combined shipping. Perhaps you have an item with a low bid. A customer with several items already on order would be able to place a slightly higher bid since it would incur no additional shipping. The result is consistently higher bids across the board.
When offering batches of coins, be sure to include a broad spectrum of selections. All high dollar may not be the best strategy. Having several low dollar items for sale allows people to pick up impulse items. While-I'm-At-It grabs by the customer equates to increased sales for you, but you have to offer them.
SALES STRATEGY: SPECIALIZATION
I'm a Copperhead. I deal with copper coins: half cents, cents, 2 cents, Canadian cents. Primarily I deal with Lincoln cents. I've developed a reputation for having all dates and mintmarks available in a wide range of grades, as well as a fairly sound knowledge of the series so I know when the coin is no good. I rarely deal with nickels, silver, or currency. From time to time I'll find something at a great price and offer it for sale but Lincolns are the backbone of my operation. All my supplies are geared for handling cents. Tubes, flips, holders, albums, even lighting for the camera is optimized for dealing with Lincoln cents. Not only is my operation streamlined for handling cents, I'm able to better identify, describe, and market those Lincolns to my potential customers. Since people tend to stick with a favorite series, I'm better able to service a customer for years as they complete and upgrade their personal collection. That's job security.
SALES STRATEGY: MULTIPLE GROUPS
There are dozens of coin groups on facebook. Many allow selling by BIN, auction, or both. It is possible to run a route: List coins initially in one group. If it does not sell, move it to the next group on your list, then the third and on until it sells or you reach the end. There are tens of thousands of prospective buyers on facebook, but not all in one group. You'll want to join several groups to garner the exposure that may be needed to sell your item. I use a primary group, a main group, a starting point, a home base...call it what you will, it's the sales group where I spend most of my time and make most of my sales. I choose Coin Opp Sales and Trades Only because the sellers are vetted and the moderators take an active role in keeping the group moving in the right direction. Good sellers attract good buyers.
SALES STRATEGY: STARTING BIDS
When I offer a coin at auction I have a starting bid. The coin will not sell unless that starting bid is met. Below that starting bid, no deal. Most groups allow this. The amount is easy to figure out: the price I paid, plus shipping, plus a little bit to cover paypal fees. I want to at least break even with the starting bid. If its the only bid, the buyer got a deal and I recover my investment and can hunt for another deal. Quite often I get to chatting with the buyers through the private message system. In these chats I have had excellent success in achieving additional sales. I ask them what they are looking for, offer photos, a price and point out the fact there is no additional shipping charge.
POLICIES AND PRACTICES
This is the behind-the-scenes nuts and bolts of the operation. How you do those things you do can have a tremendous impact on how effectively you can maintain sales and provide a high standard of customer service. How you pack your coins for shipment can have a profound impact on the customers perception of your professionalism and their willingness to deal you you again. How you handle invoices, billing, inventory control, returns and refunds...all of this needs to be planned in advance. You'll need accounts: Paypal, Google Wallet, a dedicated checking account. These are simple enough, get on it.
REFUNDS
In any business I've owned or operated, a satisfaction guarantee has always been an important aspect of the terms of sale. When I see an item for sale and "All sales final-no refund-no return" I automatically assume the product is being dumped on the market and is probably crap. I'm not the only one. If a buyer is being set up to be ripped off, they will pass you by. You might draw in some novice buyers, but they wont be back. Offer them risk free shopping-accept returns with no questions asked.
- - -
I'll be posting more ideas and experiences about selling coins. Come back to this blog, keep an eye on it. You may find something helpful.
FEES
There are no commissions or listing fees to participate in these groups. Prices need not be inflated to account for high overhead expenses.
You get to talk with the buyers (I pick up sales all the time far in excess of items sold in groups)
Bad people get removed, often from many groups at the same time.
Its a return to earning a reputation which made the hobby more fun.
SOCIAL ASPECTS
The nature of facebook as a social network offers tremendous advantages that are impossible to find in other sites such as eBay. The people join groups primarily because the subject of the group is of interest to them. Gardening groups have gardeners. Quilt groups have quilters. Coin groups have coin collectors. If they are in the coin group, coins are their thing. The groups have moderators to keep things smooth. The moderators establish the rules of the group. In some groups sales are allowed. In others, its only discussion. Both types of group are handy.
The social networking aspect is critical to selling on facebook. The buyers and sellers are able to become familiar with each other, gauge their level of knowledge and sincerity, and develop trust. Out in the corporate world, they call this Branding and Name Recognition. Regardless of the label, the fact is people will get to know you. They will be more willing to purchase from you if you come across as friendly, approachable, and sincere. As a seller, your personality will become an overwhelming aspect of your ability to attract customers. There is no room for drama. There's nobody in the groups that want to get involved. If you want to talk about romance, emotion, hardship, vice, or subjects not related to coins, you risk losing that reputation that takes so long to develop, even if you conduct the chat over private messages.
There is a tremendous percentage of the population in these groups who are new to collecting. There are lots of young people. There's people who have insecurities about collecting coins and don't really have a good handle on what they are doing. Bear in mind, these people may well be your customers one day. When coaching or commenting on coins posted by others, be positive and supportive at all times. Someone finds a 1981 Lincoln Cent in decent condition and wants to show it off? "That's a coin in excellent shape and well worth adding to your collection." At the very least, give it a thumbs up. You need not offer a shoulder to cry on, but being pleasant and supportive will go a long way in showing the world you are a nice fellow to do business with. It may be just a few words, but for a new collector, stepping up and posting a blurry photo of a low value coin is a big step. People relate to their coins, and often take comments personally. Commenting that a coin is junk, trash, or otherwise unworthy can be perceived as an assault upon their character. Maintain a positive and supportive posture and you will win their hearts. Tear them down, you'll drive them away. Go back over this section. Learn it, live it. Its the same everywhere, not just in coin groups. People want to be told they are doing it well, whatever 'it' is.
There is no room for drama, anger, or discord. Being involved in an argument will only hurt your reputation. There is no victory to be won, no point to make, no gain from being right. Facebook group coin sales offer you the opportunity to develop a substantial income. Enough to pay your bills. This is one sandbox you will want to keep clean. Personal differences may arise, personalities will surely clash. Pay these situations no heed. Walk away without comment or involvement. Being involved in any sort of petty bickering, belittlement, or personal attacks will only hurt your opportunity. Focus on the income and what it means for you and your family's lifestyle and stay out of it.
TABOO: THE BIG 3
In the groups, avoid discussions of the Big 3: Politics, Religion, and Abortion. These are subjects that are highly volatile and emotional. As an example, if you show yourself as a liberal or conservative, you can drive away half of your prospective clients. If these subjects are on your personal page, people can see the posts if the privacy setting are public. It may be wise to keep customers separate from your personal page. Friend them at your own risk. Discussion of these topics in groups will drive people away and probably get you removed from the group. You want to bitch about the gubmint? Rant on about your agenda? Do this on your personal page. In the coin groups, talk about coins. That's what people are interested in, and the reason they are there.
MODERATION
The group administrators and moderators take an active part in the groups they serve. By removing those who fail to meet the standards set in the group rules, the buyers and sellers have some protection from less scrupulous individuals. Moderation is what sets facebook apart from eBay. If the coin is fake, the mods will find out and take it down in a hurry. If a seller is moving bogus coins, not only is the post going to be taken down, the seller will be booted from the group. The moderators of some of these groups share information. If a seller gets removed from one group, there's a good chance they will be removed from others. Sellers have a strong incentive to tow the line, offer authentic products, handle billing honestly and ship promptly. At the same time, buyers want to be honest in their dealings and pay promptly. The result is a heightened level of professionalism. Better buyers, better sellers, better results.
I am one of several moderators in the group: Coin Opp Sales and Trades Only. When the group was created there was much discussion as to standards. We elected to screen sellers before they are permitted to post items for sale in the group. The first test was if they have sold online before. Novice sellers make lots of mistakes and may not be able to perform at the level of experienced sellers. The next test is procedures, for example, does the seller take steps to ensure coins are shipped properly and safely. Another test is policy: does the seller guarantee a refund in event of an unsatisfied buyer. Meet these standards, the group is populated with better sellers to attract better buyers. So far the results have been excellent and the group is about to pass 1000 members at the time of this writing.
MODES OF SELLING
As with eBay, you can offer your coins for sale in a variety of ways: Auction, Buy It Now, a combination of both, or in a trade. BIN items are straightforward: here's the coin, $X takes it away. Auctions are a bit different. Rather than have a time limit, the auction ends when the BIN is reached, if the listing includes a BIN price, or when 24 hours have elapsed since the last bid. This is a tremendous advantage for the seller. The time limit on eBay can often result in bids only in the last few moments, with the clock cutting off potential higher bids.
When listing your items, be specific regarding terms of sale:
-What is being sold: how many coins, what date, opinion of grade, price if applicable. If the coin is a die variety, list it's attribution and attributor, for example, CONECA DDO-001 or Coppercoins RPM-002.
-Payment Option. You can accept whatever form of payment you choose. Paypal is the preferred method. USPS Money Orders offer protection from check overdrafts and have no 3% fee. Personal checks are at your discretion. Concealed cash is an option.
-Shipping. If not listed, shipping is assumed to be included in the price. Once offers/bids come in, you don't get to go back and change your listing.
Shipping method: USPS, FedEx, other carrier, overnight, Priority Mail, USPS 1st Class, Media Mail, spell it out. If tracked or untracked, make a note. Combined shipping should be mentioned. USPS 1st Class with tracking is $2.62, be sure to account for envelope, shipping label, padding, and whatever else is required for your situation.
I suggest you put together a standard disclaimer containing all the pertinent information that you can add to the bottom of each sale post.
I do this, it saves a lot of headaches. I copy/paste then edit for the specific item:
>>>
---
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
Buy It Now: $25
Auction ends when 24 hours have passed since the last bid or BIN is met.
Payment in US funds by Paypal Goods and Services, or Postal Money Order.
Shipping: $3, USPS 1st Class with tracking. Combined shipping on all purchases within a 10 day window in any group. I will ship to Canada for $4.
14 Day Return for any reason gets you the purchase price refunded. No refund on shipping charges.
Bid Early!
Bid Often!
Good Luck!
Lot#:ABC123
<<<
PHOTOS
High quality, clear photos are critical to online selling. Facebook groups are no different. Buyers scroll through lists of coins being sold. The only way to get them to stop and look is to present the best photo possible. The right photo is about all you have to grab a buyer's attention. I find a short description with date, mintmark, grade and price is also helpful, but secondary to the image. If the photo is not clear, the buyer will scroll past you. Good photos means more people stopping to take a look, more bids, and higher bids. Decent camera equipment can get expensive. You'll need the ability to handle full coin images as well as zoom in on the finest details. With each piece of camera/photo equipment your results will improve as you learn how to use it. Without a decent camera and the skill to use it, you will not get top dollar for your goods. You can figure a 20% lower price for the coins you manage to sell if the images are poor. This is not a big deal when just getting started, but when you are generating sales in the $500/week range, poor camera equipment is costing you big money.
COMBINED SHIPPING
This brings in the sales. Not only does the customer save money buying several items with a single shipping charge, the seller saves with paying only a single Paypal fee. Paypal gets 3%, but they also charge 30¢ for each transaction. If a customer buys 10 items on a single invoice, the savings is enough to pay for the shipping. Offering combined shipping works well when you have multiple items being offered at the same time in the same group.
SALES STRATEGY: BATCHES
I see folks dabble in coins, selling one or two here and there. It can be successful, but its slow and limited. Consider selling batches of coins: a dozen different items listed in the same day offers the buyers a chance to pick and choose several items which allows them to take advantage of that combined shipping. Perhaps you have an item with a low bid. A customer with several items already on order would be able to place a slightly higher bid since it would incur no additional shipping. The result is consistently higher bids across the board.
When offering batches of coins, be sure to include a broad spectrum of selections. All high dollar may not be the best strategy. Having several low dollar items for sale allows people to pick up impulse items. While-I'm-At-It grabs by the customer equates to increased sales for you, but you have to offer them.
SALES STRATEGY: SPECIALIZATION
I'm a Copperhead. I deal with copper coins: half cents, cents, 2 cents, Canadian cents. Primarily I deal with Lincoln cents. I've developed a reputation for having all dates and mintmarks available in a wide range of grades, as well as a fairly sound knowledge of the series so I know when the coin is no good. I rarely deal with nickels, silver, or currency. From time to time I'll find something at a great price and offer it for sale but Lincolns are the backbone of my operation. All my supplies are geared for handling cents. Tubes, flips, holders, albums, even lighting for the camera is optimized for dealing with Lincoln cents. Not only is my operation streamlined for handling cents, I'm able to better identify, describe, and market those Lincolns to my potential customers. Since people tend to stick with a favorite series, I'm better able to service a customer for years as they complete and upgrade their personal collection. That's job security.
SALES STRATEGY: MULTIPLE GROUPS
There are dozens of coin groups on facebook. Many allow selling by BIN, auction, or both. It is possible to run a route: List coins initially in one group. If it does not sell, move it to the next group on your list, then the third and on until it sells or you reach the end. There are tens of thousands of prospective buyers on facebook, but not all in one group. You'll want to join several groups to garner the exposure that may be needed to sell your item. I use a primary group, a main group, a starting point, a home base...call it what you will, it's the sales group where I spend most of my time and make most of my sales. I choose Coin Opp Sales and Trades Only because the sellers are vetted and the moderators take an active role in keeping the group moving in the right direction. Good sellers attract good buyers.
SALES STRATEGY: STARTING BIDS
When I offer a coin at auction I have a starting bid. The coin will not sell unless that starting bid is met. Below that starting bid, no deal. Most groups allow this. The amount is easy to figure out: the price I paid, plus shipping, plus a little bit to cover paypal fees. I want to at least break even with the starting bid. If its the only bid, the buyer got a deal and I recover my investment and can hunt for another deal. Quite often I get to chatting with the buyers through the private message system. In these chats I have had excellent success in achieving additional sales. I ask them what they are looking for, offer photos, a price and point out the fact there is no additional shipping charge.
POLICIES AND PRACTICES
This is the behind-the-scenes nuts and bolts of the operation. How you do those things you do can have a tremendous impact on how effectively you can maintain sales and provide a high standard of customer service. How you pack your coins for shipment can have a profound impact on the customers perception of your professionalism and their willingness to deal you you again. How you handle invoices, billing, inventory control, returns and refunds...all of this needs to be planned in advance. You'll need accounts: Paypal, Google Wallet, a dedicated checking account. These are simple enough, get on it.
REFUNDS
In any business I've owned or operated, a satisfaction guarantee has always been an important aspect of the terms of sale. When I see an item for sale and "All sales final-no refund-no return" I automatically assume the product is being dumped on the market and is probably crap. I'm not the only one. If a buyer is being set up to be ripped off, they will pass you by. You might draw in some novice buyers, but they wont be back. Offer them risk free shopping-accept returns with no questions asked.
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I'll be posting more ideas and experiences about selling coins. Come back to this blog, keep an eye on it. You may find something helpful.
Counsel Given To A Young Aspiring Coin Dealer
One
can earn a comfortable living buying and selling coins. To do so is
not dependent on capital investment alone. You will need to establish a
reputation, develop a clientele, and learn the subtle nuances within
the market which make it possible to consistently make sales and earn
those profits. It will take time to get these non-capital systems in
place. Until they are in place, you will need a job.
This is one school of thought that says a job is the way to go. Another school of thought says go for your dreams. I suggest a more holistic approach: get a job to take care of you basic needs, all the while supplementing that income with coin sales during your off hours.
The advantages to the job-coin combo beats the other two hands down. You have the steady, dependable job income to cover your basic needs. Surplus from the job will offset the costly mistakes you are sure to make. Income from coin sales can be reinvested to further the development on your reputation, clientele and market experience.
Without the job, starting a coin enterprise from the ground up will likely result in an inability to meet your expenses. You'll have to sell them off at a bargain price to get out of a pickle, and you are left looking for a job.
Without the coin enterprise, a job may not offer the opportunity to develop into a more competent, confident, and affluent person you wish to become.
By all means, do the coins. It offers a bright future.
Also, get a job. It offers a solid foundation upon which to build.
This is one school of thought that says a job is the way to go. Another school of thought says go for your dreams. I suggest a more holistic approach: get a job to take care of you basic needs, all the while supplementing that income with coin sales during your off hours.
The advantages to the job-coin combo beats the other two hands down. You have the steady, dependable job income to cover your basic needs. Surplus from the job will offset the costly mistakes you are sure to make. Income from coin sales can be reinvested to further the development on your reputation, clientele and market experience.
Without the job, starting a coin enterprise from the ground up will likely result in an inability to meet your expenses. You'll have to sell them off at a bargain price to get out of a pickle, and you are left looking for a job.
Without the coin enterprise, a job may not offer the opportunity to develop into a more competent, confident, and affluent person you wish to become.
By all means, do the coins. It offers a bright future.
Also, get a job. It offers a solid foundation upon which to build.
Friday, June 16, 2017
Numismatics: Is it disappearing?
I'm still hopeful that true numismatists are still out there.
Have we become so reliant on third party grading that it is no longer possible to offer a coin without their stamp of approval? Is this an example of the corporation absorbing yet another hobby into the realm of executive control? Is legislation and regulation the next step? Is there no one left with competence to examine a coin, judge authenticity and perform the necessary homework of market research to draw a conclusion for themselves?
There was a time, not so long ago, when we had to figure it all out on our own. There were no books on die varieties. Market values were figure out by looking at dealer price lists. It took a month from when you sent out a price list to when a coin was ordered, the check cleared the bank and the coin made its way to the buyer. If a couple more weeks go buy without the item being returned, it was a good sale.
There was no electronic bidding. The only computers out there were being used by NASA to put men on the moon. Photos were unheard of. A typewriter, a photocopy machine down at the office store, and a whole lot of stamps. So many stamps you could skip a meal. You'd get sick from all the licking.
We had to develop skills. We had to learn to grade a coin. Leaving it someone else was unthinkable. We had to learn to handle and store them, with failure to learn an expensive lesson. The best way to get coins was head for the local coin show every season. Only 3 more months.
Coin collecting has changed. Some changes are darn convenient. Digital photos being sent around the world in seconds, instant payment in whatever currency you have, and overnight shipping. Other changes are not as grand. Reliance on the subjective opinion of a corporate employee ranks chief among them. I propose we keep the good stuff and strive to regain that which has been lost: individual ability and competency.
Have we become so reliant on third party grading that it is no longer possible to offer a coin without their stamp of approval? Is this an example of the corporation absorbing yet another hobby into the realm of executive control? Is legislation and regulation the next step? Is there no one left with competence to examine a coin, judge authenticity and perform the necessary homework of market research to draw a conclusion for themselves?
There was a time, not so long ago, when we had to figure it all out on our own. There were no books on die varieties. Market values were figure out by looking at dealer price lists. It took a month from when you sent out a price list to when a coin was ordered, the check cleared the bank and the coin made its way to the buyer. If a couple more weeks go buy without the item being returned, it was a good sale.
There was no electronic bidding. The only computers out there were being used by NASA to put men on the moon. Photos were unheard of. A typewriter, a photocopy machine down at the office store, and a whole lot of stamps. So many stamps you could skip a meal. You'd get sick from all the licking.
We had to develop skills. We had to learn to grade a coin. Leaving it someone else was unthinkable. We had to learn to handle and store them, with failure to learn an expensive lesson. The best way to get coins was head for the local coin show every season. Only 3 more months.
Coin collecting has changed. Some changes are darn convenient. Digital photos being sent around the world in seconds, instant payment in whatever currency you have, and overnight shipping. Other changes are not as grand. Reliance on the subjective opinion of a corporate employee ranks chief among them. I propose we keep the good stuff and strive to regain that which has been lost: individual ability and competency.
Sunday, June 11, 2017
I'm Back!
In case you were wondering what happened to me and why I dropped off the face of the earth, let me catch you up.
I've worked for an industrial contractor for around 15 years as a foreman, shift leader and field supervisor. I left a couple years ago because my old back just wont take it anymore. They've called a few times to see if I was available but I've declined. After closing the diner in January I had to catch up on some bills. I went to my old boss and asked what he had going on. He put me to work right away coordinating a job at a papermill. This helped me take care of some urgent needs. There was another job at a chemical plant which absorbed me for the entire month of May. The money is good and I don't do any heavy lifting. While the demand on my time was extreme, the results are everything I could have hoped for. I've been able to wipe out all my debt, pay off the house, and put myself into a stable position once again.
My bills are down to utilities and groceries. I've reached that stage of my life where I will still work, but only on the large jobs that demand my expertise and experience. A couple months per year will more than take care of my expenses. The rest of the time I can do my thing, and that thing is coins.
One of my great objectives has always been to retire in my 50s. I hit 50 last February, so I'm real close to meeting that objective. I'll use the job to make sure the bills are paid. As for the rest of my time, I'll do those things I want to do. You can expect to find more articles, more videos, and more delightful coins being offered.
There's no stopping me now.
I've worked for an industrial contractor for around 15 years as a foreman, shift leader and field supervisor. I left a couple years ago because my old back just wont take it anymore. They've called a few times to see if I was available but I've declined. After closing the diner in January I had to catch up on some bills. I went to my old boss and asked what he had going on. He put me to work right away coordinating a job at a papermill. This helped me take care of some urgent needs. There was another job at a chemical plant which absorbed me for the entire month of May. The money is good and I don't do any heavy lifting. While the demand on my time was extreme, the results are everything I could have hoped for. I've been able to wipe out all my debt, pay off the house, and put myself into a stable position once again.
My bills are down to utilities and groceries. I've reached that stage of my life where I will still work, but only on the large jobs that demand my expertise and experience. A couple months per year will more than take care of my expenses. The rest of the time I can do my thing, and that thing is coins.
One of my great objectives has always been to retire in my 50s. I hit 50 last February, so I'm real close to meeting that objective. I'll use the job to make sure the bills are paid. As for the rest of my time, I'll do those things I want to do. You can expect to find more articles, more videos, and more delightful coins being offered.
There's no stopping me now.
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