Advice on selling collection

Discussion in 'Silver' started by thedespatcher, Aug 20, 2019.

  1. thedespatcher

    thedespatcher Member

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    You're right, its a huge task, I'm tempted to keep it jsut cause it's too big to get rid of easily now.
     
  2. thedespatcher

    thedespatcher Member

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    I'm in NSW, Newcastle area
     
  3. thedespatcher

    thedespatcher Member

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    I'm thinking some of the more novelty ones with low mintages and soldout might actually do better on ebay, I've seen a few go up to crazy prices, but it's so fickle....plus the fees and paypal double gouging make it less attractive
     
  4. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    This is not a recommendation - but if you don't want to keep them and don't wish to spend heaps of time on researching prices perhaps you might consider an auction house appraisal? E.g., Downies, Noble etc.
    Good luck.
     
    66rounds likes this.
  5. dragafem

    dragafem Well-Known Member Silver Stacker

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    I called one of them long time ago and asking about prices for s1 1oz proof set.All I got is spot :rolleyes:
     
  6. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    Ouch, that's poor form :/ Surely it would've sold for more than that? E.g. Noble last year:
    Screen Shot 2019-08-25 at 8.36.19 pm.png
    Well, at least he has the inventory already done and the appraisals come with no strings attached (no cost to prospective vendor). Just a suggestion, is all.
     
  7. bigsky

    bigsky Active Member

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    well i think that just proves the point, estimate of $200 sells for 3 times that...
    i am sure you could find more cases of where coins dont even reach estimates

    it is very hit and miss....and then you have fees
     
  8. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    Of course. Nonetheless, Renniks quotes 1999 S1 Rabbit 3 coin proof set at $250, and that Noble estimate is not including the buyer's premium (17.5%+GST). So my point was they may have improved a tad on their estimates. If the lot does not reach 60% of estimated price it will be passed. I'm not saying it's a gold mine - just offering a potential solution (which is *free* and noncommittal) to his conundrum.

    For fairness sake, as you pointed out, here's a result from this year with a poor performance lot. These coins are quoted on Renniks $107-$120/each and the sale result was abysmal...
    Screen Shot 2019-08-25 at 9.12.42 pm.png
     
    Last edited: Aug 25, 2019
  9. Topherclaus

    Topherclaus Active Member

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    i've just spent a while combing the ATO website and it really is as clear as mud, what is expected of a private seller of precious metals. Obviously GST is not applicable, but all of their references as far as expectations of record keeping are designed for business-to-business or business-to-private buyers, not between members of the public.

    Have you got any more specific info on that?
     
  10. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Its not GST related, it's got to do with AUSTRAC. Bank transactions such as cash deposits or withdrawals and transfers of $10,000 or more leads to bank notification of AUSTRAC, supposedly to prevent laundering and funding of terrorism. Many individuals have been charged for overseas transfers to Syria and such. Likewise, Commbank was fined as they did not notify AUSTRAC of cash deposits from their automated deposit machines when they came out a few years ago, through which it is estimated that millions of dollars in drug money was laundered.

    So my statement was that if you're buying 10k or more worth or metals from a private individual, and use a bank transfer method, you will trigger a flagging event. The outcome may not be anything if its a one off, but rest assured repeated events especially in a short space of time will put you on either the ATO or AFP radar and you'll be likely asked to explain the transactions.

    Buying PM's isn't illegal, so doubt anything at all would happen unless they discover you bought taxable items from a dealer posing as a private individual.

    Its just all record keeping that individuals need to be aware of when using bank transactions. I prefer to buy PM's with cash as much as possible and like to stay under the 5k ID limit just for my own peace of mind.
     
    Last edited: Sep 9, 2019
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