Advice on selling collection

[thedespatcher]

Yeah, I am interested

I have bought a few 'estate' collections before and I have been told that
my offer was much better than the offers that they had received from dealers
and in one case a wanted to buy add

From my initial vieving of your collection, there are a few items that might
surprise on the upside, but most are worth less and in many cases much less
than the original selling price.

If you want to recieve top dollars for this collection, it will probably take over
50 hours, just researching to find out what the coins are actually worth...
but this will be only a rough estimate because the main place of research (ebay)
varies greatly, and not look at what the listings are priced at, but what the same
coins have sold for...vastly different in many cases...especially not common items.
Also what time frames these coins were sold...a lot of the coins really are only worth
spot price or not much more than spot price these days, there seems to be more
interest in selling numismatics than buying them

Then you either have to list them or auction them here or ebay, then deal with all
the low ball offers and questions of what condition are they in and the like
This could take another 50-100 hours of so, depending on how good with taking pics
and listings you are....basically how do you value your time, are you retired, would
selling the coins be interesting or a chore to you
Then you have to pack and post the coins, and with a lot of numismatics the packaging
is nearly as important as the coins...so that could take another 50 hours or so..
low and behold austpost crushes your box and you get negative feedback or it
goes missing and you loose out

Look so all up this whole process could take 100 hours or more, and probably much more IMO
depending upon how fussy you are

Have you worked out the metal value of all of your collection?

what state are you in?

cheers grant

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.

 

[thedespatcher]

Hi Despatcher,

Where are you in Australia for possible F2F?

I'm in NSW, Newcastle area

 

[thedespatcher]

That's a high premium collection that collectors might go nuts over. People seem to like all those different series and they are works of art in a coin.
My son has good luck with Ebay and makes money there selling gold and silver and other things, whatever he thinks he can resell.
Keep the sales in cash only so nothing is triggered. If they want to use the bank say no thanks.
Or try selling private from the newspaper. Take a good friend or two with you when you go to meet and a public place so nothing weird. Gold and silver can do strange things to people.

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

 

[jultorsk]

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.

 

[dragafem]

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.

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

 

[jultorsk]

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

Ouch, that's poor form :/ Surely it would've sold for more than that? E.g. Noble last year:

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.

 

[bigsky]

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

 

[jultorsk]

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

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...

 

[Topherclaus]

Private sales are not recorded because there is no GST payable, but there is a 10,000 transaction limit on bank accounts that triggers an AUSTRAC notification. So if the private sales requires a bank deposit or withdrawal or transfer of amounts adding up to 10k or more it will be flagged.

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?

 

[66rounds]

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?

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.