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Thread: Semi-Numis buy-back price

  1. #1

    Default Semi-Numis buy-back price

    Hi! This is my first post here. I see on many well known silver websites like Provident that carry coins traditionally categorized as "semi-numismatic", such as a kookaburra or panda, with buy back prices far (abnormally far!) lower than purchase prices, and the buy back prices hardly change year to year. While the price to buy a kookaburra goes up maybe $3/yr, the buy back price says around spot + $1. This seems odd to me. Obviously the websites need to make a profit. Furthermore, my local coin shop buys back coins of any series, regardless of what they sell it for, for a fixed price. Kitco does this too. Huh?
    Last edited by Bobdabiulder; 02-13-2017 at 12:07 AM.

  2. #2

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    Quote Originally Posted by Bobdabiulder View Post
    Hi! This is my first post here. I see on many well known silver websites like Provident that carry coins traditionally categorized as "semi-numismatic", such as a kookaburra or panda, with buy back prices far (abnormally far!) lower than purchase prices, and the buy back prices hardly change year to year. While the price to buy a kookaburra goes up maybe $3/yr, the buy back price says around spot + $1. This seems odd to me. Obviously the websites need to make a profit. Furthermore, my local coin shop buys back coins of any series, regardless of what they sell it for, for a fixed price. Kitco does this too. Huh?
    The only way to make any money and capitalize on rising premiums is to sell these collectible or "semi-numi" coins to other collectors. LCSs don't recognize collector premiums and won't pay for it. So no, you do not want to sell to any websites or to an LCS. The easiest and most common way to sell these coins that you mentioned is to sell on Ebay, or direct to other collectors on other websites catering to collectors or in person, but they need to be collectors, not businesses. So get used to Ebay or start looking on finding other individual buyers. For these coins you mention, when it comes time to sell pretend LCSs and retail websites don't exist as far as buyback goes. Maybe there are exceptions to this rule but what I'm talking about is the most common way these coins are handled.

  3. #3

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    Coin dealers sell the collector aspect (sell the sizzle) in their TV ads and people jump onto the wagon and pay well over spot. LCS's see one oz of silver (or what ever) and pay you for the PM value - 1 oz is 1 oz and the shape or strike doesn't change the value. If you want to sell a special (to you) coin then you need to find a buyer interested in the collector value. Sometimes there isn't anyone willing to pay your price and you've got to know this before you purchase and/or hold until there's a market for the piece. The US mint has been doing this forever.

  4. #4

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    So say I pick up a panda this year, wait ten years, and then try to sell it - only to see that a lcs is only paying me spot +$2. But if buying the same coin online would be like 2x spot at that time, you're saying to sell online instead?

  5. #5

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    Quote Originally Posted by Bobdabiulder View Post
    So say I pick up a panda this year, wait ten years, and then try to sell it - only to see that a lcs is only paying me spot +$2. But if buying the same coin online would be like 2x spot at that time, you're saying to sell online instead?
    Depends on the market at that time. If the market is saturated, then you will get less at an lcs.
    If you want someone to see a collector point to this coin, as you did, then yes you will have to follow SilverStocker response above.
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  6. #6
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    I sold all of my numis last year and bought bullion. Now I regret that rash decision, not because I bought bullion, but because I miss my extensive collection of "Flying Eagle" small cents! I think I read too many artcles about waning interest in numismatics and I let that taint my judgement. And...because I did it quickly (we were in a silver Buy Cycle) I didn't get good prices for them either, breaking even or losing on many. Live and learn! But there is no Buy/Sell/Hold Cycle strategy for numis! Blye me....

  7. #7

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    Quote Originally Posted by Bobdabiulder View Post
    So say I pick up a panda this year, wait ten years, and then try to sell it - only to see that a lcs is only paying me spot +$2. But if buying the same coin online would be like 2x spot at that time, you're saying to sell online instead?
    Yes, definitely, or find other collectors in your local area. You need to sell collectible coins to collectors. Keep that in mind. As others have said, most businesses see silver as silver +/- a buck or so depending on the piece. So if you have not sold on Ebay before (or other competing sites and collector to collector sites, though I'm not familiar with them) then you should open up an account now and just sell odds and ends in order to build up some time, experience and feedback. I do the same thing. Common silver and even ASEs are boring to me and all I like are these Kooks, Pandas and other arty or limited coins (and a few limited and popular rounds) that have long term rising premium potential, but I buy them knowing I'll need to put in the time and effort to sell on Ebay when it comes time to sell. Fine if you don't want to do this, and if that is the case then stick with low premium items when you make purchases.

  8. #8

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    I have an eBay account and have 30+ positive feedback as a buyer. I sold once on eBay before and got scammed, also I would sell again without repeating my mistake. Thanks ��

  9. #9

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    Quote Originally Posted by Bobdabiulder View Post
    I have an eBay account and have 30+ positive feedback as a buyer. I sold once on eBay before and got scammed, also I would sell again without repeating my mistake. Thanks 👍
    Yeah, that comes with the experience part. I've been buying and selling on Ebay since 1999 with feedback around 3,500, and that is just off and on over the years, sometimes with nothing offered and other times up to a few hundred items. If you get serious about Ebay I'd suggest buying into their "Store" system where you pay $20 or $25 a month for the smallest Store account, and then your fees for selling PM bullion goes down from 10% to 6%. That savings adds up if you are selling alot. Of course PayPal is another 3% on top of that either way. But people often pay more for semi-numi coins on Ebay than they do on the large websites, so that is something to keep in mind. I'm also always going over current competition and completed sales on Ebay, since if I do go in to sell I want to actually sell my items. No sense pricing in the middle of the pack and never selling a single ounce.

  10. #10

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    OP the best way to get way over spot is other collector's and the best way to do it is locally not online. I spent years at local coin shops and large bullion dealers meeting their customers/fellow stackers and over time after seeing the same faces we exchange numbers and that's how it starts. I've made tens of thousands in profits selling rare bars to locals and even acquiring rare bars for myself in my personal collection. Build relationships locally and capitalize......It's cash in hand so no bs with online and taxes and other fees, that's why I like local it's just cash and walk away.

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