Would You Sell Gold Coins Stash on Amazon or eBay?

by: Anonymous Annie

Wow! Fantastic! How cool is that?! :-D ::thumbsup::

I'd send them to an auction house.

Or maybe I'd fly to Vegas to appear on ''Pawn Stars'' (or Atlanta to appear on ''Auction Kings'')

by: PowerSeller2007

Why sell them on ebay?  Ebay and Paypal take huge commissions.  Thieve buyers would claim INR or fake gold.  Ebay would hide your item because you don't have ITEM SPECIFICS!  You cannot trust ebay for honest bidding.

by: Rexford

Not in a million years.  Not enough (if any) seller protection to use those venues to sell something like this.

The minute a buyer cries "fake", "broken",or "not as described" you'd lose it all.  If you did get the items back you'd likely receive a box of play money instead.

Legitimate auction house only.

by: Mr. Me

EBay .... yeah right.......sell these on ebay, buyer files a not as described case, and sends back a package full of pennies........

by: OnceuponaTime

I am sure the coins will be graded PCGS. I can see a buyer filing a SNAD, and ebay refuting a reputable  grading process and siding with a buyer. No I would definitely not sell them on ebay

by: Will

I'd never sell these on eBay. And I'd make it publicly known, that I would not sell them on eBay. I would gladly state (in so many words) about how much eBay would not be trustworthy and how much they stink. Just rub it in their face, them losing all of the commissions.

What would I care, probably never use them again, as I would be rich enough to fire their a**es.

by: juliawww

I heard the couple actually re-buried the coins after they first found them, to keep them safe for a while, I presume! ;)

by: Al G

eBay/PayPal's fees are quite low compared to Christies or Sotherbys or other high end houses.


Up to 30%. However the fees are somewhat negotiable and it is cash-up-front or letter of credit.
And the taxman commeth too - fork over another 20% or so of the net.

But - it is after-all found money.

Remember:

Bulls make money,
Bears make money,
Pigs get slaughtered & make sausages.

by: Deltamaster

First of all, had I found a stash like that I would have told NO ONE!

Second of all I would NEVER even THINK to CONSIDER selling a shaving of any of those coins on eBay.  WAY too dangerous!

Third I would gradually introduce them in to the market a couple at a time through TRUSTED venues such as Sotheby's or LLoyds or some other TRUSTED and ESTABLISHED venue.

eBay!  Blagh!  NEVER!  MAYBE back in 2005 but NOT now!

Amazon?  No way!  Not the proper venue!  Amazon is for Brand New Chinese crap not vintage solid gold coins!

Those coins DESERVE a PROPER sales venue where wealthy people that can actually afford to pay for them will find them.


A also agree with the couple that it is best for their identity to remain anonymous.  Too much danger and criminal activity in the world today for anyone to know who these people are.

by: trader_chris

eBay? Maybe. As much as people complain about the percentage that eBay takes, it's still small compared to what an auction house makes. Think about it - auction houses typically charge the seller a consignors fee of at least 10%-20%. On top of that, they almost always charge a buyers premium (fee) of another 10%-20% (or more!). So for something that you brought to them, ready to sell with very little effort, they're making at least 20% - 40%! And for what exactly? Doing what I already know how to do on eBay.

by: Moonwishes

Sell on eBay? Hardly. They must not sell on ebay to start with to not be aware of how ebay can rob them blind. Nor would I choose Amazon. Those coin need to go through a reputable coin dealer/seller to gain maximum exposure and to get them in front of the eyes of people that will buy them for enough that the potential higher fees would mean nothing.  

by: KathleenJohnson

If, as reported this morning, these coins were actually stolen from the Treasury in the first place - the entire question might become a mute issue if they were, in fact, stolen and does the original owner get them back? *G*

I would not list them on either if I owned them - I would send them to a well known national auction house that specializes in high end coins.

I cant begin to imagine the issues on eBay or Amazon that might develop without a personal inspection prior to the purchase.  

by: FREDDY

You would have to be stupid to sell those online. I don't care if it is ebay or Amazon. Possibly Amazon if and only IF Amazon would hold, ship and have the coin graded. Amazon would also have to take full responsibility for payment to me the seller. IF Amazon did this, you would have a good chance of coming out ahead. Amazon would win not only by the commission but the FREE advertising it would bring them.
However, Amazon does not have auctions.  So the best is to go with one of the big houses. Yes, commission is high but at least it will not be a SNAD claim or some other stupid story.
I read where the gov't wants something like 54% in tax money from the couple. Also read where they gave grand daughter some for her college etc..
Ebay is a bad idea for anything over 25.00. Maybe that is why it is filled with Chinese crap.
Family member sold a commercial truck on ebay. Buyer came over looked it over - test drive - whole nine yards. 30 days later left negative that it was a piece of junk and would not pass inspection.  ebay would not remove feedback or dsr from a perfect score.  I'm glad I am finished with sleazebay. Don't have to wake up every morning wondering if I got ripped off again. It was a great site at one time. I  am also sure there are many very honest sellers and buyers. It is the few bad sellers and buyers and JD and the Board that ruined it.

by: OnceuponaTime

The consigner for that sale is a long regarded dealer in rare coins, and appears has an established venue for selling on amazon already.

This couple has dotted their eyes, and I'm sure they looked into all selling venues. Their cost regarding consignments listing fees etc.

My guess is they feel amazon will get them the most online traffic for the least cost to them.

Really it's the perfect opportunity for amazon. A very high profile, collectible trove. Especially the rare 1866 coin with no motto In God We Trust.

I believe there has been policy changes towards counterfeit items on ebay/pp, since pp's destroy the Violin fiasco back in 2012.

But could you imagine the hupola if someone purchased the 1866 coin with no motto then said it was counterfeit because it had no motto.

Not that, that would have happened but there would be a remote possibility based on policy at the time.

I believe it is because of policies such as that, ebay may not have been considered. After all selling this collection would have required them to research the venues. they would have read about the violin incident and others. Red Flag...

IMO
the companies fault for losing the sale of such a remarkable trove.

by: Toledo Maude

There are many variables in choosing which selling venue to choose.

Pawn Stars is the easiest way to go.  With little effort on the sellers part, they just walk into the pawn store,  negociate a price and trade the item for money.  It is instant.  The trade off is with little effort on the sellers part, the item is turned into cash but wholesale cash.  No sales commissions or fees.

Next up the food chain is eBay and Amazon where the seller accepts more work and more risk for hopefully a better return on their items.  If all goes well, the items sell for max and eBay or Amazon (including credit card commissions)  pockets 15 to 20% in commissions and fees.  

But the seller faces the risk of the item not selling for the maximum price and/or the buyer receives the items, demands that the credit card company refund the cost of the items, and the buyer keeps the item.  We all know the heartache of that.

Next up are local auction houses that take most any items, offer limited promotions of their auctions, and sell the item for as little or as much as the buyers will pay.  Not the exposure of eBay and Amazon giants.  But with little effort on the seller part, the items sell paying commissions that range from 10 to 20%.  The likelihood of the items selling for top dollar are not good.    

The top of the food chain are the few glitzy auction houses.  If they deem to take the one’s treasures, the items will gain national and international exposure and most likely will sell for top dollar.  

The downside?  Fees. fees and more fees!  Fees to transport the item to the auction house, fees for storage, fees for insurance, fees to photograph and print the catalog, fees for advertising the auction, and finally sales commission fees that would make the local small time auction house owner blush with envy.  

A juicy estate of a life long collector may be auctioned for mega bucks but the seller ends up paying 50 to 70% in fees to the glitzy auction house.  Someone got rich but not the seller.

by: TexasTwister

The best way to go with a lot of pristine coins like these is Heritage Auctions in Dallas (www.ha.com). They have extensive experience selling coins valued into the millions of dollars.

by: Watching the Wheels

I'd sell some through an established B&M auction house. Too much can go wrong via an online venue setting.

I'd sit on the rest for awhile, to see how the values develope.

by: comet

@TOLEDO MAUDE---

The version of a Pawn Shop we see on TV is made to look Oh-so-easy. In reality it's not hard but you DO have to prove provenance--WHERE you got the items;  are they yours to SELL etc.  And I am pretty sure over a certain value they too have to at least give you IRS forms---just like when you go to the Track.

The benefits of the higher end auctions houses--Sothebys'  Christies etc---is that THEY have a world wide reputation to uphold and have the resources and experts to verify that these are indeed what you think they are.  

If some one has a post-sale issue the auction house carries insurance and also will act as a middle man;  they provide expert appraisal;  and they get a world wide buying base.

That is what you are paying for--not Chuckys Corner Cow and Coin Auction.

And don't we have laws abut "Treasure Trove"  when people do honestly FIND these sorts of things???  How old ARE these?  Is there no statute of limitations on the alleged theft---that presumably these people have NO prior knowledge of?  

Will have to go look up the actual story.  And to think--the only thing I ever found in my old house was a bottle of rot gut in a Macys stoneware jug hidden under the porch.   Sigh.  

by: Tula

I'm with Deltamaster. If I had found a stash like that, I would not have told anyone. The more people who know, the more who want a piece of the action. I would have quietly sold one or two at different auction venues, after researching to see which one specialized in coins and similar valuable items. Releasing news of a big stash can possibly even lower the value, since people then know that there are many of them and that makes them less scarce.

I can already see the lawsuits coming from people who want to claim some sort of ownership of these coins. And of course, the government wanting its share. We all need to pay tax on our profits, but better to do it on our own schedule than on what the government decides (which is likely to be "all of it right now").

I don't get why people publicize stuff like this. I suppose some just want to be famous, but it's really not a smart thing to do when money is involved. At least they're smart enough to keep their names out of it, for now.

When my brother was a kid, he had a paper route, and one elderly lady used to pay him with old silver certificate bills and pre-1964 coins with high silver content. My dad and grandfather were coin collectors and spotted this and would swap out the old currency with new and set up a collection for my brother with the old stuff. It wasn't huge value, like this gold coin hoard, but it made him a few dollars when it was time for college expenses. There's a lot to be said for paying attention to detail :-)

by: spirit-of-shiloh

No way in HELP would I sell on eBay or any other online site. I would sell at a reputable auction house with a reserve.