Thoughts on how to price your items for sale?

[ShineyMagpie]

I was just wondering the aforementioned, how do people as sellers price their goods & and how you as the buyers decide if its a good price or not? 

Obviously there is the spot price of gold/ silver available for all to see. But say for example you were selling a generic Sovereign. Looking around the Internet £385 for value Sovereign seems a fair price. Now as a seller do you match that price? As a buyer would you rather buy from an established seller (with all the extras this gives) for the same price?

Just curious to hear people's thoughts both as buyers and sellers perspectives.

(P.S. I'm not currently trying to sale anything.)

[Petra]

Unless needs must, then more than I paid for if selling!🤔 buying… check a few sales posts, here, dealers etc. 🤔😮

[Gordy]

thats a hard one tbh, today i put bars on and just put them on for what i believed they are worth, not much thought went into it, it could be down to seeing 1000's of deals since i've been on here or just that i'm a simple soul and dont overthink it...

[James32]

Aim to be the cheapest "within reason " on the market. 

Check the usual suspects, dealer wise then take into account most ( not all) dealers are free postage, adjust price accordingly. 

There's no set price, just try and be fair at all times,the rest will take care of itself. 

If you can't achieve the price you need by being fair/cheaper than a dealer..then you are selling at the wrong time and either need to take a loss or will be selling B.U.M.P.S

 

[Paul]

If you are a coin collector looking to get the best value for your items, selling them privately on a specialist coin forum may be the way to go. On these forums, you will find reliable members of great integrity and trustworthiness, so you don’t have to worry about buyers taking advantage of you. 

When it comes to pricing, it is important to pick a price that is realistic, yet still allows you to make a profit if you can.

You want to make sure that your items will move quickly, while also building up your reputation as a trustworthy and reliable seller.

Aiming for a price between the spot price for gold and a dealer’s price, will likely provide you with the best value and the quickest sale. 

It is also important to be aware of the trends in the coin-collecting market. Familiarizing yourself with the current market values of coins will give you an edge when setting your own prices (here, ebay, auctions).

You can also use these market values to determine if you can sell your coins in bulk or individually for higher profits.

Overall, selling on a forum like this is a great way to get the most out of the coins you’re looking to sell.

Being knowledgeable about the coin-collecting market and setting realistic prices that appeal to buyers, will ensure that you get the best value for your items. With the right strategies, you should have no problem finding buyers who will pay the price you are asking. So don’t be daunted by the process and take advantage of the great opportunities the forum provides

[ShineyMagpie]

12 minutes ago, Petra said:

more than I paid for if selling

We all hope to make that bit of profit, for the enviable future purchase 😀 

[Orpster]

When I do sell, for bog standard common sovereigns I either go for a few £ under the cheapest best value sovereigns (delivered) at dealers or £20-£25 over spot, whichever is lowest.  Half's the same except its £15-£20 over spot. 

Special reverse sovereigns will be a bit more, and I will generally look at what they are going for but often dealers (IMO) overcharge so I don't tend to go much more than £40 over spot (£25 on halfs)

More complicated with sovereigns with a higher premium.  For example I sell some rarer sovereigns and shield backs when I get duplicates but rarely put up a general sales post for them, there are a handful of guys on here and other forums I am in that I pm and I usually get a sale from that, occasionally if they are in excellent condition and I have a few to sell I send them to auction.  

Silver 1oz generics (Brits/Krugs etc.) whatever the prevalent price on here is - so were I to sell now I would aim at £26-£27 per ounce. Anything else silver will take a bit more research but there is usually a 'going rate'

[ShineyMagpie]

13 minutes ago, Gordy said:

i'm a simple soul and dont overthink it

I definitely can relate to this, but yes I do get that over time you just get a 'feel for it', I suppose part of the question is how do you build up that.

[ShineyMagpie]

13 minutes ago, James32 said:

There's no set price, just try and be fair at all times,the rest will take care of itself. 

Simple yet solid advice 👍

[ShineyMagpie]

@Paul thanks for that, certainly following trends and having the knowledge makes it an easier thing to do.

[James32]

Just now, ShineyMagpie said:

I definitely can relate to this, but yes I do get that over time you just get a 'feel for it', I suppose part of the question is how do you build up that.

Just by checking the sales thread regularly tbh. You will see what sells quick and you will also see who tend to only sell bumps 😁

It will gradually start to stick in your subconscious, you will also buy things only for identical items to pop up later that day cheaper, don't let this bother you. It's just a case of someone recognising a recent sale price and slightly undercutting to achieve a sale just as quickly.

[ShineyMagpie]

4 minutes ago, Orpster said:

Special reverse sovereigns will be a bit more, and I will generally look at what they are going for but often dealers (IMO) overcharge so I don't tend to go much more than £40 over spot (£25 on halfs)

Thanks for your imput, I will certainly look out for any of your future sales. I tend to agree that some dealers overcharge for "special reverse", but they are a business and if someone is willing to pay it and they can make a profit makes sense.

[ShineyMagpie]

1 minute ago, James32 said:

Just by checking the sales thread regularly tbh. You will see what sells quick and you will also see who tend to only sell bumps 😁

Your just trying to get me to upgrade to premium membership aren't you 🤣😝

[Orpster]

2 minutes ago, ShineyMagpie said:

Thanks for your imput, I will certainly look out for any of your future sales. I tend to agree that some dealers overcharge for "special reverse", but they are a business and if someone is willing to pay it and they can make a profit makes sense.

100%, and if I had not held mine for a long time and if I paid recent dealers price I suspect I would want more out of them.
If you check my feedback you will see I have sold a lot of special reverse sovereigns at this rate, so it's not just talk 🤪

[Roy]

How about coins that you hold, but you cannot find another anywhere for sale?

Difficult to price that. Maybe an auction is best, i.e. let the market decide?

[James32]

2 hours ago, ShineyMagpie said:

Your just trying to get me to upgrade to premium membership aren't you 🤣😝

I didn't know you were not tbh.

But a membership pays for itself monthly, even if only buying 2 items a month compared to dealers.

Edited January 9, 2023 by James32
Worms on my keyboard

[James32]

Just now, Roy said:

How about coins that you hold, but you cannot find another anywhere for sale?

Difficult to price that. Maybe an auction is best, i.e. let the market decide?

That's tougher to advise.

If it's a sought after item that's rare, sending to an outside auction is probably best. As on here people have a tolerance/cheap side built in.

If rarity comes from the fact that it was made by an obscure Mint..then spot+ post is always the price 😁

[Darr3nG]

11 minutes ago, James32 said:

you will also see who tend to only sell bumps 😁

I wonder who has the record?

[James32]

Just now, Darr3nG said:

I wonder who has the record?

It's between 2 members currently 😁

[ShineyMagpie]

9 minutes ago, Orpster said:

you will see I have sold a lot of special reverse sovereigns

Feel free too tag me in your next sales post

[ShineyMagpie]

9 minutes ago, Roy said:

Difficult to price that. Maybe an auction is best, i.e. let the market decide

Certainly, I suppose the only problem with this is if you think/expect you will achieve a certain amount and others do not see it as such. With no reservation function you could end up disheartened.

[Roy]

Yes, and as James rightly says, don't bother here, use a third party.

I've never sent coins to auction but I imagine you/the auctioneer discuss a reserve first?

[ShineyMagpie]

15 minutes ago, James32 said:

But a membership pays for itself monthl

Yes, I can see a lot of sales post that are completed before I get to see them. (I understand the irony in what I have just written.

Edited January 9, 2023 by ShineyMagpie

[Orpster]

1 minute ago, Roy said:

Yes, and as James rightly says, don't bother here, use a third party.

I've never sent coins to auction but I imagine you/the auctioneer discuss a reserve first?

Setting a reserve is normal, though you can choose to set a soft reserve and give the auctioneer discretion if the price gets very close to it,

Its only on silly TV programs or on cheap lots you don't get reserves 

[ShineyMagpie]

2 minutes ago, Roy said:

Yes, and as James rightly says, don't bother here, use a third party

Makes sense. Me neither but I presume that's the case also. As well as discussing commission they charge for it.