« eBay & Google At War Over Check Out Services | Main | Sony Home Theater Systems Selling On eBay »
May 1, 2007
Coins On eBay: Auction A Coin On eBay US
If you want to sell coins on eBay you should know that the profits can be quite substantial:
But before you decide to enter the coin business, you must answer a burning question ... where am I going to get my inventory?
Most coin inventory comes from three main sources:
1. Online Auctions
The first, of course, is online auctions. If you know what you're doing, you can find underpriced and undervalued coins on eBay. However, there are many less popular auction sites where competition is less fierce and it's possible to acquire some lucrative inventory. This can be a great method of acquiring coins simply because the buyer has the option of contacting the seller and clarifying all details.
The downside is, of course, the possibility of fraud. If the seller is deceitful, and the buyer not knowledgable, it's possible to buy overvalued coins that cannot be sold for a profit, but instead will result in a loss.
2. Buying Coins Through The Mail
Thousands of coins are advertised and sold via mail order. Coin catalogs are quite popular and bidding is accomplished via the post office. Usually, these catalogs and circulars explain a great deal about the coins for sale, include pictures and mention a minimum bid. In these situations, the highest bid wins.
3. Acquiring Inventory Via Phone
These auctions are conducted by phone. Just like the mail bidding, phone auctions must observe the rules and regulations that are to be followed. Once the highest bid is identified, the item goes to the winner. However, there are some instances when people may ask the seller for an approximate selling price but the rules still remain the same: no disclosure of previous bids.
These three methods can result in profitable coin auctions - or disaster. As always, the key is knowledge, knowledge and more knowledge. And a great piece of advice is this ... make your coin budget - and stick to it! It's easy to get carried away and bid too much. Ask me how I know? :-)
Posted by SydneyJohnston at May 1, 2007 1:34 PM
Trackback Pings
TrackBack URL for this entry:
http://www.auction-genius-course.com/cgi-bin/mt/mt-tb.cgi/488
