Sold a few Philharmonics today.....
 

The coin guy in town bought them for $820 a piece. (Yesterday's close was $856)

I feel that is really low....I was hoping he would only snag about 3% from me.

I suppose I could have sold them on eBay for much more....(but I do not even know what they charge to sell on their site)

He seemd like a really cool guy though...and I was also just trying to establish a rapport. Ultimately, your metal is worth what someone is willing to pay.

Couple questions.....

Was that a bad deal?
What other options do I have?
He bought a Morgan silver dollar I got cheaply on eBay...Is establishing a rapport like this a good thing?

Help the UberNoob out.....

Re: Sold a few Philharmonics today.....
 

Apmex buy price right now is $862.40 but then you have shipping and waiting.

Re: Sold a few Philharmonics today.....
 

Why do people always ask these kinds of questions AFTER they have made the deal ?

Yeah, you sold too cheap. No, you can't change your mind at this point.

:banghead:

Re: Sold a few Philharmonics today.....
 

Yeah....that was dumb.....live and learn......

Trying to salve the wound with the "rapport" angle.....

Re: Sold a few Philharmonics today.....
 

I think the philharmonic is my favorite gold coin. Somewhat simple but representative of the art of music and quite beautiful.

Re: Sold a few Philharmonics today.....
 

I bought them a couple years ago...so I definitely made money....but I did not even think to look at APMEX....I am the UberNoob....looks like I cost myself $100 there...

Still...this is why I have you folks to help me up the learning curve...

Thanks to all of you.

Re: Sold a few Philharmonics today.....
 

Hopefully you did this because you need the money OR you are going to invest it in something that will produce an income.

Re: Sold a few Philharmonics today.....
 

Yep...gonna' buy some stocks....want to diversify a bit.....(mining stocks)

Good lookin' out...thanks.....

Re: Sold a few Philharmonics today.....
 

The aspect of PM ownership that very few seem to have noodled out is exit strategy. Your sale was under the best of circumstances (if not result), not forced and with plenty of time. Your sales circumstances may not always be under such leisurely conditions. There may come a day when you need to act now, perhaps to catch a sharp parabolic that you think will rapidly reverse. But whatever the reason, everyone should make their plans ahead of time.

Today you cost yourself $100 minus shipping but it could have been worse. No shipping or multi week waits. Did you try to counteroffer?

If anyone is getting ready to sell PM at less that spot, offer it here first. There has been a lot of PM change hands between GIM members. I've done about 7-8 deals, J-son probably trades as much as Apmex.

Re: Sold a few Philharmonics today.....
 

i know who Santa claus really is...... My mailman!!!!

Re: Sold a few Philharmonics today.....
 

This is good advice as i am always an interested buyer!

Re: Sold a few Philharmonics today.....
 

No doubt.....I've been wondering how things will shake out further down the road.....I wish more folks would start threads about that.

I did...I asked him if would be willing to come down closer to a 3% charge...but he said no....I didn't push it. He gave me more for a Morgan that I thought would be worth $30...and I had snagged it from eBay for about $22.....So I'm hoping that he'll continue to accommodate me in the future if I get some more deals like that. I feel good that he's happy....but I see how I could have done much better. If I get some numismatic finds...I'll go there....but bullion...I see that there are better options.


Like this option! This is obviously better...and it keeps things within the community. (I did point out to the coin dealer that I was happy to help out a local rather than sell it on eBay...and I meant that.)

I don't mean to question the honor of folks around here...but since I'm the UberNoob...I worry about a deal going sour....Not a problem you think?

Re: Sold a few Philharmonics today.....
 

:cheers :wink:

Re: Sold a few Philharmonics today.....
 

Several Gim people will only do deals with established members on the theory that after someone has invested a year + and a large number of posts, that someone will feel that they are a member of a community and will not allow their reputation to suffer.

J-son has done a bunch of this though, maybe he will tell us how he handles it.

Re: Sold a few Philharmonics today.....
 

I think it depends on who you deal with. There are several folks here with whom I wouldn't have a second thought about a sour deal.

edit - woops, that'll teach me to leave the Reply window open for 30 minutes before finally replying. :D

Re: Sold a few Philharmonics today.....
 

If I were to deal with someone on this forum, I wouldn't even deal with an user like me, with so little posts :smokin:

Re: Sold a few Philharmonics today.....
 

I've always been curious how GIM members handle transactions between themselves.

I'm just a little leery about sending thousands of FRN's to somebody a thousand miles away with no recourse if he suddenly "disappears".

Re: Sold a few Philharmonics today.....
 

I think paypal offers protection for transactions...but its been so long since Ive used it Im not sure the details anymore.

Re: Sold a few Philharmonics today.....
 

I have done deals with a few people in here........J-son and TomD amongst them. (I can list others but at this point, its not necessary.)

As has been stated, if you are dealing with someone here you feel you know fairly well, or others will vouch for them.......you can relax.

If they have been here for some time (like a year) and they have posted a lot - as has been said - they have a reputation and you can deal fairly relaxed.

Otherwise - I would do one of two things - either go thru Paypal - which has its pros and cons, but at least offers you some recourse.......OR....as I have suggested before - see if you can find someone here that has been deemed trustworthy to act as a middle man.........both send to him and then, when both items (or cash) arrive, he forwards them both on. But remember - in so doing - you place a certain amount of responsibilty on him - and additional time (getting the items back into the mails) and expense (shipping and getting to the PO). And all mailed items should be sent in a way that they have to been signed for so no one can say they didn't get their items!

Re: Sold a few Philharmonics today.....
 

UberNoob,

The price was low but you did get immediate payment and didn't pay shipping. Registered mail is a bit expensive. I'd just suggest that you seek out another local dealer. If that doesn't pan out there are other markets. Take care.

'cubed

Re: Sold a few Philharmonics today.....
 

Use an escrow service such as escrow.com

If you are doing deals in the 4 digits on the internet you are stupid if you don't use an escrow service. It only takes 1 deal to go bad to really hurt you. I have seen enough bad deals happen to good people.

Trust me, I have learned the hard way. In the early days of Ebay I got taken for a couple hundred dollars.

Re: Sold a few Philharmonics today.....
 

When I claimed the protection way back you had to fill out a big form and send it back to them.

Re: Sold a few Philharmonics today.....
 

Will the escrow service guarantee the authenticity and condition of the goods?

Re: Sold a few Philharmonics today.....
 

Man, I wish you had offered them here. I've been looking to pick up a Philharmonic for a good price - and $40 under spot is a great price!

As for doing a deal with people on here, it is a delicate situation. If you post a bit and talk to people, you can sometimes get a feel for them. And a member who's been around for a while has a reputation he probably won't just throw away. And you should ask around if anyone has dealt with the person before - ask for references. I wouldn't be offended if someone did that (even if someone did get offended if you asked for references - tough!).

It's easier, I think when you're selling something. You can just ask for PayPal payment in advance - it offers protection to both sides. When trading (I send you something and you send me something), it's a little tougher.

For what it's worth, I've done a few deals (actually 4 now) with people on here, and all went off flawlessly. They were with 4 people I got to know, usually spoke to on the phone first, and had a level of trust with.

I also would avoid doing very large transactions unless it's face to face. I mean, my first deal with someone would not be for $10,000!

Anyway, you live and learn. But next time, ask here first! We can either give you an offer, or at least point you in the right direction and let you know how much you should get for what you're selling. Good luck!

Re: Sold a few Philharmonics today.....
 

You don't need an escrow service unless you're talking huge money on ebay. It's just a waste of cash. I've done over 2000 transactions on ebay and only had one go bad. Any idea how much escrow costs would have added up to? It's a personal choice but VERY few people use it. Getting a refund through paypal is very easy. I've done it plenty of times. As long as you send insured with del. conf. there is no worry of chargebacks either.