Coin collection to sell - after some selling/postage tips

[baf65partner]

I want to start offloading a big coin collection we inherited, I was thinking it was best to start with some of the smaller items (eg $1/$5 uncirculated coins in packets).  I believe I should start small to build up a good reputation for when I want to start selling the more valuable items.    Ive been watching prices so have a good idea what they are going for.  I would like to ask - firstly re postage - do most coin sellers send these smaller coins (they are in small flat wallets) in jsut a normal envelope - given I see postage is either free or around $3?  For these type of items is it best to list as a Buy It now, best offer or Auction?  From what I can see a $1 is going for around $3-$5 or more depending on what it is, a $5 coin selling  up to around $12. I have multiples of some of these coins - is it best to sell individually and give the buyer the option of multi postage?

thanks in advance!

[kopenhagen5]

Usually if an account hasn't sold for more than a year you need to start again as far as the limits are concerned.

That means limit of 10 listings and $2500 from memory and a 21 day hold on funds.

Feedback remains the same.

But if your selling account is nearly as old as mine, 2007, then limits may not apply. 

You will soon find out when you try to list more than 10, but careful not to end listings as they count towards the 10 per month.

Once limits are raised you will get 40 freebies per month per account.

[kopenhagen5]

P.S. I would use the account you have sold from before.

Not the account that has never sold.

[baf65partner]

ACtually I see I have got 40 fixed price or auction free listings and then 10 under a 'free trial' and then the $1 weekend FVF offer - is this a regular offer?

[kopenhagen5]

Yes offers to list on a weekend have been fairly regular ending midnight on a sunday.

Sometimes $1 if it sells or 75% off FVF's and even free to list, free when sold.

FVF's are now 10.9% on total invoice (including postage) so if fee is $1 then anything under $10 listed is of no benefit in that promo.

I recently listed a few $10 items in $1 fvf promo before I realized it was pointless.

You can also save some listings to drafts then list them when a promo appears but remember to click get offer just before you list otherwise they won't come off promo listings offered.

[lyndal1838]

If you have multiples of a lot of coins I suggest you have a word with the ATO as they may consider you are runnig a business.

You can get away with selling a collection of coins when you only have one of each coin....that is considered selling your own possessions but once you have multiples they look at it differently.

[baf65partner]

Really! Gosh didnt even think of that, I think the Father in law just bought and forgot what he had bought, some of the more pricier coins only have 1 copy of, some of the carded coins he went a bit overboard!!!

[k1ooo-slr-sales]

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@lyndal1838 wrote:

If you have multiples of a lot of coins I suggest you have a word with the ATO as they may consider you are runnig a business.

You can get away with selling a collection of coins when you only have one of each coin....that is considered selling your own possessions but once you have multiples they look at it differently.

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if the coin collection is part of an inheritance then it might not be subject to tax.

Take a look at this ATO page and scroll down to the examples.

https://www.ato.gov.au/business/starting-your-own-business/in-detail/online-selling---hobby-or-busin...

Look for this example:

Disclaimer: I have no accounting or tax training and my post contains general information only.  It is the responsibility of members to obtain professional accounting/tax advice from a qualified professional if they are unsure of their tax obligations.  All advice on public discussion boards should be treated as general in nature.

[k1ooo-slr-sales]

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@baf65partner wrote:
Really! Gosh didnt even think of that, I think the Father in law just bought and forgot what he had bought, some of the more pricier coins only have 1 copy of, some of the carded coins he went a bit overboard!!!

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you might need to phone the ATO as it may depend on how long ago you inherited the coins, whether you are selling them and sharing the proceeds to other family members etc.

If you receive advice from the ATO on the phone ask that the advice also be emailed to you (just in case).

Disclaimer: see my previous post for a disclaimer regarding my posts.

[joztamps]

The OP needs to get some expert advice.

Even if disposal of an inheritance does not create a liability for normal income tax, it may well create a liability for Capital Gains Tax.

How, and whether, this applies can vary with the terms of the Will and the dates of death, transfer as part of the administration of the estate (if any) and ultimate disposal, and the value at some or all of those dates might need to be established.

Depending upon the overall value, it it would probably be worth paying soime accountants' fees to get it right.

[*tippy*toes*]

Hopefully Crow will see your post and chime in as she knows what she's talking about when it comes to coins. Personally, I would list coins as auctions. Most will get more than one bid. Always start an auction at the lowest price you're willing to accept. A lot of larger sellers will start at 99c, but they know they will get lots of bidders. I would advice against that for yourself.

If you have sold before, but not for awhile, you don't have to start again. If you previously gained, say a 100 item listing limit, you will still have that (up from 10 that you have when you first start). The only difference is, you will be subjected to PayPal's 21 day funds hold. You can get the funds released earlier by giving them a call, giving them a tracking number that shows delivered, and they'll release them while you are on the phone. 

Crow will probably agree, when it comes to coins, do NOT ever send without tracking. If you want to send as large letter, send registered. That includes a tracking number and signature on delivery. As soon as you start sending untracked, you'll start getting item not received disputes against you. You will lose and be forced to refund the scammers buyers.

Even if you have a listing limit of 100, you still only get 40 free listings a month. However, if you are fortunate enough to get the $1 listings of a weekend, then you can list up to your limit, and only pay $1 in FVF's. Every now and then eBay will issue a totally fee free promotion, where you pay no fees if something sells. Keep an eye out for them. I get the $1 promo every weekend, so I only list of a weekend. I couldn't tell you the last time I used any of my 40 freebies!