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 | verypq (1443), Barry Stuppler & Company Inc.
Selling Investment-Quality Coins | December 2003 |
Collecting coins remains a popular hobby for many casual collectors. But sellers like Powerseller Barry Stuppler appeal to serious investors, looking to enhance their financial portfolio.
Stuppler's investment-quality coins, which run anywhere from hundreds of dollars to several thousands, promise to hold their value, if not increase, over the long run. For his eBay listings, Stuppler seeks out true rarities -- that is, 18th- to 20th-century American gold and silver coins graded "MS63" and above, with known populations of less than 100 pieces.
"Quality coins with these criteria are difficult to locate and purchase," admits Stuppler, who has been in the coin business for the past 40 years. "For every true rarity sold, collectors buy hundreds of coins that provide pleasure but are unlikely to produce substantial monetary return."
However, Stuppler believes that, given the current state of the economy, high-grade coins represent a stable financial investment, even if some buyers aren't aware of this initially.
"Some of the buyers who come to eBay have told me they bid on investment-quality coins only," he says. "I believe that others, who buy high-grade coins primarily for their collections, could nevertheless justify their purchases as investments, particularly today when paper investments such as equities offer dubious profitability and safety."
An important facet of Stuppler's selling strategy consists of educating his customers about the coin market, not only to ensure they make good buys, but also to assist them in making knowledgeable decisions about the potential future value of their purchases. He tries to develop what he calls a "consultative relationship" with his buyers, so that they perceive him "as an expert guide rather than just another seller."
To do this, Stuppler might work with a customer to build a collection around a theme as opposed to purchasing items randomly. He also includes content with his listings, such as news and updates about the industry.
"The more information on the coin market I can give collectors and investors to help them make informed decisions, the better," Stuppler concludes. "When it comes to spending one's hard-earned money, ignorance is not bliss. On the contrary, knowledge is power. When I empower coin buyers-new or experienced-by being an important source of knowledge, I've earned their trust and confidence."
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| upstatecoin (2257), Upstate Coins & Collectables
Growing With Selling Manager | November 2003 |
Growth is important for any business. But sometimes too much growth can generate more problems than benefits. That's why Coins PowerSeller Andrew Cooper turned to eBay's Selling Manager.
"We're very careful about the amount of business we take on," explains Cooper, president of Central New York-based Upstate Coins & Collectables. "We don't want to willy-nilly list hundreds and hundreds of items so that we can't keep up with customers."
Having been in the coins business for 30 years, Cooper wanted an eBay expansion that was smart, manageable, and realistic. Selling Manager, eBay's professional auction management platform, proved to be the right tool at the right time.
"It allowed for more transactions per month," reports Cooper, who sells to both collectors and other vendors. "It allowed us to take on more business.
"As eBay has become more sophisticated," he continues, "we have become more sophisticated. The eBay end of the business has taken off to where we're selling directly on eBay and also wholesaling to other people who sell on eBay."
eBay has enabled Upstate Coins & Collectables to not only increase gross sales but also expand its product line-consisting mostly of U.S. coins. Cooper now can purchase more merchandise with confidence, knowing that the appropriate market will be there on eBay.
"We also sell a lot of bulk lots on eBay," says Cooper. "I'll put up a lot on eBay and it's out the door. I don't have to sort it, whereas before I would have to spend hours doing that. Instead I can buy more inventory."
The latest addition to Cooper's eBay strategy is an eBay Store. Here, Upstate merchandises products with a high turnover rate that are kept in stock on a regular basis.
Buy It Now listings are key, too, says Cooper, helping him earn the trust of his buyers and foster long-term relationships with them.
"Buy It Now gives people an idea of the value of the product," he explains. "We're not looking for people to pay too much and go crazy on an auction. Sometimes Buy It Now moderates that. If a customer realizes later that they overpaid, they won't be back the next time. But we want to be where that person goes to make that next purchase."
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| aucpro (971) AucPro
Investing in Education | September 2003 |
There's no substitute for education, according to Coins PowerSeller Troy Thoreson. One way Thoreson generates consignors and customers, is by continually investing time in educating himself in order to increase his knowledge and skills.
A 25-year veteran of the coin trade, Thoreson has become is a strong advocate of the American Numismatic Association, which he promotes on his About Me page.
To increase his skills and credibility, he has acquired several coin grading certificates from the ANA, including their 'Detection of Counterfeit Gold Coins' and 'Grading US Coins' certificates.
"Being a member of the ANA is must for any collector or dealer," explains Thoreson. "Getting educated is critical to buying or selling coins."
Thoreson's grading abilities have paid off in several phases of his business, he says. For one, it enables him to market his business to coin consignors more professionally and evaluate their property more effectively, preventing items from being improperly sold.
"With over 25 years of experience, grading is second nature to me," comments Thoreson.
Being an accomplished grader also has enabled him to carry a wider range of inventory than other dealers, who are limited to certified coins.
Thoreson's commitment to continuing education also has allowed him to take full advantage of eBay's Trading Assistant program. In essence, his ANA membership and accomplishments (promoted on his About Me page and in his eBay Store description) provide his eBay business greater credibility.
"The Trading Assistant program has been invaluable to our success and momentum continues to grow," he says. "We are receiving leads on a consistent and growing basis."
Finally, Thoreson's ANA education has helped him hone his pricing strategies, increasing inventory turn. "Normally, we try an aggressive approach and start coins at $9.99 with no reserve," he explains. "This strategy applies to pricey coins, including twenty-dollar gold pieces, proof type coins, and national bank notes. We feel this is a momentum builder.
Popular coins with stable prices get another treatment: "We use fixed-price listings for items that don't have explosive potential, but are still very collectible," says Thoreson.
To effectively market his listings, Thoreson studies popular keywords. His source: "We use the eBay Seller Newsflash to keep up on hot search terms," he says.
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| mw@pandaamerica.com (4,450), PandaAmerica Corporation
Finding Your Core Buyers | August 2003 | Finding your core buyers-true die-hard collectors, who day in and day out make purchases that keep your business afloat-isn't always easy.
But PandaAmerica, a Torrance, California-based PowerSeller, specializing in new coins from around the world (especially gold and silver), solved that dilemma by turning to eBay's co-op advertising program.
"It's helping us spread word of our eBay auctions through the numismatic media," explains Mel Wacks, the company's director of marketing and public relations.
eBay's co-op advertising program (which covers 25 percent of a seller's advertising costs) is enabling PandaAmerica to reach out to experienced buyers who regularly read the coin trade publications, yet might not be accustomed to online sales. The hope is that they will see PandaAmerica's eBay business is both sales and service oriented.
"We like establishing a personal relationship between customers and company personnel, and frequently communicate via snail mail, email, and telephone," says Wacks, adding that half of the company's 12 employees are involved in the eBay side of the business.
Accessibility to customers is certainly a priority, as evidenced by PandaAmerica's listings. In each, they prominently display two phone numbers and email addresses. This customer-centric philosophy has earned the company a strong 99.6 percent feedback rating.
Equally important: the company communicates its expertise to buyers. Professional affiliations and memberships are displayed in its listings, and emphasized on its About Me page. (Last July, the Professional Numismatists Guild presented the Sol Kaplan Award to president Martin Weiss.)
Additionally, it is the official distributor for a number of government mints-Australia, Cambodia, China, France, Great Britain, and Japan, just to name a few-ensuring that it has quality product that drives bids and repeat business.
The majority of PandaAmerica's eBay sales come from auction-style listings, says Wacks. Approximately 10 percent are derived from Buy It Now items and the company's eBay Store. Overall, its sales are equally split between online and retail purchases. However, Wacks foresees a time when the percentage won't be so even.
"We look at eBay and Web sales as the future of our company," he says.
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| Duane Mock (1,509), duvallgold
Running a Profitable Low-Margin Business | July 2003 | Before listing items for sale on eBay, sellers must first be savvy buyers. The trick, says coin PowerSeller Duane Mock, is acquiring the right inventory without sacrificing the bottom line.
"The biggest challenge when specializing in certified gold is finding nice-looking coins at prices that allow me to be profitable," says Mock. "This is a very low-margin business. Price is always the single most important factor when making buying decisions."
According to Mock, those profit-minded buying decisions are based on his careful monitoring of market trends, as well as an occasional gamble.
"I sell many of my coins without a reserve," he continues, "and I always have to know where the market is trading to know where I need to be buying. Trying to anticipate where the market will be a week or a month out is also quite challenging. The gold coin market is very thinly traded. It's not that easy to find coins at all times, so you have to take some risks and grab the opportunities when they become available."
Likewise, Mock didn't let the eBay opportunity pass him by. He's been selling on the site since March 1999 ("I'm an Internet-only dealer without a physical walk-in location, so eBay essentially is my storefront"). He abides by a few simple selling rules: maintaining merchandise quality and consistency, plus following up his sales with quick emails and timely shipping.
eBay services, such as eBay's Turbo Lister and eBay Store, have also contributed to Mock's online success. He says his Store listings provide the perfect complement to his auctions, adding that the fixed-price strategy works best for his better-dated, lower population coins: "Some of the better-dated coins can take longer to sell at reasonable prices, and it's a little more risky offering these kinds of coins without a reserve."
Impressively, Mock has an unblemished, 100 percent feedback rating, which, in addition to his various selling strategies, has led to a revolving door of repeat customers.
"If people are consistently receiving nice-looking coins and get them in just days after the auctions end, they tend to come back," Mock concludes. "The greatest feedback I can get from someone is another bid after they've bought from me in the past."
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| rarcoa (3037), Rarcoa, Inc.
Expanding Your Customer Base | June 2003 | For "full-service" coin dealer Rarcoa, reaching a large, broad audience is fundamental to its business. eBay provides this veteran PowerSeller that very benefit.
"Our strategy is to offer a wide variety of coins to the general public, so a large group of people can experience our personalized customer service and superb quality and value," says Danielle Milas-Mantia, manager of Rarcoa' eBay sales.
According to Milas-Mantia, volume listing and attractive pricing are the keys to tapping into eBay's large, mainstream audience and expanding the company's customer base.
Rarcoa canvases the market by offering a wide range of items, from inexpensive half cents and paper money to more valuable territorial and world gold (on which it quotes daily buy/sell spreads). Moreover, it quotes book prices and mintage numbers in its descriptions and opens its coins below catalog values (without reserves) to increase liquidity.
"We have used varied approaches and found that by offering many items at very reasonable prices we give the buyer the best opportunity to get a real deal," says Milas-Mantia. "Overall, some coins sell too cheaply and others bring really good money. It seems to be fair for both the buyer and seller."
Rarcoa's diverse, volume approach also positions the company for repeat sales. "It creates interest where people are continually looking at what we have to offer," she says.
Marketing to a wide audience via its quality About Me page also strengthens the company's established brand and position in the coin marketplace. It's diverse selection of items, featuring the Rarcoa name in each listing tile, reaffirms the company's 30-year commitment to selection and affordable pricing.
To keep loyal customers coming back to its eBay sales, Rarcoa's website directs customers to its eBay coins. It also uses one-to-one online marketing to drive buyers to its eBay listings.
"Direct mass emails offering specials are how we educate eBay buyers about new opportunities," explains Milas-Mantia.
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| cnicoin (905), Carter Numismatics, Inc.
Surpassing Buyer Expectations | May 2003 | eBay is changing the way coin wholesaler Carter Numismatics, Inc. thinks about its business. Direct retail sales once seemed unrealistic for CNI, now they're a reality.
"eBay has been a terrific outlet for our company," says John Morgan, manager of CNI's eBay sales. "With eBay, we can reach customers across the globe that we would have had little chance of meeting."
According to Morgan, eBay has enabled CNI to not only find retail buyers, but also effectively market to them and exceed their expectations. For one, the company's About Me has enabled it to educate customers about its position in the market and solicit new consignment business, he says.
Additionally, CNI has been able to appeal to different buyers, from beginners to experts, and maximize the value of its wholesale inventory by utilizing eBay's unique listing formats. "We list each coin on its own merits and have been able to use a variety of listing techniques," says Morgan.
Popular, new introductions usually start at $1 without a reserve, while higher-end investment pieces list with a fair-market Buy It Now price. CNI is fond of $1, no-reserve auctions, because they "draw attention" to its investment material, says Morgan.
CNI's retail sales also have flourished because of eBay's feedback system, says Morgan. Without it, the company couldn't have demonstrated its commitment to customer service and distinguished itself from other sellers. After more than 1,285 transactions, CNI still boasts a 100% positive feedback rating.
"We feel that our feedback must be reassuring to new customers," says Morgan. "After an initial transaction, we often see a good deal of repeat business."
What's the key to an unblemished record? High-quality images that reflect the coin's condition and luster are key, says Morgan. Another factor: direct, professional, descriptions. "We know our customers don't need all the hype, just quality coins and excellent customer service," he says. "The more guesswork you can eliminate, the happier your customers will be."
Proof of grading also has contributed to customer satisfaction and positive feedback, says Morgan. CNI includes a photo of the barcode that accompanies each of its coin grades in its listings. A generous return policy has attracted and sustained business, as well.
"Eliminating downside for the buyer has definitely been good for sales," says Morgan. "We'd never force a customer to keep an item that he or she wasn't happy with. To us, building long-term relationships is much more important than making a sale stick."
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| verypq (1,056), Barry Stuppler & Company Inc.
Selling Investment-Quality Coins | April 2003 | Collecting coins remains a popular hobby for many casual collectors. But sellers like Powerseller Barry Stuppler appeal to serious investors, looking to enhance their financial portfolio.
Stuppler's investment-quality coins, which run anywhere from hundreds of dollars to several thousands, promise to hold their value, if not increase, over the long run. For his eBay listings, Stuppler seeks out true rarities -- that is, 18th- to 20th-century American gold and silver coins graded "MS63" and above, with known populations of less than 100 pieces.
"Quality coins with these criteria are difficult to locate and purchase," admits Stuppler, who has been in the coin business for the past 40 years. "For every true rarity sold, collectors buy hundreds of coins that provide pleasure but are unlikely to produce substantial monetary return."
However, Stuppler believes that, given the current state of the economy, high-grade coins represent a stable financial investment, even if some buyers aren't aware of this initially.
"Some of the buyers who come to eBay have told me they bid on investment-quality coins only," he says. "I believe that others, who buy high-grade coins primarily for their collections, could nevertheless justify their purchases as investments, particularly today when paper investments such as equities offer dubious profitability and safety."
An important facet of Stuppler's selling strategy consists of educating his customers about the coin market, not only to ensure they make good buys, but also to assist them in making knowledgeable decisions about the potential future value of their purchases. He tries to develop what he calls a "consultative relationship" with his buyers, so that they perceive him "as an expert guide rather than just another seller."
To do this, Stuppler might work with a customer to build a collection around a theme as opposed to purchasing items randomly. He also includes content with his listings, such as news and updates about the industry.
"The more information on the coin market I can give collectors and investors to help them make informed decisions, the better," Stuppler concludes. "When it comes to spending one's hard-earned money, ignorance is not bliss. On the contrary, knowledge is power. When I empower coin buyers—new or experienced—by being an important source of knowledge, I've earned their trust and confidence."
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| tnfc (3846), The Numismatic Financial Corporation
Making the Grade | March 2003 | The Numismatic Financial Corporation has hit the mark with both novices and serious collectors on eBay.
According to TNFC's Joe Seminara, eBay sales now account for 15% of the company's total business, a number it has reached by positioning itself for new hobbyists, in search of starter coins, and serious buyers, looking for more rare, high-ticket items.
The strategy has two major benefits: It's reduces overstock in TNFC's value line of coins and also initiates relationships with serious investors.
"eBay helps me liquidate inexpensive items as well as advertise more expensive ones," explains Seminara. "We have gained some great retail clients from eBay, both for collector coins and generic ones."
To give his high-end property the time and support it deserves, Seminara doesn't set margins on his economy coins. "We sell the inexpensive coins at no reserve and let the market take care of the price," he explains. "The more expensive items we list with a price or reserve."
Seminara credits TNFC's smooth transition onto eBay to the diversity and quality of its merchandise, its aggressive pricing (consider the "Greysheet" price quotes in its descriptions), and the status of its retail business, one of Florida's largest. TNFC leverages its retail location by including its address and phone on its About Me page. For added credibility, there also are photos of the company's storefront and staff.
"We are legitimate and want the customer to know that they won't be taken advantage of," says Seminara. "The retail outlet gives them that comfort."
Equally important, TNFC's coins are graded and certified by one of the six major companies, including PCGS, PCI, and SEGS. TNFC uses a diversity of companies to reach a full range of buyers, from bargain shoppers to educated collectors. PCI and SEGS grades keep costs lower, which TNFC passes along to the customer, while PCGS attracts premium collectors.
"No doubt about it, PCGS does add valuable dollars to the items," says Seminara. "Some collectors only buy PCGS."
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| goldbergcoin@msn.com (3769), Goldberg Coins and Collectibles
Tapping into Trends | Feb. 2003 | According to rare coin dealer Mark Goldberg, eBay not only has changed the coin industry, it's changed his life.
"If it weren't for eBay, I'd be retired, working on my golf game and boat pursuits," he jokes.
Goldberg retired as the head of a large wholesale coin company four years ago, burned out and disinterested in the industry.
eBay provided him an exciting new beginning. Now, he runs a successful online operation with just two people, and focuses on what he loves, his coins and collectibles. Better yet, he's making real money. "Sales have tripled since 2000," says Goldberg. "Our return client rate exceeds 40%."
He is also enthusiastic about the coin industry again. The hobby is more inclusive now, says Goldberg. eBay has reduced the cost of selling and given collectors of all levels access to premium material at more affordable prices. Moreover, it has made the hobby truly international.
"Our international business is growing dramatically," says Goldberg, adding that he now has more repeat business internationally than domestically, largely in Canada, Europe, and Asia.
Gold is especially hot overseas, he says, particularly in "areas where high inflation erodes the value of one's money." The gold market is also strong in China, where its purchase was only recently legalized. Goldberg also credits his international success to PayPal, which has made overseas payments effortless. He estimates that the service has increased his overall sales by 33%.
Other eBay Strategies? He's SquareTrade verified. He lists $1, No Reserve auctions - bids attract more bids, says Goldberg. Finally, he ships some items two to three hours after receiving online payments through PayPal…with commemorative stamps, no less.
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| Cameocc (585), Cameo CC Modern Certified Coins | Jan. 2003 | For modern coin dealer Cameo CC, eBay isn't just a sales platform; it's a form of advertising.
Each month, Cameo CC releases more new coins than any other modern coin company, says president Robert Abbey. "U.S. Mint comes out with a new product every month and we are the first to market with it," he explains.
eBay has become Cameo's marketplace of choice for new product introductions. According to Abbey, eBay allows the company to advertise its position in a new market as well as test demand for it. Additionally, Cameo CC now has a unique customer base on eBay, which is distinct from its print and trade show customers.
"We try to keep 60 to 80 products up at all times on eBay, and it's a form of advertising even though we may not necessarily sell this or that item," says Abbey. "Basically, eBay is not only an excellent form of distribution, it's a lead generator."
To educate traditional coin buyers about its relationship with eBay and build awareness for the products it's selling there, Cameo CC also has joined eBay's Co-Op Advertising Program, featuring a link to its eBay Store in its regular advertisements in CoinWorld, Numismatic News, and others.
"People are beginning to make an association between Cameo CC and eBay," says Abbey, adding that Cameo times the listing of specific products with its prints ads, so that its eBay product mix is consistent with its print message.
Cameo's Co-Op links also enable it take better advantage of advertising being done by the U.S. Mint. Cameo runs ads for its new Mint products at the same time the Mint advertises. During peak advertising and awareness, Cameo's Co-Op links refer buyers to its venue for new Mint products.
Abbey also is confident that the Co-Op program is driving traditional collectors to Cameo's eBay Store.
"Our customer base is very loyal to us because we treat them professionally and properly," says Abbey, "When modern coin collectors see that we are linked with eBay, I think they do visit our store."
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Must use Buy It Now and PayPal.
