Sell on Consignment
Why sell my coin or bank note collection on consignment?
When it comes to eventually departing with you collection it is often tempting to get your money fast. But in most cases you have had your collection for many years so waiting a short time longer so as to get a much better price is often the smart thing to do. When offering to buy coin and banknote collections, dealers may only be able to offer you a price well short of what you goods are really worth. They need to do this to cover the outlay involved in purchasing your items and to cover their costs.
As a licensed second hand dealer in New South Wales, Online Coins can offer you a contract of consignment sale where we act as your selling agent. You maintain ownership of your collection at all times, meaning that we do not have to outlay for the goods, reducing our costs and taking your time in selling your goods more often than not brings a higher price for you items. In fact we have often got very close to full catalogue price and occasionally over catalogue price for many items on consignment and provided our clients a very satisfactory outcome.
How does it work?
When you bring your collection in we will issue you with a receipt for all your goods. We establish a data file in store that records your goods and as we sell these items we update the file so you can see it any time to see how your collection is selling. We will then prepare your collection for sale and list your items on ebay, here on our online store and of course, in our shopfront. Once your item sells we will update your data file with the sale price and any fees that may be associated with the sale, including ebay fees and merchant fees. The file will also show the deduction of our commission after expenses and the final value payable to you for the item. We will then deposit amounts into your bank account once all trading requirements are met. Please note that all payments will be by direct bank deposit so please remember to provide your bank deposit details as soon as possible.
What is you commission rate?
Online Coins charge commission rates as follows:
- Item Sale Value over $200.00 - 20.00%
- Item Sale Value less than $199.99 - 30.00%, For item values less than $100.00 we may offer you an outright buy price.
- Commisson rates current as of 01/09/2017
Please remember also that we charge commission on the nett value of your sale, that is, after the sale expenses have been deducted from the total sale amount. For example we sell an item for $100.00 and it had $5 in fees associated with the sale, we only take commission on $95.00 not $100.00.
What is the policy on GST for my commission sale?
All coins sold in Australia are subject to GST of 10%. If you are registered for GST you must provide us with your ABN. We will then include GST when we invoice the buyer and you must generate an invoice for us for the total sale price of the goods. We will then issue you an invoice for all expenses and commission.
If you are a private seller and not registered for GST then we do not charge GST to the buyer. Although GST is charged when we invoice you for any expenses and commission related to the sale of your items.
How much is my coin collection worth?
If you are unsure of the value of your collection Online Coins offers a free, no obligation appraisal of your collection when you consign goods with us. We will provide you, on request, a catalogue valuation of your goods along with an estimation of what we feel your items will sell for. Remember though that being patient will often bring substantially higher prices for your collection and we recommend this as it allows us plenty of time to market your items professionally and gives more opportunity to the buyer who is looking specifically for you item.
Is there anything else I should know?
Not really, but please remember that we are obliged by law to hold certain goods for 14 days before we can advertise or sell them. Under the NSW legislation for second hand dealers any items consigned for sale that contain precious metal (gold or silver) must be recorded and reported to the police and held by us for 14 days before they can be available for sale. If your collection contains precious metals, please assist by bringing in identification, a drivers licence will suffice.