Thoughts on selling silver dimes.

[Josh]

Here is the background: A friend I work with, his dad bought $500 in silver dimes back in the 80's, and is now wanting to sale them because of the price of silver is up. He asked me to help sale them because I already have an Ebay and PayPal account setup with good feedback. I have already sold several dime lot's for him and were getting about $2.75 a dime, so it's going pretty good. I'm just getting tired of all the Ebay fees. Have any of you all had luck moving coins outside of Ebay? I don't mind the PayPal fee, because I don't really have another way of taking money, so i'm just trying to get away from Ebay.
Be kind on the responses I don't really post alot, i'm just a BIG reader of the forums.

Josh

[Morsecode]

Once you have 10 posts on the forum why don't you give our classifieds a try?

It's fee free, and most buyers will paypal "gift" you, so no fees there either. Of course, you can accept whatever type of payment suits you.

You aren't going to get $2.75 here (I don't think) given current spot, but you'll still make out better than ebay.

[Neckro]

Make sure you keep the taxes associated with the sales, the IRS don't give a damn if you sold it for someone, the money went through your hands.

[NDFarmer]

i'm just trying to get away from Ebay.

Aren't we all!!! Seems like at the end of the month Ebay makes more than I do.

I agree you can try and sell some here. You can take less here than you get on Ebay and still end up with more in your pocket when you don't pay all those fees.

[Josh]

I'll look into the PayPal gift, that might be a good option to save on the fees.
I also haven't really thought about the taxes yet. I think for selling on Ebay, we just have to keep track of it ourselves, because they don't send us anything do they?

Also to get an idea, what would be a good asking price for fellow member of this forum for the dimes? We have both mercury & roosevelt dimes with different grades.
Some look really good, so I can for sure post alot of pics for the ones looking at buying some.

Josh

[beauanderos]

List them at spot and leave the listing. Either someone will snap them up, or in a day or two when the price moves higher they'll but them then.

[Diggin4copper]

People always ask me to sell things on Ebay for them.. I tell them 50%, they freak out.. I explain, 12% ebay and Paypal fees, 25 percent taxes, gas to and from them and the PO, my time, my risk (feedback and the whole post office thing).. its not worth it to me most of the time..

[Josh]

Thanks for all the great feedback. I'll get some pictures and start posting some Buy-it-Now items on this forum. This path will be alot better then on Fee-Bay. That site is making a killing with all the fees.

[myfundsarelow]

ASK AND YOU SHALL RECEIVE IF THE PRICE IS RIGHT PEACE!! WELCOME TO THE FORUM

[VWBEAMER]

Make sure you keep the taxes associated with the sales, the IRS don't give a damn if you sold it for someone, the money went through your hands.

There is no tax on the sale of money...how you going to tax the exchange of legal tender?

[Sheikh_yer_Bu'Tay]

Make sure you keep the taxes associated with the sales, the IRS don't give a damn if you sold it for someone, the money went through your hands.

There is no tax on the sale of money...how you going to tax the exchange of legal tender?

Wow! Good comment and this is worthy of a thread all it's own. How are they going to tax PM sales over $600 if all of it has USA $$$ on it???

[Mossy]

Make sure you keep the taxes associated with the sales, the IRS don't give a damn if you sold it for someone, the money went through your hands.

There is no tax on the sale of money...how you going to tax the exchange of legal tender?

They tax the difference between the face value and what you pay?

[TXBullion]

I think it would be based on any capital gains , ex, you bought at 5 and are selling at 10

[fb101]

I think it would be based on any capital gains , ex, you bought at 5 and are selling at 10

My accountant says no capital gains on PMs, full personal rate.

[Gipper1985]

I think they classify as a collectible, so it would be the lower of your personal federal rate or 28%. Now if you have the good fortune to live in NY you can add another 7% to that amount.

I think that ebay caps it's seller fees at $100? (I would have to look it up). In that case it would make more sense to sell in larger lots. For example three seperate lots of $1000 sold would cost you around $270 in ebay final value fees where one lot for $3000 would only cost $100 in ebay final value fees. There seems to be enough high rollers on ebay to sustain the larger lots.