Don't forget that although your bank might treat you paid in cheques as "cleared funds" after as little as three day, it can take over a week for a dishonoured cheque to be returned to you. As eBay own PayPal they are very keen to encourage you and the buyers to use PayPal. If you decide to accept PayPal this can cost you around 5% or even more in fees. If the payment is from outside the UK, there may be extra bank charges for receiving the money. Once you have sold your item, you have to hope the winning bidder completes the transaction and pays you. If you take into account the cost of your time, you may conclude that you would be better off selling directly to a dealer. You could even find yourself in breach of the Trade Descriptions Act in the UK, or similar legislation elsewhere. If you mis-describe your item, you may find that it fails to sell, or it sells, but the buyer returns it for a refund. Using stolen images can also get your account with eBay suspended or cancelled. Although we have not yet taken legal action against any of these pirates, we fully intend to do so in future. We are often shocked at the rudeness and hostility we receive from some of these people. Whenever we notice, we send a standard e-mail to eBay reporting the abuse, we follow this up by requesting the sellers contact details from eBay, and sending a copyright infringement notice to them. We get very annoyed for example that about 5 to 10 people every week decide to help themselves to our copyright images. It is not necessary for the copyright owner to place a copyright notice on their images. Using images you found elsewhere is potentially dangerous and expensive, as copyright automatically subsists in most published works. Writing a good and accurate description takes time and skill, creating a high quality image, either a scan or a digital photograph also takes time, skill, and possibly expensive equipment. Whether your item sells, and how much you get for it may depend on the quality of your description and images. When you sell via a traditional auction house, the auctioneers do the work for you, but when you sell on eBay, you have to do this yourself. Working this out, it would cost you £22 if your item failed to sell. Lets say you have coins for sale for which you expect to get £1,000 you could simply list them at a starting price of £1,000 and this would attract a listing fee of about £2, alternatively you could use a starting price of £0.99, which would still cost £2.00 in listing fees because of the reserve price, and use a reserve price of £1,000 this would allow people to start the bidding low and maybe get "hooked", but this would cost you an extra £20 in reserve fees if the item failed to sell. The reserve fee must be one of the biggest "sucker traps" and money-spinners for eBay. EBay provide plenty of choices, which sound good, but most of them simply extra ways for eBay to make more money from you. You have to pay the listing fee whether your item sells or not. Hidden costs include listing fees, reserve fees, image fees, and extra charges for bold type gallery entry, coloured bands to make your auction stand out, featured listings of various kinds, PayPal charges. When comparing commission rates with other auction houses, remember that most of them now charge not only a sellers commission, but also a buyers premium, these can often total about 25% plus VAT, which equals closer to 30%. Low Commission RatesĬompared with most conventional auctioneers, the selling costs on eBay are low, starting at 5.25% commission, however there are other hidden costs some of which we describe below. Advice about selling gold coins on eBay, including gold sovereigns, Krugerrands and other bullion and collectors coins.Įxpert Advice - As leading dealers in gold bullion and collectors coins for over 50 years, we believe we are quite well qualified to offer some advice about selling gold coins on eBay, especially as we also sell a small proportion of our stock through eBay.
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