By Doug Winter – RareGoldCoins.com ……
CoinWeek Content Partner ……
Doug Winter, owner/operator of Douglas Winter Numismatics and a frequent contributor to CoinWeek, has inaugurated a new series of sales of specialized collections called Concierge Sales. The following Frequently Asked Questions were pulled from his coin blog to help potential consignors. —CW
If you are a regular visitor to RareGoldCoins.com, then you know we regularly offer specialized collections for sale. What are these sales, exactly? How do they work? Let’s take a closer look.
What are these sales?
DWN Concierge Sales are web-based offerings of specialized collections featuring (primarily) interesting assemblages of 18th- through 20th-century American coins. These sales follow a well-rehearsed and very successful timeline and format, created by Douglas Winter, president of Douglas Winter Numismatics. If you are contemplating the sale of a significant collection of United States coins, a DWN Concierge Sale is an excellent option for you to consider.
Who conducts them and where are they held?
DWN sells its coins on their website (raregoldcoins.com) and at all major national coins shows. The coins may also be listed on general hobby sites such as collectorscorner.com or other numismatic aggregators. Your coins are well-exposed and they are offered to the right collectors.
These Concierge Sales appear on the DWN website raregoldcoins.com but they are given their own “real estate” on the site and they do not appear with the regular DWN inventory. The sales have their own “slider” on the homepage and are easily accessed by collectors. In addition, every coin is pedigreed to the collection name at the end of the description so they are easily searchable on Google; they are given proper meta-tags as well.
Why are these sales right for your collection?
You’ve worked hard on your collection and you want to maximize its potential. When you consign to DWN, you are working in partnership with the most knowledgeable gold coin expert in the United States. Doug Winter will help you get your coins in the right holder and to get top dollar for them. Most importantly, they won’t get lost in a phone-book-sized auction catalog where your prized collection is just another property.
In a DWN Concierge Sale, every one of your coins is given a world-class description by Doug Winter and state-of-the-art full color obverse and reverse images by Jenna Van Valen. Most importantly, all of your coins are stars in a DWN Concierge Sale and they won’t compete against other higher grade (or comparable) pieces from other collections as in an auction.
How are the coins priced?
Doug Winter personally prices each and every coin offered for sale. He draws on his many years of expertise in the area of United States coinage and typically uses a combination of comparable auction prices realized (APRs), examples he has offered for sale or has been offered by other dealers and “gut instinct”. Before any Concierge Sale goes live, you will be sent a list of proposed prices and Doug will be happy to discuss how he arrived at the given price(s). In the unlikely event you are not satisfied with a specific proposed price, we can negotiate a price which makes more sense or DWN can return the coin. Doug’s motivation is to sell as many of your coins for the best possible price.
How long does the process take?
In most cases from beginning to end, the process takes around 60-90 days. The exception to the rule is if there are many coins in your collection that need to be regraded. In some instances, DWN may submit them multiples times to PCGS in an attempt to upgrade them or he may attempt to cross them from NGC holders to PCGS holders if this adds value and/or makes a coin easier to sell. Typically, we like to have all of the coins ready to sell at the same time.
What is the minimum value for these sales?
Due to the massive amount of work involved, the minimum value we will consider for a Concierge Sale is $150,000.
What do you charge?
We charge a flat fee of 10% per coin with fees charged only if the coin is sold and paid in good funds. Our fee is inclusive of all expenses, for which see below.
How do consignors get paid?
DWN Concierge Sales are 100% transparent and you are sent a weekly accounting spreadsheet that shows which coins have been sold (or placed on hold), which coins have been paid for and which check numbers from DWN correspond to which specific sale. You get paid as the coins sell, not at the end of the sale. While we will not reveal who we sell each coin to, we are happy to share as much information with you as possible.
Who pays for miscellaneous expenses (grading/shipping/insurance/etc.)?
DWN is responsible for all expenses incurred during the sale process. This includes picking up the collection (in person or by mail), grading/re-grading/re-holdering/crossing-over the coins (if deemed necessary by Doug Winter), sending the coins to CAC, shipping all coins and insuring them while on DWN’s premises and/or when they are transported to a coin show.
What about accounting/record-keeping?
Weekly spreadsheets are provided notifying consignors of the progress of their coins–while they are being graded and while they are being sold. Typically, most coins sell to collectors for full list price but coins that are sold to dealers may be discounted by 5% so that they can make money reselling them. Special requests can usually be accommodated but we ask that these are discussed before the sale goes “live”.
What about coins which don’t sell?
The sell-through rate in DWN Concierge Sales is often 100% and is almost never below 90-95%. In the rare cases that your coins do not sell, we will discuss them on a case-by-case basis. We can either lower the price and continue to list them or Doug Winter can make you a cash offer. From time to time, an offer may not be acceptable and in this case, DWN will return the coin(s) by overnight mail.
How are the sales advertised/marketed?
As a leading specialist in United States gold, Doug Winter knows which collectors need which coins and Concierge Sales are a very efficient method by which to get the right coins to the right collectors. When you consign your collection to DWN, Doug begins the marketing process right away. For example, he will call certain collectors before the sale and let them know that a major coin (or coins) is “in the pipeline”.
Once the coins have been cataloged by Doug and imaged by Jenna, certain collectors are sent images and descriptions about important coins and are thus given “first shot”. About a week before the sale, Doug sends out an email to his extensive client list discussing the upcoming collection. Two days before the sale goes live, DWN’s Preferred Clients get a descriptive email with specific highlights; this is incredibly effective and many coins are “pre-sold” as a result. On the day of the sale, it goes live on the site at 9:00am pacific time and more coins are then sold. It is not uncommon for 50-75% of the collection to be sold after 48 hours. These sales have been perfected by DWN and you will be most pleased by their results!
Can you show me examples of some of your Concierge Sales?
In the last five plus years, we have conducted over 15 Concierge Sales, ranging from highly specialized collections to accumulations of interesting coins. Some of the more memorable sales include the following:
- The Vasquez Rocks Collection of Gold Dollars
- The Kentucky Collection of Liberty Head Quarter Eagles
- The Western Springs Collection of Early Half Eagles
- The Burr Ridge Collection of Dahlonega Half Eagles
- The Palos Verdes Collection of Type One Liberty Double Eagles
- The RYK “DOG” Collection
Would you like your collection to be featured in a DWN Concierge Sale in the near future? Begin the process now by sending us an inventory list of your coins and calling Doug Winter at (214) 675-9897. We look forward to hearing from you and are excited about the possibility of working with you!
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About Doug Winter
Doug has spent much of his life in the field of numismatics; beginning collecting coins at the age of seven, and by the time he was 10 years old, buying and selling coins at conventions in the New York City area.
In 1989, he founded Douglas Winter Numismatics, and his firm specializes in buying and selling choice and rare United States coins, especially US gold coins and all branch mint material.
Recognized as one of the leading specialized numismatic firms, Doug is an award winning author of over a dozen numismatic books and the recognized expert on US Gold. His knowledge and exceptional eye for properly graded and original coins has made him one of the most respected figures in the numismatic community and a sought after dealer by collectors and investors looking for professional personalized service, a select inventory of impeccable quality and fair and honest pricing. Doug is also a major buyer of all US coins and is always looking to purchase collections both large and small. He can be reached at 214-675-9897.
Doug has been a contributor to the Guidebook of United States Coins (also known as the “Redbook”) since 1983, Walter Breen’s Encyclopedia of United States and Colonial Coins, Q. David Bowers’ Encyclopedia of United States Silver Dollars and Andrew Pollock’s United States Pattern and Related Issues
In addition he has authored 13 books on US Gold coins including:
- Gold Coins of the New Orleans Mint: 1839-1909
- Gold Coins of the Carson City Mint: 1870 – 1893
- Gold Coins of the Charlotte Mint: 1838-1861
- Gold Coins of the Dahlonega Mint 1838-1861
- The United States $3 Gold Pieces 1854-1889
- Carson City Gold Coinage 1870-1893: A Rarity and Condition Census Update
- An Insider’s Guide to Collecting Type One Double Eagles
- The Connoisseur’s Guide to United States Gold Coins
- A Collector’s Guide To Indian Head Quarter Eagles
- The Acadiana Collection of New Orleans Coinage
- Type Three Double Eagles, 1877-1907: A Numismatic History and Analysis
- Gold Coins of the Dahlonega Mint, 1838-1861: A Numismatic History and Analysis
- Type Two Double Eagles, 1866-1876: A Numismatic History and Analysis
Finally Doug is a member of virtually every major numismatic organization, professional trade group and major coin association in the US.
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