When I started this blog two years ago, my intention was to share the prices I had been able to achieve for the coins I had sold on eBay.
In doing this, I wanted to keep readers up to date on progress towards my goal of selling coins for double their face value.
However, it soon became clear that doing this too soon after each sale would strip my customers of their anonymity which, although there was no question of any illegal activity, I would imagine some would rather maintain.
That is why to date there has been little discussion of sale values I have achieved but the passage of time has now guaranteed that the identities of my buyers can remain masked, even to those who carry out a detailed search of my feedback information on eBay.
So, much later than intended, here is the first discussion of results when I offered UK coins for sale on eBay.
Looking back six weeks before the launch of DoubleTheMoney in January 2013, I was pleased when a distinctive Mary Rose commemorative £2 coin I’d been given at the bar in autumn 2012 sold for £3.45.
Within a day, the buyer had sent £4.65 via PayPal and the coin was on its way to him in Norwich.
I was pleased my experimental foray into currency dealing had delivered a payment of £4.65 so quickly, however there were various expenses which reduced the profit for this deal:
Firstly, following the PayPal money transfer fees, only £4.30 actually arrived in my account.
Then there was an eBay final value fee of 10%, or 34 pence to deduct (fortunately I’d taken advantage of a free listing window so there was no listing fee to add).
This left £3.96, from wich I must deduct the £2 the coin had initially cost me – £1.96.
Then there was the expense of sending the coin to the buyer in Norwich. Years of experience of using the Royal Mail to post thousands of items without incident convinced me that, if I packaged the coin in an anonymous envelope, I could be confident that it would arrive safely for a reasonable cost.
By embedding the coin into a section of recycled corrugated cardboard and sealing it in by taping a small piece of cellophane over this, it was narrow enough to be accepted for delivery for the standard First Class letter rate of 60p, reducing the profit to £1.36.
Over-estimating the cost of the envelope from a cheap supermarket bulk package to one pence left a final profit of £1.35 or two-thirds of my initial £2 outlay.
The experience ended satisfactorily when the buyer left positive feedback for me with the note “Fast delivery, many thanks” and I was encouraged to look out for more notable coins to sell.