Selling Your Silver: A Guide to Finding a Buyer and Getting a Good Price

I receive tons of questions from people wanting to know how to sell their silver, especially since the world commodity silver price has skyrocketed. So, I've written a 28-page booklet that provides information about the process. For anyone interested, it can be downloaded here for a small fee: Selling Your Silver: A Guide to Finding a Buyer and Getting a Good Price. I think you have to sign up for a free membership at the publisher's site.

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Finding Actual Sales on eBay

We receive comments such as this frequently, "My sterling flatware set must be worth $XYZ.00 because I've seen it listed on eBay for this amount." Listing on eBay and actually selling are two different things.

To develop a true picture of what's selling on eBay, you should examine actual completed sales. Here's how to do this (you may have to sign in to eBay):

• On many eBay screens, you will see a link to "Advanced Search". Click on this.
• Enter your search keywords.
• Check the box that says, "Completed listings".
• Check the box that says, "Include Store inventory".
• Click the "Search" button.

You will see a list of completed listings in the past two weeks that met your keyword criteria. The listings you will want to examine are those that have a little box with the word "Sold" beside them. Review these specific listings to see what was being sold and compare them with what you are considering selling. Examine the selling price.

This will help you determine the true value of your set, at least on eBay.

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Tired of Searching on eBay Over & Over?

Are you looking for that elusive piece of sterling flatware on eBay? Are you tired of going to eBay everyday to perform the same search? Why not let eBay do the work for you?

You can set up a "saved search" in eBay and whenever eBay finds a match for your search, it will send you an email. Suppose you are looking for a pickle fork in the Old Maryland Engraved pattern by Kirk-Stieff. I couldn't find one of these in eBay today, so I created a saved search to notify me when one is put up for sale. Here are the steps:

• Click on "Advanced Search"
• Type in your search parameters
• Click the "Search" button
• Click "Save this search"
• In the new little window that pops up, give your search a name and specify how long you want to keep receiving emails related to this search (12 months is the maximum)
• In the little window, click "Save"

Whenever someone places a new listing in eBay that meets your criteria, you'll receive an email. There is no obligation to bid or buy.

Here's what I typed as the search criteria for this pickle fork:

old maryland (pickle, pickel, lemon, olive) fork

Here's why:

• I left off the word "engraved" because some sellers leave it out of the listing title. However, there is a pattern called "Old Maryland" so I may get some incorrect hits.
• Some sellers incorrectly identify pickle forks, calling them lemon or olive forks.
• Some sellers can't spell very well.

Send us a comment or question if you have other suggestions.

Click on any picture to see a larger version. By clicking on "Comments/Questions" below, you can see posted comments and add your own questions and comments. Or, you can send us an email by clicking on "Email Silver Jim" in the right column.

eBay: Restrictions on Sellers

In the fall of 2008, eBay made several changes that greatly affected the way sellers do business. We've already talked about the fact that eBay is forcing electronic payment for purchases with the goal of eliminating paper methods such as checks and money orders. Some visitors to this blog have added comments discussing their concern about this new rule.

Here are some other things eBay is doing.

1. Shipping charges - eBay is encouraging (and forcing in some cases) sellers to keep shipping costs to a minimum. Extra incentives have been added through the end of 2008 for sellers if free shipping is offered. Sellers are supposed to define exactly what shipping charges will be up front.
2. Descriptions - eBay is encouraging more complete and accurate descriptions of items.
3. Return policy - eBay is requiring sellers to define a return policy. Sellers are not forced to accept returns but they must state their policy.
4. New eBay fee structures give sellers more incentive to consider using the fixed-price ("Buy It Now") format as opposed to the auction format.
5. Detailed Seller Rating (DSR) - eBay is placing much greater weight on the DSR ratings that buyers assign to sellers through the feedback process. The four DSR categories are:
   
   - Item as described
   - Communication
   - Shipping time
   - Shipping and handling charges
   
   A buyer may assign a score between 1 and 5 (with 5 being best) in each of the four categories for each eBay transaction. This is so important to a seller that we ask buyers to let us know why if we did not earn a score of 5 in each category. We're not trying to intimidate buyers but we need to know what we did wrong so we can do better next time. eBay only gives sellers their overall average score and does not give any reasons to the sellers. 5's are very important! Multiple buyers assigning ratings below 5 can have a severe impact on a seller.
   

As a footnote to this discussion, buyers should be aware that eBay and PayPal charge fairly significant fees to sellers. Several parameters affect the ultimate fee. Taken together, eBay and PayPal fees top out at around 16% of the sales price for an item sold on eBay and paid for through PayPal. This includes fees not directly related to a sale.

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eBay: Using PayPal

The folks at eBay created quite a stir in October of 2008 when they dictated that buyers must pay for goods via electronic means using a credit card or a payment service like PayPal. Since PayPal is owned by eBay, a competing service, ProPay, is also allowed to process payments. eBay more or less had to allow a competitor to do this in order to avoid anti-competitive practice issues.

PayPal's preferred way of moving money around is to move it from or to someone's bank account. This is the way we operate and we have had no problems. We have heard of complaints from other sellers but do not know the details. PayPal also allows a buyer to use a credit card to pay for a purchase.

Some people do not like sharing personal credit or checking information on the Internet. Here are a couple of suggestions for eBay buyers in this category:

• A buyer might use a prepaid credit card. Such a card limits the buyer's exposure to the amount prepaid and does not affect the buyer's credit score.
• A buyer might insist on paying the old fashioned way by check or money order. We can't speak for eBay but we understand that if a buyer insists on paying by check or money order, the seller is allowed by eBay to accept it. A buyer should check with the seller about this before buying.

PayPal does have added benefits in that it offers some degree of protection for the buyer and seller. Sellers pay a fee to PayPal of roughly 3% of a transaction's total amount.

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eBay: Searching Tip

If you are buying on eBay, you might want to consider this - sellers often make mistakes in spelling, especially with regard to certain pattern names. A good example is the Wallace pattern, Grande Baroque. Many sellers forget about the "e" at the end of the word, "Grande". To work around this, you might do two searches with these search terms:

• Wallace Grand Baroque sterling


• Wallace Grande Baroque sterling
  

Or, you might take an easier, quicker approach. The following search terms will search for both spellings:

• Wallace (Grand, Grande) Baroque sterling

The eBay search engine will understand that you are looking for the "grand" OR "grande" spellings.

Savvy sellers include both spellings in their listings so that their listing will be found even if the searcher spells it "grand". In our Grande Baroque listings, the word "grand" is included in the item description but it is hidden from view. So, it will not be seen but it will be examined during eBay searches.

Other pattern names often mispelled include Rose Point, ("Rosepoint"), Strasbourg ("Strasburg"), Chantilly ("Chantily"), Buttercup ("Butter Cup") and Versailles (many!).

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eBay: Negotiating Price

Is it possible to negotiate price with eBay sellers? The answer generally is, "No", but it depends upon the seller.

Auction Items
For eBay auction items that sell, negotiating doesn't make sense because the auction process itself is the price negotiation. However, sometimes auction items don't sell because they receive no bids or the bids don't reach the seller's reserve price.

In situations like this, we have on occasion sent a message to the seller after the auction closed stating that we were interested in the item but not at the minimum bid or reserve established by the seller. An interested seller could re-list the item on eBay with lower price considerations in such a case. We have run across interested sellers and some have re-listed. However, we never have been successful with convincing a seller to re-list at a minimum bid or reserve price suitable to us.

Fixed-Price Items with "Make an Offer" Option
Fixed-price items are identified with a "Buy it Now" price. For items like this, the seller has the option of including a "Make an Offer" button in the listing. Most fixed-price items do not include this button but if the seller has activated it, a potential buyer is being invited to negotiate. The seller is more or less expecting to sell the item at a price less than what's posted.

When you click on "Make an Offer", eBay will ask that you confirm your offer price. Be aware that once you confirm, you are obligated to buy if the seller accepts your offer. If multiple pieces are offered in a single eBay listing, eBay will also ask you to state the number of pieces covered by your offer.

When you make an offer, eBay sends the seller a message with the details of your offer. The seller may:

• Accept your offer, thereby obligating you to buy


• Reject your offer outright


• Reject your offer but propose a counteroffer

This back and forth process can go on for a maximum of three offers by a potential buyer for a given eBay item.We don't have a particular "rule of thumb" regarding how much your offer should be as a percentage of asking price. Offer what you think is a fair price. Some sellers get upset when someone submits a "low ball" offer. We don't get upset because we know the bidder only has three chances. However, you should keep in mind that a seller is looking for the best offer. An offer is allowed by eBay to be valid for 48 hours so a seller may accumulate more than one offer, then select the best one.

Fixed-Price Items without "Make an Offer" Option
Most fixed-price listings fall within this category. Generally speaking, the seller probably is not willing to negotiate. However, if you want to try, the only way to initiate the process is to send the seller a question. State your proposal and see how the seller responds. Some sellers seem to be bothered by this process. We are not bothered because we always look for opportunities to communicate with potential customers. We see it as an opportunity to convince you why our original price is reasonable!

If a seller agrees with your proposal, the eBay listing probably will need to be modified or a new one created. That's something to be worked out between the you and the seller. Keep in mind that an eBay listing is open to any qualified buyer, so if the seller creates a modified listing with a lower price, anyone can snap it up. Move quickly to buy once a modified listing is created for you.

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What Do "OM" and "NM" Mean?

Often in an eBay listing title, you will see the terms "OM" or "NM" in a listing title. This is what they mean:

• NM means "no monograms" are found on the piece(s).
• OM means "old marks". You often see this when an old Gorham piece is being offered. Gorham changed the information it placed on the backs of forks, spoons, etc. in 1950. If a seller places OM in the title, it probably means the Gorham piece(s) being offered were manufactured before 1950 and have the old Gorham hallmarks.

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eBay: Auction vs. Fixed-Price Format

If you've been searching for items on eBay, you probably realize that eBay has three basic forms for selling:

• Auction - This format is the one most people are thinking about when they first use eBay. Auctions run for a maximum of 10 days. The winning bidder is obligated to buy.
• Fixed-Price - More and more sellers are using the fixed-price format whereby the seller sets a fixed price for the item to be sold.
• Store - To a buyer, store format looks exactly like fixed-price format. To the seller, there are some differences in the fees charged by eBay. The primary thing affecting a buyer is the way eBay searches for items. Unless you specify otherwise, you may not see "store" items in your search results. On the "Advanced Search" page there is an option to include store inventory in your searches. Fixed-price and store listings run for a maximum of 30 days, although many sellers renew the listings for one or more additional 30-day periods.

Auctions offer the opportunity for bargain prices for some items. However, a bidder must wait until the auction ends to see who is successful. If you have been bidding on items lately, you may have noticed that several bidders may bid in the last five seconds or so. This technique, called "slamming", has become more prevalent lately. If you have lost an item in such a situation, you may have thought that there were several bidders lurking out there, all hitting the "Enter" key to submit their bids simultaneously. However, it is likely that some or all of these last second bidders used one of several services available on the Internet that submit last second bids automatically on behalf of such bidders. Check out http://www.bidslammer.com/ for example.

Fixed-price and store items offer the benefit of selecting an item immediately with no waiting. You know what you are going to pay up front and you can "Buy it Now".

Which way is best? It all depends upon your time frame, your patience, your need to find just the right item, your price flexibility, etc. You be the judge.

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Buying Sterling Flatware on eBay

Disclosure: The reader should take notice that this post contains opinions of the owners of Georgia Silver, a firm that sells many items on eBay. Although every effort has been made to present a fair assessment of the subject, the bias of the authors could affect the discussion.

The creation of eBay opened a single new market in which the forces of supply and demand operate on a worldwide basis. With respect to used sterling flatware, eBay comes closest to setting a true worldwide market price. However, when looking to buy a piece of sterling flatware on eBay, you have to be certain that you are comparing "apples to apples" among the various offered items. For example, the value of a Chantilly teaspoon offered by one seller could be quite different from the value of a Chantilly teaspoon offered by another seller. Here are some points to consider when buying.

• Condition of the piece - This is probably the most important factor affecting value. A teaspoon offered by one seller might still be in its original wrapper while a teaspoon offered by another seller might have had an unfortunate encounter with a garbage disposal. The description offered by the seller is very important. Clear pictures of the piece(s) being offered should be included in the listing.
  
  Each seller will have a unique way of describing pieces. There are no exact definitions - one seller might use the word "excellent" only to define something that appears to be brand new while another seller might use the same term to describe a piece that has a few small abrasions and dents from light use.
  
  If the condition is not clear to you, ask the seller questions.
  
  
• Monograms or other custom engraving - Many sellers will state in the listing whether or not there are monograms on a piece. If not, ask the seller about this specifically.
  
  
• Size - Pieces come in different lengths and weights. Read the earlier posts on this blog, "About Forks" and "About Knives". Make sure you are buying the exact size and shape you need. Length measurements to the nearest 1/8 inch are best. A dinner fork generally has a much higher value than a luncheon fork, for example. If the seller did not provide sufficient details, ask questions. Don't rely on names like "luncheon" and "dinner". These mean different things to different people. Insist on specific measurements.
  
  
• Color - Most sterling flatware is silver in color but a few patterns have optional gold "tinting".
  
  
• Shipping - Most sellers add reasonable shipping charges. Some offer free shipping. Some will include a nominal charge for the shipping container or "handling". However, a few try to make significant extra profit with unreasonably high shipping charges. Make sure you understand what the shipping charges will be and factor these into your overall price consideration. Go to http://www.usps.com/ to calculate your own sample shipping charges and compare these with the seller's. Be sure to understand the seller's approach to shipping insurance and factor this into your analysis. If shipping charges are unclear, ask the seller a question.
  
  
• Seller's feedback rating - the feedback rating is very important. You can generally feel more comfortable with a seller who has a large positive number (in the hundreds or thousands) AND whose percentage of positive feedback is 100% or very close to that. Read feedback comments posted by earlier buyers. Every seller has to start somewhere so you may encounter a new legitimate seller with a very low feedback number. In this case, study all details even more carefully.

Keep in mind that an eBay seller has to pay fees to eBay and PayPal. These could total over 15% of the sales price.

This post is a little long so we'll stop here but we'll be adding at least these other posts related to eBay:

• Auction vs. Fixed-Price Format
• Negotiating price
• Using PayPal
• eBay restrictions on sellers

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