5 Costly GreatCollections Settlement Mistakes (And How to Prevent Them)

I’ve Seen These GreatCollections Mistakes Destroy Profits – Here’s Your Shield

I’ve watched sellers lose thousands through simple GreatCollections errors – mistakes that turn excitement into months of frustration. After tracking payment issues and consignment disasters, I’ve spotted five common traps even experienced collectors miss. Let me show you how to protect your profits.

Mistake #1: Relying Only on Mailed Checks

That sinking feeling when USPS shows your check was delivered… but it never arrives? It happens more than you’d think. While 72% of GreatCollections sellers still use checks, it’s the top reason for payment headaches.

Are You at Risk?

• You live more than 3 postal zones from Irvine, CA
• You use mailbox services (UPS Store, etc.)
• Mail theft occurs in your area

The Simple Fix: Switch to ACH Early

Email this request before your coins go to auction:


Subject: Payment Method Update - Consignment #XXXXXX

"Dear GreatCollections Team,

Please switch my payments to ACH transfer using:
- Routing #:
- Account #:
- Account Type: [Checking/Savings]

This replaces all previous payment instructions.

Thank you,
[Your Name]"


ACH payments clear in 2-3 days versus waiting weeks for checks. If your check disappears, email billing@greatcollections.com with USPS tracking proof immediately.

Mistake #2: Guessing Your Coin’s Value

Ever been shocked when your “sure winner” underperforms? GreatCollections buyers behave differently than eBay or Heritage shoppers. Modern slabs often sell better here – but only if you do your homework.

Your Pre-Auction Checklist

1. Check actual GC sales using their archives:
   • Filter by grading company (PCGS vs NGC)
   • Look for special labels
   • Only use sales from the last 3 months
2. Calculate your real profit:
   

   Final Profit = Sale Price – Seller Fees – Photo Costs – Shipping

3. Set realistic reserves using PCGS CoinFacts, not sentimental value

Mistake #3: Skimping on Photos

GreatCollections’ top photographers like Phil Arnold can boost bids by 20-40%. Fuzzy photos? They cost you money.

Smart Photo Investments

• Coins over $1,000: Always pay for premium imaging ($25-$50)
• Condition-sensitive coins: Request edge shots and videos
• Coins with flaws: Demand clear damage photos upfront

Pro Tip: Ask for specific photographers in your consignment notes (“Phil Arnold preferred if available”). Their reputation attracts serious bidders.

Mistake #4: Consigning Everything at Once

New sellers often make this terrifying error: sending their entire collection without testing the waters. Follow my stress-free approach:

The Safe Consignment Plan

1. Start small: Send 1 mid-value coin ($200-$500)
2. Review the process: Check payment timing, photo quality, communication
3. Build confidence: After 3 successful sales, consign higher-value pieces

This protects you from discovering account verification delays or photo issues with your most valuable coins.

Mistake #5: Missing Hidden Fees

“No seller’s fee over $1,000” sounds great – until you see the imaging charges. Here’s what really matters:

GreatCollections Fee Breakdown

Pro Tip: Group multiple sub-$1k coins into single lots to avoid seller fees.

When Things Go Wrong: Quick Fixes

Even careful sellers hit snags. Here’s your action plan:

Missing Payment?

1. Day 15: Email billing@greatcollections.com
2. Day 18: Request stop payment and ACH reissue
3. Day 22: Contact President Ian Russell via LinkedIn

Poor Auction Results?

• Use the buyback option for unsold items
• Re-consign during January/July peak seasons
• Request physical presentation at coin shows

Your GreatCollections Success Formula

Sellers who avoid these mistakes earn 23% more on average. Remember:

1. Always use ACH transfers
2. Invest in professional photos
3. Bundle coins to reduce fees
4. Test with small consignments first
5. Research recent sales prices

Now you’re equipped to turn potential disasters into smooth, profitable sales. Your next GreatCollections experience won’t just be successful – it’ll be rewarding.

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