Where to Get the Best Price for WWI Victory and Participation Medals: eBay or Coin Shows?

The venue you choose to sell your item can drastically affect your net profit. Let’s compare the modern digital market to traditional dealer bourse floors.

As an online coin dealer who has spent over two decades handling numismatic and exonumia material — from common-date Morgan dollars to rare World War I so-called dollars and participation medals — I can tell you that the decision of where to sell is just as important as what you’re selling. This is especially true for a fascinating and historically rich category like WWI Victory and Participation Medals. These pieces carry deep emotional weight, significant historical context, and a surprisingly complex market with multiple die varieties, looped versus unlooped issues, clasp distinctions, and even gold strikes that can fetch five and six figures. Whether you’re parting with a common looped Victory Medal with ribbon or a top-pop NGC-certified HK-903 American Saviors of Liberty so-called dollar, the selling venue you choose will directly impact your bottom line.

In this comparison, I’ll walk you through the real-world economics and practical considerations of selling WWI medals and related exonumia on eBay versus at coin shows. We’ll cover fee structures, dealer pricing psychology, liquidity, online reputation, and the unwritten rules of bourse floor etiquette. By the end, you’ll have a clear framework for deciding which channel — or combination of channels — makes the most sense for your specific pieces.

Understanding What You’re Selling: The WWI Medal Market

Before we compare selling venues, it’s essential to understand the market you’re operating in. The WWI Victory and Participation Medal category is far more nuanced than most casual collectors realize. This isn’t a one-size-fits-all market. Values range from a few dollars for common looped medals without ribbons to tens of thousands for rare die varieties, gold strikes, and historically attributed pieces.

Key Varieties and Collectible Subcategories

Based on years of handling this material and studying census data, here are the primary subcategories that serious collectors and dealers focus on:

• Standard U.S. Victory Medals (looped with ribbon): The most common form. These were issued to the millions of Americans who served. Loop-only versions without ribbons are more common, but the ribbon and bars add significant eye appeal and collectibility.
• Clasp distinctions: According to So-Called Dollar references, medals without clasps went to troops who served in the U.S. only; single clasps for those who served overseas but not in battle; multiple clasps for those who participated in major operations. This detail matters enormously to advanced collectors and directly affects numismatic value.
• Unlooped medals: These have a distinctly redder copper color compared to the beige-bronze of looped versions. They are considerably rarer and were likely produced for display or presentation purposes. I’ve examined several that show no evidence of ever having had a loop removed — the patina and luster across the top edge confirm their original strike as unlooped issues.
• So-Called Dollars (HK-892, HK-900a, HK-902, HK-903 series): This is where things get exciting for advanced collectors. The 1917 HK-892 die varieties alone — with differences in flagpole tips, ground contours, and reverse die states — can command significant premiums. The 1918-dated varieties that aren’t even listed in standard references are essentially uncharted territory.
• The Gold HK-902a: Struck in 22K gold, this is the crown jewel of the category. Previously owned by Steve Tanenbaum and pedigreed through First Class Coins, examples have appeared on eBay and realized extraordinary prices. This is a piece where venue selection is absolutely critical — the difference between selling on the open market versus accepting a dealer’s wholesale offer can amount to thousands of dollars.
• Commemorative plaques and large-format pieces: Heavy embossed plaques produced in Paris, cast bronze plaques by R.W. Bock (copyrighted 1918), and other large-format commemorative items. These are true conversation pieces and appeal to both medal collectors and military historians.
• Attributed and historically significant pieces: Medals connected to documented soldiers — such as the story of Samuel Woodfill, called “the most outstanding soldier of World War 1” by General Pershing, or the ongoing effort to secure a Victory Medal for Grace Banker’s granddaughter 105 years after the fact — carry premiums that transcend the physical object. Provenance is everything with these.

The NGC Census Factor

For certified pieces, the NGC census is your best friend. I always check population data before pricing any WWI medal for sale. When there are only five looped examples of a particular type listed in the census, as one forum member noted, that scarcity is a powerful selling point — but only if your audience knows about it. This is where venue choice becomes critical: eBay gives you the tools to educate a global audience, while a coin show puts you face-to-face with dealers who already understand census data.

eBay: The Global Digital Bourse Floor

eBay has been a dominant force in the coin and exonumia market for over two decades, and for good reason. It provides access to millions of potential buyers worldwide, powerful search and discovery tools, and a built-in infrastructure for payments, shipping, and dispute resolution. But it’s not without significant costs and challenges.

eBay Fee Structures: What You’ll Actually Pay

Let’s talk numbers, because fees are the single biggest factor that differentiates eBay from other selling venues. As of my most recent experience:

• Final Value Fees: eBay charges approximately 13.25% on most collectibles categories (coins and paper money fall under this). For a $1,000 medal, that’s $132.50 gone before you’ve even shipped it.
• Payment processing: If you use eBay’s managed payments (which is now standard), you’ll pay an additional 2.35% + $0.25 per transaction. On that same $1,000 sale, that’s another $23.75.
• Total effective fee rate: Approximately 15.6% on a typical sale. For a $50 medal, that’s $7.80. For a $10,000 gold HK-902a, that’s $1,560 — a staggering sum.
• Insertion fees: Generally waived for sellers with store subscriptions, but worth noting if you’re a casual seller.
• Promoted listing fees: Optional but increasingly necessary for visibility. These range from 2% to 100% of the sale price depending on your ad rate. For rare WWI material, I typically recommend a 5-10% ad rate to ensure your listing surfaces in relevant searches.
• International fees: If you sell to overseas buyers (common for WWI material, especially French and British medals), additional cross-border fees may apply.

The bottom line: on eBay, you should budget for approximately 15-20% of your sale price going to fees and advertising. For a $100 medal, you’re netting $80-85. For a $500 piece, you’re netting $400-425. This is the price you pay for access to a global audience.

Liquidity and Audience Reach

Here’s where eBay shines. The platform has unparalleled liquidity for numismatic material. A common WWI Victory Medal with ribbon might sell within days on eBay, simply because the buyer pool is so vast. For more obscure pieces — say, an unlooped HK-900a or a rare die variety of HK-892 — eBay’s search functionality and collector community mean that the right buyer is likely browsing at any given moment.

I’ve sold pieces on eBay that I might have waited months to place at a coin show. The 24/7 nature of the platform means your item is always “on display.” For time-sensitive sales or when you need quick liquidity, eBay is hard to beat.

Building and Protecting Online Reputation

On eBay, your feedback score and seller reputation are currency. I’ve built a top-rated seller status over years of consistent, honest dealing, and it directly impacts my sell-through rates and the prices I can command. Collectors are willing to pay more when they trust the seller’s descriptions, photos, and grading assessments.

For WWI medals specifically, reputation matters because:

• Buyers need confidence in variety identification (is this really an unlooped issue, or was the loop removed?)
• NGC certification verification is critical — buyers want to know the slab number matches the piece
• Historical attribution claims (e.g., “awarded to a soldier who served overseas but not in battle”) need to be backed by credible references
• High-value items like the gold HK-902a require absolute trust between buyer and seller

One negative feedback or a disputed transaction can set you months behind. I always over-communicate with buyers, provide detailed photographs including edge shots and close-ups of loops and clasps, and reference NGC certification numbers prominently in every listing.

eBay Listing Best Practices for WWI Medals

After hundreds of successful eBay sales in this category, here are my proven strategies:

1. Title optimization: Include the specific HK number, date, metal composition, and key variety details. Example: “WWI Victory Medal HK-903 American Saviors of Liberty 1918 NGC MS65 TOP POP So-Called Dollar.”
2. Photography: Minimum 8-12 high-resolution photos. Show both obverse and reverse, the loop or lack thereof, ribbon condition, any clasps, the NGC slab from multiple angles, and a TrueView image if available. Good lighting that captures the original luster and natural patina will set your listing apart.
3. Description depth: Reference the NGC census, explain the historical context (e.g., “per the So-Called Dollar book, medals without clasps were distributed to troops who served in the U.S. only”), and note any pedigree information.
4. Pricing strategy: For rare pieces, I recommend auction format with a reasonable reserve. For more common items, Buy It Now with best offer enabled works well.
5. Shipping: Always insure high-value shipments. I use USPS Priority Mail with signature confirmation for anything over $500.

Coin Shows: The Traditional Dealer Bourse

Now let’s step onto the bourse floor. Coin shows have been the backbone of numismatic commerce for over a century, and they offer a fundamentally different selling experience — one that can be either highly rewarding or deeply frustrating depending on your approach and expectations.

Dealer Buy Prices: The Reality Check

Here’s the uncomfortable truth that every collector needs to understand: dealers at coin shows will typically offer you 50-70% of retail value for your WWI medals and so-called dollars. This isn’t because dealers are greedy — it’s because they need to mark up the pieces to cover their own overhead (booth fees, travel, insurance, staff, rent for their shops) and still make a reasonable profit when they resell.

For common material, the math looks something like this:

• A standard looped WWI Victory Medal with ribbon might retail for $25-40. A dealer will likely offer $10-20.
• An NGC-certified HK-892 in MS63 might retail for $150-250. Expect dealer offers of $75-150.
• A top-pop HK-903 in MS65 might retail for $500-1,000. A dealer might offer $250-600.
• The gold HK-902a? A dealer would likely need to see this in person and might offer $5,000-$8,000 depending on the current gold market and their ability to place it with a collector.

The key insight is that dealers are not your enemy — they’re your wholesale channel. If you need cash quickly and don’t want the hassle of eBay listings, shipping, and potential returns, selling to a dealer at a show is efficient and immediate. But you will leave money on the table compared to selling directly to collectors.

Coin Show Etiquette: How to Get the Best Offers

Having bought and sold at hundreds of coin shows, I can tell you that etiquette matters enormously. The way you approach dealers directly impacts the offers you receive. Here are my guidelines:

• Don’t walk up and immediately ask “what will you give me for this?” Start a conversation. Show genuine interest in what the dealer has on their table. Ask about their specialty. Build rapport.
• Bring your items in proper holders. NGC and PCGS slabs are ideal. Raw pieces should be in flips or capsules. A dealer who sees a well-organized, professionally presented collection will take you more seriously than someone pulling loose medals from a shoebox.
• Know what you have. If you’re offering an HK-892, know the die variety. If it’s an unlooped issue, be prepared to explain how you know the loop wasn’t removed. Reference the NGC census. Dealers respect knowledgeable sellers.
• Be realistic about condition. That medal with significant wear? It’s a wonderful historical artifact, but it’s not a mint-state collectible. Be honest about where your piece falls on the condition spectrum — dealers will spot overgrading instantly, and it erodes trust.
• Shop around. Get offers from at least 3-5 dealers before accepting. Prices can vary significantly based on a dealer’s current inventory and customer base.
• Don’t take low offers personally. A dealer who offers $50 for your $100 medal isn’t insulting you — they’re running a business. Thank them, move on, and try the next table.
• Timing matters. The first day of a show (typically Friday) is often the best time to sell, as dealers have fresh cash and haven’t yet spent their buying budgets. Sunday afternoon can also be productive as dealers look to fill gaps before heading home.

Liquidity at Coin Shows: The Dealer Network Effect

One advantage of coin shows that’s often overlooked is the network effect. When you sell to a dealer at a show, that dealer likely has a shop, an eBay presence, and a customer list. Your medal gets immediate access to their entire sales infrastructure. A dealer who buys your HK-903 at a show might list it on their website that evening, email their customer list, and have it sold within a week — at full retail.

This means that while you’re getting a wholesale price, you’re also getting immediate liquidity. No waiting for an eBay auction to end. No shipping logistics. No buyer disputes. Cash in hand, deal done.

For someone who is downsizing a collection or needs to convert assets quickly, this immediacy has real value that should be factored into the decision.

Head-to-Head Comparison: eBay vs. Coin Shows

Let me put this all together with a direct comparison across the factors that matter most when selling WWI Victory Medals and so-called dollars.

Net Profit After All Costs

When to Choose eBay

Based on my experience, eBay is the superior choice when:

• You have NGC or PCGS-certified pieces — the certification adds trust and allows buyers to verify authenticity remotely
• You’re selling rare die varieties or top-pop pieces — the global audience means you’re more likely to find the one collector who specifically needs that HK-892 late die state with cracks through the flagpole tips
• You have historically significant pieces with documented provenance — the ability to write a detailed description and tell the story (like the Grace Banker presentation ceremony) adds value that a dealer table simply can’t replicate
• You’re selling gold or high-value items where the percentage-based eBay fee is justified by the higher selling price you’ll achieve versus a dealer’s wholesale offer
• You have the time and patience to create proper listings, handle buyer questions, and manage shipping

When to Choose Coin Shows

Coin shows are the better option when:

• You have common material in bulk — a box of standard looped Victory Medals will sell faster and with less hassle to a dealer than listing 20 individual eBay auctions
• You need immediate cash — no waiting for auctions to end or payments to clear
• You have raw or uncertified pieces — dealers can evaluate these in person, and you avoid the risk of an eBay buyer claiming the item doesn’t match the description
• You want to build dealer relationships — selling to a dealer at a show can open doors for future trades, consignment opportunities, and access to pieces you’re looking to buy
• You’re selling large or heavy items like the 15×22 inch commemorative plaques — shipping these would be expensive and risky, while a dealer can arrange pickup or delivery

The Hybrid Strategy: Best of Both Worlds

In my experience, the most successful sellers use a hybrid approach. Here’s my recommended framework:

1. Sort your collection by value and rarity. Separate your common material from your rare and high-value pieces.
2. Sell common material at coin shows. Take your standard Victory Medals, common so-called dollars, and lower-value exonumia to shows. Get wholesale prices, but enjoy the immediacy and simplicity.
3. List rare and certified pieces on eBay. Invest the time in premium listings for your top-pop HK-903, your unlooped issues, your die varieties. The global audience and storytelling capability of eBay will maximize your returns.
4. Use coin shows for networking. Even when you’re not selling, attend shows to meet dealers who specialize in military exonumia and so-called dollars. These relationships can lead to private sales, consignment deals, and tips on upcoming collections.
5. Consider consignment. Some dealers and auction houses offer consignment services where they handle the eBay listing or auction placement for a lower fee (typically 5-10%). This can be a good middle ground for sellers who want the reach of eBay without the hassle of managing listings.

Special Considerations for WWI Victory and Participation Medals

Beyond the general eBay vs. coin show comparison, there are several category-specific factors that should influence your selling strategy.

The Loop vs. Unlooped Distinction

As multiple forum members have discussed, the looped versus unlooped distinction is a major value driver. Unlooped medals — which have a redder copper color and show no evidence of loop removal — are significantly rarer and more desirable to collectors. On eBay, this distinction needs to be clearly documented in your listing with close-up photography of the top edge. At a coin show, you can point it out in person, which actually gives the dealer channel a slight advantage for this particular attribute — they can examine the strike and patina up close.

Ribbon and Clasp Completeness

Medals with original ribbons and clasps command a premium. As one forum member noted, “The ribbon and the bars add a lot to the interest. This piece was designed by James Fraser.” On eBay, you can showcase this completeness with detailed photos that highlight the eye appeal of a fully intact example. At a show, the tactile experience of handling a complete medal with ribbon can be powerful — but dealers will still price it based on wholesale formulas.

The NGC Slab Question for Medals

One forum member raised an excellent point: “It would be great if a TPG would slab this with the ribbon.” The fact that NGC has begun slabbing WWI medals — including looped examples — is a game-changer for the market. Certified pieces sell faster and for higher prices on eBay because the certification removes condition disputes and authenticity concerns. If you have significant WWI medals, I strongly recommend getting them certified before selling, especially if you plan to sell online.

Historical Attribution and Provenance

The story behind a medal can be as valuable as the medal itself. Consider the forum discussion about Grace Banker’s Victory Medal, which was finally presented to her granddaughter 105 years after she returned from France. Or the incredible story of Samuel Woodfill, who was awarded the Medal of Honor for single-handedly neutralizing three German machine gun nests while suffering from mustard gas effects. If you have any documentation linking a medal to a specific soldier or unit, this provenance should be front and center in your selling strategy — and eBay’s long-form listing format is ideal for telling these stories.

Practical Tips for Maximizing Your Returns

Regardless of which venue you choose, here are my top actionable takeaways for selling WWI Victory and Participation Medals:

1. Get certified. NGC certification is virtually essential for eBay sales of any medal over $100. It builds trust, enables remote buying, and typically adds 10-30% to the selling price.
2. Research your varieties. Know your HK numbers, die states, and census data. An HK-892 with late die state cracks through the flagpole tips is a different (and often more valuable) piece than an early die state.
3. Photograph everything. Both eBay and coin show buyers want to see what they’re getting. Invest in good lighting and a macro lens. Show the loop, the ribbon edge, any clasps, and the overall patina and luster of the piece.
4. Price competitively. Check completed eBay listings for comparable pieces. Don’t price based on what you want to get — price based on what the market is actually paying.
5. Tell the story. WWI medals are inherently historical. Mention the allegorical designs, the attribution to individual participants, the variety of designs issued by different countries, states, and localities. Context sells.
6. Be honest about condition. A worn medal that was carried daily by a veteran has historical charm, but it’s not a gem mint piece. Describe it accurately and let the market decide the price.
7. Consider the timing of coin shows. Major shows like the ANA World’s Money Show or the Baltimore Whitman Expo draw the most dealers and the most serious buyers. Regional shows may have fewer dealers but less competition for their buying budgets.
8. Build your reputation. On eBay, this means consistent positive feedback and detailed, honest descriptions. At coin shows, it means being a knowledgeable, professional seller who dealers want to do business with again.

Conclusion: The Enduring Collectibility of WWI Victory and Participation Medals

As we’ve explored in this comparison, the choice between eBay and coin shows isn’t a simple one — it depends on what you’re selling, what price you need, how quickly you need it, and how much effort you’re willing to invest. For rare, certified, and historically significant pieces, eBay’s global reach and storytelling capability typically yield the highest net returns. For common material, bulk sales, and quick liquidity, coin shows and dealer networks offer efficiency and immediacy that online platforms can’t match.

But beyond the selling strategy, what makes this category truly special is its historical importance. WWI Victory and Participation Medals represent one of the most significant chapters in modern history. They were awarded to millions of soldiers who served in the conflict that shaped the 20th century — from the trenches of the Western Front to the home fronts of dozens of participating nations. The allegorical designs, the individual attributions, the variety of issues from countries, states, and localities, and the ongoing stories of recognition (like Grace Banker’s medal, presented 105 years late) all contribute to a collecting category that is as emotionally resonant as it is numismatically fascinating.

Whether you’re selling a common looped medal for $20 or a gold HK-902a for five figures, you’re participating in the preservation and celebration of history. Choose your venue wisely, present your pieces with care and honesty, and remember that every medal has a story worth telling.

As I often tell my customers and fellow dealers: in this market, knowledge is profit. The more you understand about die varieties, census data, historical context, and venue dynamics, the better positioned you are to maximize the value of your collection — whether you’re selling on eBay at midnight or shaking hands on the bourse floor at a regional coin show.

Related Resources

You might also find these related articles helpful:

• The Global Market: How PCGS TrueView Policy Shifts Are Reshaping International Demand, Repatriation, and Cross-Border Coin Values – The market for this item doesn’t stop at the border. Overseas collectors and repatriation trends are reshaping its…
• The Engraver’s Story: William Key, George Soley, and the Fascinating World of 18 mm U.S. Mint Medalets (1860–1885) – To truly appreciate this piece, I always start with the artist who created it—and the political climate they had to navi…
• Spotting the Difference: Proof vs. Business Strike WWI Victory and Participation Medals — A Grading Expert’s Guide – Sometimes early proof coins look like business strikes, and vice versa. Here is how experts tell them apart. In my years…