We have put up The Perth Mint’s 125th Anniversary Australia Sovereign 2024 Gold Proof Five-Coin Set for sale at $10,999.00 We were lucky to get one of the 125 of the sets made. I decided to take on the product as it helps us see what the boundary is of the highest ticket price item we can sell.
We had good success with coins prices at $3,995.00 and moved on to coins priced just over $5,000.00, and they sold. The move to try this new coin makes sense.
I appreciate that this will feel out of reach to plenty here. If you’d told me about this coin set five years ago I’d have said no way could I contemplate this, yet here we are.
Good retailers don’t stand still. They try new things and if they work they lean further into them, to learn and see how far they can go. That’s what’s happening here. It’s what I have seen newsagents do in the gift space taking their business fro $20,000 a year in gifts to over $200,000 a year in gifts in a short period of time.
What we can sell in our newsagency businesses is not restricted as it was decades ago.
Hi Mark, long time reader of your blog and fellow retailer. What short of margins do this coins provide?
Bob it varies between 18% and 35%. This set, for example, it is just over 20%. Coin customers are loyal. Once they know you will have product, they return. They are also basket-efficient, often purchasing other items in the con purchase visit.