How to Keep Consignors Updated on Their Coin Sales
· 5 min read
To keep consignors updated, send a statement after every sale that included their coins, and give them a way to check the status between sales. The statement lists each coin sold with its price, your commission, and their net, then the coins not sold yet. A consignor who can see that list without calling you calls you a lot less.
Consignors are anxious for a simple reason: their coins are in your hands, and the money comes weeks later. Clear updates are how you keep them consigning with you.
What consignors want to know
Almost every call from a consignor is one of these questions:
- Has my coin been listed, and in which sale?
- Did it sell, and for how much?
- How much of that do I get?
- When do I get paid?
- What happens to the coins that did not sell?
A good update answers all five in writing. If any one is missing, expect a phone call.
What to put on a consignor statement
The header
Your business name and contact details, the consignor's name, the consignment number or name, the date, the commission rate, and the payout status: not paid yet, or paid on a date with a check number.
One line per coin sold
| Coin | Sold | Price | Commission (15%) | Net |
|---|---|---|---|---|
| 1893-S Morgan dollar, VF-20 | Oct 24 | $4,250.00 | $637.50 | $3,612.50 |
| 1909-S VDB Lincoln cent, VF-30 | Oct 24 | $1,450.00 | $217.50 | $1,232.50 |
| 1916-D Mercury dime, G-4 | Oct 24 | $1,000.00 | $150.00 | $850.00 |
Show the sale date and a SKU or lot number with each line, so the consignor can match it to the catalog they watched.
Totals
Total sold, total commission, any fees, and the net. Make the net the largest figure on the page.
Coins not sold yet
List them by name. A statement that shows only the sold coins makes the consignor wonder where the rest went.
How often to update consignors
| Moment | What to send |
|---|---|
| Intake | A receipt: the list of coins with grades and cert numbers, and the terms |
| Coins listed | The sale name, date, and platform, with a link to the catalog |
| Sale closed | A statement with the results of that sale |
| Payout | The final statement with the payment date and check number |
For a large consignment sold over several sales, the statement after each sale shows the running totals. The consignor sees the money grow and the unsold list shrink.
Example: one consignment over three sales
A consignment of 312 coins at 15% commission goes into three sales. The statement after each sale shows the running totals:
| After | Coins sold | Sold total | Commission | Net to consignor | Not sold yet |
|---|---|---|---|---|---|
| October sale | 141 | $22,480.00 | $3,372.00 | $19,108.00 | 171 |
| November sale | 238 | $39,960.00 | $5,994.00 | $33,966.00 | 74 |
| December sale | 287 | $48,215.00 | $7,232.25 | $40,982.75 | 25 |
Each statement still lists every sold coin, not only the new ones, so the consignor never has to add up three documents. The last statement goes out with the payout and says what happens to the 25 coins left: relisted, moved to eBay, or returned.
If you pay after each sale instead of at the end, the statement also shows what was already paid and what this payment covers. "Paid $19,108.00 on November 3, check 1042" on the November statement stops the question before it is asked.
Email, phone, or a portal
Emailed statements
An email with the statement after each sale works well for a handful of consignors. The cost is your time: someone has to make each statement, check it, and send it. If you make it by hand in a spreadsheet, it will drift from your invoices.
Phone calls
Calls are good for the first sale and for bad news, such as a key coin that did not reach its reserve. They are a poor way to report numbers. Follow every call with the statement in writing.
A consignor portal
A portal is a sign-in where the consignor sees their own consignments and coins at any time. It makes sense when you have many active consignors, or one consignment of a few hundred coins selling over months. The consignor checks at 11 p.m. instead of calling at 9 a.m.
A portal must show the same figures as your statement. If the two disagree by a cent, the consignor trusts neither.
What consignors should never see
- Your cost or cost codes on coins you also own.
- Other consignors' coins, names, or results.
- Bidder names and contact details.
- Your internal notes about the coin or the consignor.
Whatever tool you use, check what it shows before you invite a consignor. A mistake here costs more than any consignment is worth.
When the news is bad
Some coins will not sell, and some will sell below what the consignor hoped. Tell them early and in plain words:
- Say what happened: "The 1889-CC passed. Bidding reached $1,450 against a $1,900 reserve."
- Say what you suggest: "Offer it in the December sale with the reserve at $1,600, or take it back."
- Put the choice in writing and record the answer.
A consignor who hears bad news from you keeps consigning. One who finds it on their own does not.
Common mistakes
- Statements made by hand. They drift from the invoices. Make them from the sales you recorded.
- No unsold list. The consignor assumes the worst.
- Totals without lines. The consignor cannot check a single number.
- Late payout with no word. If you will be late, say so before the date passes.
- A portal that shows too much. Check it from the consignor's side before the first invite.
How CoinManagerPro keeps consignors updated
In CoinManagerPro, each consignment has a statement made from the invoices for its coins. It has your business name and details, the commission, the payout status, each coin sold with its date, price, commission, and net, the totals, and the coins not sold yet. You print it, save it as a PDF, or email it to the consignor from the consignment page.
The consignor portal, called the seller portal in the app, gives a consignor their own sign-in under your business name and logo. You invite them by email from the consignment page; the link works one time for seven days. They see their consignments, the commission rate, what sold, the commission due, their net, and whether the payout is paid. The portal and the statement use the same calculation for each sale.
The portal never shows your cost, cost codes, bids, storage locations, or internal notes, and a consignor sees only their own coins. You choose for each person whether they can edit coin details or mark coins sold or returned; all three are off until you turn them on. When you remove a person's access, they lose it on their next click.
Questions
- How often should I send a consignor statement?
- After each sale that included their coins, and once more with the payout. A consignor with coins in a sale wants to hear within days of the close, even if the money comes later.
- Should a consignor see the reserve or the bids on their coins?
- They should see their own reserves and the result of each lot. They should never see your cost, other consignors' coins, or bidder details.
- Is a consignor portal worth it for a small dealer?
- It helps once you have more than a few active consignors, or one large consignment sold over several sales. Before that, an emailed statement after each sale is enough.
See how CoinManagerPro does this