Having sold world banknotes on Whatnot since 2022 we have made mistakes,, learned what sells, and what does not sell. here are some live-streaming best practices:
World Banknotes On Whatnot:
There are all sorts of collectors on Whatnot, new and old. More new collectors than seasoned collectors. Clearly communicating historical significance and value is important to sell at market rates. If a new collector does not know you are showing a $50 note with a $1 start you are going to get $5. At the same time, seasoned collectors want to see better inventory which generally are more valuable. You must start better notes higher than the $1 start unless the audience is large enough and bidding. In general, niche countries are best reserved for when requested.
Most Common Buyers:
Most new collectors are looking for Germany, Philippines, Mexico, Canada. Vested collectors are filling out every country and looking for sets or specific notes.
Prepare your inventory, know what you are running.
Plan your inventory based on your target audience, present respectively. Be prepared to show other verticals but serve your target audience.
Load associated inventory in the buy it now where applicable.
Pro Tip: Load inexpensive notes you have bulk of in the buy it now. Buyers can take advantage of shipping and buy a $2 note.
Clearly communicate value, writing or typing labels is recommended.
Place notes in plastic currency sleeves for handling and presentation.
Show Everything:
Our goal when running shows is to show as much as possible, this is where the preparation comes in.
We generally run 15 second auctions, no lags on transitions. Move fast, how easy is it to swipe to another show? Make it hard by consistently showing great inventory.
Organization:
Be able to pull specific countries, find all of them. If someone ask for St. Helena, can you find it?
Prices:
We prefer to bundle less valuable notes and start at $3 than run $1 starts, you sell $1 and get $.49 after fees.
Start better notes at market price, set realistic prices. generally conservative, a few bidders will still run up noice notes.
Scheduling:
Schedule reoccurring shows your buyers can count on attending. They are excited about your show, are you? Be there, often, consistently.
We schedule the max, 10 shows out. Various days and times through out the week.
Sponsored Givvy's:
Sell inventory while providing the audience and other sellers a way to contribute to the show and have more fin or increase awareness for their shows or channels.
We have had the most success with a $5 sponsored givvy, have notes ready to run when they are purchased and create extra givvy's so you do not have to create as purchased.
The purpose of this post is to compile best practices for sellers of world banknotes, please share feedback or additions. We would love to offer a community resource to help all sellers hit the ground running.
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