Gold. When, where, how?
I'm a somewhat new player.
My main character is a level 30 Warden.
So far I've gathered about 20g but I wanted a lot more. I spent a couple hours on the Barrow Downs, gathering Cardolan Trinkets and got some nice coins for some crafting materials I've come across.
My question is: How can I efficiently make money?
~ Haethryth of Brandywine
It really depends on what you feel like doing.
- Gather low level crafting mats to sell in their original state (by this I mean ores as ores, not ingots and so on)
I know, on Eldar at least, some ores sell really well. Silver is one of those which you could farm and sell for a good profit.
Scholar mats also tend to do quite well.
- Farm and sell reputation items as you have been doing.
- Do plenty of instances and skirmishes. Even if you're only getting skirmish marks - you can barter those for desirable items at camp.
- If you get any Sturdy Steel Keys drop, sell those as well. Depending on your server you can usually get between 10-20g per key. Also sell any lootboxes you come across.
- You could also try selling task items in the AH in batches of 10 and see how they do. I'm not sure if there's much of a market for them, but it could be worth a try.
If all that sounds a bit grindy, don't worry about it too much. As you continue to level you'll earn more money anyway. You'll also expose yourself to more things that could be sold and be able to access higher levelled instances etc.
Originally Posted by Galuhad
Thank you very much for your information!
I was also wondering if there is any good Instance to run over and over for marks (which will revert into gold later).
I have some TP and I can buy one from the store as well, if it's worth it!
I'm not the best person to answer this question. The only thing I can point out is that a lot of quest packs also contain instances (more info) so it might be worth taking those into account when making your decision.
Originally Posted by CasmiguelF
Thank you for your information anyways, It's pretty good as is, given that I now know I can also go for Instances and use the marks to get some gold!
I put up some task items from time to time on Brandy/et.al. for @ twice the vendor rate, and I sell maybe half of them.
Originally Posted by Galuhad
Now that you can do the tasks at higher levels, they should sell well.
Just to point this out -- marks cannot be converted into gold. You can, however, use marks to get things (gear and whatnot) that you otherwise might have to spend gold to get. So instead of paying 1 G for a nice new sword on the AH, you can get a comparable sword from the skirm vendors with marks instead.
*quick edit* Although many things can be purchased with marks/medallions and are not bound so in theory you could buy with marks/medallions and sell them on the AH...
You left out what and why!
Second base and left field, respectively.
Originally Posted by bambubambubambu
Oh yeah and who of course too. I believe who's on first?
Originally Posted by HaleElven
Collect and sell crafting resources. Don't forget to check in the auction house, if their prices are currently worth the farming.
Sometimes, at least on my server, there is a very high demand and people are paying lots of golds for a stack of a specific material, just to be able to quickly level up their alt.
You can certainly take task items to the AH; I've done it many times over the years. However, I find them to be pretty unreliable as gold mills. Most of them just don't sell well. (Same goes for Optional Ingredients. . .I just don't get why they're so hard to sell.) I price them low so they'll have a good chance of selling. And then, when they don't sell, I'm out the listing fee and have to consider whether to post it again. Such is the world of auctions -- in-game and otherwise. A problem, to which Galuhad has alluded, is that you may have way more of them to sell than there is demand for. For instance, you might list five batches of 10 then have only one or two of the batches sell. . .by which time you may have already gathered another 60 pieces. Since most people don't increase their daily max on tasks beyond the default of five, they won't be looking for more than five batches per day -- if even that. However, task items tend to accumulate in your bags faster than that, especially if you're working on deeds.
Originally Posted by Galuhad
Formula I use for starting bid on tough-to-sell items is usually something like ((List Price x 2) + Listing Fee)/0.95 [to cover the AH commission]. I figure that if I can't get at least twice what I could get immediately by selling to a vendor, it's not really worth the effort of putting it on the block. My buy-out price is usually between one and a half to three times that. (Of course, for items that sell well, I base prices on experiential rates, instead of book value. And usually try to undercut everyone else if I can -- often by a *lot*, because I hate having to re-research and re-list items that don't sell.)
I find ores and hides to be some of the most reliable sellers. There tends to be a much lower demand for wood than there is for those (you can't make armour out of sticks). They do sell, but at perhaps not even half the price of ore in the same tier. Same goes scholar items. And even more so for unpolished gems and dyestuffs. . .it's sometimes tough to make much off of them. Non-crit crafted items also sell poorly -- they're generally not even worth the trouble of listing. Realize, though, that much of the market for low-tier mats is low-level players with very light wallets -- sometimes a 100-stack of Copper Ore or Medium Hides will fetch a good price, sometimes it won't.
Continuing to farm Cardolan Trinkets is possibly your best bet at your level. Same goes for mathoms, if you have a surplus; but there's no particularly good farm site for those. There are a lot of players out there who want to rep up their alts without the grind and will pay well, even for Bree and Mathom rep.
Sometimes LotRO has lootbox weekends, during which the drop rate of boxes and keys is greatly increased. Play heavily during those times to get as many as you can, but then (provided that you have space to store them) hang onto the items for a few weeks before taking them to the AH (because, during and for awhile after the event, everyone's listing boxes & keys but no one's buying). [In case you're unfamiliar with lootboxes, they're basically mystery grab-bags containing a random assortment of potentially useful items. Kinda like getting a handful of Hobbit gifts all at once. Near as I can tell, they're designed to fill up your inventory slots with stuff that you'll never get around to using but are afraid to throw away. Some players, though, really love them and will pay big money in hopes of finding one that has a rare mount or something. But they can only be opened with a Sturdy Steel Key, which is also a rare drop or can be purchased with TP or mithril coins. People pay big for those in the AH, too.]
If you have a prospector, scholar, or forester vocation, you might want to try spending a few hours tip-toeing into tougher areas to loot some higher-tier resource nodes and get mats that fetch better prices. Just be ready to run if you catch the attention of a foe. (Unfortunately, you cannot gather hides that way, because that requires slaying, which is terribly inefficient when one is under-levelled for the zone.) Furthermore, if you do have a gathering vocation, get in the habit of looting *every* node you come across while questing or traveling, even when you're in low-level areas. Then, when you've accumulated a full stack (or enough that you're tired of looking at it), take it to the AH.
BTW, do the buyers a favor by trying to sell crafting resource mats in quantities divisible by 4 (or, at *least* divisible by 2). I sometimes avoid bidding on an auction because I can't stand being left with an orphan single ingot or chunk of ore taking up a slot because I can't do anything with it.
Eventually, though, you'll end up with more gold than you know what to do with, because you will have reached a level where very little of the stuff you might want can be traded or purchased with gold.
Halgoreth, thank you VERY MUCH for such a detailed post. It was a marvel to read such great tips.
Originally Posted by Halgoreth
Regarding task items, they do not sell on my server. I have a real hard time selling them, even for the store price, which I experimented 2 days ago.
Crafting materials are indeed where the easy gold lies. Something I found to benefit from is to process hides myself so I increase my proficiency and then sell the leathers. I can turn some profit easily that way, while farming my crafting.
The reputation items also work quite well as many players use them for the 50TP from kindred with the Men of Bree. It's quite a nice sum of money I get from it.
I have tried trading Marks for the Small Reputation Acceleration Tome, which seems to be selling at around 5g on my server. I had no success in selling them even for 3g each.
What I ended up noticing is how quickly I make money without even noticing, as in about 5 hours of questing I ended up gaining 4g without even noticing it.
I am still a low level and there are a limited amount of things I will need to buy from the AH, I think, like the spear I just purchased for 3g, so the money I have should serve me well.
All I can hope for right now is to get some Steel Keys as drops :)
At level 30, selling ores. Silver and gold ores are some of the highest priced materials in the game at any level, and they are gathered from your level zones. So prospecting is quite literally a gold mine at your level. :p You should just level up prospecting so you can mine rich iron and gold, and go do your quests. You should find plenty of rich iron and gold while questing.
Farming Cardolan rep items is a decent choice as well. The best way to do it is to get a few friends (or random people on chat channel) and go down into Haudh Iarchith dungeon in the Barrows. You will kill stuff faster as a group, but you will still get the same number of items per each kill as if you were alone. So you will end up getting Cardolans faster.
Farming mobs is always better in a group. Lots of rep farmers actually multibox -- they bring their own alts to the group and get more loot.
By the way, best places to make gold by farming rep items are in Angmar. But you should be lvl 45 or so before you try those. Until then it's Haudh Iarchith.
In general, don't worry too much about gold at level 30. It will be much easier to get it at max level.
Also, don't use skirmish marks to get gold. If you get skirmish marks at your level, buy yourself some gear. Or upgrade your skirmish soldier. You get way too few marks at level 30. That's a great way to make gold when you reach max level, one of the best ways. Max level get much more marks from skirmishes and instances. But it's a total waste of time at your level.
Everything said here is dead on. One thing I might add is do a daily set of skirms and use the marks to buy high level healing pots and post them on the AH for sale. I've got a kinmate that does that along with other items that people need and he has made a killing by doing that and playing the AH like it's a stock market. See something going for less than it should, buy it and resell it for higher. As far as I know it's perfectly legal.