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How Does The Auction Work ?

 
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Author Previous TopicReplies: 6 / Views: 355Next Topic  
Valued Member
Russian Federation
330 Posts
 Posted 06/19/2021  06:10 am Show Profile   Check Slerk's eBay Listings Bookmark this topic Add Slerk to your friends list Get a Link to this Message
Perhaps this topic has already been raised somewhere. I'm sorry if that's the case. How does the auction work? Why do some sellers go for coins for tons of oil, and others go almost for nothing. Is this how the seller's fame, reputation, works ? How to start selling coins at an auction for good money ?
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United States
4888 Posts
 Posted 06/19/2021  08:14 am  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
Are you talking about eBay auctions? Or auctions hosted by an "auction house" like Heritage or Stacks?

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Australia
18724 Posts
 Posted 06/19/2021  09:04 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
With all auctions, be they private, public or eBay, check all of the fine print before considering to buy or sell.
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United States
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 Posted 06/19/2021  11:14 am  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply

Quote:
Why do some sellers go for coins for tons of oil, and others go almost for nothing. Is this how the seller's fame, reputation, works ?

Most auctions include a mix of coins: some truly rare, others scarce and still others that are relatively common. Even coins of the same year and denomination can sell for dramatically different prices due to their condition or the mint at which they were struck.

For example, in May 2021, an 1895-S Morgan dollar in XF-45 sold at auction for $1,260, in April 2021 an example graded MS-63 hammered at $5,760 and one graded MS-66 sold for $75,000 in April 2021. So, a coin from the same year, with the same denomination and same mint mark sold for as low as $1,260 and for as high as $75,000 at essentially the same time point on the calendar. Why the difference? Rarity due to grade. The coin in grades MS-65 and above is truly rare (likely 100 or fewer surviving examples per PCGS), while there are literally thousands available in circulated grades such as XF-45. So, supply and demand rules - if you want a pristine example, it's going to cost you!

An example that looks at the 1883 Morgan dollar across the mints at which is was struck while maintaining the same grade illustrates my other statement. The 1883 Morgan dollar was struck in Philadelphia, Carson City, New Orleans and San Francisco. In May 2021, a Philadelphia strike in MS-65 sold for $180. A like-graded MS-65 coin struck at Carson City (CC) sold for $528 in May, as well. A New Orleans example of the coin graded MS-65 sold in June 2021 for $228 and a San Francisco struck coin in MS-65 sold for $31,800 in September 2020. Again, the selling price differential is based on market availability for the coin from each Mint facility in the given grade.

There are other factors (e.g., eye appeal) that can cause large swings in the price paid for a coin, but most cases boil down to how "common" the coin is in the marketplace.

To your "reputation" question...

While a "no name" auction house might not get the highest premiums on the coins it sells - though I've sometimes seen the exact opposite - it is safe to say that similar results can be had across all of the major numismatic auction companies. Collectors certainly have their individual favorites, but, overall, years of data suggests reasonable parity among the top firms.

Hope that helps answer your question!

Note: All prices quoted are for PCGS-graded coins sold at auction.


Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Valued Member
United States
76 Posts
 Posted 06/19/2021  8:36 pm  Show Profile   Bookmark this reply Add Jbdcboy to your friends list Get a Link to this Reply
I find this to be an interesting question and often wonder if money laundering isn't at play. Coins that should be $50 tops, blow through that number. To me I have a few retail stores I consult on any/all pricing. If I can't buy the coin for at least .60% retail, then it isn't worth the risk. And when it's 200% or higher I have to wonder!!!! Hmmmm why?
Valued Member
Russian Federation
330 Posts
 Posted 06/20/2021  12:07 am  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
No. I understand that the higher the score of the coin's condition, the higher the price. I'm talking about something else. Here you go to eBay and see an ad for unappreciated coins with approximately the same condition, but sometimes they go at completely different prices.
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 Posted 06/20/2021  11:24 am  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
On relatively low priced coins, sometimes buyers will prefer a large seller who offers combined shipping in order to amortize (spread) their postage costs overe many coins. A similar priced coin from a smaller seller will then never sell.

I also think in general, auction prices tend to be lower than BIN prices for the same (common) coin at the same condition on eBay. I realize that is a very general statement, and exceptions can always be found, but I think holds true in general

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