Price Guides

these are great beginner 2 websites for guidance.

http://www.numismedia.com/fmv/fmv.shtml

http://www.coinstudy.com/

Coin study is a "what should I get" when I sell website, and numismedia is a closer to reality prices you pay site. Of course nice coins always sell for a premium, try buying a XF Barber for the numismedia price...

I have reasoned that watching and recording several ebay auctions for a specific morgan coin MAY be best way to determine true market value at THAT POINT IN TIME for equivalent dollars ( TPG) ... willing seller to willing buyer. But these often bear no resemblance to the guides. Anyhow the challenge is always not to LOSE money!

Thanks

IMHO, the thing to remember about prices at auctions is that they are auctions.

Think of buying a car privately at auction, and apply the same thought process to buying a coin privately through auction.
They are generally 'fire-sales', and the same seller obligations and consumer rights don't apply to auctions as they do to items purchased through a retailer.

I'm not against auctions - I would just say, buyer beware, and often you get what you pay for.
You can get bargains, you can get burnt - I accept this when I purchase through auctions, and do what I can to mitigate the risks by being diligent and careful.

To my mind an auction price is not representative of an items market value in a normal retail circumstance.

I look at feedback (actually look at the comments) to see how many problems the seller has encountered, and more importantly how the seller has reacted to the problem.
I want to know that if something goes so badly that I feel I need to return an item that the seller is going to be receptive and co-operative to their client's needs.

I am prepared to pay more to a seller I trust than I am to one that I don't know, as there is less risk.
I won't go near anyone that has too many problems or a bad attitude towards problems when they do occur.

It is also well worth making your own assessment based on what you can see. If you can't see the item well enough to determine a particular key detail, assume it isn't there.

If the image isn't good enough to reasonably see any likely detractors, assume they are there, etc.

You will be less likely to get burned if you buy based on your own knowledge and what you can see, rather than how the item is described.

I guess my point here is that to buy something by auction is a risk. Recognising this is important, as this then gives you the opportunity to reduce your exposure to the risk.

There are many good sellers out there, and there are many dodgy sellers.

Most are nice enough people with either little experience, or motivations based on maximising return, rather than developing long term relationships through good service.

Fair enough - they are private auctions ......


Hope this helps, or at least provides food for thought.

You have to remember that numismedia is a weekly and online publication that can be adjusted weekly or daily if they want.

When RedBook publishes their yearly guide book, they have to try and determine prices that are going to be relevant all year.

To Frank Perl,
Lots of good feedback so far. But may I add:
TRUST YOUR EYES!
And trust your instinctual reaction to a coin.
Even a new collector can easily learn the difference
between "shiny" and "honest."
Price guides and just that: guides. We say it all the time.
If you have, in any way, the least bit of hesitation about a coin then pass it by.

I have learned, after 50 years, to trust my instinct.
May it take you a much shorter time to do the same.

Sad to say, you will make a few mistakes along the way. We have all done so.
A five dollar mistake which prevents you from making a $50 or $500 mistake is WORTH the education.
It is part of the learning curve.

And ALWAYS, ask the membership for help and guidance. It is our pleasure to do so.

You have all been terrific. The community is great and has been very helpful already! I'm beginning to see collecting contains a lot of personal adventure, learnings, unknowns, contradictions and fun too! Thank you all.