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Referring To Experts For Bogus Coin Valuations

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KurtS's Avatar
United States
5318 Posts
 Posted 02/08/2008  5:52 pm Show Profile   Bookmark this topic Add KurtS to your friends list Get a Link to this Message Number of Subscribers
I'm not posting this auction on the coin so much as the seller's claim about the coin (1866 S-7 in Anacs AU58 (cleaned)). When questioned on his asking price, stated:
quote:

"for the record this coin has been looked at by Rick Snow, the owner has talked to him about it. Rick assigned a value of 5k-10K, which would obviously be a starting price for him. "


I mention it here because I'm somewhat perturbed that sellers would freely use an expert's name for an obviously bogus valuation. Isn't that called fraud? Well...I highly suspect this story is made up!

Referring-To-Experts-For-Bogus-Coin-Valuations
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mahgobbi's Avatar
United States
549 Posts
 Posted 02/08/2008  11:07 pm  Show Profile   Bookmark this reply Add mahgobbi to your friends list Get a Link to this Reply
I don't think Rick Snow would care that his name was used IF he truly assigned a valuation of $5k-$10k. My guess is that the owner asked him what it was worth and he said something to the effect of, "probably about $5k-$10k."

If it really bothers you, contact Rick Snow and ask him. Then he can handle it if he thinks it's "fraud."

As for the asking price, ridiculous or not, there aren't any rules saying you have to ask a fair price. He paid the ebay fees to list it at that price, so it's his loss when it doesn't sell.
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KurtS's Avatar
United States
5318 Posts
 Posted 02/08/2008  11:23 pm  Show Profile   Bookmark this reply Add KurtS to your friends list Get a Link to this Reply
Yeah...I mentioned it on Rick Snow's forum, so it's his call. Personally, I don't care either way what this guy does, but I still consider it poor business practice to cite an expert appraisal that cannot possibly be verified by the buyer. Sure, he can charge whatever he wants, but to use an expert's good reputation to overvalue his merchandise, that's unethical. I'm rather certain Mr. Snow would not assign such a value to a cleaned coin because he doesn't deal in them. And that's when it becomes outright fraud. A lot of sellers have bent the rules to favor them over the buyer to the point they simply cannot tell anymore. This is all about a quick sale vs. a lasting reputation--an all-too common practice on ebay.
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