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Modern High Grade Certified Coins - A False Floor

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bibd's Avatar
Canada
838 Posts
 Posted 07/20/2009  6:09 pm Show Profile   Bookmark this topic Add bibd to your friends list Get a Link to this Message Number of Subscribers
On E-Bay, a "completed listings" search for high grade certified modern pieces shows a great number end with zero bids. The starting price is presumably too high.

On the other hand, even uncertified AG-3 semi-key dates with low starting bids often create bidding wars.

Why is that (for instance) an MS-69 2004 Lincoln Cent which is supposedly "worth" something like $25 can never safely be started with a $10 reserve?

On the other hand, a VG-8 1922-D Lincoln Cent, worth about the same, would no question sell for fair value, even with $0.99 start!

My theory is a false floor on the former. Nobody wants this stuff at the prices people ask for them.

Any opinions?
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mrwisker's Avatar
United States
581 Posts
 Posted 07/20/2009  6:44 pm  Show Profile   Bookmark this reply Add mrwisker to your friends list Get a Link to this Reply
This has been the same for years on ebay.
one thing sells stupid cheap and the next seemingly identical one goes through the roof.
Things you want to look for IMHO ,pictures, starting price, pictures, description, pictures, reserve, and did I mention pictures.
I always use plenty of pictures front, back, side, top, bottom, and a few more after that.
I also describe the item sometimes to an absolute fault, but I get bids better than the standard, say, 1909 penny.(and left at that alone)
I never place a reserve on anything. (period, end of sentence)
I either start it at what I want or 99 cents. If you can't afford to let it go for the starting bid, it shouldn't be up. If I go into an auction and see a reserve, I automatically hit the back button and ignore the auction (that's just me though)
I don't think it would be a "false" bottom if some people would look into literally "selling" their piece a bit more than here it is bid on it

Mike
Rest in Peace
numismo's Avatar
United States
3039 Posts
 Posted 07/20/2009  6:58 pm  Show Profile   Bookmark this reply Add numismo to your friends list Get a Link to this Reply
More and more people, I hope, are finally realizing that hi grade modern coins and bullion pieces should be placed under the "so what" category. Slabbed modern pieces with grades of 69 or 70 are a joke, but I guess some still shell out big bucks for them.
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Amazon99's Avatar
United States
2443 Posts
 Posted 07/20/2009  7:39 pm  Show Profile   Bookmark this reply Add Amazon99 to your friends list Get a Link to this Reply
I think the registry sets have mad 70's more popular. I don't think most people would be able to tell the difference between a 69 or a 70 if they were able to inspect it.
Valued Member
PennehChaos's Avatar
United States
311 Posts
 Posted 07/21/2009  1:15 pm  Show Profile   Bookmark this reply Add PennehChaos to your friends list Get a Link to this Reply
I agree, there are folks trying to establish a high value for coins that currently do not have enough demand to warrant it.

Plus, legitimate grading services don't work for free, so there's no point in selling a coin for less than face + slabbing costs + ebay fees + paypal fees...
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cownas22's Avatar
United States
1055 Posts
 Posted 07/21/2009  3:18 pm  Show Profile   Bookmark this reply Add cownas22 to your friends list Get a Link to this Reply
I do not think that modern coins will ever be rare or even semi-rare, or even almost uncommon.

I have however purchased a few high grade certified modern coins. I am building a All Certified Coin Type set. I do not want to pay much for these high grade moderns. the last two I bought was a 1962 PF-67 Jefferson nickel PF-67 NGC and a 1961-D MS-65 Roosevelt dime ANACS. I paid $8.00 a piece. I do not think it is worth it to submit moderns for grading. It is a much better deal to buy them already graded At a fraction of the submission fee.
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