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 Replies: 8 / Views: 2,357 |
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Pillar of the Community
United States
1397 Posts |
 I was watching this auction on ebay and the top bid was just over $100 going into the final seconds. When the bell sounded it went for over $500. As we know it takes two people for the value to increase like this. So at least two people bid high on it. My question is why? The Red Book says the value is closer to half that. Can anyone shed some light on this? Is the book wrong? Did they bid too high? Or is there something else going on?
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Bedrock of the Community
United States
12437 Posts |
Does the RedBook list specific banks or does it just have generic listings based on the design/denomination? I do know that certain banks bring much higher prices than others and local collectors can sometimes drive up prices as well. The RedBook is also an annual price guide so the values do not always reflect the current market. The best Toledo blue seal I could find on Heritage Auctions was a VF that sold for $172.50 Jan 2010 while the red seals had hammer prices in the $400 range. |
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Pillar of the Community
United States
7840 Posts |
You never know, two (or more) people from Toledo probably got caught up in the bidding frenzy. I almost got too caught-up in a note from my hometown bank during an auction, I did not win of course. It may be a couple of shill (unethical) bids as well. But it could be a couple of different reasons behind the higher than expected result.
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Valued Member
United States
447 Posts |
I have seen this happen with all sorts of items on ebay. I believe it is a result of two or more bidders using a sniper for the same item at the same time. Typically a person using a sniper will place an extremely high snipe to guarantee a win (not thinking another sniper is out there). With more than one sniper, like that, hitting an auction with 4 seconds left, the price skyrockets. |
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Pillar of the Community
United States
1285 Posts |
I do not know anything about these. That being said.
As others have pointed out "Toledo" or a "Snipe" could have driven the price higher.
Also this gets very "technical" with some of these older notes and you have to know what you are doing. Some "varieties" / "variations" within a particular series can jack the price up astronomically.
OT - My son is collecting antique toys. He and I have been involved in bids at the last few seconds where the toy has gone from $20 to over $200 at the close. My experience from those is that usually it's 3 bidders with one dropping out at about 70% of the final price.
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Pillar of the Community
 United States
1397 Posts |
Hmm...Interesting points. It's my experience that nearly every auction is snipped at the end as I too am among them. I suppose I could see how two people from Toledo could put a high snipe on a note thinking they were guaranteed to get it and have it backfire. One time I was in a hurry to snipe a note and after the auction was over I saw that I had won it. I was of course very happy until I saw that I had entered too high a number accidentally. But like a good Ebayer I paid the ticket and drove on. So I now own this red seal hundred that I can never get my money back out of.  |
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Pillar of the Community
3660 Posts |
Yes, I would agree that sniping was probably the reason for the high price. With around 20 known notes on this bank, it is a common one.
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New Member
Switzerland
46 Posts |
Take the RedBook as a guide and not the bible for pricing coins. The RedBook and any other prices guides are that only guides because at the end what will really put a price on a coin is demand, popularity and your need. And of course the price will increase drastically if you get on a price contest with someone. Many time collectors are unable to find a coin and when they see they have to get it so they are willing to pay big bucks for it. Again take the RedBook as a guide. |
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Pillar of the Community
United States
1397 Posts |
Quote:Take the RedBook as a guide and not the bible Totally agree, but it has been my experience that the RedBook's prices are too high. |
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Replies: 8 / Views: 2,357 |
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Posted 09/23/2010 12:16 pm
