The Problem of Junk Coin Auctions

Auctioneers that schedule “no reserve” junk auctions or begin regular coin auctions with 200+ lots of silver melt and damaged common copper lose the online attention of bidders, who simply sign off and search for better coins and dates elsewhere–increasingly on eBay.

Junk auctions include silver melt coins (including Morgan culls), common date mid to late 19th century low-grade coppers and nickels, clad coins and common mint and proof sets. Some of the latter, sold 40+ years ago, are cheaper to buy today than when they were released by the US Mint.

Other problems with junk auctions include:

  1. Schedule too many, and folks will cease looking at your Proxibid site when you have a bonafide estate coin auction.
  2. Hype “no reserve” on junk auctions without a sufficient number of key dates, etc., and you’ll become known as a coin junk dealer.
  3. Take consignments from coin dealers whose inventory overflows with junk they cannot sell, and you’ll lose money paying Proxibid and labor fees for your auctions.

It has become apparent to us that coin dealer consignments are watering down the allure of Proxibid. Because of eBay rules about quality control, including replicas, graded coins and photography, more coin buyers (including us) are returning to eBay for purchases. If Proxibid’s quality control officer does not do something about subpar to terrible photography on Proxibid, an online venue where photos are everything, then the portal will cease its gains in numismatics.

Proxibid’s loss will be eBay’s gain.

Proxiblog is an independent entity with no connection to the auction portal Proxibid. Our intent is to uphold basic numismatic standards as established by the American Numismatic Association and the National Auctioneer Association and to ensure a pleasurable bidding experience not only on Proxibid but also on similar portals such as iCollector and AuctionZip.


2 thoughts on “The Problem of Junk Coin Auctions

  1. I agree and there are several sellers I no longer even bother to check.

    Another “issue” is the seller who accepts on-line bids prior to the floor auction, but then will take a floor bid that is equal to the on-line bid and sell to the floor bidder. I had this happen on three lots recently and now, no longer open this seller’s auction ads.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s