Consequences of Hype

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Without naming auction companies, this post looks at the consequences of unintentional and intentional hype of coin lots.

When we lose money in a Proxibid auction, we rarely complain. We placed the bid even though the auction company posted blurry photos. We won the lot even though the auctioneer hyped the coin out of genuine enthusiasm, numismatic ignorance, or misrepresentation. And we believed him.

But we also believe that we learned and paid for a lesson. We will bid lower, if we dare bid at all in future auctions.

Recently we purchased coins billed as “stunning deep mirror” Morgans that lacked luster and even a cartwheel effect. We purchased cents billed as “super mint state toned” that were artificially colored. We purchased half dollars billed as “high-end mint state” that were tooled. And so on.

We can forgive an occasional mistake; it happens. None of the auction houses mentioned are in our top company rankings.

Luckily for us, Proxibid has increased the number of coin-selling auction companies so that we can hone in on the best the portal has to offer. Badges are nice, but Proxibid lacks one for numismatic knowledge. That’s where we come in at Proxiblog.

The consequences of unintentional or intentional hype?

Yesterday we ran this quote from auctioneer Sean Cook of Liberty Shops Auctions: “If you have a problem with an item or items please give us a call. We will do whatever we can to make your experience with Liberty Shops Auctions a great one. We understand a business isn’t made by new customers it is made by the same customers coming back again and again.”

Well said, Sean.

2 thoughts on “Consequences of Hype”

  1. Maybe it is time for PROXIBID to incorporate some eBays policies when selling coins on PROXIBID. I cannot believe I am suggesting this. But I agree with the grading, photos and if you do not know something, don’t guess & state it.

    ‘Policy overview:

    Most countries strictly prohibit the sale of counterfeit currency. Therefore, these types of items can’t be listed on eBay.

    We do allow replica paper money to be listed as long as sellers follow certain rules.

    Replica coins aren’t allowed. All coins & paper money must be accurately described.

    Coin listings can only mention a grade in the title or listing when that grade has been given by an approved grading company.

    For coin listings over a certain value, we require that the coin be graded by an approved grading company.

    Make sure your listing follows these guidelines. If it doesn’t, it may be removed & you may be subject to a range of other actions, including limits selling privileges and suspension of your account.

    Include all relevant information that you know about the item, such as origin, date of issue & condition.

    Include a clear picture of the actual item being sold—don’t use only stock pictures.

    Include all information about any alterations that may have been made to the item.

    Individually identify every item listed to avoid misunderstandings about what is for sale.

    Don’t list the item if you’re unsure of its origin or authenticity.

    Reply

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