We hope that our continuing exposure of auctioneers hyping bottom-tier slabs will inform bidders and auctioneers alike. When collectors bring these coins to a dealer, they learn the truth about how much their “treasure” really is worth.
The above description–click to expand–commits several numismatic sins, including:
- Failing to note the coin may be cleaned. It has that blotched chemical tone rather than a patina.
- Not identifying those “who have examined this fine coin” believing it is low for the grade. Bottom-tier companies routinely slab coins at MS66 or MS67. Low for the grade? Are you kidding? The highest grade for a Morgan is MS69 in only these years: 1880-S, 1881-S, 1883, 1889, and 1896-S. We have only ever seen an MS68 Morgan one time in 40 years.
- Never ever cite a PCGS value for a coin not also slabbed by PCGS, the harshest grading company in the world. Comparing this coin to a PCGS valued coin is like comparing a Yugo to a Mercedes.
- Opening a bid roughly estimated at 10 times the coin’s true worth … and indicating this is a bargain.
Ignorant or intentional hyping of coins gives Proxibid a bad name. If we are correct about this coin, and the bidder tries to sell it, he or she can cite Proxibid’s Unified User Agreement and make a restitution claim against the auctioneer for grossly misidentifying the value. Auctioneers using the portal must obey its rules and quality control procedures for the very reason that they are using Proxibid’s technology to disseminate the information worldwide.
Luckily for bidders there are auctions like Star Coin and Currency. Look how Auctioneer Jim Haver describes a bottom-tier coin:
Unless a coin is holdered by PCGS, NGC, ANACS and ICG, disregard the grade. Other holder companies that often grade close to the coin’s real worth, but that also can be inconsistent, include PCI, Dominion, Hallmark, ACG, SEGS and, on occasion, NumisTrust.
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.