A regular sponsor, concerned about grading and replica issues on Proxibid, not only will support our scholarship tomorrow but also will offer a Silver Eagle to the first registered Proxibid user who contacts him after viewing a coin “with issues.”
Proxiblog dialogues with Proxibid auctioneers. They call us, we chat and share concerns on the portal. Top of nearly everyone’s list is the lack of knowledge by consignors about the condition of their cherished coins. Not far behind as a concern is the ignorant bidder with lots of credit that buys out an entire auction, often paying tens of thousands of dollars for coins that are altered, dipped, damaged or even counterfeit or replicas.
We know the initials of these bidders. We also know the ethics of Proxibid auctioneers who consider these buyers nice fellows but hate to see them pay so much more than lots are worth. One such bidder asked an auctioneer questions about how likely his mega-lot purchase would be as an investment in the future. Even though the auctioneer has made profit off this bidder, he continued to tell him that coin collecting is a risky business and he should never consider purchases an investment.
Numismatics are just too volatile for that, with the price of gold in recent years fluctuating between $400-$2000 per ounce.
So many auctioneers we deal with are straight-shooters. We admire that. Their ethics are to work on behalf of the consignor, but always be as honest as possible with the bidder.
Another auctioneer told us he would like to sponsor a free Silver Eagle giveaway to get more Proxibidders to see articles on this site. We average about 100+ viewers per day, but the auctioneer wants to double that with a question about grading and condition–much like our “Find the Flaw” feature–only with his supplying a prize for the first registered bidder to get the right answer.
We applaud that. We will ask a numismatic question. We’ll also supply the right answer on Monday.
Check back tomorrow for more details! Better yet, be the first person to get the right answer and Eagle!