Owen McKee takes pains to compose a thorough lot description on a folder full of coins, which bidders usually take under wholesale because auctioneers do not spend as much time as this Iowa coin dealer in depicting the lot with photo and terms. (Click to expand photo below.)

McKee also describes flaws in lots so that bidders know the true condition of a coin, as in this photo of a rare 1955 double die that has a scratch and rim dings and hence probably will not slab.

Speaking of slabs, here is a coin in one whose auctioneer shows neither the label nor describes the lot, meaning that buyers can be bidding on a flawed coin (probably improperly cleaned).

When describing lots, use PCGS Coin Values only when stating the condition of lots holdered by that company. Anything else is unethical (cite Redbook or CoinValues prices if slabbed by ANACS or ICG; use NGC values for coins by that holdering company, with anything else considered raw). Southwest Bullion and Coin shows how it’s done:

This auction company violates that standard, citing what we believe to be a $92 MS64 raw coin as MS67 worth thousands. (At best, this is an MS65 coin worth $150; at worst, it is a dipped coin that is not gradeworthy). Note the high bid on the coin with six days remaining:

Auctioneers who know numismatic terms attract repeat business. Buyers who are shortchanged will learn the truth sooner or later when attempting to resell their overpriced lots.

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.