What is Proxibid’s Policy on Questionable Lot Descriptions?

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On occasion we have seen lot descriptions so questionable that we decided to ask Proxibid just what its policy is on SNAD “significantly not as described.” What if the auction house’s terms of service state the descriptions are from the consignors and the company is not responsible for anything than what you see on the portal?

Sometimes we get questions from viewers that we just cannot answer, like the one above. That’s when we go to the source for an official response.

Proxibid has posted an auction by a company that makes these assertions:

  • Consignor provided descriptions.
  • There are real bargains as consignor priced below values.
  • Auction house does not grade coins–that’s the bidder’s responsibility.
  • Auction house did research based on consignor’s descriptions.
  • Auction house is not responsible for anything.

Here is a sampling of photos with lot descriptions (click to expand):

Mint State 62 1890-CC $1, low value $575, high value $1060

lot

We place the grade at Good 6 Details (damage above neck) worth $55. On May 19, 2013, a Good 8 1890-CC with no damage and provenance sold on Heritage for $84.

lot1


Mint State 67 SMS 1966 Kennedy Half Dollar, low value $3,200, high value $5,200

lotC

Because this is a certified coin, we can use the verification number to access retail value, in this case, as the above photo discloses, NGC places that value at $46.25.


Mint State 63 1878-S PCGS, low value $395, high value $775

lotD

Again because this is a certified coin, we can use the verification number to access retail value, in this case, from PCGS, which places that at $87.


These are some of several examples. Without identifying the auction company but adding our questions concerning SNAD, here are other lot descriptions:


Mint State 62 1890-CC Morgan, Great Toning

lotA

Mint State 62? How about Fine 12 and grime rather than tone? (Of course, only our opinion.)


1901-O Morgan, Rare in Any Condition, Low Value $1,800, High Value $2,750?

lotE

Rare in any condition? With a mintage of 13,320,000? With recent auction sales at low mint state of $50? (Of course, only our opinion.)


Uncirculated 1976 Kennedy Clad Half, Low Value $15, High Value $85

lotF

(We’d spend this coin as it has no value; but some have actually sold at auctions for $6 in low mint state.)


In cases such as these, just what is Proxibid’s policy on “Significantly Not As Described”?

“Our team works hard to ensure the integrity of the Marketplace,” said Jason Nielsen, Senior Vice President of Operations for Proxibid. “When items appear not as described, we work with the seller to provide a refund on the item. Additionally, we have added a new feature to our site that allows buyers to report items, which has significantly reduced this issue. Overall, our team is here to work with both buyers and sellers to ensure a safe, fair Marketplace for all parties.”

We applaud Nielsen who has made many proactive changes in quality control on Proxibid, including “Report this Item.”

In the cases above, we just may do that!

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.

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