A new coin seller on Proxibid asked us pertinent questions about best practices, and we promised to share our opinion and to solicit yours in the comment section. Auctioneers look to this site for recommendations on how to sell, ship and improve their services. The more you and we share, the more bidders will be drawn to our sites. We will treat each question as a post running throughout the week. Scroll down to view previous questions and answers. Here is installment two.
QUESTION:What do you look for in descriptions?
PROXIBLOG: Rule #1: Lot descriptions must match photos and titles. Too often, especially with new sellers, they do not.
Rule #2: The title should carry the date and denomination of the coin along with a condition descriptor. Do not use the Sheldon Scale (0-70) if you are not an experienced numismatist. Use “Good (G),” “Very Good, (VG)” “Fine (F),” “Extra Fine (XF),” “Almost Uncirculated (AU),” “Uncirculated (Unc.),” “Brilliant Uncirculated (BU).”
Rule #3: The lot description should cite PCGS values for PCGS Coins, NGC Values for NGC Coins, and Redbook or Coin World Values for ANACS and ICG. Be careful about assigning any dollar value to raw coins or lots slabbed by bottom-tier companies. Never cite PCGS Values for raw coins or coins holdered by any other company.
Rule #4: Note any flaws: rim bumps and dents, holes, scratches, cleaning, dipping, etc. If you don’t know how to identify these flaws, bone up on the skill with our “Find the Flaw” series on Proxiblog. (Type “Find the Flaw” in our search box for results.)
Rule #5: Check out our top houses to view examples of some of the best lot descriptions on the portal. For a primer, we recommend SilverTowne, Decatur Coin, Weaver Auction, Southwest Bullion, Capitol Coin Auction, and Leonard Auction.
Next installment: Any insight on shipping and packing?
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.
I review your messages because I feel they provide an excellent service to on-line bidders and bidding.
I would add another point – too many sellers FAIL to note a condition problem on a lot or coin, and their photos do not disclose it either. So, if you win the item, when received it is not what you expected.
There are several auction companies I will not use due to this policy of theirs that conceals problem coins. Companies that do note “issues” on a coin are where I spend my money!
Thank you so much, Richard. You are absolutely right. When a seller combines bad photography with misleading lot descriptions, a buyer stands to lose hundreds of dollars. We appreciate your comments!