Tip of the Week: Bid Once, Buy Wholesale

Dealers often use Proxibid to sell at a minimal loss, essentially charging what they would other dealers for a coin. In other words, one bid gets the coin at wholesale, two bids at cost and three at retail. It’s a dicey practice, especially when experienced bidders like us are on the portal. We’ll share how we do it. …


Expand the photo below of an 1803 Draped Bust Half grading VF35 at PCGS. Opening bid is greysheet, or wholesale.

greysheet

Using the certification number on the slab, we learn the retail price is $1650. Expand the photo below to see details.

greysheet1

Bid once on this coin, and hope no one else bids, and you score a big win for your collection. We do this all the time. We don’t bid immediately, though. We wait until the auction is almost over, knowing the high opening greysheet bid will scare away most Proxibidders. If we don’t see a bid near closing, we put in the first one and forget about it until notified. If we win it, we sell the coin at retail so we can maintain our scholarship fund.

Speaking of which, dear bidders, if you find iur methods useful, why not make a tax-deductible donation to Iowa State University so that we can continue publishing Proxiblog and making a difference in the hobbyist as well as student life?

Click here to make a donation online!

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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