As promised, we will run the ridiculous values we see on coins in our “Values” updates, without naming the auctioneer and in the hope someone at Proxibid will inform him that many numismatists look at his lots for entertainment. Here’s a typical 1921 silver melt coin–the most common Morgan dollar, by the way–with a value of $100-150 rather than the $22 it is worth. (Click photo to expand.)
The real entertainment is below, in this series of PCGS lots, when the auctioneer puts values that not only can be checked against PCGS retail ones but also defy logic, with lower grade 1883-O MS63 Morgan priced at $800-900 and the same coin at MS64 priced at $200-$250. Click the photo to expand and see the auctioneer’s values vs. PCGS ones.
Entertainment value aside, someone at Proxibid needs to address this in the Unified User Agreement. Auctioneers cannot just make up values as if coins are jewelry, where anything goes. These are US Mint products, and PCGS’s reputation–the best in the business–is tarnished when a Proxibid buyer purchases a $65 coin for hundreds more than it is worth and then learns the true value when trying to sell it.
We strongly recommend, as we have done many times in the past, that bidders and auctioneers on the portal subscribe to PCGS CoinFacts to learn the latest auction prices (including eBay) for holdered coins by top companies PCGS, NGC, ANACS and ICG.
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.