This Proxibid auction house specializing in coins continues to inflate values without regard to accuracy, a sure way to erode trust in the online world. The samples above grossly inflate values for common Morgan dollars. We will continue to call attention to these inaccuracies in the hope that our viewers will report them and Proxibid will alter the Unified User Agreement.
Whenever you see slabbed coins from major houses–PCGS, NGC, ANACS, ICG–you can always check the real retail value. Just copy down the certification number for PCGS and NGC lots and then visit their retail value database for the exact coin being offered on Proxibid. For PCGS, click here. For NGC, click here.
For ANACS and ICG, you don’t need to copy the cert and look in databanks. We recommend subscribing to CoinFacts to learn latest auction prices.
You’re always free to do as you like, but we will never EVER bid in auctions like the one above. We just assume if companies are going to be inaccurate about easily checked values, they might not be as mindful about other buyer concerns, such as shipping or customer service.
Once an auction house decides to go this route, it can take months or years to regain the online bidder’s trust. And trust is the brand of Proxibid hosting houses like this. Better to set down some house rules in the Unified User Agreement about grossly inflating values and penalize auction companies that are informed but choose to ignore readily available retail values–in the case above, for the exact coins being offered on the portal.
We think this clause should be added to the Unified Agreement in “4.4 Marketing and Accuracy of Materials” (OUR RECOMMENDATION IN ALL CAPS):
Seller shall not knowingly misrepresent any items. VALUES OF ITEMS SHOULD BE BASED ON VALID APPRAISALS OR VERIFIABLE DATA. All catalog descriptions must accurately describe the items for sale, and all photos must be original. If Seller uses stock photos, Seller must disclose so in the catalog description as well as in the Special Terms of Sale for the auction.
If you agree, whenever you see inflated values, use “the report this item” link that Proxibid provides for cases like this and inform Proxibid’s quality control.
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.