Appalled as we are with inflated values of bottom-tier slabs, Jewelry Exchange struck back with a lot description that instructs about bidding. We love it. Click to expand photo or read the description below.
- TIMES THE MONEY: Lot of 3 genuine U.S. peace silver dollars with high mint state grades assigned by bottom tier grading companies: Hallmark Coin Grading Service, Numismatic Grading Pros, & Investment Grade Coins. MS67? Try BS67! In reality, each coin would grade from about uncirculated to low-end mint state. Educate yourself as to which grading services are respected by the numismatic community & which are not. Certainly, these 3 are not! Buy the coin, NOT the slab. Times the money: bid per piece.
Now compare that to this hyped lot description of an auction company that not only showcases slabs like this but also uses PCGS price guide to state value. Click photo to expand or read the description below.
1887-O MORGAN DOLLAR – NAC MS66 (PCGS WEBSITE LISTS A MS66 @ $35,000?)
First, never compare PCGS prices to non-PCGS-slabbed coins. Even for PCGS, NGC, ANACS and ICG, before you bid, always check the latest auction values with a subscription to PCGS CoinFacts.
The coin above not only looks cleaned and damaged, ungradeworthy by PCGS or NGC; it certainly isn’t worth $35,000!
When will Proxibid change its Unified User Agreement to add this clause, preventing hype like this–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.
At any rate, Jewelry Exchange has been a top-rated Proxiblog house for years because of its numismatic lot descriptions and great customer service. We’re thankful for that and salute auctioneers David and Adam Bluestein. (Incidentally, both share their knowledge about coins and precious gems in a weekly radio show, In the Money.)
On Proxibid, they are “In the Know,” as evidenced by this shoutout!
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.