Deciphering Flips: Honest vs. Dishonest

Every now and then an auctioneer gets a real “estate auction” with coins from “a safety deposit box.” The best thing about those consignments is the honesty on the flip, as in this one marked ex-jewelry. CLICK PHOTO BELOW TO EXPAND.
flip_descript


We bid strong in this auction because of the flips. Here’s another from the same session, this one noting the coin is counterfeit:

flip_descript1

Conversely, when we spot flips that greatly exaggerate the condition, we close out the Proxibid catalog.

In another auction on the same day, a consignor in a different auction states this stained and damaged half dollar is MS68, which would have been worth $22,500. This one is strictly silver melt.

fliphype1

Ultimately, it is the auctioneer’s responsibility to state condition as best he can. And if the auctioneer does not know coins, and does not have a friend who does, helping with the descriptions, then that company has to provide clear, sharp, expandable photos with a notice that grades are assigned by consignor.

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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