The auctioneer that sold this damaged lot copied the lot description from the flip, which called this damaged 1901-S Morgan dollar “almost uncirculated” and then had the nerve to quote Red Book values.
This consignor is engaging in wishful thinking. This coin is silver melt with no value except, perhaps, to the heirs of Dee Fearnus whose name is graffitied on the obverse.
Yes, only bidders as clueless as this consignor would fail to realize that the lot description was misleading. But the auctioneer still had an obligation to note the graffiti in the lot description and ignore the consignor’s wishful thinking.
While it is true that auctioneers should advocate in the client’s interest, there is also an obligation to explain why a coin as damaged as this might sell for far less than hoped.
Do you have an anecdote to share about a clueless consignor? If so, share a comment with our viewers. (No names or other identifying information about that client, though!)
Give bidders reading this some insight into what you deal with on a regular basis!
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