Due Diligence: Another Weaver Auction Trait

due diligence

Folks wonder why Weaver Signature Coin and Currency Auction typically tops our rankings and why the company is often featured on Proxiblog. Here’s a perfect example.


The majority of auctioneers on Proxibid would not have mentioned the scratch, even if it is on the flip (which indicates a quality consignor, by the way). They would take a photo of obverse and perhaps reverse without the trademark sharpness that is essential in telling a coin’s true condition. Moreover, several Proxibid auctioneers would hype the coin as being worth hundreds of dollars at MS 65 … or MS 67 … or even MS68, like this unnamed auctioneer:

due diligence2

No, Dave Weaver never hypes coins. In fact, in this case, he takes another close-up shot of the scratch so that bidders can see what, exactly, they are bidding on:
due diligence1

As long as Weaver Auction takes these extra steps, they will earn more than commissions. They will earn trust and return customers.

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.

Top Houses Get Better; Others Dropped–Views at All-Time High!

Increasingly we’re seeing fewer new coin auctions on Proxibid worth bidding on, relying more on our top favorites that maintain standards in photography, consignments and customer service. Few can beat Brad Lisembee at Capitol Coin Auctions and Dave and Cheryl Weaver at Weaver Signature Coin and Currency Auction.


For more than a few years we had been listing as favorite houses about a dozen that have maintained 2012 standards … but have failed to improve to 2014 standards requiring sharp photography, reliable lot descriptions and cherry consignments. We read notices on their sites stating, “Tell us how we can be better,” and then see the same blurry photographs or the same inferior lots.

A few houses have been dropped because their consignments have not warranted a lot of interest–consistently, for the past several months. As soon as they get better coins, they’ll likely be back in our rankings.

Technically, we have dropped all houses that failed to earn a 24.5 out of 25.

Despite that news, coin auctions on Proxibid have been exciting. Fox Valley, Capitol Coin, Weaver, Krueger and Krueger, SilverTowne, Leonard, Star Coin, Jewelry Exchange, Back to the Past, Meares, et. al.–who could ask for a better selection!

Even Kaufman Auction is getting coins shipped in a timely manner and posting photos within a week of the event. McKee Coins is improving, as are Auctions By Wallace and A New Day Auctions.

Proxiblog also had one of its best months ever with almost 1500 views in 30 days. See our graph below:

septrankings

We continue to provide best practices and numismatic knowledge to our viewers for free. Please consider making a donation. We post daily during the week, which takes time and effort, and do this for educational purposes, informing auctioneers about best practices and viewers about numismatics. With our sponsorships, we fund media ethics scholarships for Iowa State University students.

Fortunately, we have several of our top houses donating funds to our scholarship account. You can also buy our new work, Online Coin Auctioneering or Basic Coin Design on Kindle. We are extremely grateful. Won’t you consider making a tax-deductible donation to the Iowa State Foundation so that we can continue publishing? Thank you for your consideration!

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.


Distinguish Paramount from Redfield Dollars

notredfield

At the time this post was written, there were two Paramount dollars and one genuine Redfield dollar being sold on Proxibid. The lot above is a Paramount dollar. Redfield dollars are worth a much larger premium than Paramount dollars but because the latter are holdered in the same type of card and plastic, many Proxibid auctioneers call all such dollars “Redfield,” when they are not. The issue today is once being informed about the mistake, using the “Report the Item” link, will the auctioneer change the lot description?



In this case, as we would anticipate with Dave and Cheryl Weaver–typically our top-ranked house on Proxiblog–they get the lot description correct. See the genuine Redfield dollar below:

notredfield1

The Weaver lot above came from the 407,000-coin stash found behind a false wall in the basement of Reno, Nev., investor LaVere Redfield. The hoard was acquired for $7.3 million in 1976 by Steve Markoff of A-Mark Coin Corp. Markoff chose Paramount International Coin Corp. as a primary distributor of coins from the hoard.

Paramount slabbed the coins in attractive plastic holders with green, red or black inserts. Green is for coins grading above MS65. People pay hundreds, and sometimes thousands, for coins in that rare holder. The other two common inserts, red and black, define two grades respectively, Mint State 65 and MS-60, the only two grades used at the time.

The Redfield dollars sold so well that Markoff decided to slab other Morgan dollars in his special holders–without the designation “Redfield.” Those simply state Paramount. These do command a small premium, but nothing like the Redfield pedigree.

Here’s the second Proxibid auction erroneously describing the lot:

notredfield2

Anyway, the purpose of this post is to see if the two auctioneers who incorrectly described Paramount as Redfield will change the lot description. We used the “Report the Item” link every day for the past four days. We checked this morning, Monday, Sept. 15. The two auction houses with erroneous lot descriptions had not fixed those descriptions.

So this is a test not only of numismatics but also on the effectiveness of the Proxibid link. Will the two auctioneers change their erroneous descriptions?

Stay tuned.

For more on Redfield dollars, see this article published in Coin World.

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.

Rankings stabilize; some houses dropped; views keep rising!

For the first time in our four-year history, no new auction house has been added to our rankings. But there has been movement. We have seen continual improvement in the past year in four houses in particular–Back to the Past Collectibles, Star Coin and Currency, A New Day Auctions, and Auctions by Wallace–breaking into the top 10. Other houses, not named here, have been dropped. We’ll share the reasons. Finally, our audience now exceeds 55,000 views worldwide!


We’ll begin with our consistent leaders–Weaver Signature Coin and Currency Auction and Capitol Coin Auction–which hold the top spots because of quality control across the spectrum, including photos, shipping, buyer’s premium, quality consignments and numismatic accuracy. In other words, when Dave Weaver or Brad Lisembee say a coin is gem, you can be relatively sure it is or is close to being so by PCGS standards, the toughest grading company in the business.

You may not know it, but Dave and Cheryl Weaver and Brad Lisembee worked with us early in Proxiblog’s existence to follow best practices. And then both not only adopted them but added to them and came up with innovations of their own.

Star Coin and Currency did the same thing about 1 1/2 years ago and now is an exceptional house. C. Scott Lovejoy of Back to the Past Collectibles not only embraced our best practices but worked with us on photography and now is a hair behind our top houses. With a few more choice consignments, this may be a front-runner soon. And Kendra Stevens and Sheena Wallace are following our best practices now, and you can clearly see it in photos, lot descriptions and much more.

You can find those best practices in our Amazon Kindle book, Online Coin Auctioneering for dealer, estate and eBay sellers.

Our other trusty stand-bys in the top tiers of our rankings continue to excite us every time they schedule an auction. A few still can improve, however. Jewelry Exchange, SilverTowne Auction (which has the best consignments on the portal), Rolling M. Auctions (the best marketing), and Kaufman Auction need to sharpen their photography one more notch to capture luster and clarity (so varieties can be discerned).

Charles Commander, owner of Midwest Coins, did something very praiseworthy during the summer in his auctions: He asked bidders how he could improve. As we’re also an occasional bidder in his auctions, and consider Charles a friend and fellow Iowan numismatist, we strongly encourage him to work a little more on photography.

We’ll give one example that can serve for our entire critique.

Deep mirror proof-like raw coins used to be difficult to photograph. Not really any more. Here’s an example from Rolling M.:

RollingM_Dmpl

Here’s a photo we took without a tripod or light box with our Samsung Galazy 4 smartphone:

dmpl_samsung

Which photo do you think would start a bidding war? Rolling M. in our view probably can claim the best realized prices on the portal. Mark Murphy is that good. But even in the best there is room for improvement.

Also, we are having a problem with some of our favorite houses. You know who you are. Here’s the issue at hand: We know coin dealers–not ones scheduling events on Proxibid–but ones sending consignments to houses on the portal. A few of our favorite houses are in danger of being dropped because they receive dipped, doctored and otherwise dealer rejects hyped in lot descriptions.

We encourage ANY Proxibid house to take care when accepting consignments from coin dealers. Why would they look to you to sell their coins when they own coin shops? Answer: They don’t want these damaged, cleaned, scratched, carbon-spotted coins in their display windows.

We dropped one house because of that this month.

We are also dropping houses that insist on calling counterfeit California plated brass replicas “gold,” “fractional gold,” “tokens,” etc. By the way, there are collectible gold tokens but ones with bears on the reverse are fake and genuine tokens difficult to identify without numismatic knowledge.

If you want to bone up on those small coins, read our most popular post tallying 100 views per week: California Gold: Real, Replica and Fake.

Standards during the summer on Proxibid fell rather than rose in our opinion. We’ll share the evidence in the next month or two. We are holding the portal responsible for not requiring auctioneers to change lots that are clearly misidentified. Here’s an example:

1889-S

This auction had at least three misidentified lots. The one above is not an 1889-S but an 1889, less rare. We used the “Report the Item” multiple times, and nothing was changed. We know mistakes happen. But Proxibid has an obligation to bidders to ensure that misidentified lots are corrected–not for the onsite crowd–but for the Internet ones.

We also saw counterfeits being sold. In one lot in particular a house warned bidders that a purported rare coin might be counterfeit. It was clearly a fake. We provided proof. We used the report the item button. The lot remained online and sold.

Don’t get us wrong: We promote Proxibid whenever we can. And the company has taken out full-page ads, very slick, in Coin World and other venues. But we also need to point out where the company can do better, and this is one area. When someone uses the “Report the Item,” it is your obligation not only to inform the auctioneer but to consider what is being said and to correct obvious errors or misrepresentations. By including the “Report the Item” as a Proxibid feature of trust, the company’s brand, you are now responsible to see these things through.

Finally, a few notes about rankings:

  • Consignments typically are key to our rankings. Any house scoring 24.5 points practices and/or exceeds our Honor Roll standards.
  • Regularly scheduled events on Proxibid play into rankings. Some of our best houses are dropping in the ratings because they have not scheduled a recent coin auction.
  • Our favorite houses are just that–ours. Your experience may differ from ours.

As for Proxiblog, we keep growing. We drew more than 13,500 viewers in the past year–with one strange demographic: Brazil has overtaken Britain as our third most popular country after the USA and Canada. Maybe it was the World Cup and all those fans gathering this summer in that country.

newviews

Our all-time views now total 55,177!

We continue to provide best practices and numismatic knowledge to our viewers for free. Please consider making a donation. We are on hiatus at the moment but post every weekday during September-June. We do this for educational purposes, informing viewers about numismatics as well as funding scholarships for Iowa State University students.

Fortunately, we have several of our top houses donating funds to our scholarship account. You can also buy our new work, Online Coin Auctioneering or Basic Coin Design on Kindle. We are extremely grateful. Won’t you consider making a tax-deductible donation to the Iowa State Foundation so that we can continue publishing? Thank you for your consideration!

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.


New Rankings; 18-Month Views Exceed 40,000 Worldwide!

Proxiblog’s Coin and Currency category added one new auction in the past month, EBW Coins, which features good photography, numismatic lot descriptions and zero percent buyer’s premium (with Greysheet opening bids, however). The big news is that Proxiblog’s audience continues to grow with more than 40,000 views in the past 18 months, raising total views to 55,000 since its inception three years ago.


Weaver Signature Coin and Currency Auction continues to hold the top spot again this month. The duo of Dave and Cheryl Weaver are doing everything right. Lot descriptions are accurate. Photos expandable. Shipping and customer service just fine.

Our other trusty stand-bys continue to excite us every time they schedule an auction: Capitol Coin Auction, SilverTowne, Leonard Auction, Meares Auction, and Fox Valley Coins.

The big news in our ratings concerns Back to the Past Collectibles and Star Coin and Currency. C. Scott Lovejoy and Jim Haver, respectively, continue to improve consignments, elevating their rankings. Back to the Past, in particular, with its 10% buyer’s fee will challenge any top house in our rankings with more and rarer consignments.

Leonard, Capitol, Meares and Fox Valley all boast great photos, consignments, service and descriptions.

Other houses to watch are A New Day Auction and Auctions by Wallace. Like Lovejoy and Haver, Kendra Stevens of A New Day and Sheena Wallace are continuously improving their events. Now they need top consignments.

Our advice to them is to place a classified ad in local newspapers seeking consignments or offering to buy collections. You’ll be surprised at how far that last recommendation goes, especially when estates are transferred.

Consignments typically are key to our rankings. Any house scoring 24.5 points practices and/or exceeds our Honor Roll standards.

Also keep in mind that our favorite houses are just that–ours. Your experience may differ from ours.

As for Proxiblog, we keep growing. We are in the process of upgrading our site (we hope you like the cleaner look). As the map below shows, we are reaching more viewers in Canada, England and India. Once again, the most accessed post was California Gold, real, replica and fake. That post averages between 400+ views per month.

sixmonths

We continue to provide best practices and numismatic knowledge to our viewers for free. Please consider making a donation. We are on hiatus at the moment but post every weekday during September-June. We do this for educational purposes, informing viewers about numismatics as well as funding scholarships for Iowa State University students.

Fortunately, we have several of our top houses donating funds to our scholarship account. You can also buy our new work, Online Coin Auctioneering or Basic Coin Design on Kindle. We are extremely grateful. Won’t you consider making a tax-deductible donation to the Iowa State Foundation so that we can continue publishing? Thank you for your consideration!

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.


New Rankings, 51,000 Views; Proxiblog Takes Hiatus

Top six houses profiled here all offer something special to the coin buyer on Proxibid. Proxiblog, which continues to gain viewers worldwide, will be on hiatus to return Sept. 1, 2014. If you believe we are offering a valuable free service, posting every weekday–more than 700 posts since our inception, with 10,000+ photos–then please consider making a donation to our scholarship fund.


Capitol Coin Auction and Weaver Signature Coin and Currency Auction tie for first place in our rankings. They do everything right, from accurate numismatic descriptions to vivid photography.

Look at the care that Capitol takes with each lot description, this one showcasing a collection in which every coin therein is graded by auctioneer Brad Lisembee (click to expand photo):

capitol_shoutout

Same holds for Dave Weaver who accurately describes condition of each lot in his auctions. Here’s an example:

weavershoutout

John Leonard of Leonard Auction upholds the same standards as Lisembee and Weaver, providing excellent photos and descriptions. In our view he ranks among the most knowledgeable auctioneers on the Proxibid portal. A screenshot from his most recent auction:

leonardshoutout

For sheer number of auctions on Proxibid and the vast array of consignments–you’re apt to find almost any type coin here–few rival SilverTowne Auctions. From rare gold to tokens to slabbed coins and rarities, SilverTowne has it covered:

silvertowne_selection

Best service terms on Proxibid, in addition to sharp photos and low low low buyer’s premium, goes to Meares Auction. Darron Meares is an experienced auctioneer who strives for superior customer service in all of his dealings. Take a look:

meares_terms

Most improved is Back to the Past auction. C. Scott Lovejoy worked with us for weeks to perfect photography. Take a look at this half dollar reverse in which full bell lines are easily seen. Can your auction provide the same detailed digital photography? Would that several on Proxibid could. See the evidence:

backtothepast

Our rankings this month featured most of our old standbys. Several of our favorite houses–Southwest Bullion, Western Auction, Krueger and Krueger–are low in our rankings only because they have not offered an online Proxibid session in the recent past. We value their operations so very much. Also this month one house was dropped because of sale of replica California gold. Two houses were added, A New Day Auction and Allen and Marshall Auctioneers. Concerning the latter, we were impressed with this lot description on bottom-tier holders:

allen and Marshall shoutout

As we always note, our rankings are just that–ours. These are favorite houses. Your experience may differ from ours.

As for Proxibid, we surpassed 50,000 views last month. We approached 15,000 views in the past year. The map below shows our global reach.

proxiblog_yearworld

We will be reconfiguring and updating our website during the summer. We also are in the process of kindling a new numismatic book, available soon on our site, for online coin auctions, featuring best practices for selling on Proxibid and eBay. We hope you will download a copy when it becomes available. We hope that you find our site helpful.

If so, please consider making a donation to our scholarship fund, which is why we share our numismatic knowledge with Proxibid auctioneers and buyers, helping defray student debt to ensure the next generation of auction bidders.

Thank you for visiting our site.

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.


New Rankings, 2000 Views per Month

Proxiblog’s Coin and Currency category did not add any new auctions to our favorite sellers list; however, a half dozen or so improved so that a full 16 houses earned a 24.5 out of 25, showing continuing improvement.


Weaver Signature Coin and Currency Auction takes the top spot again this month with SilverTowne a close second, thanks to a dazzling array of quality rarities. Both Weaver Auction and SilverTowne provide good descriptions, quick shipping, and regular auctions.

Weaver has slightly better photos, earning that house the sole 25-point best ranking.

Leonard, Capitol, Meares and Fox Valley all boast great photos, consignments, service and descriptions. In most cases, houses failed to score a full 25 points because of problems with photos or higher than average buyer’s premiums.

Rounding out the top 10 are Back to the Past, Star Coin and Currency, Certified Rare Coin Auctions and Five Star Auction.

It should be noted that some of our favorite houses are not offering as many auctions on Proxibid. Those are dropping in the rankings because of that. But we’re always on the lookout for their return.

Also keep in mind that our favorite houses are just that–ours. Your experience may differ from ours.

As for Proxiblog, we have exceeded 50,000 page views. In the past month, we surpassed 1820 views worldwide. We’re increasingly global with top views from the USA, Britain, Canada, India, Russia, Germany, Australia and the Philippines. Once again, the most accessed post was California Gold, real, replica and fake. That post averages between 50-100 views per month.

We continue to provide best practices and numismatic knowledge to our viewers for free. Please consider making a donation. We post every weekday and do this for educational purposes, informing viewers about numismatics as well as funding scholarships for Iowa State University students.

Fortunately, we have several of our top houses donating funds to our scholarship account. You can also buy our Basic Coin Design book on Kindle. We are extremely grateful. Won’t you consider making a tax-deductible donation to the Iowa State Foundation so that we can continue publishing? Thank you for your consideration!

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.