TOP Awards’ Judging Complete

Posted on December 28, 2013 by Michael Bugeja

“Top of Proxiblog” (TOP Awards) for 2013 will be announced beginning Jan. 1, 2014, with judging now complete and 20-some auction houses vying for best or honorable mentions in the categories below.

Most Improved

Best Descriptions

Best Photography

Best Consignments

Best Shipping

Best Timed Auction

Best Value-Added Auction

Best Coin Auction

Judging was difficult and, as much as possible, was based on our Honor Roll criteria:

Accurate, complete and fair terms of service so that auctioneers and bidders know contractual obligations.
Adherence to Unified User Agreement (all sales are NOT final if counterfeit).
Clear, expandable pictures of obverse and reverse of coins so bidders can analyze flaws or identify varieties.
Good customer service, including treating online bidders with same courtesy as onsite ones.
No maximum bid or shill bidding, even when transparency notices are displayed by Proxibid.
Reasonable buyer’s fee (15% or lower preferred) with APN clearance or PayPal link so bidders can pay with credit card without divulging card data to auction houses.
Reasonable, quick shipping and handling fees without requiring bidders to contact third-party shippers.
Regular, quality consignments devoid of mostly self-slabbed coins, junk silver, altered and polished coins, etc.
Reasonably accurate numismatic descriptions, especially when selling junk coins noted above.
Use of Proxibid technology, especially in live auctions, to enhance the bidding experience.

As such, we hope that these awards count for bidders looking to spend their online coin dollar wisely and auction houses looking to improve their sessions. Consignors also should take note. We only consign our own winnings with auction houses that honor the above tenets and that place in our TOP Awards.

Finally, our disclaimer: Viewers should accept our rankings and awards in such light as Proxiblog favorite sellers, very much like eBay; in other words, your experience may differ from ours. That said, we do hope the rankings and awards illustrate what we consider best practices, based on our national reputation in numismatics.

Stay tuned!

Some PVC Damaged Coins Can Be Cleaned

Posted on November 27, 2013 by Michael Bugeja

Proceed at your own risk!

PVC is an abbreviation of “Poly Vinyl Chloride,” found in some soft plastic flips that gradually eats away at the surface of a coin. If not caught in time, the effect can render a coin essentially worthless. But PVC is also fairly easy to clean, if you know what you are doing, and as we cannot be held responsible for any damage you might do to a lot, please proceed at your own risk.

The 1915-S Wheat Cent above is beyond repair. The PVC poison already has eaten away at some of the coin, above the “Y” in “Liberty and right of Lincoln’s mouth. Had this coin not been stored in a PVC flip, it would be worth at least $35 retail. Now it is a $3 damaged, ugly coin filler.

We used the cent above as an example of how bad PVC damage can be. This lot sold for a few dollars recently on Proxibid.

Conversely, this 1917-D coin as presented would bring a lower bid than if cleaned with an approved solution. The cleaning described here works best on silver and nickel, not copper or bronze.

You might use a coin cleaner called “MS70,” which is not a dip that alters the surface of a coin, but a mild soapy cleaner. Pour a small amount of the MS70 solution in the bottle’s cap. Then use a Q-Tip with a paper rather than plastic stick holder, dip it in the solution and then gently swipe it across the PVC area. If the PVC is on both sides of a coin, use another Q-Tip and dip it in the solution and go through the same process. (Never dip a used Q-Tip into the solution. Also, discard the solution from the cap when finished, rinsing the cap to be sure it is free of all contaminants.)

After gently rubbing MS70 on the coin with a Q-Tip, go to a sink and run the coin under warm water to remove any traces of the soap solution. Then set the coin to dry on a soft cloth. (Do not rub the coin dry!)

Once again, use MS70 on silver and nickel, but not copper or bronze. It has a tendency to turn the metal into a slightly unnatural bluish color. If you dare to try this, buy some PVC-damaged coins on Proxibid, bidding below low-ball. When you get the coins, experiment with the soap cleaner and see the results for yourself. And once more, you are doing this at your own risk.

The best bet might be to ask your local coin dealer about MS70 and whether he or she recommends cleaning coins with it. His or her opinion may differ from ours. The shop also should stock the product.

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.

Grading Estate Jewelry and Treasures

Posted on November 26, 2013 by Michael Bugeja

We will run occasional grading checks on Proxibid auctions so you can see how we bid based on condition. These coins are from Estate Jewelry and Treasures Nov. 10 auction. We grade on PCGS standards as found on Photograde, admittedly more conservative than grading of most auctioneers but still the standard in numismatics. Click pictures below to expand.

We call a coin:

VERY GOOD if will grade at NGC or PCGS at the VF8-10 level. We disagree with this grade and call it About Good 3 (at most Good 4).

VERY GOOD if will grade at NGC or PCGS at the VG8-10 level. We agree with this grade but see traces of PVC damage on the upper third of the coin.

ALMOST UNCIRCULATED if it would grade AU50-55. We agree with the grade here but see harsh cleaning, not acknowledged in the bid description.

ALMOST UNCIRCULATED if it would grade AU50-55. We agree with this grade, but see scratches on the obverse not noted in the lot description.

ALMOST UNCIRCULATED if it would grade AU50-55. We strongly disagree with this grade, believing it is overgraded by about 25 points. We call it Very Fine 20-25.

BRILLIANT UNCIRCULATED if it would grade MS60-63. We disagree with this grade and call it AU55. We also see a scratch on the cheek.

BRILLIANT UNCIRCULATED if it would grade MS60-63. We agree with this grade.

Extra Fine if the coin would grade MS40-45. We agree with this grade.

KEY DATE if the coin is among the rarest of the series. In the case of 3-cent silver, any coin from 1863-1872 is rare and expensive. This is not a key date coin. It has a hole, not mentioned in the lot description. Moreover, the date is wrong. There is no 1886 “trime.” The series ends at 1872. Neither is there a copper-nickel three cent piece, as no business strikes were made in 1886. The auctioneer is seeing the 8 and 6 of a silver three-cent coin that is most probably a common 1860.

VALUE ADDED if the auctioneer supplies additional information to help online bidders. He does here, noting the smudge is a reflection and not on the coin.

VALUE ADDED if the auctioneer supplies additional information to help online bidders. He does here, noting the coin is not toned but plated.

Generally, in our subjective but nonetheless expert opinion, we feel Estate Jewelry and Treasures tends to overgrade and miss flaws in condition. With better consignments, and more attention to grading, this house can be a contender, especially as it only charges a 10% buyer’s premium.

As noted, grading is in part subjective, and is difficult to do via online photographs. Our designations are based on how we bid and why. Thus, the overall grade on Estate Jewelry and Treasures based on our criteria: D+.

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.

Look for Transparency Notices that, Ahem, aren’t Transparent

Posted on November 24, 2013 by Michael Bugeja

Click the above photo to see how transparency notices were displayed for this auction. We dislike companies that state in their service terms that they view maximum bids and allow shill bidding, illegal in some states. Proxibid gets around that by publishing “transparency notices.” Some of those notices are not transparent but buried in the service terms, as the above example documents.

We wish there was a “Report This Auction” hotlink to Proxibid to make complaints about issues like these or terms that violate the Unified User Agreement. The only recourse we have at times is through Proxiblog or by contacting Proxibid’s dedicated quality control and customer service personnel. They ALWAYS listen to concerns like these. And we appreciate them greatly as they have aided our bidders for years now when concerns like these are expressed.

This is how transparency notices should be displayed.

But we thought you’d like to know about this problem because it is apt to happen regularly with computer glitches being blamed.

eBay doesn’t allow shill bidding (see photo below). Sellers also cannot see maximum bids. PayPal also guarantees sale, especially if violations can be documented; eBay also provides eBay Bucks for discounts.

Click photo below to expand.

We think Proxibid would be enhanced by adopting some of these policies and worrying less about what the sales team thinks, putting stock (literally and figuratively) in its excellent quality control, customer service and promotional divisions. We also think it should award 1 Proxipoint for every dollar spent on the portal with discounts provided to top buyers. Instead, bidders contend with sellers worried about APN and credit card charges.

There are reasons why eBay is the top portal in the world. These are only a few reasons. That said, we do not support eBay but do patronize to the max (pun intended) our favorite sellers listed in the right sidebar, knowing that our experience may differ from yours.

If you appreciated this post, we have a request. We provide Proxiblog for free. We post year round. If you think our service is important or has helped you in the past, as bidder or auctioneer, won’t you consider making a small donation to our scholarship fund? CLICK HERE to access it. We have published hundreds of posts and thousands of photos to keep you informed. Keep us posting with a small donation to offset student debt and help underwrite the next generation of bidders!

Tip of the Week: Bid Once, Buy Wholesale

Posted on November 21, 2013 by Michael Bugeja

Dealers often use Proxibid to sell at a minimal loss, essentially charging what they would other dealers for a coin. In other words, one bid gets the coin at wholesale, two bids at cost and three at retail. It’s a dicey practice, especially when experienced bidders like us are on the portal. We’ll share how we do it. …

Expand the photo below of an 1803 Draped Bust Half grading VF35 at PCGS. Opening bid is greysheet, or wholesale.

Using the certification number on the slab, we learn the retail price is $1650. Expand the photo below to see details.

Bid once on this coin, and hope no one else bids, and you score a big win for your collection. We do this all the time. We don’t bid immediately, though. We wait until the auction is almost over, knowing the high opening greysheet bid will scare away most Proxibidders. If we don’t see a bid near closing, we put in the first one and forget about it until notified. If we win it, we sell the coin at retail so we can maintain our scholarship fund.

Speaking of which, dear bidders, if you find iur methods useful, why not make a tax-deductible donation to Iowa State University so that we can continue publishing Proxiblog and making a difference in the hobbyist as well as student life?

Click here to make a donation online!

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.

How and How Not to Describe Bottom-Tier Slabs

Posted on November 20, 2013 by Michael Bugeja

Our top houses are almost always the most forthcoming about the quality of coins in bottom-tier holders. Some houses, however, continue to violate numismatic rules.

The example below cites PCGS retail prices for a 1903 Morgan dollar worth about $130 … and only if not cleaned, which this example just might be. The auctioneer cites a ridiculous $3,600 price.

Here is how top-house Jewelry Exchange handles the same situation, noting it cannot guarantee the grade because of the holdering company’s grades may not meet industry standards.

Several of our top-ranked houses treat bottom-tier and self-slabbed coins in the same manner, earning our trust.

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.

High Reserves on Lower-Tier Slabs

Posted on November 19, 2013 by Michael Bugeja

There is no need for high reserves on coins slabbed by lower-tier holdering companies. One recent Proxibid auction had dozens of such lots.

Below is a prime example. A 1935-S MS66 Peace dollar is a true rarity.

We can’t be sure from the photo, but this may be a polished or cleaned coin. NGC has only graded 3 coins higher than MS66. A true MS66 1935-S coin would be worth $3500.

We would bid no more than $25 on this coin, mostly for the silver value.

To learn more about grading companies, see numismatic expert Susan Headley’s article, “Grading Service Tiers.

The more you know about coins, and where to verify worth and condition, the farther your Proxibid dollar will go!

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.

Hyping “Deep Mirror Proof Like”

Posted on November 17, 2013 by Michael Bugeja

Proxibid DMPL Really Silver Melt

In the past some of the most popular posts have dealt with Morgan Silver Dollar deep mirrors and numismatic photography. The reason for their popularity may be that far too many of us have made mistakes based on overzealous lot descriptions and/or poor digital imagery. Click to expand image above and read how this Proxibid lot was described.

The ability to discern a deep mirror prooflike coin (DMPL) that will grade at NGC or PCGS is difficult enough when inspecting the coin in person at a show or shop, for instance. A Morgan Dollar has a chance to be DMPL reflecting text 6 inches away from the source.

Factor this, too: When you’re buying online, crisp expandable photos are a necessity. You also must deal with a reputable seller who knows how to grade. But the worst combination involves poor photography and overzealous sellers who, alas, do not know how to grade mint state and condition meriting DMPL.

Recently Proxiblog purchased a coin online from a previously trusted seller. Even though the photography was poor, we had good dealings with this house in the past, so we bid to win.

The description on the poorly photographed 1921 Morgan Dollar was described as deep mirror, with reflectivity from 6+ inches away, MS64-65, “a gorgeous coin” full of mint luster and cartwheels.

This is the coin we received, photographed properly.

It is harshly cleaned, ruined, and silver melt. Not DMPL.

For the rest of this article, click here.

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.

Untrustworthy Estimates

Posted on November 12, 2013 by Michael Bugeja

Check Certs and CoinFacts for True Value!

We are so weary of seeing Proxibid newbie auctioneers believing they can guess at values and then charge high fees on top of that.

This is one example of a Proxibid house that consistently overvalues coins, charges 18.5% buyer’s fee, does not combine shipping and charges $12.95 for that. Below is a $50 coin valued erroneously as $150-$200. How do we know? Let’s learn–a lesson for auctioneers and bidders alike.

Proxibid lot

PCGS Retail Value for this specific coin

Take the certification off the PCGS label and then check retail value at this link.

CoinFacts Auction Prices

CoinFacts shows recent auction prices for same coin at Teletrade, Heritage Auctions, eBay and Great Collections.

We never bid on any lot without checking CoinFacts. We suggest you refer to this databank if you are an auctioneer estimating values of coins certified by PCGS, NGC, ANACS and ICG. DO NOT CITE COINFACTS’ VALUES FOR RAW COINS OR BOTTOM-TIER HOLDERS!

Sooner or later, buyers will learn how much they overpaid on some auctions on Proxibid. We rank our favorite sellers to the right because they don’t use those tactics. As always, though, with any seller, we caution that your experience may differ from ours–but not when it comes to verifying values.

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.

Boos & Booyahs: Best & Bad Auctioneer Lot Descriptions

Posted on November 10, 2013 by Michael Bugeja

It’s important to be in sync with the Proxibid technology to showcase your photos, hone your lot descriptions, and highlight your consignments for top bids on the leading portal! In the latest installment, Proxiblog laments bad auctioneer lot descriptions and praises the best in recent auctions. (Click pictures to expand and view lot descriptions below.)

Booyah Capitol Auction! for great descriptions, as in this State Quarter collection. Note that Auctioneer Brad Lisembee adds mint sets so that buyers complete the missing quarters. That adds extra $$$ to the sale. This is an example of why Capitol is a top house on Proxiblog!

Booyah Weaver Auction! for consistently identifying cleaned coins, which are upgradeable by major holding companies and which are difficult for buyers to detect online. It’s a small courtesy that brings return customers to this top house!

Another Booyah to top-house SIlverTowne Auction for noting damage on coins. Would that more houses did this!

Booyah McKee Auction! for precise, concise descriptions with good photography.

Boo! to this house for consistently calling lots key dates and overgrading the coins. Photos aren’t great; but we tested by buying once or twice, and what we suspected was what we got.

Boo! to this house for calling a plated replica California gold. This is the biggest coin problem on the portal, and one of the biggest problems in numismatics. To tell the difference between replica and real, see our post “California Gold: real replica and fake,” which averages hundreds of views per month.

Booyah Mascari Auction! for showing how to list replica plated bear-on-reverse lots!

Booyah BidALot Auction! for providing silver weight on foreign coins, a small but helpful descriptor.

Boo! to this house for hyping value of lower-tier slabs, using PCGS values–something PCGS does not appreciate, as their slabbed coins are among the most accurate on the market. This coin would probably not even grade at PCGS, as it looks cleaned to us.

Booyah Jewelry Exchange! for showing how to list coins in bottom-tier slabs.

Viewers can point us to other candidates for our “Boos & Booyahs!” series. Just leave a comment but follow our rules–all in good fun as a way to inspire accurate lot descriptions on Proxibid. Tomorrow we will showcase the best lot descriptions. Stay tuned!

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.