Tag Archives: Proxibid

On the Block: Brad Lisembee, Capitol Coin Auction

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capitol3

Brad Lisembee, numismatist and auctioneer, has propelled Capitol Coin Auction to the top of our ratings for two years running. We’re proud of his accomplishments because Proxiblog played a role in it. Long ago upon reading our blog Brad lowered his buyers’ premium and focused on photography to accompany his great customer service and accurate coin descriptions. We invited him to tell his own story about Capitol Coin and his success.



Greetings to all and thank you for your interest in Capitol Coin Auctions. We have been in business since 2006, and have been specializing in sales of coins and currency since the beginning. We hold auctions on generally a quarterly basis, and all of our auctions feature floor bidding as well as on-line bidding through Proxibid. Below are some highlights and tidbits regarding our March 1 Coin & Currency Auction.

All of the lots in our auctions come from one of three sources:

  • Estates (people who have passed away and their heirs want or need to sell).
  • Collectors (often older people who don’t have the desire to collect anymore or just want to cash in for retirement funds).
  • Dealers (usually in need of cash flow).

Capitol Auctions does not maintain an inventory for sale, nor do we make purchases for resale in our auctions. In a typical auction, we will have approximately 10 to 12 different consignors. Of those, usually about half are estates, a few are collectors, and a couple are dealers. While probably a fact in most types of auctions, usually the best material comes from estates and the weakest material comes from dealers.

In our upcoming March 1st auction, we have some really nice items that I would like to highlight. From a local estate comes nine consecutive uncirculated 1934 blue seal $10 silver certificates. These were put away decades ago and the heir actually was thinking about taking them to the bank for deposit. We also have 1941 and 1942 proof sets that are housed in old acrylic holders. A personal favorite of mine is the nearly-complete type set in a Dansco 7070 album. While the coins are nice, those albums have been discontinued and are extremely hard to find. I did go into great length describing all the coins in that set so bidders have a good idea what they are bidding on. From the same estate also comes a very attractive 1807 Draped Bust Half. If we had received it with a little more cushion of time, I would have submitted it for grading.

An elderly gentleman in our coin club consigned the unopened box of five 2011 25th Anniversary Silver Eagle Sets. He bought several boxes when they came out and said that he needs the space. He also consigned the 1855-S $3 gold piece and the complete set of Mercury dimes (not to be overlooked, as it includes a very nice 16-D).

A California collector consigned the lovely 1878-CC MS64 DMPL VAM-11 Morgan dollar. It’s in an old ANACS holder. The last ANACS-slabbed 78-CC of this grade in a Heritage auction brought just over $1500. This collector also submitted the scarce 1895-O AU53 ($1000+) and the beautiful 1890-O Morgan NGC MS65 (should bring close to $2000). All of these coins are being sold without reserve.

On average, only about 1% of the coins in our auctions carry reserves, as we discourage sellers from placing them as they tend to discourage bidding. In this auction, only four coins have reserves, and three have already passed the reserves in the pre-bidding a week before the auction. While we have over $33k in pre-bids, there is still a lot of meat left on the bone for buyers who attend the live auction either on-site or on-line.

One final note, I was recently asked to be a presenter at the 2014 National Auctioneer’s Convention in Louisville in July. My topic: Selling Coins at Auction.

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 to Grade Coin Lots

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There are several sites that display condition. Our favorite is PCGS Photograde Online. However, before you can use a database like this, you have to know how to spot flaws, especially difficult on Proxibid because of poor or trick photos by too many houses, concealed further by hyped lot descriptions..)


The first rule on Proxibid is never bid on a coin photographed at a slant, which exaggerates luster that in turn conceals condition. Below is a prime example (click to expand photo).

nobid_photo

The lot description states that this is an MS66 1881-S, worth almost $400. Worse, the auctioneer states “stunning luster almost flawless.” Yes, it has luster. That’s why it can conceal flaws when photographed at the slant.

Nevertheless, to a skilled eye, even this old numismatic trick can be deciphered. Expand the lot photo to the max and notice the slightest evidence of common flaws like dings, bagmarks and hairlines. We believe this to be a common MS63 Morgan worth less than $50. Expand photo below to see the flaws we detected.

1881-S_condition

To become familiar with types of flaws, be sure to play our regular “Find the Flaw” game on Proxiblog.

Once again, folks, never bid on coins photographed at a slant. Or if you must, stop bidding as soon as you spot the tiniest flaw. Chances are many more are concealed by the reflection of luster.

To train your eye to spot flaws, always begin at the rim and rove over the coin in a clockwise manner, gradually working your way to the middle of the coin. Or you can start at the middle and work your way counterclockwise to the rim. Note any anomaly as you inspect the lot.

Case in point: The auctioneer states the lot below is a “very nice” uncirculated trade dollar. It is not very nice. If you only look at the description and the middle of the coin, the lot may appear so. This is, in actuality, an ungradeable coin because of significant damage.

damage

Did you spot that damage? If not, you had better bone up on grading. If so, kudos on your numismatic eye!

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.

SHOUTOUT: Braden Auction

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Auctioneers can be the most generous of business people. We should know: dozens of you have donated to our scholarship fund or have purchased our Basic Coin Design text on Kindle. But we also love to see auctioneers give to good causes, as Braden Auction did recently. (Click photo below to expand.)


braden_shoutout

Braden Auction donated the proceeds of this diamond ring to the Concho Valley Home For Girls and Children’s Emergency Shelter.

concho

The Home for Girls is in San Angelo, Texas, where Braden Auction is located. This is an example of an auction house giving to the community.

Let us know if your auction house has done the same recently. Meanwhile, happy bidding on Proxibid!

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.

Don’t Inflate Grades in Proxibid Auctions

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We continue to see grossly inflated values and mint-state conditions on Proxibid. Here is lot after lot described as mint state 68, virtually unheard of in Morgan coin collecting, especially on the portal. In fact we cannot remember one such coin offered by a Proxibid house slabbed by PCGS or NGC in the past four years. (Click to expand photo.)


hyped

We don’t know who, if anyone, is fooled by lot descriptions like the ones above. But we did a little research for you on each individual lot, noting the extreme rarity of MS68 Morgans–let alone five in a row in an unreserved auction.

The coins in this lot appear to be dipped and/or low mint state. But it is difficult to tell because the photos aren’t razor-sharp as they must be before we recommend bidding.

The excuse for inflated descriptions, of course, is that grading is subjective. Maybe so. But not when buyers consult guidebooks that show MS68 coins worth thousands of dollars. The best practice is to be true to grading standards as set by the American Numismatic Association.

However, the next time you see an MS68 Morgan on Proxibid, compare it to this true super gem below:

trueMS68

This Morgan dollar is virtually flawless with clean fields and cheek with an unbelievably strong strike. This silver lot is worth more than its weight in gold. The ones in the Proxibid examples above are worth little more perhaps than their silver melt.

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.

Values and Slant Photos

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It’s an old numismatic trick that plays out even better online: Show at a slant to highlight luster an otherwise bag-marked, flawed common silver coin and claim it is gem. Bidders: Don’t be fooled by auction houses that do this (intentionally or otherwise). Auctioneers: Sooner or later, your buyers will figure this out when they receive the coins and provide feedback to Proxibid.


value3

The coin depicted above is supposed to be a gem, MS65 or MS66, 1885 Morgan dollar worth the inflated range the auctioneer lists on the description-$150-$400. The lot is photographed on the slant to highlight luster, catch the bidder’s eye with that feature, and distract from flaws (and there are many bagmarks and hairlines here), making this at best an MS62 uncirculated coin worth $50.

The auctioneer has inflated the grade almost 10-fold.

Compare the above photographed lot with one below by Dave Weaver of Weaver Signature Coin and Currency Auction, one of our top houses for three years running.

18850_weaver

This is an MS62 Morgan. A gouge near the eye prevents it from MS63 with a shot at 64.
18850_weaver_gouge

Photographed at a slant, the gouge would disappear, concealed by reflection of luster.

The point is, you can see the bagmarks and hairlines with a straight-on photo so you can bid accordingly. Anything else is suspect. We never bid on silver coins photographed at a slant. Neither should you unless you trust the auctioneer and his lot description and know what you are buying because you can decipher condition.

We bid with confidence in Weaver auctions as well as our top ones in the right sidebar because they photograph well and describe condition accurately.

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.

Don’t Be Fooled By Copies

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We continue to see in Proxibid auctions replicas of coins that are not designated as such in the lot description. Copies, marked or unmarked, plague numismatics, which is why eBay forbids any sale of such on its portal. If you are selling copies for a consignor, you should be aware of US Mint rules and regulations regarding the offering of copied coins to the public. You could be in violation of the US Hobby Protection Act.


Here is a recent example of a Proxibid auction offering a copy of a US Mint coin without describing it as “copy.” (Click to expand photo.)

layfayette_copy1

The word COPY should appear on the obverse, not the reverse. Nonetheless, this coin clearly states COPY on the reverse (again not mentioned in the Proxibid description).

layfayette_copy

Here is a summary of US Mint rules regarding copies. For a detailed description provided by the Mint, click here.

  • Do consult with your attorney before embarking on any activity involving the reproduction of genuine United States coins.
  • Do be aware of existing counterfeiting laws.
  • The Hobby Protection Act (15 U.S.C. §§ 2101–2106), requires manufacturers of imitation numismatic items to mark plainly and permanently such items with the word “copy.” Failure to do so may constitute an unfair or deceptive act or practice pursuant to the Federal Trade Commission Act.
  • Do not advertise your replica product as a “coin.” The term “coin” is commonly understood to be a piece of metal issued by governmental authority as money or legal tender. Alternative terms such as “replica,” “medal” or “medallion” should be used in order to avoid confusion.
  • Do make it clear in your advertisement and marketing materials that the product offered is a replica.
  • Do include a disclaimer in all advertisements, order forms, web pages and other marketing materials featuring replicas of genuine United States coins. Disclaimers should be placed immediately adjacent to or below the actual photograph of the replica used in the advertisement or marketing material, and should not be buried in “fine print” at the bottom of the advertisement or marketing material.
  • The United States Mint owns copyright in several commemorative and circulating coin designs.

We will continue to bring to Proxibid’s attention violations of US federal law in the selling of replicas and counterfeits, especially California Fractional Gold, which pollutes Proxibid because sellers on eBay have been banned and have found a home in auctioneer consignments. We do not name those auctions in our posts on Proxiblog because ours is an educational site. However, we do report them to Proxibid using the “Report this Item” link. Often, those counterfeits and replicas continue to be sold because the auctioneer refuses to take down the lot. Why does this happen? eBay bans sellers; Proxibid does not, for this infraction.

There are consequences, however, as the US Mint warns.

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.

Find the Flaw–revealed!

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Here are answers to yesterday’s “Find the Flaw” column. Flaws are based on condition, others on altering, dipping or damage. Some coins had more than one flaw. How many did you guess correctly? What, if anything, did we miss?



Click pictures to expand.

PIN SCRATCH
1832rev

DAMAGED
1835rev

POLISHED

1878rev

WIPED
1878a_rev

RIM DAMAGE

1885rev

CORROSION

1943rev

PVC Damage

1950prev

Play “Find the Flaw” each week and make your bidding or consignment dollar go farther! And always remember to add your comment, especially if you see a flaw that we missed.

Find the Flaw!

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Each of these coins has problems, resulting in our not placing a bid or placing a low-ball bid. Some flaws are based on condition, altering, dipping, hairlines, rim dings or damage. Some coins have more than one flaw. If you can discern the flaw (or flaws) for each coin, post a comment. We’ll disclose flaws tomorrow.

Click to expand pictures

1832

1835

1878

1878a

1885

1943

1950p

Check back tomorrow for answers. Happy grading!

VALUES: For your entertainment

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As promised, we will run the ridiculous values we see on coins in our “Values” updates, without naming the auctioneer and in the hope someone at Proxibid will inform him that many numismatists look at his lots for entertainment. Here’s a typical 1921 silver melt coin–the most common Morgan dollar, by the way–with a value of $100-150 rather than the $22 it is worth. (Click photo to expand.)


values_start

The real entertainment is below, in this series of PCGS lots, when the auctioneer puts values that not only can be checked against PCGS retail ones but also defy logic, with lower grade 1883-O MS63 Morgan priced at $800-900 and the same coin at MS64 priced at $200-$250. Click the photo to expand and see the auctioneer’s values vs. PCGS ones.

values

Entertainment value aside, someone at Proxibid needs to address this in the Unified User Agreement. Auctioneers cannot just make up values as if coins are jewelry, where anything goes. These are US Mint products, and PCGS’s reputation–the best in the business–is tarnished when a Proxibid buyer purchases a $65 coin for hundreds more than it is worth and then learns the true value when trying to sell it.

We strongly recommend, as we have done many times in the past, that bidders and auctioneers on the portal subscribe to PCGS CoinFacts to learn the latest auction prices (including eBay) for holdered coins by top companies PCGS, NGC, ANACS and ICG.

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

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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. (Be sure to click pictures to expand and view lot descriptions below.)

weaverbox

Booyah Weaver Auction! for noting certificate of authenticity and box container on US Mint Products. You can deduct 25% or more without both from the current value. If you bid on the coin, plan to submit it to PCGS or NGC to regain your investment … and then some. That’s what we do.

1940S_noproof

Boo! to this auction house not only for hyping the grade of the coin but also calling it a proof, when it has a mint mark “S” and when all proofs then were made in Philadelphia.

1942_noproof

Boo again! to the same house for calling a mint state cent a proof and for hyping the grade this time to MS70. (If you’re calling something a proof, you might as well go for it with the right designation, PF70.)

hyped

Another Boo! to this house for allowing a bottom-tier slab to label a 1954 Quarter Dollar MS70. CoinFacts shows no coins in the ms68 category, let alone MS70.

howitsdone

Booyah SilverTowne Auctions! for correctly identifying both damage, rarity and BG number for authentic California gold. See CoinFacts insert on survival rate: 200.

exjewelry

Booyah Rolling M Auctions! for describing ex-jewelry on this gold lot.

mistakes

Boo! to this house for mis-identifying the year and the grade. It’s an 1886 (O or P). Why? Because the house only provides an obverse photo. Three strikes and you’re out: Boo! Boo! Boo!

munda_mintage

Booyah Munda Auction! for providing the mintage on a scarce coin. Wish more houses would do that!

pinscratch

Booyah Jewelry Exchange! for noting a pin scratch on this lot, which too often is difficult to see in online photography.

rim
Booyah! to SilverTowne again for noting another easily overlooked flaw–a rim dent. Noting flaws brings trust and return customers.

ryther_repros

Booyah Gary Ryther Auction! for making sure in the lot description and photo that everyone knows these are reproductions.

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.