Tag Archives: Proxibid

Inspect Bottom-Tier Slabs Before Writing Lot Descriptions

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We understand that entering lot descriptions on Proxibid can be a tedious task, especially if you take the time to note condition using numismatic descriptions, as most of our top houses do. But it’s important to inspect bottom-tier holders–not only for condition–but to ensure that the label contains accurate information. The example below does not.

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This coin is listed as the rare variety 1879-S rev. of 78. You can read about this coveted coin by clicking here.

The reverse of 78 variety has a flat eagle breast and parallel arrow feathers; the reverse of 79 has the more common rounded eagle’s breast and slanted top arrow feather. Here is a copy of the varieties from CoinFacts, which we recommend for all auctioneers.

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As you can see in the reverse of the Proxibid lot, the round eagle’s breast and slanted top arrow feather documents the label should have read 1879-S.

Savvy bidders know that they must treat bottom-tier and self-slabbed lots as “raw,” judging condition and flaws themselves, rather than rely on what is alleged in the label. We recommend this practice for auctioneers, too.

Sometimes this can be profitable for your consignor. You might discover that the self-slabber has overlooked a rare variety, as in the 1901 Morgan double-die reverse shifted eagle, worth hundreds in poor condition and thousands in mint condition.

You can read about that rare variety by clicking 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.

California Fractional Gold: Some learn, some persist on Proxibid

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When eBay banned replicas from its site, we started seeing copies turn up on Proxibid, especially fake California gold coins. We report the items. Sometimes auctioneers take down lots. Sometimes we get them to admit these are plated tokens. They are not; they are replicas. Coin dealers have been calling them tokens for decades, and they should know better. Here are recent fake lots from last week on the portal, with shout-outs for Munda and Janzen auctions.


This is a prime example of a fake California gold replica being sold on Proxibid without the auctioneer showing the reverse of the lot, which is how one distinguishes real California gold with use of a monetary amount (25 cents, 50 cents, Dollar, Dol., D., etc.). Click to expand photos.

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Here are more fakes on Proxibid. You are almost assured of a fake if you see a bear on the reverse, as depicted below.

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Bottom-tier slabs do not guarantee an authentic coin. This is a plated base metal piece that appeared in a Proxibid event by an auctioneer who knows better, especially when we report it and call him out by name in our “Report this Item” warning.

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That said, we are making progress with this issue. And some auctioneers understand how these fakes have harmed the hobby since the 19th century when the Secret Service began cracking down on token-makers. Here is how Munda Auctions described the fakes as (“fantasy, not genuine”):

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Here is how Janzen Auction correctly described the replica:

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To learn more about this pervasive issue in online auctions, see this post.

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.

Who can explain timed auctions with bid viewing?

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What benefit does maximum bid viewing have for the auction house in a timed event on Proxibid? Perhaps the option should be banned because unintentionally it leaves the impression that someone is engaged in shill bidding without the proper transparency notice.


Perhaps we don’t understand the dynamics of seeing maximum bids in an auction that is timed technologically. True, the auctioneer can get a sense of how much bidders are willing to spend on a lot; but that transparency does no one any good if the session is run fair and square on the portal. It could be that the auction house can withdraw a lot that doesn’t seem to be doing well as time runs out; but we seldom, if ever, see that happen.

timed_maximumsWe hate to think that this option allows offsite shill bidding.

Proxibid has a brand of trust. We just don’t trust this option and think it should be banned … unless, of course, we are mistaken in our suspicion.

What do you think, if you are a bidder? If an auctioneer, what are we missing with this practice that can ease our concern?

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.

Weaver Auction Uses “Early Bird” Alert

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One of the best, most innovative and consistent coin auctions on the Proxibid portal is Weaver Signature Coin and Currency whose owners, Dave and Cheryl Weaver, always seem to find new ways to engage bidders. We have profiled them previously with online advertising, tiered bidding, best practices, budget auctions, accurate grading, concise descriptions and more. Today we laud them for “early bird” bidding.



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We encourage early bird bidding for rare coins, but not bullion. The price of the latter can vary daily, and so you’re better to attend a live auction or place maximums on the day of the auction. However, if you are selling rare coins, get that catalog up as early as possible (good advertising principle) and then alert your early bird regulars as the Weavers have done.

For an additional enticement, give a 2% discount for all who register and place bids by a certain date. We remember Kurt Krueger of Krueger and Krueger Auctions doing this a few years ago in his first auction to lure bidders away from other Proxibid events.

Krueger Auctions, by the way, has just held two massive events on Proxibid. Like Dave and Cheryl Weaver, Kurt got his catalogs up weeks in advance. Bidding kept getting stronger each day and then topped out with a few buyer wars for cherry lots.

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.

VALUE: Why Cite MS65 and $625?

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Sometimes a coin picture is worth 1000 words, if you know the certification number and how to verify what the lot description states on Proxibid. We see so many of these problems on Proxibid that we will continue to remind our viewers how to check value before placing a bid. Otherwise, bidders can lose hundreds of dollars and auctioneers, return customers. (Click photo to expand.)



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This auctioneer cites Redbook on a PCGS certified coin. The description states MS65 when the coin is MS63. Worse, this is not even the right coin. Note the FS033.53 on the label. That is die 3, a rather common variety worth about $20 in MS63 and $200 in MS65.

METHOD:

  1. Expand slab to view certification number.
  2. If PCGS, go here. If NGC, go here.
  3. Compare the auctioneer’s value with the retail value of the coin.
  4. If grossly overstated, use the “report this item” link on Proxibid to let the company know what you found.

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.

Value: 1885 MS64 Morgan worth thousands?

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Sometimes a coin picture is worth 1000 words, if you know the certification number and how to verify what the lot description states on Proxibid. We see so many of these problems on Proxibid that we will continue to remind our viewers how to check value before placing a bid. Otherwise, bidders can lose hundreds of dollars and auctioneers, return customers.(Click photo to expand.)



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METHOD:

  1. Expand slab to view certification number.
  2. If PCGS, go here. If NGC, go here.
  3. Compare the auctioneer’s value with the retail value of the coin.
  4. If grossly overstated, use the “report this item” link on Proxibid to let the company know what you found.

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.

Counterfeit Gold Tokens on Proxibid

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We see them all the time on Proxibid. We report the items. Auctioneers insist on selling them. Don’t bid or offer these fakes.


If you want to bone up on California Gold Tokens, read this article, the most popular on Proxiblog, with more than 50 hits per week for more than a year–an indication of the scope of this problem.

Here are recent offerings on Proxibid (click pictures to expand):

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Beware the bear! This symbol has been associated with counterfeits ever since the 1880s. Most probably this coin was manufactured within the past five years, using plated base metal.

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This is another counterfeit, and a poor one at that, with tell-tale plating appearing as small ripples on the metal.

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Auctioneer makes an attempt at warning bidders about this brass replica, calling it a token.

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This one is a blatant fake, and the description even worse. Every word of it is suspect. It’s not a coin. Not from California. Not a half dollar. And not from 1949. It’s a cheap souvenir from someone’s trip to Mount Rushmore.

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SilverTowne Auctions shows how to describe a California Gold Coin. First, note any flaws. These are thin coins subject to easy damage. Second, locate “the BG number” from CoinFacts or from the original source: Walter Breen and Ronald J. Gillio’s California Pioneer Fractional Gold book. Third, report any item or return the lot to the consignor if you cannot locate the BG number. Otherwise, you’re buying or selling a counterfeit, which is a violation both of the Proxibid Unified User Agreement and the US Hobby Protection Act.

If you sell a fake, your sale is not final, no matter what your terms of service state. If you sell a fake, accept a return and bill the consignor for any losses. That’s what many of our top houses in the right sidebar do, because it’s ethical.

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.

This screenshot speaks for itself

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CLICK TO EXPAND

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Is this the type of auction you want to patronize? Proxiblog cannot speak for you, but here is its opinion. This lot has a reserve. The photo shows an 1881-O but describes it as an 1881 Morgan. The description says it’s an almost uncirculated Peace dollar. The Proxibid event allows the auctioneer to see maximum bids and raise them at his discretion. In addition, the house charges a 17.5% buyer’s fee.

It seems the house can do more for the online-buying audience. What is your opinion?

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.

Consignor hypes coins, auctioneer lists at own risk

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hyped

Auctioneers who allow consignors to grade coins have an obligation to set the record straight. We seldom bid in this auction because we disapprove of its continuously hyped grades. Grading is subjective–to a point. Imagine a beat-up 2003 Chevrolet Silverado 1500 Regular Cab worth about $5,000 with a sale price of $65,000. That’s the level of exageration here.


Expand the photo above to see coin after coin listed at MS68. The photos are subpar, so you cannot truly grade these coins, although we see bag marks in several and washed out (dipped?) luster in others. We can’t be sure because of the poor quality photo; but we can be relatively sure that these are common uncirculated Morgans at best worth anywhere from silver melt to $100.

When we see auctioneers stating “Consignor’s Estimated Grade” in an auction that schedules weekly coin sessions on Proxibid, we expect the auctioneer to know something about coins and counter hyped descriptions by sellers. And please, no more–we’re auctioneers, not coin dealer excuses; if you’re scheduling regular coin events on Proxibid, guess what? You’re a coin dealer.

To see how to grade and describe coins, visit archived sessions by Capitol Coin Auction, SilverTowne and Leonard 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.

Coin World: Trusting the auctioneer

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Many home hobbyists buy coins online from auction portals like eBay, Proxibid and iCollector, to name a few. A “portal,” in and of itself, is not an online auction. Rather, it provides a uniform digital platform through which dozens if not hundreds of small auctions, timed or live, are occurring at any given time on any given day.


Unlike sessions on portals, major auction companies (Heritage, Stacks and Bowers, Great Collections) usually offer only holdered coins from top grading companies. Hobbyists with little numismatic knowledge can bid with confidence, certain to get an authentic coin, usually at a reasonable price.

Auctions on portals offer slabbed coins, too, not only from those top companies but also from bottom-tier ones that grade every coin — even ones damaged, polished or altered — as high Mint State. To bid successfully here, buyers must know numismatics, or else they risk losing hundreds of dollars on inferior coins, including counterfeits.

So why do hobbyists bid on portals? You can find magnificent coins at below-wholesale prices that have lain dormant in bank boxes for a half century.

Don’t register and bid via a portal unless you trust the particular auctioneer. …

For the rest of the article, click here.