Would You?
alaura22
Posts: 3,257 ✭✭✭✭✭
I just received an auction catalog today.
Here's the "Would You" question:
Would you bid on a coin with just a picture of the coin (picture of the coin is NOT in the holder) and a description of the coin?
Most of the coins in this auction have been certified by TPG companies.
The problem is they don't include the cert # of the coin! I have had to call them in previous auctions and ask for the cert# on each of the coins I was interested in. After finally making contact with them they gave me the cert numbers I requested. I have talked to them in the past about adding the cert #s, guess they didn't feel it was necessary!
It's beyond me why they don't include the cert # so you can look up the coin and do your due diligence.
So, I took a quick look and sure enough no cert #s again. There are over 1100 lots in this auction, pretty nice catalog, but it ended up in the trash!
That makes 3 auction houses I won't have anything to do with.
Comments
Don’t be to hasty it just one coin. I’d consider the reputation of the auction house over one incident
Martin
Sounds like an opportunity to me. If you’re willing to do a bit of legwork (getting the cert #s) while others presumably aren’t, you’d be at the advantage as you’d have more/better information about the coin and can adjust your bids accordingly.
Nothing is as expensive as free money.
if you know the grading company and the coin one can always research with those just cause the cert # isn't there doesn't mean one can't do research
https://photos.app.goo.gl/fd7W7w5kcdor4hdr5
Are the grade and TPG in the description? Have they historically sold real coins in real holders? Are the coins commonly counterfeited?
I would probably just adjust my bid downward a little to account for a bit of added risk if the answers to those questions were yes/yes/no.
If not, then I’d need at least the cert #s to bid with any confidence.
Agree with this. How good are the pics? Is there a return policy if you don't like the coin in hand?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I would need all the pertinent information before I bid. Just do not want to bother with things that may produce a hassle.... Cheers, RickO
Interesting statement. So if an auction house slips in a few counterfeit coins, rather than not bidding at all, you will just bid lower?
I would not, not for the collection anyway. I'm way too picky to buy sight unseen.
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Will any of the bidders have an opportunity to preview the lots? If so, how do you think outbidding people who have seen the coin in hand will turn out?
Why would an auction house slip in a few counterfeit coins?
I would bid.
My original thought from the OP is that whatever auction house this is, they are lazy and/or do not understand the buyers (coin collectors). Provide as much detailed information as possible to realize the highest price possible. It’s like they are understaffing their business to save money and do as little as possible for their auction. So if that’s the case, I could see them paying a person minimum wage knowing nothing about coins, cataloging them, and counterfeits get added unknowingly.
That's true with any auction, regardless of company. I might value the coin more anyway despite not seeing in hand first. I would of course prefer to have that opportunity first, but it wouldn't prevent me from bidding.
"Got a flaming heart, can't get my fill"
I'm not saying you shouldn't bid. My comment was based on the oft-repeated concern about being buried in a coin and outbidding people who have seen the coin when you haven't is one route to that destination.
@1madman my intent was that if they’ve always checked out, I would only lower my bid a little due the uncertainty. If they haven’t always checked out, the minimum added security I’d need would be the cert#s.
Based on the fact that the OP has done business with them before I’m assuming a certain level of trustworthiness and acceptability, too, because I assume they passed his sniff test aside from a lack of cert#s.
No / I need to see a photo of the coin and holder both sides.