How long til sellers (ebay and others) realize gold isn't $2000 any more?
FrankH
Posts: 961 ✭✭✭✭✭
Man, every 8 Escudo is hanging there unsold at 3000 up.
oh well
1
FrankH
Posts: 961 ✭✭✭✭✭
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A VERY dumb way to run a business. Businesses live or die on TURNOVER !!!! If the price declines, you sell.
And...then...replace at lower cost for item.
Many small dealers refuse to take a loss on anything. They will sit on their ever more stale stock until they die.
Reality should sink in soon, except for the sellers who would rather take the coin with them to the great beyond instead of taking a loss or not getting what they mistakenly think things are still worth. 😜
I have a rare Ecuadorian 8 escudo pcgs 55 on the bst for $2000 and haven't had a bite
Not sure is the seller. I just review all Mexican milled 8 escudos sales on Heritage since August 1 (23 coins) both Republican as well as Colonial. Only 4 coins sold for less than 3K, 3 of them were details. Assuming the dealer makes a living (and even if does not), there is no mathematical way to sell for less than 3K unless they buy higher than they sale with current prices. If at auction coins sell for over 3, it is not just the dealers but collectors too that are willing to pay high prices for the coins.
You mean the COLOMBIAN one on the BST?
yeah, I'm losing my marbles, but still...
It's just like everything else in life that prices go up quite quickly, but don't want to come down in any hurry.
In honor of the memory of Cpl. Michael E. Thompson
I think that, at some point or another, each of us has run across a seller on eBay pricing a coin, shall we say, optimistically. We might scratch our head for a brief moment but quickly shrug it off and move along. I've always chalked up that kind of pricing to the analogy of someone who's throwing a line in the water in hopes of catching a fish.
However, I think looking at the OP's statement "Man, every 8 Escudo is hanging there unsold at 3000 up." isn't exactly the same thing as what I'm talking about above.
In fact, the way I read it, seemed to imply that the OP felt 8 escudos should respond roughly in step to gold bullion price changes.
To think of 8 escudos in this way is to significantly discount their numismatic rarity and ultimately their value.
Using the NGC census data (First, because its better organized by date and type and secondly, because they have generally had the chance to see and grade more world coins through their service than PCGS has so far) you'll find that for Spanish colonial 8 escudos specifically, across ALL dates at ALL mints and ALL grades, there are a whopping total of 9,668 eight escudos graded to date by NGC. To me, that's not a very large number for what is a popular coin within a popular area of numismatics.
By contrast there have been over a half million $10 gold eagles graded by NGC and over 1.5M $20 gold eagles. So it is somewhat understandable when certain (common) $10 & $20 gold eagles in grades of MS63 and below fluctuate with the spot price of gold, at least to some degree. JMHO YMMV
Charles III Album
Charles III Portrait Set
Charles IV Album
Charles IV Portrait Set
Spanish Colonial Pillar Set
I was speaking more to the COMMON 8 Escudos. Chas IV gold is not rare.
Copied from a post on the US forum:
"I have this theory that when a downturn of prices starts, the “low ballers” show up in force. Why is it every time the market becomes slightly illiquid these bottom feeders show up with a few bucks in their hands trying to buy at 50%.
I always have turned them away at shows in the past, stating “it can rot in my case” but I’ll never sell for that price."
It's almost like different people have different ideas about how to price their coins.