Disappointed with Great Collections results (and, according to many, with myself)
![[Deleted User]](https://wa.vanillicon.com/a3d2a90dc0e5b8d762d942b728148f61_100.png)
[Deleted User]
Posts: 0 ✭✭✭
The user and all related content has been deleted.
1
Comments
Market has been hit or miss. I’ve paid up for some and underpaid for others. Definitely not a GC fault or issue. They are excellent to work with and the market is efficient as well all know. Setting a higher starting price doesn’t mean the closing price will be higher.
Sorry to hear the sales were below your hopes
What slab was the 1828 dime in and what was the price for that compared to pricing?
The NGC slabs do not help with resale in my opinion.
Could simply be timing rather than a matter of venue. Lots of folks get tapped out around December.
Any auction can have results from high to low depending on who is watching a particular sale, and of course time of year, and hundreds of other possibilities. Just so I understand, you are upset because your coins didn’t realize what you thought they would?
Great Collections is not (in this case) a retail store where a price is set, they are a platform to sell your coins at what the market deemed appropriate at a given date and time. I don’t see what GC did wrong to you in any way. I do understand the frustrations sometimes when a coin doesn’t “do” what was hoped it would or course, but is it not the market and collectors and not GC for example that the “frustration” is with?
You had a couple pretty coins! Good eye. But you do have the option of setting your own base price. Part of the prices you saw are being a cleaned ( problem) coin, and PCGS brings the strongest prices, NGC usually brings less in auctions. For future reference, use the auction house you're wanting to use and look up past pricing history and you'll have a better idea of where to price coins to buy or sell.
Attractive coins sell well.
Mediocre average coins, not so much.
Blaming the venue rather than the market is an error apparently many are making at the moment.
peacockcoins
I had to change my response when I reread you post.
Why didn't you reach out to them about the opening bids?
Maybe they would have worked with you....
I do feel bad for you but you could have prevented this from happening. I don't see it being GC's fault at all.
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
Dantheman984 Toyz4geo SurfinxHI greencopper RWW bigjpst bretsan MWallace logger7
Auctions are a gamble.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Unless they sold on one bid, I'm not sure why you care what the minimum was set at.
How do you come up with FMV? I have seen coins sell for 30-40% of PCGS guide. Is it because the guide is too high? Because of being in December? Auctions do not always exceed your hope and dreams.
OP - I'm sorry these did not realize your expectations - but I think if you looked into what similar coins have realized at all venues for coins in your date/grade/grading service, our prices appear favorable to you as a consignor.
Example: ** your 1895-S realized higher than every reported auction sale by our competitors (for the past 20+ years)**. And it realized only slightly less than the all-time record set by GC earlier this year.
Comparing NGC coins to PCGS Price Guides values can also misleading.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
December is about the worst time to try to sell. I recently put up my collection of PCGS Registry V nickels for sale and have next to no interest aside from a few tire kickers and low-ballers. I am in no hurry to sell, so I have no problem declining offers. But the point being, that right before the holidays is probably the worst time of the year to sell collectibles.
Dwayne F. Sessom
Ebay ID: V-Nickel-Coins
I just sold more than 300 coins at GC and overall, the results were pretty good. However, I look at the price guides, all of them, and then take 10-15% lower to set my expectations for auction results.
You ended up with similar results. Many buyers at GC are dealers and they are buying for inventory to resell. Not every coin will find two actual collectors who will compete with each other and bid things way up, but some do.
I believe the market for mid- range coins is weaker at the moment, so am not surprised at your result and suspect you would have had the same result somewhere else.
Maybe after the Holidays and some folks get their year-end bonuses, things could perk back up.
My US Mint Commemorative Medal Set
I don’t understand the comparisons with PCGS Guide vs. FMV.
I agree with other post that auctions are a gamble. Apparently no one valued the coins as much as you hoped. That is the market risk. Did you offer them to dealers first?
Don't go blaming GC on this one, and regardless it seems like you did pretty well for yourself based off of @ianrussell's comment.
Coin Photographer.
GC helped me sell about 300 coins this year. The images were great and most of the coins did well. Sure, there were a few that went for less than I figured. There were also a few that brought crazy money. I'm happy with the results.
My impression, based upon the single post you have shared with us, is that you had unrealistic expectations. I realize I am a jerk for writing it, but it is what it is.
The 1895-S is a popular coin in a popular series with an OGC and went for $1,857.38 with BP. The coin did not sell for $1,650, but it did sell for the highest price at auction ever recorded on PCGS CoinFacts.
https://www.greatcollections.com/Coin/1713306/1895-S-Morgan-Silver-Dollar-PCGS-XF-45-OGH
The 1868 half-dime is a coin generally collected as a type coin. Yours was in an NGC holder, which often suppresses bidding, but it was in the NGC 3.0 holder that is quite popular. The coin sold for $939.38 with BP, not for $835. The sales price was slightly lower in this thin database compared to other coins, but not really all that much lower when you take into consideration an NGC holder without a CAC sticker.
https://www.greatcollections.com/Coin/1713311/1868-Seated-Liberty-Half-Dime-NGC-Proof-65-OH-Toned
The 1873 three-cent silver also sold for higher than you stated, at $2,109.38 with BP instead of $1,875 as written. It's an NGC coin in a newer holder without a CAC sticker. As such, it sold for essentially the same as the last such coin sold for, which went for $2,160 in May, 2023 at HA and more than the next most recent that sold at $1,860 in January, 2023 at HA.
https://www.greatcollections.com/Coin/1713308/1873-Silver-Three-Cent-Piece-NGC-Proof-65
Truly, of the three pieces you shared images of and I looked at, what could you possibly have reasonably expected?
In honor of the memory of Cpl. Michael E. Thompson
The market has spoken and the market is what determines the prices, not price guides.
Greysheet CPG for the 95-S is $1950. But the most recent auction result at Heritage is more in line with Greysheet bid, as is your result.
my dealings with GC have been very satisfying. i have no doubt you got the actual fair market value for these coins within reason or some small margin of error. maybe you could have gotten more at another auction house, maybe less. there is no way to determine this.
Sorry you are disappointed in your results. I often find price guides to be pretty inaccurate. I would consider recent comparable APRs the best way to gauge the performance of these coins.
Setting a higher minimum bid may get you a higher net price if you are willing to go through several bidding cycles until you happen to hit someone who is willing jump on your above average coin. A higher minimum bid is particularily important on thinly traded coins, like unique varieties where there may only be a few collectors seeking that issue. This type of coin may only get one bidder to go after it, and no one else to push him up.
In the case of your coins, they all had well established values and did not seem to trigger multiple bidders to push them above the norm.
Also thought you did well for a December sell. Numismedia FMV is not a good gauge for expected sell results. Recent auction prices or CDN wholesale should have been used, $1650 for that 95-S is a very good sell price.
Seems the auction fees weren't accounted for in the "realized" prices given. Doesn't everyone understand, there is a 10-20% cost involved w/ most every transaction in this hobby?
For Numismedia FMV, I would only expect up to 75% of that retail number (gold excluded); but there have to be buyers who want that coin in that series.
I consider the three coins shown as not particularly attractive. Spotting and unattractive toning will almost always sell for less. Selling via auction is a great teaching tool. I once took a 1k hit on an 09 SVDB via GC. I'll never allow the auction house to set my minimums again.
The only time I have been disappointed in a Great Collections auction result is when I didn't listen to the @ianrussell advice when listing a coin.
Tim
I fairly recently sold a PCGS CAC 4-figure coin through Great Collections. I specifically remember a recommendation not to set a starting bid; i.e., going with a $0.01 opening bid. It seemed more likely to get several prospective buyers into the game early, so I went with it. It worked, I got more than I expected in the end. Did your coins have CAC stickers? That can make a difference with many buyers these days, especially when they have to bid based on photos.
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
@TomB already wrote a thorough reply (and did more research than I feel like doing), but specifics aside, using any price guide and expecting to realize those prices is likely a poor choice. I use the PCGS price guide often because it's easy, but I only use it as a starting point to generalize prices across dates and grades. When I have a specific coin of interest, I'll look at auction records, and doing that makes it clear how (in)consistent pricing may be, especially if factors like grading company or eye appeal/toning are considered. And of course, the only number that matters is the price realized after any buyer premiums are paid.
The title of the thread is misleading. I've been quite disappointed many times in my life. Blaming others for your disappointment won't get you anywhere. You were responsible, not Great Collections.
I'm jumping in a little late here, but I checked your results against Greysheet values, and you matched or exceeded our wholesale bid levels, which are often derived from auction data. Using the right price guides matters when you're dealing in valuables...
Whitman Brands: President/CEO (www.greysheet.com; www.whitman.com)
PNG: Executive Director (www.pngdealers.org)
I will say that I do not consider Numismedia to be an accurate auction guide. I know this was a Great Collections auction but know this for any future reference. I maintain a list of my collection at Heritage. I have sold coins in more than a dozen G.C. auctions at various times of year and my final results are almost always within 10% less or more of the Heritage guide. That does mean WITH FEES included. I think many people tend to forget those when they are setting expectations. Good luck in the future. James
I bid 2x PCGS price guide on a coin at GC this past Sunday. It sold for 3x PCGS price guide.
This ^^^ is probably the most important point. People continually complain about "buyer fees" as though buyers pay them.
They don't. Sellers do, less whatever rebate they might get from the house.
This is the tough math lesson the OP is now learning as he fails to distinguish what his coins actually sold for from what he received after giving @ianrussell his cut. GC was working for the OP, not the buyer. As a result, as always, it is the seller that pays fees. Even when they are called "buyer fees."
. Keeping my mouth shut.
Sorry about the results. Dang!
I've noticed that selling in December can be a real crap shoot, regardless of the auction venue. I personally don't see this as being a GC-specific issue.
Dave
Just curious… what type of research and review did you undertake before selecting these coins for consignment?
Consigning coins sounds easy… allowing an auction company to reach collectors directly in an effort to get top dollar. What could go wrong?
Auction results are merely a snapshot of the lots offered and how well the lots were received by those that choose to participate. My point is that it is simply not a forgone conclusion that all the lots will meet or exceed expectations as to valuations. Coins at the same grade level are not created equal nor are they viewed in the same light. And for reasons such as these, coin valuations are constantly subject to volatility predicated on perception and participation.
This is sort of the Readers’ Digest Condensed version instead of the protracted explanation and analysis that no one will read.
Experience the World through Numismatics...it's more than you can imagine.
I still find the title misleading, which currently states ...
Disappointed with Great Collections (and, according to many, with myself)
To me, this title seems more appropriate ...
Disappointed with Great Collections results (and, according to many, with myself)
My World Coin Type Set
Auctions are a crap shoot, at best.
Sometimes, realizing FANTASTIC results and, other times, losing your shirt.
Next time, set your OWN reserve.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
You may have fared better on eBay, starting them at $.99
So let me understand. Are you disappointed that a live market price did not match a published price? I do not think you understand which of those is more true.....
Sorry the auctions didn't go your way.
I'm sure it's felt like a swift kick in the pants.
I never trust eBay's price/reserve recommendations. I find eBay to give a LOW estate for both.
Are you selling more coins in the future?
The substantial truth doctrine is an important defense in defamation law that allows individuals to avoid liability if the gist of their statement was true.
Try the BST with good pics and realistic prices. It's free so if you don't make a sale, you're not out any money.
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
Why didn't you put them on BST for a week at YOUR price. Then if they didn't sell you could have sent them off to GC AND set your opening bid yourself to avoid disappointment If the coin(s) don't sell they will rollover to the next auction cycle.
I'm a big fan of GC and have always had good results.
Mike
My Indians
Danco Set
‘’OP - I'm sorry these did not realize your expectations - but I think if you looked into what similar coins have realized at all venues for coins in your date/grade/grading service, our prices appear favorable to you as a consignor.
Example: ** your 1895-S realized higher than every reported auction sale by our competitors (for the past 20+ years)**. And it realized only slightly less than the all-time record set by GC earlier this year. Comparing NGC coins to PCGS Price Guides values can also misleading. Ian”
On top of that - December 8th auction was STRONG. I paid what I think was a world record price for a registry coin I needed for one of my core sets. And, an incredibly strong price for yet another core registry set coin buy where I needed to place a bid way over where the coin was at with just under 10 seconds to go, only to squeak out a win by a small margin (under 10%) against a “pesky” (lol) bidder who bid once again with under 5 seconds to go. I was in an Austrian hotel room in the middle of the night and didn’t want to risk an internet problem so I gave that pesky bidder 5 or so extra seconds to take a final shot at me!
Wondercoin
having people bd is price discovery for the market
as already been said, "the market has spoken"
additionally, the fellow forumites gauge fair prices from results of true auctions
I think you did well on that 95-S XF45. That someone bid $1857.38 for your coin is encouraging to me because I also have a PCGS XF45 1895-S that I want to sell. IMO, $1850 is the legit FMV for that coin based upon the auction results I've looked at.