Is Krause inaccurate reporting of prices intentional?
cladking
Posts: 28,701 ✭✭✭✭✭
They've had more than ample time (many years) to fix the pricing of moderns
yet maintain the fiction that many of these coins are worth 50c or a dollar even
where they routinely command far more in their home markets. So what would
they gain by listing coins that sell for hundreds of dollars in Europe for a few dol-
ars in the catalog?
Already there is a huge flow of coins going overseas because of the huge demand
and the weakness of the dollar. Reporting the low prices artificially suppresses the
market in this country and exascerbates this process. No one will start collecting
something like decimal Irish when asking prices are far in excess of Krause. Euro-
peans and those who know the markets clean up buying from those who don't.
It wouldn't be such a problem except it's so hard to get comprehensive pricing.
yet maintain the fiction that many of these coins are worth 50c or a dollar even
where they routinely command far more in their home markets. So what would
they gain by listing coins that sell for hundreds of dollars in Europe for a few dol-
ars in the catalog?
Already there is a huge flow of coins going overseas because of the huge demand
and the weakness of the dollar. Reporting the low prices artificially suppresses the
market in this country and exascerbates this process. No one will start collecting
something like decimal Irish when asking prices are far in excess of Krause. Euro-
peans and those who know the markets clean up buying from those who don't.
It wouldn't be such a problem except it's so hard to get comprehensive pricing.
Tempus fugit.
0
Comments
Och, welcome SaorAlba! Nice website link.
<< <i>It is only as good as the people that give them the information are, or aren't! Yes, I think some is skewed one way or another. >>
Ten or fifteen years ago I tried to stay abreast of the modern world coin
prices very closely. I still look for any information available on the net so
have some feel for these prices. But this is just absolutely ridiculous! It's
most difficult to imagine that thy are even in contact with any sources to
put this edition together. How can they possibly list something like the I-
rish '82 50P for $4 when it sells for $180? This is hardly the worst and some
of these inaccuracies go back ten or fifteen years.
What happens when someone in this country goes to buy the 50P? He can't
compete against anyone who knows the true value. He'll be shot down again
and again on most of the coins he needs. How can you collect using a price
guide that is so out of date?
This has been one of the most remarkable years in history for modern world
coins and their pricing. Prices have exploded nearly across the board for most
of the circulating base metal coins from the '40's to '70's but the only change
I could find in the 2009 krause is a 15% increase for Taiwan and some de-
creases for the most expensive New Zealand!!!!!!!
Why even publish prices at all for these coins if they can't do a better job?
If the problem is that they didn't have the manpower to both reformat and up-
date pricing why not at least warn regular readers that they don't need this
new edition?
Frankly I'm about ready to just bite the bullet and see about getting all the dif-
ferent domestic price lists.
FOR SALE Items
Because collectors will pay for the new catalog. And collectors do that because there's no better alternative.
The only way this situation will change is if somebody makes the effort to create a better mouse trap. Given how cheap it is to do things on the internet, it shouldn't be long before somebody gives it a shot.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>You can fill me in if I am wrong, But I was told that krause gets its prices from Dealers around the world. These dealers are interested in keeping their buy prices down, while having full knowledge that their clients have no access or knowledge of Krause, giving the dealer the edge in resale. >>
Sounds like a very large British "interest" that likewise publishes a price "guide".
Well, just Love coins, period.
WNC Coins, LLC
1987-C Hendersonville Road
Asheville, NC 28803
wnccoins.com
Same coin goes at auction later in the year for the big price. So, then Joe Blow collector wants to know the value and has to get the usual answer : "it depends"! What is he going to do with that if he wants a rough value now. I think the cataloger with just this short history may be tempted to split the sale values and call this coin in at 2750 - this would seem absurdly low to some and probably is, but is just a quick and easy example.
Well, just Love coins, period.
<< <i>Is Krause inaccurate reporting of prices intentional? >>
Obscurum per obscurius
<< <i>How is it that some dealers always say Krause is terribly over-inflated and quote buy prices as "40% of Krause"? Are those days over? Or does the problem of underpricing only apply to a limited section of the market? >>
It appears that Krause aims for reporting prices for most coins
that are about double market. In recent years many prices have
been escalating so quickly that they have trouble maintainig this
margin. This applies especially to more desirable silver but it cuts
across the board.
My complaint is with a pretty specific group of coins. This is the base
metal circulating coinage made since the 1920's but especially since
WW II. Many of these coins have been identified as being quite
scarce by collectors over the last 20 years. There were never many
collectors but as these turned up Krause has attempted to keep the
pricing accurate (2x market). This has meant simply staggering price
increases in series after series. There are literally thousands of coins
listed with 200-fold prices increases and there are some higher.
My complaint is that they have been dragging their feet for years in
making all these changes. I can't keep up with all the pricing myself
and find it very helpfull when they try to. But they don't try to with
countries like Ireland, India, Japan. There really are coins from almost
every country that need some tweeking and series needing total reeva-
luations. It's ironic that their own Paul Green would report on some of
the Costa Rican coins that fit this category and they haven't changed
pricing much in ten years.
This has been going on so long that I thought I was inured to it. But
this latest edition set me off because I expected lots of price updates
to reflect the huge advances made in most world markets over the
last year. I thought they'd at least update one of the countries that
still show absurdly low pricing for moderns.
It's mostly just disappointment in not being able to spend a lot of time
working on and with this edition. My opinion of Krause has not changed
that dramatically. Their weaknesses remain the same and their strenghts
are little changed.
AAaaRrggGghhhhhh!
I can't believe how many silver coins and coins with a substantially higher face value (especially from Japan) I've been able to pick up. I know you can't take coins to a bank to exchange them, but selling 100 yen coins for 20 cents does seem underpriced. Being able to pick up AU type coins (like the Canadian 1939 5 cent piece) for 20 cents each has been pretty cool, also.
Maybe one of these days I'll pull a Breen and pick up an 1870-S-half-dime-equivalent for chump change!
Before I went to BC this month I dreamt I found a bank that had a roll of BU 1911 cents. Alas, my dream didn't come true.
Obscurum per obscurius
Well, just Love coins, period.
<< <i>OK, Cladking, I think if you could provide them with some details (to Mr. Cuhaj, I believe) that they may be quite gracious. Just give them some reason for believing your quotes and then I would imagine they will work with you. Cheers for your efforts! >>
I have no special knowledge of any of these coins. I see price lists of
coins for sale of something like French coins that are issued by profess-
ional dealers and simply assume they wouldn't list prices that are five
or ten times Krause prices unless they were actually selling some. There
was a thread over on the lite side recently (search franc) about this.
I'm on forum for the collecting of other world coins and the values are
often grossly different and always grossly higher than Krause. As I men-
tioned earlier you can't touch a 1982 Irish 50P for less than about $180.
Fijian coins got a big write up some years back in WCN pointing out their
extreme scarcity and confirming my observations yet they've never really
been adjusted. In this case there might be justification since I and the
author might be the only collectors. But thee are many coins that routine-
ly sell for far higher prices and have for years but still list as being common
in the catalog.
There are lots of people who have been starting collections of base metal
moderns because they're looking for something different and desire coins
which actually circulated. Many of these have been scarce for a long time
and now it's finally becoming common knowledge. While Krause has made
the changes in about half the cases I'm still waiting for the rest.
I'd be happy to send the few links I have if they requested them and could
refer them to a few price lists from the domestic markets. But many of the
others are simply coins I "know" be be scarce and am waiting for collectors
to catch up.
Ten years ago I kept up to date pretty well. ...no longer. There have to be
many people who are more familiar with these markets than I but they don't
seem to be in touch with Krause.