What is the obligation of the PNG when it sees a dealer(PNG or not) advertising a coin for thousands

TahoeDale

I recently noticed an early dollar in NGC 62 being touted for the princely sum of 130,000. The coin had distinct obverse adjustment marks, and without much eye appeal.

A similar coin recently sold for about 65,000- again, NGC 62 of the same date and variety, but a lot more appeal( in my opinion)

PCGS guides around 70,000 as of this writing.

Other than buyer beware, are there any safeguards proscribed by the PNG or any one else, to monitor sales of over-priced coins?

Or does it take a sale, and a disgruntled buyer, to bring about sanctions against dealers who gouge their customers?

bidask

<< <i>I recently noticed an early dollar in NGC 62 being touted for the princely sum of 130,000. The coin had distinct obverse adjustment marks, and without much eye appeal.

A similar coin recently sold for about 65,000- again, NGC 62 of the same date and variety, but a lot more appeal( in my opinion)

PCGS guides around 70,000 as of this writing.

Other than buyer beware, are there any safeguards proscribed by the PNG or any one else, to monitor sales of over-priced coins?

Or does it take a sale, and a disgruntled buyer, to bring about sanctions against dealers who gouge their customers? >>

I would guess no, that there is no safeguard on price. Auction results prove that. I think safeguards on condition are more important.

GoldenEyeNumismatics

The dealer isn't doing anything wrong, so I can't imagine the PNG would care much. It's not like he's forcing this price down the throat of his customers... if nobody wants to buy then the only person that wounds up getting hurt is the dealer himself.

Elcontador

Dale, unless the guy is selling a $500 coin for $50,000 to a senile individual, or he is materially mis-representing the coin, it's all caveat emptor.

mr1931S

does it take a sale, and a disgruntled buyer, to bring about sanctions against dealers who gouge their customers?

A person should be able to ask as much as they want for their coin,even though the amount asked for might be considered to be ridiculous,or beyond, by most.

As to whether one is being gouged, that requires an answer to a simple question.The question is: Does the person looking to buy the goods or services at a ridiculous,or beyond,price have a choice whether to buy or not buy?

If the answer is "yes," it is not reasonable to purchase goods or services and then claim to having been gouged.

abitofthisabitofthat

If the coin sold at that price, I would imagine that the dealer might win something like a "PNG Dealer of the Month Award". Kind of the reverse of a "You Suck".

The value of a coin is subjective. Coins sell for prices significantly above and below price guides all the time. PQ is in the eye of the beholder.

MrEureka

At some point, a quoted price can be so out of line with reality that a sale at that price could be fraudulent. (Depends on the parties to the trade and what is said between them.) But it doesn't sound like this particular offering is fraudulent in any way.

TwoSides2aCoin

Ownership only adds a point. We skeptics add a lot more