Should have done more research

JedPlanchet

A couple of weeks ago I bought a coin on eBay that was 6% discounted over the Buy It Now price figuring I got a bargain and it was a coin I wanted. Checked Numismedia and the price seemed OK so I pulled the trigger. Weak moment. I should have done more due diligence because today I saw that that same coin went for about half that price at the Heritage Auction site in June 2017. It doesn't break the bank but it does sting a little to have overpaid.

Wished I had checked HA before buying - I just forgot and it seems like a lot of stuff on eBay is marked up from coins purchased there. Most folks who post here would not have done something so boneheaded, but I wanted to post this to help out anyone who might fall into the same trap.

BillJones

It all depends upon what the coin is. If it's a widget, then you probably screwed up, but if it does not show up all the time, it gets to the "bird in hand" thing.

Auction results don't always tell the whole story. The coin you saw may have had something wrong with it which would explain the low price. When I was looking for a 1912-S nickel in the last Heritage FUN auction I had six or seven peices from which to choose in addition to three coins I spotted on the bourse floor. They were all graded MS-65 or 66, but there were significant differences between them. A couple of them had a lot of black "fly specks." One piece had a big circular scratch on Ms. Liberty's neck. I can tell quite a bit from photos, but you can't spot everything from them.

jmlanzaf

I agree with BillJones. It is also worth pointing out that a single auction result doesn't really tell you the market value. For "widgets" as Mr. Jones calls them, auction results even at Heritage can be all over the place. I occasionally buy coins from Heritage that I sell on eBay for more. This is not because I'm ripping people off, but because the auction result underperformed.

It is also worth pointing out that some market segments today are MUCH stronger than they were in June of last year. The Baltimore related auctions had some verrrry low prices realized relative to what the same coins are bringing today.

blitzdude

To me it sure seems like Numismedia, TPG price guides etc. are EXTREMELY inflated. Market is so weak right now my experience has been that you can find most coins under greysheet bid. Obviously there are exceptions but I believe this applies to 90% of the market. I always check recent auction results and certainly factor results before making a purchase.

ricko

Do not be too hasty in your judgement... it could be just one auction that slipped through... the coin may well have had undesirable characteristics..... So, yes, we sometimes overpay, but often, it may be justifiable compared to other offerings. Cheers, RickO

JedPlanchet

I appreciate all the good advice - thanks!

HoledandCreative

Most sellers have a return policy, use it. Pay the return postage and return. Everyone makes mistakes, that is why there are return options. Learning from the experience doesn't have to be expensive every time.

skier07

@HoledandCreative said:
Most sellers have a return policy, use it. Pay the return postage and return. Everyone makes mistakes, that is why there are return options. Learning from the experience doesn't have to be expensive every time.

Ditto

jmlanzaf

@HoledandCreative said:
Most sellers have a return policy, use it. Pay the return postage and return. Everyone makes mistakes, that is why there are return options. Learning from the experience doesn't have to be expensive every time.

This assumes that one could acquire a similar coin for less money than he paid for the one he bought.

Coinstartled

Most of us have done something that boneheaded. As it doesn't break the bank as you noted and if you like the coin, all is well.

Jimnight

The lesson learned is what's of value.