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If the estimate is 9-10K and the reserve is 12K, what does that tell you??

LakesammmanLakesammman Posts: 17,703 ✭✭✭✭✭
in U.S. Coin Forum
Attractive trade dollar in the Legend-Morphy sale. I was intrigued by the estimate and reserve....... image
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    lavalava Posts: 3,287 ✭✭✭
    Based on that alone, it tells me to avoid ... waste of time. I read reserve to be in line with market value. Owner is under water.
    I brake for ear bars.
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    AUandAGAUandAG Posts: 25,053 ✭✭✭✭✭
    1. Sounds like they don't believe the estimate.

    2. Sounds like the owner does not want to sell at the estimate.

    3. Sounds like the auctioneer doesn't know what to believe.

    bobimage
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
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    PerryHallPerryHall Posts: 47,827 ✭✭✭✭✭
    Sounds like it probably won't sell. Is it prudent for a legitimate auction firm to decline consignments with unreasonably high reserves to protect their reputation and credibility?

    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

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    tradedollarnuttradedollarnut Posts: 20,802 ✭✭✭✭✭

    Based on that alone, it tells me to avoid ... waste of time. I read reserve to be in line with market value. Owner is under water.


    Betcha it sells. The other one is already higher
    Early Dollar Set
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    DeliaBugDeliaBug Posts: 881 ✭


    << <i>Sounds like it probably won't sell. Is it prudent for a legitimate auction firm to decline consignments with unreasonably high reserves to protect their reputation and credibility? >>



    They get their commission on the reserve (not talking about the bay, right?) so I would venture a guess that one or two wouldn't be an issue for their reputation but an entire consignment might be.
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    notwilightnotwilight Posts: 12,864 ✭✭✭
    Good coins often sell for 2X estimate. So it tells me the estimate is routinely low. --Jerry
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    mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭✭


    << <i>If the estimate is 9-10K and the reserve is 12K, what does that tell you?? >>

    Depends. Who has better information regarding value of the coin- the consignor or the auction house?
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    renomedphysrenomedphys Posts: 4,030 ✭✭✭✭✭
    Estimates are routinely low. It generates interest.

    I remember watching helplessly as many proof large cents went off at Stacks for three and four times the estimates.

    Empty Nest Collection

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    SonorandesertratSonorandesertrat Posts: 5,695 ✭✭✭✭✭
    "If the estimate is 9-10K and the reserve is 12K, what does that tell you??"

    Absolutely nothing, as the estimate and reserve are set by different people. If the reserve were 100% over, then I would wonder.
    Member: EAC, NBS, C4, CWTS, ANA

    RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'

    CJ: 'No one!' [Ain't no angels in the coin biz]
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    RYKRYK Posts: 35,801 ✭✭✭✭✭
    It tells me that I thought we were looking at the same coin until I read your post. image
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
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    ambro51ambro51 Posts: 14,519 ✭✭✭✭✭
    Toning premium?
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    rheddenrhedden Posts: 6,650 ✭✭✭✭✭
    Sometimes the auction houses like to brag that 99% of their items beat their estimated value. Advertising gimmick to attract consignors. This is one suspected reason for lowballing the estimate just a bit.
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    messydeskmessydesk Posts: 20,868 ✭✭✭✭✭
    It tells me that someone's going to be wrong.
    John
    Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
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    MrEurekaMrEureka Posts: 24,792 ✭✭✭✭✭
    Most catalogers and auction firms prefer that reserves not exceed published estimates, and they will usually adjust estimates accordingly. Therefore, in this case, it's most likely that the reserve was set after the catalog went to the printer. Not unusual, and no big deal.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.
    Visit the Society of US Pattern Collectors at USPatterns.com.
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    Walkerguy21DWalkerguy21D Posts: 12,185 ✭✭✭✭✭


    << <i>Estimates are routinely low. It generates interest. >>


    I would gladly write checks on the spot for the price estimates on most of the large cents in the Goldberg auctions.

    Successful BST transactions with 177 members. breakdown, scotty1419, mattniss, bigjpst, onlyroosies, Manorcourtman, guitarwes, Ebeneezer, Tonedeaf, Shane6596, Piano1, Ikenefic, RG, PCGSPhoto, stman, Don'tTelltheWife, Boosibri, Ron1968, snowequities, VTchaser, jrt103, SurfinxHI, 78saen, bp777, FHC, RYK, JTHawaii, Opportunity, Kliao, bigtime36, skanderbeg, split37, thebigeng, acloco, Toninginthblood, OKCC, braddick, Coinflip, robcool, fastfreddie, tightbudget, DBSTrader2, nickelsciolist, relaxn, Eagle eye, soldi, silverman68, ElKevvo, sawyerjosh, Schmitz7, talkingwalnut2, konsole, sharkman987, sniocsu, comma, jesbroken, David1234, biosolar, Sullykerry, Moldnut, erwindoc, MichaelDixon, GotTheBug
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    BillJonesBillJones Posts: 35,983 ✭✭✭✭✭
    In the most recent Steve Hayden exonumia auction, the estimates met nothing. I bid a couple lots at levels that were four and five times the estimates and got nothing. imageimage It all depends upon the item.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?

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