I never realized how many aspirationally priced coins were on eBay
csdot
Posts: 707 ✭✭✭✭
I normally search eBay for coins I am interested in by type and grade, then sort lowest first. Every few months a newly listed coin will catch my attention, and I either buy it or I add it to my watch list. Inevitably my watchlist coins end up getting sold within a week or two, which confirms my belief that the coin is priced right.
Today I was bored so I sorted all US gold coins high to low, then just scanned the list from top to bottom. It was fun to see all of the 6 and 7 figure dcams, but when I dropped into the sub $10,000 coins (the pond where I normally fish) I was surprised at just how many coins were aspirationally priced on eBay. I am not talking about PCGS/NGC value or even PCGS/NGC value + 10%, but more like multiple times PCGS/NGC value. I don't want to link to any particular sellers, but one example was a common date, common grade $20 (1910-D, PCGS MS-64) for $5,798. PCGS price guide: $2,310. I saw several like this, which I guess I just never noticed in the past because of the way I normally search for new listings.
Does this selling strategy work? Do people accidentally pay these asking prices without doing their research? What is the theory in listing coins for this much more than market?
Comments
I’m sure some get sold to folks who don’t know better. Rest assured this isn’t confined to gold coins. Lots of series on eBay are ridiculously priced and some of the biggest culprits are major dealers 👀
BHNC #248 … 130 and counting.
lol @ 'aspirationally priced' — accurate
I have no idea but it seems to have just gotten worse with time. When I see someone list a coin at 2-3x PCGS guide for an average coin it really turns me off of that seller. I imagine I'm not alone in that line of thinking so I don't know why they would list that way.
A particularly egregious example is someone has a non-cac PR65RD Satin 1936 Cent for $10k.... that's PR66+ money, come on. $2-3k is market.
https://www.pcgs.com/auctionprices/details/1936-satin-pr/3332
Collector, occasional seller
As said, this does not just occur with gold listings. I commonly run across 30% overpriced silver coins regularly and while it seems a little ridiculous, I just offer a fair price for the coins and around 1 of 4 will agree and sell me the coins. I look at it as new inventory to peruse as I just used to skip them as being greedy sellers. Everyone has the right to sell at a price as they feel their coins are worth to them. I have just offered a 10% above recent sales for coins offered at 30% above recent sales.
They are nice coins and we will see how the seller responds.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Aspirational - adjective
relating to or characterized by aspiration or a strong desire for something:
i.e. their aspirational goals for the New Year.
So they list a price they desire.... Reminds me of the song 'High Hopes'
Cheers, RickO
I doubt you'd find many that actually moved at those prices if you filtered by "sold" items. For truly unique items, it's a starting point for a negotiation that likely happens off eBay. For common items such as the $20 piece you mentioned, I don't see much sense in it.
Nothing is as expensive as free money.
It's probably not common, but there was someone on here that mentioned listing an overpriced coin on each account to (hopefully) prevent eBay from forcing them to switch to managed payments (which doesn't yet allow coins).
Some people are just displaying their coins or running a museum (even if they aren't aware of it). Others list way too high and think someone might offer 50% (or they send out an offer to watchers) and then the buyer will feel like they received a big discount (doesn't really work in my opinion).
Other times a coin might actually have above average eye appeal and the price isn't that out of line.
Sometimes it isn't meant to sell. People are trying to create comps
It only takes one fool. May as well try. I don’t condone it but when there is much to gain and little to lose financially it is bound to happen. Reputations don’t seem to matter much anymore, and unfortunately that doesn’t only apply to numismatics.
This type of pricing can be found throughout collectible areas on eBay. The sellers are in it for the BIG profit and nothing less. This has led to the site being clogged with such listings that stay there for month after month. Apparently some buyers with more money than sense eventually do come along ... unfortunately.
Back in the day the ads in the major coin publications and on magazine racks were much worse.
Sellers inflating Uncirculated to Gem BU "grades" without pics. Much better now with photos and TPGs.
It's been my observation, with coins that I'm interested in, that nearly all of them are priced according to the PCGS Value Guide. And unless you know which guide values are out of date you're generally paying retail or a bit more than retail. Plus there are those who add a 20-50% premium for green bean. I gave up buying most any coin on eBay. I'll buy some french coins that I need for my collection since they're hard to find but that's it.
Some like to call this tuition. Someone is paying for an education and someone is charging it.
when I see coins that have "aspirational" prices on eBay
I sing an old song to myself....
"No, no, no, it ain’t me, babe
It ain’t me you’re lookin’ for, babe"
Bob Dylan ( I believe 1964)
Kennedys are my quest...
Yes, and many have languished for YEARS.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
LOL Nice euphemism. I'm so glad that I graduated and don't have to re-enroll in THAT evil registrar's office!! LOL
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Between eBay seller fees and PayPal charge fees, the seller must offer 9-10% over the fair price to compensate, plus a modest profit margin. Some sellers ask moon money above that, but more reasonable sellers will just charge for the price of the coin plus an adder to compensate for the charges. I have a store but will sell here for 10% less if the payment is free of PayPal or credit charge fees. But yes some sellers who need to put the bong down post a price way above the fair value.
Successful BST transactions with: PerryHall, wondercoin, gowithmygut, RonB, oreville
It's the norm on eBay from what I can tell. I'd say that 80+% of coins are effectively not for sale based on their high pricing.
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
I remember the old days when eBay was still an auction venue. Now it's mostly a fixed price list or a pseudo-auction with a starting bid at full retail or higher.
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
I disagree. The fair price is the fair price, no matter what the venue is. The 10% in fees comes out of the "fair price".
If the seller overpaid to acquire it, that doesn't make the coin worth more.
If I put a coin in a major auction, the BP and SP often total 30%. Should I put a reserve that is 30% over the "fair price" to compensate? I'm not going to sell a lot of coins that way.
Do a search for Cheerios Dollars and marvel at how many common circulated Sacagawea Dollars are priced at $2,000 or whatever.
Understand, but this one isn't 9-10% over the fair price.
Indian Head $10 Gold Date Set Album
@csdot and you're not even given the option to make an offer!!
PCGS Price Guide (retail) is about $2300!!
Hard pass!!
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
It is 60% off
To be fair, the seller does give a "make an offer" option, but I've never been one to make an offer that I expect might be a waste of time. I already have a 1910-D in my set, and honestly even the PCGS guide value of $2,300 is more than I would spend for a 64.
Indian Head $10 Gold Date Set Album
You know there's the price and there's the price. Knowledge, common sense and self control are a good multi tool when shopping. Peace Roy
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No. Sorry. That doesn't hold water. You should never expect to pay a "fair price" at, say, a coin how ad then flip the coin on eBay for a "modest" profit. To make money in coins, one must either buy at a wholesale level or hold the coins long enough for the "fair price" to change.
How many coins do you buy on eBay for 9-10% over what you consider a "fair price"?
I see many prices well above major auction houses even after the juice has been taken into account. So it is almost like they want me to eat an auction house fee plus the ebay fee plus the PP fee plus a little profit for the seller. That is not always the case, and occasionally there is stuff fairly priced, but there is a lot of fodder to dig through. Sometimes if there is a Make An Offer the seller will come down quite a bit, but often not enough
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So far I've never actually seen an ant move a rubber tree plant- and I've seen some of the same coins on ebay for years now.
they're just looking to find that "fool and his money" by grossly over pricing their listings. sometimes they find one.
I put ten or so of my duplicates on eBay about 30 days ago at my cost on the coins. I have managed to sell two of them for about a 10% discount, But all are great toners in high grade and I may have paid too much. Some have a few watchers and some have none. Some have a lot of views and some not many views.
I think this to be a reflection of the popularity of the series more than the price of the coins. I recently "watched" a 1939 Lincoln proof RAW that was listed at $2300 and a few days later got an unsolicited offer from the seller for $1,300. Still a lot of money for a coin that looked questionable color.
OINK
The 10-D is a sleeper coin in MS65 and about $800 undervalued. (A nice MS64 10-D is a steal at $2,300 if you can find one)
Compare the pop report with the PCGS price and you'll see a huge problem with several current values.
Check out the following for weirdness....11-D, 14-D, 14-S, 15-S & 16-S also.
I've been watching them now for some time.
https://www.pcgs.com/prices/detail/st-gaudens-20/67/most-active
https://www.pcgs.com/pop/detail/st-gaudens-20-1907-1933/67
Print off the 2 sheets, get out your highlighter and really study them for a surprise.
I could write 600 words on these 6 coins but nobody is likely that interested
My Saint Set
Just checked out your set. Love the 64+ 1920.
I agree with your comment about finding a 1910-D in 65 for $2,300. The one referenced above for $5,798 is a 64.
My strategy in the current high gold bullion price environment is to look for numismatic gold where the premium over the gold value has shrunk. You can find examples in the smaller coins, where gold content is so low that bullion is not a huge factor. Examples might be nice MS type 2 $1, or a high eye appeal MS $3, both priced the same or less today (when gold is $2,000/oz) than when gold was $1,400/oz.
My collection will have to wait for the price of gold to go down before I add any more common date Saints or $10 Indians.
Indian Head $10 Gold Date Set Album
sad
Experience the World through Numismatics...it's more than you can imagine.
Did it sticker at least? They say a sticker can add a multiple or two or even a digit or two.
And for a ratty 65 with no CAC to boot. I think the seller should change the moniker from the ironic "highrating_lowprice" to "highprice_lowrating."
I never use the 'buy it now' pricing as research for what something might be worth. That goes for pretty much anything being sold on eBay that's collectible. I do, however, look at sold listings, because you get a good snapshot of what people are willing to pay in an online market.
I'm way past TPG slab grades & beans.
If I thought that 10-D "MS64" was a "MS66", I'd buy it at $7000 because I trust myself completely on saints.
Some would say it's just because I haven't been burned yet...They would be right...Sort of
If you have a link for the coin, I'd be happy to look at it.
My Saint Set
I sent you the link by PM.
Indian Head $10 Gold Date Set Album
My Saint Set