I've noticed some interesting trends lately...
scoobydeux
Posts: 498 ✭✭
I've noticed over the past several months that a large number high end Bust halves have been chruning back and forth within the marketplace. The pattern is variable. Sometimes they flit between auction houses, sometimes they reappear within the same auction house, sometimes they skip from auction houses to dealers and back, or from dealers to auction houses and back. Whatever the pattern, it is clear is that a large number of coins are just moving back and forth throughout the system without finding a home.
Undoubtedly, this has to do (at least in part) with the extant large number of overgraded junk. Occasionally I'll see a PCGS coin falling into this category, but the vast majority of these seem to be in NGC holders. Case in point: if you consider the large numbeer of MS 65 and MS 66 bust halves currently up for auction at Heritage, you'll see most of them have appeared several times in various venues of the past couple of years, and most of them are laughably overgraded, particularly the NGC 66's.
Furthermore, what is even more interesting are the absurdly high reserve amounts that have been attached to these coins. These owners don't seem to understand that an overgraded NGC 65 is not worth 10% less than a properly graded high end PCGS 65, but more like 35%-45% less.
So what's going on here? Are these flash in the pan / burned out collectors who did too much, too fast and now want out without a loss? Are these dealers who made bad decisions, thinking that collectors would pay for overgraded crap simply becasue of the NGC label and are trying to recoup their losses? Are these observations generalizable to other coin types?
I'd appreciate any of your thoughts on the matter, regardless of wheter you agree, or not.
Thanks in advance, and happy collecting...
Undoubtedly, this has to do (at least in part) with the extant large number of overgraded junk. Occasionally I'll see a PCGS coin falling into this category, but the vast majority of these seem to be in NGC holders. Case in point: if you consider the large numbeer of MS 65 and MS 66 bust halves currently up for auction at Heritage, you'll see most of them have appeared several times in various venues of the past couple of years, and most of them are laughably overgraded, particularly the NGC 66's.
Furthermore, what is even more interesting are the absurdly high reserve amounts that have been attached to these coins. These owners don't seem to understand that an overgraded NGC 65 is not worth 10% less than a properly graded high end PCGS 65, but more like 35%-45% less.
So what's going on here? Are these flash in the pan / burned out collectors who did too much, too fast and now want out without a loss? Are these dealers who made bad decisions, thinking that collectors would pay for overgraded crap simply becasue of the NGC label and are trying to recoup their losses? Are these observations generalizable to other coin types?
I'd appreciate any of your thoughts on the matter, regardless of wheter you agree, or not.
Thanks in advance, and happy collecting...
"Discipline is never an end in itself, only a means to an end."
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roadrunner