Should auction companies provide accurate background information on coins they are selling?

RWB · December 28, 2008 2:33AM

Many high-end auction lots include background descriptions of the design, early coin production and related information. Is it the responsibility of the auction company to make this material as accurate and up-to-date as possible, or does it not really matter?

STONE · December 28, 2008 2:37AM

I feel that a little information is good, but not when they write a book-long description about a coin.

The buyer should have some knowledge of what he/she is buying and should do the research himself/herself.

PerryHall · December 28, 2008 2:48AM

<< I feel that a little information is good, but not when they write a book-long description about a coin. >>

GeorgieB · December 28, 2008 2:50AM

<< I feel that a little information is good, but not when they write a book-long description about a coin.

The buyer should have some knowledge of what he/she is buying and should do the research himself/herself. >>

Seconded.

Trime · December 28, 2008 3:01AM

Information is always welcomed; attribution is of interest to me; knowledge is a great advantage but you are not born with it.

firstmint · December 28, 2008 3:34AM

Regardless of the length of the lot description, YES, all auction firms have the responsibility to present as much as possible ACCURATE information; and so do coin dealers.

However, in reality, this has never been done by anyone, except for Dave Bowers, in the commercial end of this hobby.

We all collectively lose because of this situation. We also lose because of cover-ups perpetrated when the coins get marketed.

Honor, truth, and integrity are conspicuously lacking qualities in this particular field of science.

TwoSides2aCoin · December 28, 2008 3:50AM

Transparency is nice to have, but in a world of orbs where embellisments and intricate descriptions of coins have been an historical part in the presentation of the products going to market, the only important thing for me is that they are not misrepresented. It's still a "buyer beware" world and the ultimate responsibility is in the hands of the person spending his money.

Frankcoins · December 28, 2008 4:05AM

Coins are objects of art and history. To trivialize them with minimal descriptions that are concerned only with determining the dollar value feeds the "coins are commodites" mentality.

Unknown · December 28, 2008 4:08AM

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CaptainRon · December 28, 2008 5:09AM

I enjoy the long lengthy descriptions and trivial information that is often listed about a coin or series in an auction catalog.

Many series that I am not currently pursuing, I'm not willing to go out a purchase the a book that was written by the specialist of that field. I use the auction catalogs as sort of the 'Cliff Note' version, which often sparks an interest in a coin or a series. The questions or observations that I then have, I usually asked on the forums for clarification or more in depth answer. If the interest is still there, then I purchase the specialty book, then proceed with collecting the series.

So to answer your question, Yes I think they should try to keep up with current facts, and keep documenting them in the catalogs.

Ron

CertifiedGoldCoins · December 28, 2008 6:23AM

Auction listings that include only the basics, like mintage, grade (debatable), and population numbers (unreliable) do nothing for me.

ksteelheader · December 28, 2008 6:31AM

Learn all you can about what you collect and there will be no need for auction companies to make up for your lack of knowledge.

Unknown · December 28, 2008 7:07AM

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rld14 · December 28, 2008 7:14AM

A good description, IMO, is written with a reasonably well educated audience in mind. I don't need Heritage telling me that the 1916 is the first year for the SLQ and that the design was changed mid way through 1917 because it was 3 generations ahead of it's time to be the official quarter of the Super Bowl half time show.

I think the average bidder didn't grab their little orphan Annie secret decoder ring and used it to guess which date to buy (After being sure to drink their Ovaltine) and need to be told which dates are key and who engraved them.

I'd much rather see provenance, maybe population info, commentary on toning, strike, etc.

ksteelheader · December 28, 2008 8:26AM

<< 

<< Learn all you can about what you collect and there will be no need for auction companies to make up for your lack of knowledge. >>

Of course any one here knows that Ken would have said that

>>

Is it not true?

shorecoll · December 28, 2008 8:36AM

"I'd much rather see provenance, maybe population info, commentary on toning, strike, etc."

Me too. I'd also like to see PNG or ANA sanctions against dealers not reporting provenance to hide doctoring. I know...dreaming again!!!

barbershopper · December 28, 2008 2:03PM

<< A good description, IMO, is written with a reasonably well educated audience in mind. I don't need Heritage telling me that the 1916 is the first year for the SLQ and that the design was changed mid way through 1917 because it was 3 generations ahead of it's time to be the official quarter of the Super Bowl half time show.

I think the average bidder didn't grab their little orphan Annie secret decoder ring and used it to guess which date to buy (After being sure to drink their Ovaltine) and need to be told which dates are key and who engraved them.

I'd much rather see provenance, maybe population info, commentary on toning, strike, etc. >>

Very well thought out and stated. I couldn't agree more when applied to coins.
If you don't know these basics, you shouldn't be buying.

If you compare the need for lengthy information between coins and presidential autograph documents,
this kind of information is based on something with a million population compared to something that is one of a kind.
Nobody has access to the kind of knowledge necessary to provide the buyer with enough information about
autographed material 200 years old and never been made public. Even the socalled experts lack the ability to
examine a Washington letter to one of his associates and say for certain it is absolutely genuine.
They must often rely on others who know or have access to the provenance to remove any or all the doubt.

I know this is not exactly pertinent to the question at hand but I believe it illustrates the point that coins have,
as stated, statistics that every serious collector should know before spending large sums of money on them.
JT

rld14 · December 29, 2008 6:18AM

<< 

Me too. I'd also like to see PNG or ANA sanctions against dealers not reporting provenance to hide doctoring. I know...dreaming again!!! >>

Leon,

Thanks so much for the laugh, it's been an aggravating day and I needed it!

Bill

Should auction companies provide accurate background information on coins they are selling?

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