1865 PF64 IHC quite a jump in prices

[IrishMike]

I've been trying to price out proof Indian Head cents from the 60's and came across this one at Heritage with a buy it now price of $2250. This same coin sold on 8/5/03 for $1610 at their online auction. Heritage

 

This is a 34% markup in 60 days. Did the consignor put to low of a reserve on the coin? I am wondering now if the coin really sold on 8/5. Anyone have some thoughts on this?

[Oldtrader3]

I have been looking at some Heritage coins in the past couple weeks. Every coin that I looked at was marked up way over any of their recent Auction prices and over their own price estimates. I think that they are trying to overcharge people. Plus, half the coins on their site don't even have pictures anymore.

 

I used to think that Heritage was a pretty good company. But IMHO, recently they have not been acting like one. The last few coins that I purchased in their auctions did not even look like the coins pictured on their site or in the catalog. I have been very dissatisfied with them recently and stopped buying from them.

[Newmismatist]

I have been looking at some Heritage coins in the past couple weeks. Every coin that I looked at was marked up way over any of their recent Auction prices and over their own price estimates. I think that they are trying to overcharge people. Plus, half the coins on their site don't even have pictures anymore.

 

OT3 - I think they're trying to make a profit just like every other dealer I have ever dealt with. Not too many dealers try and sell their coins for LESS than they buy them for - If you don't like their prices, & you want to try and buy the coin, make an offer, they actually encourage their customers to do that.

 

I used to think that Heritage was a pretty good company. But IMHO, recently they have not been acting like one. The last few coins that I purchased in their auctions did not even look like the coins pictured on their site or in the catalog.

 

I believe Hertige has a return policy, if you don't like the coin, I believe that you can return it to them. From the sounds of your post, you are not actually looking at the auction lots, you are looking at the pictures of the coins - the problem is that the pictures (particularly on copper coins) don't always accurately represent what the coins look like, this is true with almost all photos of coins. That's not necessarily Heritage's fault, ask anyone who has tried to photo coins, particularly copper or toned coins - its difficult to do, & more often than not the photo does NOT accurately depict what the coin looks like. Have you ever bought a coin from one of those "No refunds/no returns" ebay Sellers? They're a LOT less user friendly than Heritage.

 

I have been very dissatisfied with them recently and stopped buying from them.

 

If you don't like doing business with a dealer, you shouldn't buy from them (or sell to them). But make sure that your decision is for the right reasons. Have you contacted Heritage regarding a purchase that you were dis-satisfied with?

 

I do business with lots of dealers. If I don't like a coin they send me (or the price) I discuss it with them. If we disagree, I don't have to do business with them for that particular coin, but unless I find them to be a "bad" company to do business with, I still continue to TRY and buy (or sell) coins to them. Heritage is not on my very short list of companies that I will not do business with, as even if we can't agree on a transaction, all of my dealings with that company have been positive (and from my prospective fair). If they (or any other dealer) buys one of my coins, I am 100% certain they expect to sell it for a profit. If they sell me a coin, not too many of the dealers I do business with sell me coins at a loss, (but occasionaly they do if market conditions have changed or they paid too much for a coin - That happens to all dealers at one time or another, its just they can't make that they standard practice if they want to stay in business).

 

Just some of my thoughts on your post, and intended to be a constructive observation as to your comments.

 

[shylock]

Heritage places online bids on a lot of their consignments and probably bought that 1865 the first time around. They've bought a few of the coins I've sold through them, one time even offering one back to me with their automated wantlist emails.

[Oldtrader3]

Newmismatist: In response, Heritage's posted Auction prices (I believe) include the 15% markup. An additional 35-40% mark-up over that seems excessive to me. In any event, my comments about Heritage pricing were also based on some comparisons of their pricing to other recent national dealer's prices. I should have made that point clearer. I realize and certainly do not fault their need to cover overhead and make a profit. I also buy many of my coins from other dealers at or close to their asking price and from auctions. I just felt that there is a difference between profiting and profiteering. IMHO, Heritage's estimated market price should be in line with their asking price.

 

Coin imaging is indeed very tricky, particularly for rendering toning and contrast (for clarification, I collect US gold plus silver 19th Century Type, not copper). I also suspect that a person may perceive tones differently from others. I was not clear on what bothered me and did not make the point that recent purchases from Heritage had significant luster breaks and surface marks that did not show up on their scans. I realize that how one tips the coin during scans can accentuate or deemphasize marks on coin surfaces. But, I also believe in "fair depiction" along with fair description when selling coins. I guess that really was my point.

 

My general comments included both auction coins and a few on-line purchases. I did not return the coins (shame on me!). They were PCGS certified, just scuffy and off color coins, not depicted that way. Given that, I am not sure that they would have accepted the returns on any PCGS auction coins? I have been an off and on customer of Heritage since just after Steve Ivy formed the company and I am disapointed in what I perceive as a lowering of their standards.

[RobertB]

Regarding Heritage,

I recently won two early commemorative halves from them, one from Long Beach and one from an internet only auction. They both arrived within the last two days. I must say they were described perfectly and the photographs were super accurate. They were both shipped within 2 days of me paying for them which they didn't rush me into doing. I was given seven free days to pay.

Overall, my auction experience with them was excellent. Their retail division may be overpriced, even at retail standards, but they do offer much information about the coins and the most superd photo zoom program I have ever seen. It's the closest I've ever come to looking at a coin in my hand that's actually over 1000 miles away. I will surely compete in their auctions again. Great deals too. In both auctions I got a great deal. Heritage is a-ok with me.

Rob

[Oldtrader3]

I am glad that you have had success with Heritage. I have in the past, before the last couple transactions, as well. Maybe their image quality has improved from a few months ago.