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For those who are insulted by dealer offers of less than CDN bid....

Started by MarkFeld,

18 posts in this topic

gmarguli

gmarguli

Posted
Posted
I bought the coin below a few months ago for $1050 and just sold it at no reserve:

 

Hammer sale price of $650, vs. current CDN bid of $1000

 

:sick:

 

Hammer is meaningless to the buyer. Sold for: $747.50 (includes BP) to the buyer.

 

And what is CCDN bid? That appears to be a more qualified price guide for this coin (based on the pictures).

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MikeInFL

MikeInFL

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Posted
Hammer is meaningless to the buyer. Sold for: $747.50 (includes BP) to the buyer.

 

Mark wasn't talking about the buyer....he was talking about the seller:

 

"For those who are insulted by dealer offers of less than CDN bid...."

 

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gmarguli

gmarguli

Posted
Posted
Hammer is meaningless to the buyer. Sold for: $747.50 (includes BP) to the buyer.

 

Mark wasn't talking about the buyer....he was talking about the seller:

 

"For those who are insulted by dealer offers of less than CDN bid...."

 

True, but he is implying that the coin sold for $650 when it really sold for $747.50. To say I paid $1,050 for the coin and it sold for $650 is not accurate. The coin sold for $747.50. Mark maybe only netted $650 for it (I suspect more likely he got $689 after the 6% of buyers premium is given to him). His point would still be valid, just more accurate.

 

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James_OldeTowne

James_OldeTowne

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Posted

This is a peripheral point, but CDN "bid" is really full retail for all but a couple classic commems. Real wholesale is 10% to 15% "back of bid", as they say.

 

Mark, sorry you got hosed! Hopefully you made up for it on other sales :). As an aside, I have done better with (ahem) auction venues other than Heritage.

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MarkFeld

MarkFeld

Posted
  • Author
Posted
I bought the coin below a few months ago for $1050 and just sold it at no reserve:

 

Hammer sale price of $650, vs. current CDN bid of $1000

 

:sick:

 

Hammer is meaningless to the buyer. Sold for: $747.50 (includes BP) to the buyer.

 

And what is CCDN bid? That appears to be a more qualified price guide for this coin (based on the pictures).

Hammer isn't "meaningless" to the buyer or the seller. The buyer pays that (hammer) price plus 15%, and the seller's proceeds are based on getting some % (whether more than 100% or not) of that hammer price. CCDN lists it at $700, though it is actually a pretty nice looking coin, at least in my view.

 

Mark, what was the thought process behind auction vs. using your web site or another 'buy it now' venue?
I had it listed on my website for a while before consigning it to auction. As a seller, in addition to offering coins through my website and at shows, I generally prefer major auctions to Ebay or other venues.
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gmarguli

gmarguli

Posted
Posted
Hammer is meaningless to the buyer. Sold for: $747.50 (includes BP) to the buyer.

 

And what is CCDN bid? That appears to be a more qualified price guide for this coin (based on the pictures).

Hammer isn't "meaningless" to the buyer or the seller. The buyer pays that (hammer) price plus 15%, and the seller's proceeds are based on getting some % (whether more than 100% or not) of that hammer price. CCDN lists it at $700, though it is actually a pretty nice looking coin, at least in my view.

 

The final number is the only meaningful number to all educated buyers and sellers. The other numbers are meaningless.

 

If CCDN is $700, then this coin sold for right where I would have expected it to sell. While Heritage gave it was nice description, the pictures make the coin look very unattractive to me.

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MarkFeld

MarkFeld

Posted
  • Author
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Hammer is meaningless to the buyer. Sold for: $747.50 (includes BP) to the buyer.

 

And what is CCDN bid? That appears to be a more qualified price guide for this coin (based on the pictures).

Hammer isn't "meaningless" to the buyer or the seller. The buyer pays that (hammer) price plus 15%, and the seller's proceeds are based on getting some % (whether more than 100% or not) of that hammer price. CCDN lists it at $700, though it is actually a pretty nice looking coin, at least in my view.

 

The final number is the only meaningful number to all educated buyers and sellers. The other numbers are meaningless.

 

If CCDN is $700, then this coin sold for right where I would have expected it to sell. While Heritage gave it was nice description, the pictures make the coin look very unattractive to me.

Greg, fair enough on all counts, except for what looks like an extra or incorrect word in your last sentence. ;) Wish me luck at the post office today and thanks again for your help in that regard.
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BillJones

BillJones

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Posted

Sorry to say it, but there were two things that were wrong with this coin. First, it was an early commemorative, and the market for those coins has been very weak for more than a year. Second, it was original and had a PCGS MS-65 grade on it, but it was a very weak MS-65 IMO. The toning was no attractive (going by the photo) and there there may have been two scratches on the bust on the obverse. If those marks were on the coin, not the holder, that piece did not belong in an MS-65 holder IMO. I've got an MS-64 example in my collection that I think is a better coin.

 

The value of Gray Sheet bid varies from series to series. For early copper and early type, the numbers are meaningless for properly graded material because the market prices are higher, often much higher. For stuff like rolls of Good or better Buffalo nickels are really worth less than half of bid. I watched a dealer a FUN sell them for that price come away VERY HAPPY.

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BillJones

BillJones

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While Heritage gave it was nice description, the pictures make the coin look very unattractive to me.

 

I've noticed that with Heritage photographs. The close-ups seem to show coins with great toning and nice eye appeal. The photos they provide of the entire slab show ugly coins with dull, unattractive toning. The question is, which is the real image? I almost bid on a Seated half dollar that I've needed for months, but didn't in the end because of this situation with the photographs.

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MBA101

MBA101

Posted
Posted

Maybe the coin needed a CAC sticker.

 

Some of those CDN numbers are for CAC stickered coins, and the un CAC stickered coins are selling for a percentage below that. Sounds dopey, but there are coins like that out there.

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