Variety values question 2 2

[Mcpix]

Why do the values of Jefferson Nickel varieties never update, even after multiple auction prices realized have been entered using the "report a transaction" tab?  Anyone?

[Henri Charriere]

The key word you've used is varieties, something I do not dabble in, but will hazard a guess...

There is, according to the gospel espoused by member Just Bob, and many others, an undeniable correlation between supply and demand. I wonder if the varieties of which you speak have commanded prices that, for lack of the proper numismatic term, are outliers. The gods of Fair Market Value must evaluate the prices realized, mostly at public auctions, and arrive at a value that is accurate and acceptable.  Little-known fact: Not a single price I ever paid for any of my coins -- purchased outside of auction houses both here in the U.S. or elsewhere -- has been recognized on any score card of prices realized.  They are regarded for what they truly are: the desperation of a collector who has decided what he sees is his and must then subject himself to the drudgery of the order/payment/shipping process.  The same may be true for nickel varieties, as well. Hopefully, owners of some of the gorgeous gems featured on other threads will chime in. 😉 

[Mcpix]

Thank you for that thoughtful response. What I have noticed and don't understand is why some recognized varieties have estimates of current fair market value, where other equally recognized varieties have  the value of the same coin with no variety. Those are the coins that have no relation to the price guides vs what they bring at auction. If the variety is too minor for a price guide then why would it be important enough for a registry set?

[Henri Charriere]

@Mcpix

Good question.  I don't know but somebody out there does and we will both get an answer soon.

[VKurtB]

On 12/6/2021 at 7:30 PM, Mcpix said:

Thank you for that thoughtful response. What I have noticed and don't understand is why some recognized varieties have estimates of current fair market value, where other equally recognized varieties have  the value of the same coin with no variety. Those are the coins that have no relation to the price guides vs what they bring at auction. If the variety is too minor for a price guide then why would it be important enough for a registry set?

Some markets are so “thin” that ALL sales are outliers. Making a price guide involves ridiculous costs and no one wants to pay for all that work. 

[Henri Charriere]

While I cannot offer an explanation as to why nickel varieties are treated in the manner you describe, in my area of interest I have a general idea of what my coin line is going for, both here and overseas, and act accordingly. With intermittent monitoring of sales, and the latest news regarding your subject, you will get a feel for what the price range ought to be.  This takes time, patience, input from knowledgeable collectors and cumulative experience.   🐓 

[Mcpix]

Thanks everyone. Back to my original question though. Does anyone know if reporting variety auction prices via "report a transaction"  has any cumulative effect?  Does it do any good?

[VKurtB]

On 12/7/2021 at 9:36 AM, Mcpix said:

Thanks everyone. Back to my original question though. Does anyone know if reporting variety auction prices via "report a transaction"  has any cumulative effect?  Does it do any good?

I assume they EVENTUALLY get included. The issue is updating frequency. However, ALL my purchases are outliers at the very low end of the range. It’s because I only buy under those circumstances. I attend auctions religiously when the weather conditions are horrendous. There is a method.

[Mcpix]

I wonder if anyone has ever seen an updated price guide entry that was the result of them reporting a transaction.

[Henri Charriere]

@Mcpix. 

Unless every collector on the planet reports every transaction of note, presumably with documentation -- including prices realized on eBay, the cumulative effect would serve as an interesting yardstick, but little else.  There is too much of a time lapse between the drop of the gavel, processing the results, collating them for publishing and releasing them by which time they are obsolete. This is true most notably for both the Red and Blue books.

[Aside:  are there so few collectors of Jeff quirks that no one can answer this member's question definitively?]

[VKurtB]

On 12/7/2021 at 6:20 PM, Quintus Arrius said:

@Mcpix. 

Unless every collector on the planet reports every transaction of note, presumably with documentation -- including prices realized on eBay, the cumulative effect would serve as an interesting yardstick, but little else.  There is too much of a time lapse between the drop of the gavel, processing the results, collating them for publishing and releasing them by which time they are obsolete. This is true most notably for both the Red and Blue books.

[Aside:  are there so few collectors of Jeff quirks that no one can answer this member's question definitively?]

For Jefferson nickel varieties in particular? Probably VERY few. I am into ultra high grade Jeffs, but I don’t do errors or varieties. That concentration demographic tends to run both young and inexperienced. YouTube target demographic.

Edited December 8, 2021 by VKurtB

[RWB]

Coins are non-standard, thinly traded commodities with a very large proportion of unreported exchanges. A "price guide" is merely that - barely.