Why Are Some Asking Prices Moronic ??
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Look at this 1923-D Saint-Gaudens in what looks like an early or mid-1990's holder.

https://www.greatcollections.com/Coin/1144362/1923-D-Saint-Gaudens-Gold-Double-Eagle-NGC-MS-66-OH

1923-D's in MS-66 sell for about $4,500 to $5,000 depending on the quality (assuming no CAC).  Why would someone ask for $1,000 - $1,500 over market (esp. a starting bid) ?  I mean, I know you can always get lucky but anybody buying a Saint-Gaudens coin generally and for this much money specifically is not likely to be uninformed.

This coin has been out there a few weeks at least, maybe months.  I've seen others getting no bids that were listed for OVER a year.

Why do it ?

Edited by GoldFinger1969
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On 7/10/2022 at 6:44 PM, Nutmeg Coin said:

Only on ebay usually.  At those prices you may have what is called a "spam" listing.

Yup....I get asking a high percentage over market for a low-priced item.  I see silver commemoratives that should be $200 and someone asks for $350 and hopes someone needs it right now for a birthday, Christmas, etc.

But there's a huge difference in paying a few hundred bucks (or less) over market and paying THOUSANDS over market....for an item that is plentiful and always available.

On 7/10/2022 at 6:44 PM, Nutmeg Coin said:

I looked at it and the seller must have insisted on it since GC encourages much lower starting bids to have the market bring it up.

That also makes sense.

Edited by GoldFinger1969
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The seller might think it is a superior coin...or they might be a moronic person, or looking for a moronic person to buy it.

:)

Edited by RWB
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On 7/10/2022 at 3:29 PM, GoldFinger1969 said:

Look at this 1923-D Saint-Gaudens in what looks like an early or mid-1990's holder.

https://www.greatcollections.com/Coin/1144362/1923-D-Saint-Gaudens-Gold-Double-Eagle-NGC-MS-66-OH

1923-D's in MS-66 sell for about $4,500 to $5,000 depending on the quality (assuming no CAC).  Why would someone ask for $1,000 - $1,500 over market (esp. a starting bid) ?  I mean, I know you can always get lucky but anybody buying a Saint-Gaudens coin generally and for this much money specifically is not likely to be uninformed.

This coin has been out there a few weeks at least, maybe months.  I've seen others getting no bids that were listed for OVER a year.

Why do it ?

Fishing, plain and simple.   The consigner must think that the holder will lift it up.

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On 7/10/2022 at 5:44 PM, Nutmeg Coin said:

Only on ebay usually.  At those prices you may have what is called a "spam" listing.

I looked at it and the seller must have insisted on it since GC encourages much lower starting bids to have the market bring it up.

That occurs far from “Only on eBay usually”. Many sellers have coins listed at what appear to be (or are) very aggressive prices. Among other reasons, it can be due to greed, expectations that would-be buyers will counter-offer (regardless of what pice the item is listed at), a superior quality example, trying to break even, after having paid more than current market value or expectation of rising prices.

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On 7/10/2022 at 8:46 PM, MarkFeld said:

That occurs far from “Only on eBay usually”. Many sellers have coins listed at what appear to be (or are) very aggressive prices. Among other reasons, it can be due to greed, expectations that would-be buyers will counter-offer (regardless of what pice the item is listed at), a superior quality example, trying to break even, after having paid more than current market value or expectation of rising prices.

Good points, Mark.

I tried to negotiate with someone who had a nice 5 ounce silver commemorative that I wanted.  Prices were about $250-$350 going back over a year or so.  This guy wanted $600 for his coin.  I kept raising my offer close to $375 but he never countered.

Coin was still there months later.

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On 7/10/2022 at 7:01 PM, RWB said:

The seller might think it is a superior coin...or they might be a moronic person, or looking for a moronic person to buy it.

:)

[Is it safe to assume "insufficiently_thoughtful," person as a synonym has been dispensed with?]

Edited by Quintus Arrius
Die polishing: correct typo.
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I don't know where I picked this up from, but it has been my understanding at least one leading office auction house recommends or mandates bidding begin at 70% of market price and the successful bid constitutes the new Fair Market Value.

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On 7/10/2022 at 10:01 PM, GoldFinger1969 said:

Good points, Mark.

I tried to negotiate with someone who had a nice 5 ounce silver commemorative that I wanted.  Prices were about $250-$350 going back over a year or so.  This guy wanted $600 for his coin.  I kept raising my offer close to $375 but he never countered.

Coin was still there months later.

My theory: whomever the seller is, is adamant about recovering his initial outlay. He may be a younger collector. When you get up there in years, with sand running out of your hourglass, experience will have taught you the virtues of flexibility and compromise.

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On 7/11/2022 at 10:15 AM, GoldFinger1969 said:

And of course, some lone bidder makes ME look moronic by bidding $6K and winning the coin for a total of $6,750. 

Maybe, maybe not. We will never know the ultimate fate of the coin. If demand evaporates (for whatever reason) what then? Today's "must have" may very well become tomorrow's "couldn't care less." You may be a big winner, and not even know it.  

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On 7/11/2022 at 1:04 PM, FlyingAl said:

Plain and simple for this coin I think: The owner and buyer thought it was a 66+, for which the price would be in the ballpark.

Or never submitted for CAC and it would get a bean.

Of course....I always wonder with 1 bidder if it isn't a friend or dummy account who backs out.:|

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For the price the buyer paid, I hope he gets that "seal of approval."  On 🐓, my strategy switched to whole grades. [For the first time ever, P--- certified a 1914 in MS-67. Now, if anyone thinks I am going to spend every waking hour of every day hunting it down, they are sadly mistaken. Some things just aren't meant to be.]

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On 7/11/2022 at 10:15 AM, GoldFinger1969 said:

And of course, some lone bidder makes ME look moronic by bidding $6K and winning the coin for a total of $6,750. xD

https://www.greatcollections.com/Coin/1144362/1923-D-Saint-Gaudens-Gold-Double-Eagle-NGC-MS-66-OH

It's a NICE coin, I just think the price is too high.

The color on that coin is absolutely magnificent, and I'll bet the luster will blow you away when you see it in hand. It is a *very* attractive coin, worth a premium. 

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to effect the great z's inimitable style of communication... that's water under the bridge. nobody is going to see it. it's been sold.

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On 7/11/2022 at 3:48 PM, Quintus Arrius said:

to effect the great z's inimitable style of communication... that's water under the bridge. nobody is going to see it. it's been sold.

Oh, so you know for a fact that whoever bought the coin is going to put it away and never sell it or even show it to anyone?

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On 7/11/2022 at 4:41 PM, physics-fan3.14 said:

The color on that coin is absolutely magnificent, and I'll bet the luster will blow you away when you see it in hand. It is a *very* attractive coin, worth a premium. 

I didn't see it in the photos, but I'll take another look closer, PF. (thumbsu

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On 7/11/2022 at 4:41 PM, physics-fan3.14 said:

The color on that coin is absolutely magnificent, and I'll bet the luster will blow you away when you see it in hand....

@MarkFeld:

The above snippet, "when you see it in hand," suggests ready availability and accessibility. 

When I paid a visit to the American Numismatic Society [ANS]--open to the public--to view a single coin in their holdings, my wife and I were confined to the public vestibule, copies of our driver licenses were taken, and after a prolonged wait were told we had to become members. An admission fee is expected at most major museums, etc., but membership to simply view something?

There is no doubt there are some members of the Forum who are most accommodating. Others, outside a Set Registry, will neither confirm nor deny they own anything. The Great/Grand Snake, as featured on another thread never once surfaced in 50 years. If the member quoted above had used the subjunctive, "If," I would not contest it. When two gold roosters were certified MS-68, and quickly cross-graded successfully by our hosts, a prominent member here commented, in substance: they're gone; don't expect to see them anytime soon. Thus far, he appears to be right. It's not a given. It was sold; it's gone.

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On 7/10/2022 at 6:29 PM, GoldFinger1969 said:

Why would someone ask for $1,000 - $1,500 over market (esp. a starting bid) ?

It's the lint. That's the new "Golden Sucker Sticker."

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On 7/11/2022 at 5:17 PM, Quintus Arrius said:

@MarkFeld:

The above snippet, "when you see it in hand," suggests ready availability and accessibility. 

When I paid a visit to the American Numismatic Society [ANS]--open to the public--to view a single coin in their holdings, my wife and I were confined to the public vestibule, copies of our driver licenses were taken, and after a prolonged wait were told we had to become members. An admission fee is expected at most major museums, etc., but membership to simply view something?

There is no doubt there are some members of the Forum who are most accommodating. Others, outside a Set Registry, will neither confirm nor deny they own anything. The Great/Grand Snake, as featured on another thread never once surfaced in 50 years. If the member quoted above had used the subjunctive, "If," I would not contest it. When two gold roosters were certified MS-68, and quickly cross-graded successfully by our hosts, a prominent member here commented, in substance: they're gone; don't expect to see them anytime soon. Thus far, he appears to be right. It's not a given. It was sold; it's gone.

Your post notwithstanding, many coins are sold, but not “gone”. In fact, a fair number of them reappear reasonably quickly. My point was that you likely have no idea whether the discussion coin is “gone”. And neither do I, so I wouldn’t make a declaration about it.

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@GoldFinger1969:

Hey there, how're ya doin'? I'm fine.  Listen, just got word [of course, from a reliable source!] that the '23-D is out there, so keep your eyes peeled, and if you see something, or hear something, lemme know and I'll release the hounds.  :whistle:

 

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On 7/10/2022 at 6:01 PM, RWB said:

The seller might think it is a superior coin...or they might be a moronic person, or looking for a moronic person to buy it.

:)

“Be ye stoopid, or do ye think I be stoopid?”

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