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Exaggerated descriptions plague coin auctions

June 19, 2017 in Auctions, Coins, Coins for sale, Collecting, E-commerce, Education, Ethics, Grading, Investing, News, Numismatic Crimes, Numismatica, Numismatics, Online Tools, Opinion, USA Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

I am growing weary reporting exaggerated descriptions in online coin auctions hosted by major portals, such as Proxibid and eBay. While it is difficult for those portals to monitor all lots in multitudes of auctions, it nevertheless hurts the hobby when hyped descriptions are not reported.

Here are just a few recent examples. I could provide many more, but these deal with coin rolls, raw coins, and holdered coins by eBay-approved and unapproved companies.

Let’s start with the “never opened” roll (hover cursor over images to zoom)… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Caution on coins during vacation

May 31, 2017 in Auctions, Coins, Collecting, Education, News, Numismatica, Numismatics, Opinion

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

Proxibid sent the email above (hover to zoom in) allowing me to bid in an auction while I was abroad on vacation. I had to verify some details for the company before being allowed to participate. Here’s what happened: During a lull in vacation activities, I had gone to the business office of my hotel and tried to bid in an online auction hosted by the portal. As soon as I did so, I was informed that my account was being investigated and approval to bid in the auction was pending.

This is one of the reasons I patronize Proxibid more… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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More Bidding Basics: Buy It Now & Make Offer “Deals”

March 18, 2017 in Auctions, Coin Grading, Coins, Coins for sale, Collecting, E-commerce, Ebay, Education, Grading, News, Numismatica, Numismatics, Opinion, Rare Coins, USA Coins, World Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

Every now and then we need to monitor the major online coin portals in our “Bidding Basics” series—this time, concerning “Buy It Now” and “Make Offer” deals on Proxibid and eBay.

Some general rules:

  • Never bid on raw coins unless you are an expert grader, trust the seller, can view excellent photos, and can return the coin if unsatisfied.
  • Never bid on coins in bottom-tier slabs unless you spot a mistake like a rare error or variation that isn’t listed on the label.
  • Consider not wasting time on “Buy It Now” offers unless you need the coin or currency for your collection… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Dipped: Know the Tell-Tale Signs

February 28, 2017 in Antique Coins, Coins, Coins for sale, Collecting, Copper, Copper Coins, E-commerce, Ebay, Education, Morgan Silver Dollars, News, Numismatica, Numismatics, Opinion, Pennies, Rare Coins, Silver Coins, USA Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

Increasingly on Proxibid, HiBid, and eBay, I am encountering dipped coins, making me wary about placing any bids, even on Morgan dollars like this 1902 one depicted above. That’s not how a 115-year-old silver coin is supposed to look, unless it was broken out of a bank roll, in which case the seller would have offered more than one in this condition.

This coin was expertly dipped, meaning it still may slab at PCGS or NGC.

You can buy dips at coin shops, at shows, and online. Each dealer or expert hobbyist has his or her formula, usually diluted with… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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The Volatile State of Online Estate Auctions

January 9, 2017 in Auctions, Coins, Collecting, E-commerce, Ebay, Education, Investing, News, Numismatica, Numismatics, Opinion, Rare Coins, Technology, USA Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

payment

For the past seven years I have bought and sold coins almost exclusively via the Internet, preferring estate auctions on Proxibid over other venues. I even created a blog, no longer active, called Proxiblog.org, to monitor the company. I still prefer Proxibid over other portals, even eBay—too much competition there, too little oversight, and too few actual auctioneers.

But even auction portals like Proxibid may be falling behind technological trends, and that can spell dire consequences for the hobby.

Before 2011, I bought coins almost exclusively from dealers and coin shows. When I started bidding on Proxibid, I discovered that I could… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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High-End Sets Usually a Bargain — This One Was Stunning

November 4, 2016 in Auctions, Coin Grading, Coins, Collecting, Collector Sets, Education, Fun, Grading, History, News, Nickel Coins, Numismatica, Numismatics, Opinion, USA Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

nickel

As you can see, I won this Jefferson nickel set in a Capitol Coin Auction on Proxibid. The set was described as special, and because I trusted auctioneer Brad Lisembee’s numismatic skills, I bid $300, with the set coming in a hundred less than my maximum.

I was not disappointed. Nearly every nickel was gem, as he stated, although some were duplicates of the same date put in a spare slot in the Dansco album. For instance, there was no 1938. A 1938-D was placed there instead.

This article explains how to dismantle a set of coins. First, you want to identify… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)




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Proxibid Adopts Bidder-Friendly Coin Listing Rules

September 2, 2015 in Certified Acceptance Corporation (CAC), Coins, Coins for sale, Collecting, Ebay, Education, Fake Coins, Fun, Grading, News, Numismatic Crimes, Numismatica, Numismatics, Online Tools, Opinion, PCGS (Professional Coin Grading Service), Rare Coins, USA Coins, World Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

proxibid

I’ve been writing about self-slabbed and hyped coins for more than five years on Coin Update News, not only because of the inherent dishonesty of auctioneers calling a silver-melt Morgan MS67, but also because of concerns about the hobby.

One bad transaction in which a significant sum is lost, based on misleading or even fraudulent information, and the buyer will typically cease collecting coins.

In a 2010 Coin Update News article, I noted that eBay (but not Proxibid) had changed its coins and currency rules to exclude grades and values from titles, item specifics, and descriptions for any lot not… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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12 Most Common Coin Problems

May 15, 2015 in Antique Coins, Auctions, Clubs and Associations, Coin Dealers, Coin Grading, Coins, Coins for sale, Collecting, Education, Gold, Gold Coins, Grading, News, Numismatica, Numismatics, Rare Coins, Silver, Silver Coins, USA Coins, World Coins

By: Michael Bugeja News.CoinUpdate.com (Coin Update News)

acid

Many hobbyists, especially those starting out, cannot detect the 12 most common problems found on eBay, Proxibid or other online portals. With more coin sales happening now online, often with unreliable sellers who may or may not have any numismatic expertise, it is increasingly essential to identify problems before bidding and determine whether you can live with the flaw.

When I started collecting, I would ask my local coin shop dealers about how to spot problems. Later, coin club presentations helped me learn. However, with our busy lives and fewer brick-and-mortar shops in home towns, the best place to learn… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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New Book Offers Advice for Online Coin Auctions

July 18, 2014 in Auctions, Books, Coins, E-commerce, Ebay, Education, News, Numismatica, Numismatics

July 18, 2014. By Coin Update (http://news.coinupdate.com/)

Numismatic writer Michael Bugeja has assembled a new, updated work–Online Coin Auctioneering–intended for estate auctioneers considering or already selling on a portal such as AuctionZip, iCollector or Proxibid. The advice in this new work also pertains to eBay and coin dealer auctions.

Bugeja writes that all online coin auctions, from the largest to the littlest, have these things in common:

Full article at the source>

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