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I always did understand your point, but you have not understood mine. What I said was - "The recognized market value of a given coin is determined by what a knowledgeable buyer will pay a knowledgeable seller."
Now, you seem to feel that the prices listed in the Greysheet are too low. Well, they are in a way. But that's because they are wholesale prices - the Greysheet is a list of prices that one dealer will buy or sell to another dealer. But to a collector, those prices will increase by 15% - 20%. That's how any wholesale market works - wholesale is cheaper than retail. But every now n then a dealer will sell coins to a collector at Greysheet prices.
Knoweldgeable buyers and sellers both know this, and so the Greysheet is used as a basis for market values by them. And rarely, very rarely, will a knowledgeable buyer pay more than 10% - 15% above Greysheet bid. He would be foolish to do so for he knows there is another coin just like it right around the corner.
But you ask - "But not on ebay? Why not?" I thought I explained the reason for that rather well but I guess more explanation is in order. Or perhaps I should have rephrased my explanation. In any case - yes you can use realized prices from ebay, assuming of course that you throw out the bad prices. What are the bad prices ? I'd think that is obvious.
Let's say you have a coin that normally sells for $100. But you manage to sell the coin on ebay for $150. Does that make this coin worth $150 ? No it does not. It only means that someone who didn't know any better paid $150 for it. That's a bad price and it needs to be ignored when trying to establish value. Of course to be able to recognize a bad price when you see one you need to already know what a good or valid price is. And if you already know, then there's not much sense in using ebay anymore to establish value.
if you want to know what realistic retail prices are for a given coin check the auction archives on Heritage or some of the other major auction houses - those are real values. Of course you could take a shortcut and just add 10% - 15% to the Greysheet prices and you'll be amazingly close to the same number.
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