This coin is graded PCGS G06, and is listed at $18 in the guide, and sold on TeleTrade for $15 +$8 BP. Not sure what about the coin justifies a BIN price of $45, more than double the last known sale of it, and guide value listed. http://www.ebay.com/itm/ws/eBayISAP...ncDqLnc%3D&orig_cvip=true&rt=nc#ht_971wt_1110
It's my experience in life that asking and getting are two different things. OTOH, if you don't ask, you don't get.
This came up in my search of recent completed sales, and was not something I was looking at buying for my collection.
I can't speak for the person that originally submitted that specific coin but I just received a AG3, G4, G6, and VG10 two cent peices back from NGC. They are part of a grading set of 1864 LM two cent pieces I am assembling. Just need to find a VG8 piece and I will have all grades from 3 to 66. It has been an educational process, they might end up in an exhibit someday. Just one of the possible reasons.
Well someone wanted that particular coin as it sold at BIN price. Often, people use questionable coins with their "freebie" coupons or by beginners thinking it would grade higher.
My take on it are: 1.) It definitely was a waste of money to submit it for grading and slabbing. 2.) The price it sold for, was way too high for anyone, IMO. 3.) It wouldn't have bother me paying up to $20 for it.
Who said BIN prices have to be justified? The seller can ask whatever he wants. If the buyers don't agree then he won't make a sale. In this case someone agreed with the price. Did someone hold a gun to his head and make him pay that for it? Probably not. Was the coin misrepresented? No. Did he overpay for it? Maybe but he apparently doesn't think so. Will he be upset later if he discovers that he overpaid? Probably. Does he have anyone to blame but himself for overpaying? No.