eBay and winner mentality?

I'm not the OP, but here's a recent example of the "bidiot" mentality in practice:

1881-S Morgan Dollar

 

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How is that a bidiot mentality? That's a decent 1891 Dollar encased in a 1881 S slab. I won't be surprised to see that listed again with a 100k price with make an offer option.

 

Oh wow, I didn't even look at the date. I guess the seller didn't pick up on that either.

 

LOL. I don't see the correlation also.

 

If you can get the same coin, same grade for a lower price then I consider that being an idiot.

With that said, some folks don't mind overpaying for whatever reason (they are wealthy, trust seller, like that particular coin in photo, etc.)

 

There is not a "universal" retail price for anything (as mentioned, groceries, etc.) that is available in multiple retail outlets.

But there are prevailing retail-price ranges, which are discoverable for anyone who does a little scouting. One might pay, say, 25% more or less in different places or on different days, without getting outside that range. That variability doesn't make it any less nutty to pay, say, 300% more.

 

You really need to see this:

http://www.ebay.com/itm/Major-Morga...ns_US_Individual&hash=item417bb2c050#viTabs_0

Some people are asking crazy numbers for these "grading errors". I never said seller is going to get 100k, but ask. He might get triple digits for it. Now that's bidiot mentality, pay huge money for some wrong label.

 

Yea that guy is wack. I saw this on another thread. Everyone was making fun of the dude's video.

 

Some call them bidiots, others call them great customers. Depends on which side you are on.

 

It is all about supply and demand. If that is a needed coin in a set, someone may pay more for it, as they may not come to market very often. Other factors play a big role also. Such as eye appeal and which company graded it. Also, it depends what you consider "retail." Red book prices aren't always accurate. For example: Red Books "retail" price to an 1807 capped bust half dollar in xf-40, is about $900(give or take.) They would sell like no other coin if they were actually that price. I just watched one sell for $2875. Therefore, I look at it as they are not "overpaying" for it, because if I wanted one, I would have to pay that premium. Which means non-other-than, it is worth the price.

"It is only worth what some one will pay for it."

 

So how exactly does one define a retail price ?[/quote]
Couldn't have said it better myself.

 

The other side of the coin (pun intended ) is that the value of any coin is what someone is willing to pay for it ( retail, wholesale, or half-price sale). As far as the $100K ask for the mislabeled NGC slab, someone is trying the "make a market" for TPG mistakes. Not worth it to me but someone wanting to start another TPG and wanting an example to market with, it MIGHT be worth it (though I seriously doubt it).

 

Well, the buyer may "set the value," but in all likelihood when he tries to resell it, he'll find that the value has sharply declined. (Of course he may not care if he likes the coin).

 

I'm not sure why you see the caveat of "knowledgeable" as being necessary. We could make a differentiation about long-term worth versus "spot worth" and I could potentially agree, but if you consider a sale to be a barter transaction of an item for a fiat item then I don't see how "knowledgeable" enters into the conversation.

YMMV...

 

This is a self-explanatory response sent last night to a craigslist viewer (one of two similar ad responses) with a similar opinion to yours, sending an e-mail telling me of a simple error in one of my ads selling $50 face of high grade "Mercury" dimes, and that my offering price was unrealistic. Dealers (e.g. coinflation) have created an unrealistic expectation for retail values, which buyers expect for PM offerings. I'm very pleased that the average buyer has these unrealistic expectations which allow the acquisition of many bargains on eBay when knowing the normal retail values.

"Hi Joe:

Thanks for the notice of the ad error which has been corrected.

Although the price may be greater than that which you desire, if you look at actual sales prices shown for "junk silver" in the coinflation (bottom of page) you'll see that my price is unmatchable for this condition/type coin, which I've regularly sold on 2 other internet sites at ~20% greater prices.

I've sold/delivered 4 orders in the less than 24 hours that the ad has been posted. 2 orders were to a local B&M coin dealer who also sells on craigslist. If you can locate a better price, I would strongly recommend that you purchase, and realize a profit on other sites.

There are few offering at this price in relatively small volume. My price is less than dealer "Grey Sheet" for this type/grade/volume.

Thanks for your efforts.

Best Wishes, Rich"

 

The true value of any coin is what the NEXT person will pay for it.