Why did this coin go so high?

what am I missing here? Showing they paid PCGS MS64 money for it.... New Reverse


http://www.ebay.com/itm/1861-Libert...gRgTO%2F9C3gPaN76nxL4%3D&orig_cvip=true&rt=nc

 

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Did they think the seller made an error and it is an old reverse?
Was it a shill bidder? The same bidder bid $355 and then won at $2277,
seems odd. That green spot on the reverse is a negative.
Can you put up photos of the old and new reverse? This is an interesting variety that I am not familiar with. Is it only on the 1861 2 1/2?

 

from PCGS's website

 

Civil war gold is always popular but they may think it is a 64 or better too.

 

2 bidders wanted it bad enough to go from $400 to $2,200

 

It just doesn't look right to me.

 

Me neither.......

 

EBay is untrustworthy. Most of the things I have gotten I have been happy with. Two or three I have not. But it's my own fault. Caveat emptor. I stopped doing business with them. Even if there is "buyer protection" returns, blah blah blah it's just not worth the hassle.
Counterfeits, deceptive photography, shill bidders, sniping software, dishonest buyers/sellers, a parent company that doesn't do enough to ensure fair trade.
EBay is the reason that so many B and M LCS's have folded.
Coin shows are still an option, but in some areas attendance is dwindling and it may not be worth it to rent a booth/table if the sales aren't there. People come to the shows, look at the coins, talk to the dealers and get valuable information, and then try to buy the coin for less online.
There's another thread about the hobby. And while there are new young collectors, the hobby is in decline. (IMO)

 

That's what I was thinking. I had it in my watch list as I wanted to bid on it if it didn't get too high as the scan appears to make it look high MS, but I know with experience from buying scanned Morgans, the scan usually hides EVERYTHING

Only thing holding me back from bidding on this thing..... 20% restocking fee!

 

MK, I'm sad to say that your (coin show) comments are true...I'm new to all of this, but it does not take a lot to realize that there is little or NO $$$ to set up and do a show. Any dealer who does not have on line exposure is probably losing money.

 

Such is the risk of buying a "free range" (raw) coin. You can win big or lose big. Who dares, wins. (Or loses.) It's a lovely coin but it's too risky for my my blood.

 

Everyone feels the coin and buyers are legit, and they just felt it was undergraded. So it was bid up high. When the "winner" gets the coin and doesn't think it's worth what he paid, can he just return it? How may times can you pull that scam until you get a coin that is worth more than you paid?

 

Banking on a Bad Photo! is, allways a tough business.
I will still stay with in hand purchases.

 

It looks like two classic gold guys were speculating on what it looks like in hand versus the scanned images.

 

I'm thinking at least two bidders convinced themselves it's an Old Reverse. It took me a few minutes of playing with the image in the Gimp to decide for sure it was a New Reverse; I can see how that mistake would be made.

 

I've made a few calculated purchases that didn't turn out over the years, so yeah, could happen...

 

That coin is highly suspect to me. The fabrique just isn't right.

 

I think that's Feaux French. it's sort of like the Color/Colour Feaux English.