eBay question.

I thought I knew the eBay procedures. But this coin was just sold and the winning bid exceeds the second bid by $5900. I thought the winning bidder wins by an automatic increment over the second highest bid.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=180617612598

This is probably the best coin of this variety since the only one graded higher is also double struck and in this case would be discounted among the condition census. It is a rare situation when a coin advertised as "the nicest one known" probably is. It's R4+ to boot.

But why didn't the winning bidder get it for $11, 200? Or if the increment went up, say to $250, then $11,350?

 

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The seller had a reserve of $17k on it so when the buyer hit the reserve it automatically jumped to meet it

 

Only actual bids (not automatic bids generated up to a bidder's maximum) are shown.

Hard to say what's going there though. An XF45 went for MS65 money.

 

I hadn't thought about that one. Thanks.

 

I think it was the reserve. It would be interesting to see where this coin sits in the condition census - I know an XF45 S-127 sold for 10350 in 2008. Heritage calls it an R-4 coin. Not a bad looking coin.

 

That part I can figure out. There are no MS65's for that variety. There is a double struck AU50/EAC 40 and the next best is EAC30. There is a definite Condition Census premium.

Holmes owned the first coin and it sold for $12,600 in 2009. The premier coins don't seem like they are being affected by the economy.

 

I'd be willing to bet that Rare coin wholesalers bought it http://myworld.ebay.com/rarecoinwholesalersca/

 

Looks like a pretty good bet with them and the winning bidder having 17 eBay transactions.

Oh No! It looks like he'll entomb it. He's a slabber.

 

I thought it was already slabbed. The auction says PCGS XF-45 - or at least that is how I read it.

 

I think slabbing it was the right thing to do.

 

I am confused, He shows 4 pics of the coin in hand, and then shows 1 pic of the top of a slab? Are you getting the coin in the hand, or the coin in the slab?, He never show what coin is in the slab.

 

The seller says, "This coin is certified by P.C.G.S S- 127 E.F. 45 !!!!" How is that confusing?

 

He probably had those pictures from before the coin was slabbed. I have seen several EAC'ers do that also. I even take pictures of a coin before I send it in to get slab - but I don't always keep em after the coin is returned.

 

The seller could say anything he wants, But as I said, You never get to see the $17,000.00 coin in the slab. If I was spending that much I would want to see it. I am just thinking it would be a perfect set up for a switch. And you could assume he had taken the pics before getting it slabbed, but you know what happens when you assume.

 

Switch what? Switch the coin in the slab? Cannot be done. Substitute another coin and slab. Easily detectable. I guarantee you there is not another "127 E.F. 45" that looks like this one. If he did try something fishy like that, you get your money back (eBay Buyer Protection) and he goes to jail most likely.

 

I have not seen the other XF45 mentioned, but that coin looks awesome for the grade and I know how unlikely it would be to have two like that in the early coppers. Now I do wonder why the PCGS graded it so low. I've seen worse coins graded MS. I suppose I just have to remember that grading early copper is definitely an art which has NOT been perfected.