Do price guides run the market?

Religious discussion, reported.

 

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Maybe another way of saying it is, "a reliable indicator for future transaction amounts are from those transactions between knowledgable buyers and sellers. If either party are not knowledgable, then any price can be a one-off valuation, but not reliable for predicting future transactions".

I think the seller needs to be knowledgable as well, not just the buyer. I have myself cherrypicked rarities from "generalist" sellers at prices half or less than what a specialist would ask for. Latest one was a Franklin note in VF I got for $400, (I think printed in 1758). Other dealers would want at least $800. I paid what the dealer asked, and I am sure he paid less than that for it.

 

Is that reality? For people with common sense, no. For the people who wish to espouse it, yes. (although I am convinced most flat earthers know better, they are just on the troll). If we go back in time far enough, it would be heresy to say the earth was round. If anything, your example only goes to prove that an individual's reality cannot be forced upon them even with insurmountable evidence.

 

Where is this "electronic dealer market", Doug ?

Are you talking online in general or is there a specific dealer-only website or interface I am unaware of ?

I know 30+ years ago before the internet that you had electronic terminals -- sort of like coin-only Quotrons -- that the dealers used to transact.

 

Yes, this is why I said “what I am able to sell it for”. The TV coin vault show is completely irrelevant in my case because I haven’t invested in the advertising to have my own TV show where I can overhype and overprice common material. By either selling on eBay or to a dealer at a show, the prices I can get are usually not too far off of fair market value. I’m not a professional dealer but am knowledgeable enough to research my coins and come to a reasonably accurate determination of their value.

 

So how many of those overpriced coins on eBay gets sold to novice collectors? And once they realize they've been hoodwinked and paid too much, will they be willing to sell it for less? Seems to me they won't, and thus it drives the prices up for that coin. Or does all that even factor in?

 

Prices are often sticky to the downside, but if dealers and others are selling, the price will head down even if a few suckers who bought high won't cave in and sell.

 

the coins are worth what a collector will pay for them those pricing sheets are just a suggested so for gives it a ball park and that's it

 

When a dealer asks $100 for a coin and I find it on eBay for $60 as far as I'm concerned that is the market value.

 

They still use it, just not exclusively.

Not anymore, have to be a dealer now.

https://www.certifiedcoinexchange.com/secure/CCEOrderForm

Required for business license number, resale etc. Also a question of how many years as full time dealer etc.

 

PCGS price guide has changed for the worse. They now report best offers at the full buy it now price which is completely worthless.
My main issue is assigning value based on nothing. No sales history for example on a true pop 1, and they put a $50 value on it. Coin sells for $4,500 and price guide remains at $50.

 

By Best Offer do you mean the lowest ASK price ?

 

Example, coin priced at $900 or best offer. I offer $595. My offer is accepted. PCGS price guide reports as Auction Record the sale at $900

 

Not the first time I've brought this up. Kurt was still around last time as a reference point for the times before I have said this.

They literally added a button to exclude eBay sales on the auction prices realized if you want to. They aren't going to spend countless hours hacking the best offer prices that eBay makes difficult to see and capture on a free tool.

 

oops

 

If I retail a coin on the bourse for cost plus say a keystone markup that’s what’s its worth (to me) and it’s real money i can take to the bank. What somebody else would have paid is a moot issue. I moved the coin and made money - yea!

Price guides are just one sign post others would be cost plus minimal needed markup pct, or using a dealer price list for reference. Ripley (Rip) in coin club uses all 3 above, input to inventory spreadsheet then takes highest for price sticker on holder. Then goal get somewhere between that and cost. On the buy side goal buy for somewhere between blue and grey sheet.