Am I right or wrong?

I recently purchased a lot on Ebay(yes I know!) in which the seller guaranteed more than the value of the final bid of coins from this estate collection. It was under $10 so I did not stand to lose much. Based upon her estimation, the coins would have been over double the final bid. She had a 1955 D BU cent in cardboard holder with MS 65 and $12 written on it. I explained to her that were this coin slabbed from a recognized grading service it would indeed fetch about $12 or so, but that 2010 Red Book value for a loose coin like this was .60¢. She writes me back and tells me Red Book, being an annual guide, is out of date before it's published and that she uses Coin Magazine because its values are up to date. So I suppose that since the 2010 Red Book was published that the value of a common Lincoln Cent has risen 2000%? Wow that book really is out of date! Does Coin Mag inflate prices, or does it base MS prices on realized values of SLABBED coins? I've never read the magazine.

 

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It sounds like you just paid a few dollars for the honor of giving an E-Bay scumbag seller NEGATIVE FEEDBACK.

 

You are Neither wrong nor right. Only you can put a value.:secret:

 

That is true that I, the valuer, determine the value of something to me. However, there is a way to obtain an objective market value. Without an objective way of determining general value, we would all be waiting to strike it rich on that one person willing to pay an exhorbitant amount for a coin because his one true love(which he lost) used to always carry an almost identical coin in her pocket.

 

Lehig96-
Thanks for responding. You obviously have more experience than me, so could you elaborate a bit? Is Coin Magazine a publication that allows Ebayers to take advantage of people? I feel that I'm right here, but need objective reasons.

 

The response from the seller was ridiculous. Everything you stated on your OP was correct. Raw BU 55-D Lincoln Cents are not worth $12 no matter what Coin Magazine says and the seller knows it and is trying to take advantage of you.

You don't need objective reasons. Unless you are positive this coin will grade either MS65/66, you should give the seller Negative Feedback and learn from this experience by not making the same type of mistake again.

 

Thanks Lehigh98. Think I'll take your advice!

 

Your are wrong. First off, I never use the Red Book for a price guide.

Numismedia Fair Market Value Price Guide lists it as $14.40, PCGS @ $18.00, and coin values @$12. The only one of them for certified coins is PCGS.

However, your biggest mistake was in expecting anything other than what you got. Why on earth did you think you would really get something of value?

 

Since you put so much value in these price guides and disavow Red Book, I'll be happy to sell you a BU 1955-D every day for half of what your lowest valued resource values it at. Do we have a deal? Yes, PCGS values a PCGS slabbed MS-65 at $18.00, but what would it cost me to have PCGS slab it? And this is assuming that a self graded coin, which you tell me I'm wrong for devaluing, will actually slab MS65!?! Red Book is correct in saying that a 1955-D that was not professionally graded is worth about 60 cents. If you don't believe them, then put your money where your sources are and buy each and every day a BU 1955-D BU which I estimate at MS65 for half the price of YOUR lowest valuer, which would be $6. Do we have a deal? After all, you'll double your money according to your sources.

 

First, you can slab it for about $7 providing you have enough of them. However, you skipped right over the crux of my post. My purpose for quoting all the prices was to tell you how easy it is to find the wrong price.

 

So what would you pay for an unslabbed, self-graded BU 1955-D? I've got one I'll sell you. You said I was wrong, and then went on to cite the sources you use.

 

if the seller won't take a return and refund you then NEGATIVE feedback it is...

 

The relevant question for RLM is how much would he sell a BU 55-D Lincoln for. That fact that you were wrong to expect something of value does not make the seller right. Admit your mistake and give the seller what they deserve.

 

I've noticed the constant difference in mentioning this coins grade from BU to MS-65. I would really like to know what the actual grade is before making all sorts of statements of the price. Way to many people that grade themselves either go over or under reality pending on many things. Thier eyesight, the lighting they inspect the coin under, wishfull thinking, a drink or two prior to that grading, etc.
Aside from all that, it the coin is really just a sort of a Nice Uncirculated Coin, a possible MS grade of -61, 62, 63, etc. the price should really never get as high as noted in a 2x2 flip.
And yes the Red Book's prices are usually poor but as a rule, over not under. A 55D with a mintage of 563,257,500 is rather common. Also, I've seen rolls of them at coin shows due to back then many people did as they do today HOARD rolls. Price guides are just that, GUIDES. Many are really poorly put together with excessive modifications made from constant complaints.
Regarless of a possilble discripency in prices for one coin, a $10 coin is really not worth an Ulcer. I'd do as others say, neg the seller and move on.

 

I've seen huge differences beween Redbook prices and other price guides for certain individual coins. I now look at several when trying to get a feel for what a coin might be worth. Just talking in general here, not about the coin in question.

 

They base it on what an Unc coin is worth. If I agree it is an Unc coinI might agree it is worth $12. If I won't agree that it is an Unc unless it is slabbed then I won't agree it is Unc and it is only worth 60 cents. If it is slabbed as an Unc and I don't agree then it still isn't worth $12, at least not to me. The magazine, or the Redbook, just reports what a coin in a specific condition tends to be worth, but the only opinion about the actual condition of the coin that matters is that of the buyer.

 

If you want an accurate price range, just look at the prices realized at auction on eBay, Heritage, Teletrade, etc. Just make sure you're comparing apples to apples....

 

Exactly. What someone pays for a coin is what it is worth.

 

For an idividual coin yes. For a lot of coins that a seller has promised to be above or at least at book value, then one can reasonably expect that the seller is not self-grading MS coins and passing them off at the same value a slabbed one would sell for.

 

Thing is the lot shouldn't have even been bought in the first place. Just leave a Negative, and move on, learn from your mistakes, and become a better numismatist.

Unsearched Lots
Grab-Bags
Random Lots
"I promise the value of coins you are getting is worth more than your winning bid" -- Lots
"Grandpa Died"--Lots
"Worked for an old man, and received his whole entire collection"--Lots

All of the above examples are CRAP-Lots. None of these will be truthful and you will get crap, after crap, every time. Trust me. Been there, done that.