Featured A dive into the toned Morgan market (via Legend Auction 7/27/23 vs prior sales at GC, etc)

As long as they're not gambling, yes, that's correct. Short of that, they can't lose.

 

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It seems like musical chairs. If these sales are to speculators, then some day the profit will have been drained out and the last buyer will be stuck with it, until they decide to accept their losses and let the cycle start again.

Occasionally an actual collector might buy one and take it off the market.

 

There is certainly a level of musical chairs that happens with some coins. I have seen it with toners (since I follow them more closely). I have seen cases where the price goes up on each sale and those where someone sells at a loss if they were stuck with it at a high price (then the cycle can continue with more sales from that lower start).