http://www.coinsniper.com/index2.php?gclid=CI25yai3rsUCFdORHwodj5AA_A Saw an ad for it on here. I'm curouis to see how it works. Will post update if I find anything. Feel free to add whatever you know
I've seen them before but I place my max bid on an item and if I win good if not there's always another one
I've seen the ads on here, but it gives too much of a TV coin ad feel for me. The coins don't look that well priced, and the site makes a big deal about being $10 dollars or so under the NGC price guide evaluation. Do they not realize that both NGC's and PCGS's Price guides are completely and utterly wrong? I am not provoking you to not buy from them, but this is just my opinion.
From what I am reading on the site it appears to be a dealer/collector running a penny auction site. Yes you can probably get a "good deal" but its the auction site that cleans up. Say you have a coin worth $100. and each time a bid is made the high bid goes up one cent. Now say it ends up selling for $10, a fraction of the FMV. The buyer gets a bargain and it looks like the seller lost $90. But each of those 1000 bids it took to get to $10 had to be purchased from the site for $0.60 each. So the site made $600 in bid sales to "lose" that $90 on the coin. So their net on the $100 coin was $510. From their home page They show a MS 64+1976 S Ike dollar with an estimate of $19 that sold for $7. That's 700 bids at 60 cents a bid or $420 in bids sold plus $7 for the coin so they got $427 for it. And it was raw not slabbed.
Ah, if you only knew the truth... : ) Conder101, I know you are a smart guy, but your math is completely wrong. : ) If you see something sold for $7, that's $7 to the buyer, shipped; not $7.00 in bids (or 700 bids). Thanks for pointing this out though! It never occurred to me that there could be that misinterpretation! I always just try to give it straight. Hmmm... I'll see if I can come up with a way to clarify. Thanks for giving me some food for thought to consider! (I genuinely appreciate all of the feedback here! Great to see! I need all the help I can get!)
