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<p>[QUOTE=&quot;kirispupis, post: 8163981, member: 118780&quot;]A bit on the heels of the recent Triton numbers, I thought I&#039;d bring up a phenomenon I&#039;ve long suspected - that of &quot;money sniffers.&quot;</p><p><br /></p><p>Some of us may call them &quot;morons with money&quot;, but they basically thrive on the principle that something with a certain number of bids must be worth more. They know relatively little about the coin they&#039;re bidding on.</p><p><br /></p><p>For example, let&#039;s take a coin that&#039;s worth $1000. During the auction, it gets bid to $1500. A money sniffer see this, and assumes that since it was bid up that high, it must be worth more than $1500. That money sniffer fights with someone who really wanted that coin, and now it&#039;s up to $2k and the original high bidder drops off. However, now another money sniffer is drawn by the $2k bid and both go at it until it sells for $10k.</p><p><br /></p><p>I recently became more convinced of the phenomenon when I listed two apartment buildings for sale. There&#039;s a smaller one and a larger one, both for roughly the same price per door. One potential buyer for the larger one said &quot;we want to see what someone pays for the smaller one.&quot; In other words, rather than running the numbers and determining the actual value themselves, they want another party to dictate how much they pay.</p><p><br /></p><p>So, when it boils down to it, a money sniffer determines the value of a coin based on how much someone else wants to pay. Pretty much everyone here determines the value based on previous sales, though unique coins are obviously a different ballgame.</p><p><br /></p><p>What do you think. Do money sniffers exist?</p><p><br /></p><p>Here&#039;s a coin that occasionally falls victim to money sniffers.</p><p>[ATTACH=full]1425246[/ATTACH] </p><p style="text-align: center"><font face="Book Antiqua"><font size="4">Kings of Macedon. Pella. Demetrios I Poliorketes 306-283 BC.</font></font></p><p><font face="Book Antiqua"><font size="4"><p style="text-align: center">Tetradrachm AR 30 mm, 17,12 g</p></font></font></p><p style="text-align: center"><font face="Book Antiqua"><font size="4">Diademed and horned head of young Demetrios right / ΒΑΣΙΛΕΩΣ ΔΗΜΗΤΡΙΟΥ, poseidon standing left resting foot on rock, monograms at either side.</p></font></font></p><p style="text-align: center"><font face="Book Antiqua"><font size="4">Newell 90</p></font></font></p><p style="text-align: center"><font face="Book Antiqua"><font size="4">Ex Savoca</p><p></font></font>[/QUOTE]</p><p><br /></p>

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