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<p>[QUOTE="Nick Zynko, post: 4523041, member: 110450"]Mike Thank you for opening this thread. I am also a CNG customer. For me the effect on the opening bid is what is at stake. IMHO customers who are going after a coin "care not" what the estimate is. What they care about is if the estimate put the opening bid out of reach for them. For example I make it a point to use opening bids as a place marker on the few coins I'm very interested in at at the start of the auction. On closing day I am always bidding against 2 or three others who are also interested and if I want the coin then I will pay a reasonable premium over FMV or the estimate to own it. My point is that if all opening bids were set to zero, I would have placed an opening bid on at least double the amount of coins. A coin is worth precisely only what someone is willing to pay but if you limit the amount of people bidding you force that decision right at the start of the auction. Hopefully that makes a little sense to the valid questions you pose.[/QUOTE]</p><p><br /></p>
[QUOTE="Nick Zynko, post: 4523041, member: 110450"]Mike Thank you for opening this thread. I am also a CNG customer. For me the effect on the opening bid is what is at stake. IMHO customers who are going after a coin "care not" what the estimate is. What they care about is if the estimate put the opening bid out of reach for them. For example I make it a point to use opening bids as a place marker on the few coins I'm very interested in at at the start of the auction. On closing day I am always bidding against 2 or three others who are also interested and if I want the coin then I will pay a reasonable premium over FMV or the estimate to own it. My point is that if all opening bids were set to zero, I would have placed an opening bid on at least double the amount of coins. A coin is worth precisely only what someone is willing to pay but if you limit the amount of people bidding you force that decision right at the start of the auction. Hopefully that makes a little sense to the valid questions you pose.[/QUOTE]
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