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Message:: [QUOTE="jhinton, post: 1629160, member: 24410"]Bid and Ask definitions are the same but the functionality is different when it comes to collectable coins. Just because the grey sheet (Coin Dealer Newsletter) has a Bid or Ask listed, does not mean you actually have someone willing to pay that amount for that item. Purchases are routinely conducted under Bid and sold for Bid or even under Bid again. For instance, Coin A is "bid" at $400, I might offer $380 if I have a customer eager to purchase it or I might offer $240 if it is a slow moving item that I might have in inventory for a long time.Another example, Coin B is "bid" at $150 but the actual market is only $120. Therefore "bid" is completely useless and has not been updated yet. Mint and Proof sets as well as Proof Silver eagles are about the only thing I know of that are actually bought and sold close to Bid and Ask numbers. Even then you have multiple people in the loop that all take a cut.I.E. B/M customer is paid 70% of "bid", it is then sold to a wholesale dealer for 90% of "bid", who in turn sells it to a dealer who needs it for inventory at "bid". In the coin market, "Bid" is nothing more than a guide and I have routinely sold coins to customers for under "Bid". "Ask" is mostly useless...[/QUOTE]