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Message:: [QUOTE="ToughCOINS, post: 2075810, member: 20480"]While I don't place much stock in the prices in PCGS' price guide, I disagree wholeheartedly with you on this one Doug.  There are many coins which sell (and sold) for more than the prices PCGS suggested they were worth in various grades, and much more in some cases.  Most of those highest prices paid are private treaty sales, and not hammer plus juice at major auctions.  It is important for those viewing the price guide to not feel they are necessarily overpaying if they spend more than the prices recently paid for coins bought at auction.  Why?  Because many of the coins won in those auctions were purchased by dealers for customers, those bidders being "paid eyes".  In other cases, they were purchased for inventory, believing they were worth more than others in the room felt they were.  Those dealers or buyer's representatives have every right to make a profit, and know in advance that the price to be paid for those coins they actually buy at auction are even higher, sometimes substantially so. We all know that most collectors can ill afford to attend all of the major auctions in pursuit of the coins they want and, even if they could afford to, many feel they are better served spending the money on additional coins, as opposed to spending it on travel to and from auctions.  A short-sighted practice for some, but not for all. I definitely think that some coins are properly valued, and some even undervalued in the PCGS Price Guide, in addition to those prices which clearly are excessive.  Auction results are probably the best available resource from which to compile prices paid, but to reach the conclusion that they are the ultimate determiner of fair market value is inaccurate . . . that would be true only if all legitimately interested buyers were at the auction together which, most often, is not the case.   - Mike[/QUOTE]

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