Outbid @ Heritage... Flying Eagle Cent went *way* higher than I thought it would

I don't use price guides. I always look at auction results and compare the coin I'm bidding on against each one, noting strike, eye appeal, luster,... If I like the coin I'll bid accordingly.

 

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It was a nice coin.

However,

there are ALWAYS other nice coins out there for you to spend your money on. You'll find something you want at a price you're willing to pay...

 

Which really was the point and the smart way to buy. A lot of people hype super nice coins, but some actually are and when they show up they are expensive and it's not just a one off. Most of us learned that the hard way and adjusting bids based on quality is a very smart way to approach it instead of saying guide says this so that's all I will pay ever

 

It is a beauty but it's only worth what one is willing to pay for it. I've walked away from coins that are over grey sheet pricing.

 

I'll pay for quality. Price sheets are just a guide for average coins.

 

Nice sweet coin and thread!

 

Then you have walked away from some very nice coins. If you are a slave to greysheet, or whatever pricing guide, then you will end up with mostly below average to OK coins.

BINGO! In fact, I no longer bother with greysheet or any other published pricing guide. The auction archives have made that obsolete, IMHO. You can look up any coin and see what it actually sold for. You can look at multiple pieces to get an idea of prices for various quality levels.

 

Why pay over "going price"? Because greysheet IS NOT going price for exceptional coins.

 

To make your analogy fair the car that goes for the "going price" would be factory stock and the one that gets a premium is fully loaded. You may not appreciate the extras the fully loaded car comes with so then of course you'd not pay a premium for it but many do appreciate and pay up for it.

 

I was actually one of the people tracking the coin in question, but when I thought about bidding it was already higher than what I was willing to spend. As a matter of fact the last day of the auction I just untracked every coins I was tracking. Everything seemed to be higher than I was willing to spend - especially now that I have to pay taxes on them.

 

I buy almost all coins valued at more than $200 in auctions (PCGS or NGC only). I rarely look at price guides. These usually have inflated prices. PCGS and auction company prices-realized reflect the real world of auctions. Takes more work to use them, but worth it.

Sometimes, extraordinarily high bids can be explained ... great toning or strike. Always have a second look at the coin in these cases; sometimes the high bidders have noticed an uncommon variety or error. In most cases, it's probably two bidders financially arm-wrestling. It may not really be a true competitive thing. Each bidder may be assuming the other is seeing something great about the coin ... essentially using each other as advisors. Can also be a couple of newbies who are still learning.

When things get out of control, I just shrug my shoulders and wait for next auction. Searching is a lot of the fun in the hobby for me.

Cal

 

You're comparing apples to oranges. I'm talking identical cars with the same features. No where did I State a difference in the cars and there prices as you did. One dealer wants a set price and another dealer wants $1000 more. Where are you going to buy that car from? The overpriced dealer? I think not. Please do not add to what I'm saying like you did. Thank you.

 

Okay so your main point is that 2 of the exact same cars should cost the same. Got it, interesting.

That applies to the conversation in the thread about two coins that are not the same how?

Apologies for trying to make your analogy applicable to the actual conversation in the thread. Won't do it again.

 

Since I now have to pay taxes from Heritage auctions I'll probably win fewer auction bids. Although if I do run across an exceptional coin my ceiling can be raised but less likely.

 

Unless you’re talking about ultra modern collector coins that’s a failed comparison. No two coins are alike even if they’re graded the same.

 

The OP posted a 1858 LL PCGS MS-63 CAC FEC. CDN was $875 but it sold for $1440. They asked if the price was crazy or are they missing something.

Some like the coin, some don't. Some think the price is too high, others stated they would pay that price.

My first response was that I like the coin but I wouldn't pay that much for it. That's over priced by more than $500. I know there are exceptional coins and they do command a premium over a price guide. I also recognize price guides for what they are, a guide and I use that guide to assist me with a fair price.

I have paid a little over guide price for coins and I have used the guide to get a fair price. I have also walked away from coins I need due to the asking price. Just recently a dealer at a show had the last 2 coins I've been searching for to complete one of my collections. He wanted $200 plus dollars, per coin, over the grey sheet price. They would have completed my set very nicely. Grade, color, TPG, etc were exactly what I needed.

Nothing exceptional about them, just a fit to my coins. I was not going to pay $800 plus for a $600 coin. Sometimes it's best to walk away. I've been looking for 3 years and I'll keep looking. They were not the only coins out there that fit into my collection. There are others and I will find them.

Sometimes it's good to over pay to get that coin. Most times it's not. The hunt is part of the enjoyment of this hobby and I'll not diminish that for me.

Collecting is not an investment. It's a hobby and I don't like paying more for something than it's worth.

I hope this explains my position in a more positive way. Thank you.

 

This is the part you're missing. You are assuming that exceptional/premium coins are worth the same as an average coin. Guides are based off of average to below average coins. The best quality and premium quality coins consistently go over guide unless someone gets lucky. The premium over guide prices are what premium coins consistently bring.

This is the point that people are trying to make to you. It isn't over paying by going over guide even if its a good amount over guide, coins aren't all the same, you can't just go to another dealer and find a coin of that quality for guide price ect.

 

You missed this line. It's in my last response. I know there are exceptional coins and they do command a premium over a price guide.
There are other lines you missed as well.

I'm not assuming anything and you're failing to grasp what I'm saying and that's okay. Probably because you're hung up on premium coins and the prices they bring.

A coin guide is a set price based on fair market value for a given coin in a given grade which is based off of an average.

 

I'll second this. The catalogs and online images are nice and helpful (and their images are much better than they used to be) but to REALLY know what the coin looks like you HAVE to see it in hand at lot viewing. Some coins will look better than their images and a lot will look worse. If you can't attend lot viewing in person it really helps to have a representative, whose grading ability you trust, review them for you in person.