What a loss of money.

Discussion in 'US Coins Forum' started by Detecto92, Sep 19, 2013.

  1. Detecto92

    Detecto92 Well-Known Member

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  3. -jeffB

    -jeffB Greshams LEO Supporter

    Ah, THAT seller. He actually posted here a while back when he started doing these giant listings. Most of them end up not meeting their reserve -- how could they, when he doesn't provide enough information to valuate the lot within even a factor of two or three?

    I don't know -- maybe he's hoping he'll hit the jackpot with someone foolish enough to risk five figures on an inadequately-described lot that could be worth much less. He certainly seems to be keeping at it. (I'm on the iPad, and it's not convenient to go trawling through his feedback and closed auctions.)
  4. longnine009

    longnine009 Darwin has to eat too. Supporter

    There is no currency more valuable
    than time. It's also the one asset that you
    have more of than most people on CT.
    But you keep wasting it on stuff like that.
    green18 likes this.
  5. BooksB4Coins

    BooksB4Coins Newbieus Sempiterna

    No, Tim... what is REALLY dumb is to make the same assumptions over and over again.

    With just a quick scan of the photos, from what I see, I absolutely understand why one would sell as a lot; loads and loads of common junk that would almost certainly be too time consuming and a PITA to sell as you suggest. With that said, I also think it very safe to say that beyond the above, the main reason this person is offering this way is because he is hoping to snag someone like you, but with money, who thinks this some great deal, could part it out, and make a killing. Without knowing all of what is truly there, I cannot prove this, but chances are good that if one were to break down this entire lot, and even at full retail book pricing, any buyer willing to pay his reserve would almost certainly still be overpaying. If there is nothing to hide, there is no reason not to give a complete breakdown of all in the lot.

    If you can so easily see the newspaper "scam", why are you unable to see a likely ebay turkey when right in front of your face?
  6. desertgem

    desertgem Senior Errer Collecktor

    The seller might have a good chance at hooking n older more affluent person who is contemplating retirement and has very good memories of coin collecting when he/she was young. Probably figure that it would be cheap entertainment and jump start a new collection. Money? Many people put self fulfillment ahead of it, especially if they have it to literally burn.
  7. Detecto92

    Detecto92 Well-Known Member

    It would've been too hard to:

    1. Take everything out of the bags.
    2. Weigh all the silver items, and give the silver weight.


    The above two items would of taken less than 20 minutes to do, and could of gotten the seller THOUSANDS more.

    Time is money.

    Another thing, not everyone has over 9 grand they can just dole out for something on this.

    I bet you could count less than 10 people on CT who would drop over 9 like that.

    If he would of split it up into $2,000 lots or so, he would've gotten more out of it. Why? Because more people have less money, and that would've resulted in a higher total.

    To say "too time consuming" to take 20 minutes to make a better listing, which would have netted the seller thousands more, is hogwash.

    Here is another listing:

    Again, who has $65,000 they can drop like a pin? Yes, there are many well-to-do coin buyers, but I'm talking about the general public.
    NOS likes this.

  8. Many more than that COULD, but zero WOULD. TC
  9. -jeffB

    -jeffB Greshams LEO Supporter

    Tim, not to threadjack, but could you please try to remember to say "would have" instead of "would of"?
  10. BooksB4Coins

    BooksB4Coins Newbieus Sempiterna

    Whole or in $2k lots, you're still assuming there is good value here; I promise you, there isn't, no matter how it is broken up, but go right ahead with believing whatever you want too.

    Do you not grasp the concept of what this really is? There is VERY good reason why the seller did not disclose the actual silver content of the lot, just as there is very good reason why the lot includes silver; he is sweetening, plain and simple.

    It seems that this ebay turkey reeled in a little fish.
    mikenoodle likes this.
  11. ML94539

    ML94539 Senior Member

    that dealer is big coin and stamp dealer, he doesn't have time to break it down and sell it in pieces, he buys collections and selling it as it comes in.
  12. -jeffB

    -jeffB Greshams LEO Supporter

    If a dealer is trying to sell "collections" that large without providing photos that will let you at least count the coins, he's really not very good at his job. If I thought that was what was really happening -- that these were honest bulk lots, posted and sold as they came in, without being searched, and without being arranged to look more valuable than they really are -- I'd probably be in there bidding myself.
  13. ML94539

    ML94539 Senior Member

    i have looked at his lots before, many are collections.
  14. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Storage Wars comes to mind, Too sad to risk it............
  15. sodude

    sodude Well-Known Member

    But he might have spent hours going through this "collection" cherry picking.

    If he spent 8 hours removing the valuable items, and threw up the common stuff for auction, he could be way ahead.

    I see stacks of 1970s mint sets and clad proof sets, common silver certificates, junk silver, bags of (probably) dealer junk bin coins. Where do you see more than $10,000 worth of coins in this lot?
  16. ML94539

    ML94539 Senior Member

    I don't see anything valuable in there either, personally I think this is a typical collection that many people have, they may have paid alot to obtain the coins, but when it comes to selling it, it's junk to most dealers. probably most of it going for melt value.
  17. enochian

    enochian silver eater

    if i had the money to burn id do it just to look threw it seems fun the winner might think the same way
  18. EyeEatWheaties

    EyeEatWheaties Cent Hoarder

    Its actually simpler than everyone is trying to figure out. He is generating a mailing list and trying to figure out who and if there some new players out there that might actually go for a lot like that . go ahead and risk a Non payment. dont worry he wont make you pay.. but I think you have to enter 100k or something crazy to meet the reserve.

    I want or seem to remember he also contacts the top bidders with second chance offers. yeah I am pretty sure
  19. enochian

    enochian silver eater

    well it says he paid 20,000
  20. desertgem

    desertgem Senior Errer Collecktor

    No it just says "Cost 20,000".

    Perhaps that is the price the original owner paid for it , at retail, and he bought it wholesale, perhaps for what some of us would offer for it, much , much less.
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