I had my eye on a 1957 NGC MS66 5FS nickel last night on Teletrade. From what I could tell it was about a $40-$50 coin, and it was bidding at $20 about 3 hrs before auction close. I checked back about an hour later and it was listed at $2200. My first thought was that somebody made a mistake and typed in $2200 instead of $22. Then a few minutes later it went to $2300, and about an hour before auction close it was at $2900. So somebody had to be bidding against this person, and I didn't have an accurate price for this coin. I checked on the coin this morning and it was listed as not sold. So I was wondering what could have happened to keep this coin from not selling? Link: http://www.teletrade.com/coins/lot.asp?auction=2674&lot=1312
Only thing I can think is they were hoping it would regrade a 67 for a registry set. There are lots of 66's...not many 67's. Bit steep for a nickel though. Guy~
That's goofy! :goofer: Maybe there was a glitch and another auction bled over onto this one, thus, corrupting the sale of it. Ribbit
Yeah; that's not a $40-$50 coin. That date's super-tough to get with 5 steps, and I believe is unknown with 6 steps. $2,900 should've reached a reasonably-set reserve, so I don't know what the problem was.
That is unbelievable that the reserve would be set over $3K. The population in MS66 5FS is 7/0, but that reserve is too high IMO. If the reserve is that high, it shouldn't be in auction, it should just be listed as a retail item somewhere.
TELETRADE reserve system will automatically increase the bid of a coin without anybody bidding for it. Although it looks like there is someone bidding, it is the "system" increasing the bid to the reserve, then if some sucker comes along and bids, whammo, you're stuck with a very overpriced coin. BE VERY CAREFUL PURCHASING COINS FROM TELETRADE. These reserves come in two flavors, as best I can tell. First, is for coins owned by Teletrade themselves. Their system automatically increments the bid to the internal reserve. Second, owners/consignors are allowed to place bids on their own coins. Anyplace else this would be called shilling. At Teletrade it's a "buyback". Shady practices at best, IMO. Now what will likely happen with that coin is that it will end up going "NOT SOLD", despite the "bidding" activity you noted. It will appear in auction again, likely with a lower reserve, until some collector/sucker purchases it. It is funny to watch coins be "auctioned" over and over again until they stick. All of the above is my opinion only based on watching TT auctions for five years....Mike EDITED TO ADD: looking at the auction, that's exactly what happened -- the coin is now listed as "NOT SOLD", despite the bidding activity noted. SHADY!!!!!!!!!!
very informative, Mike. I have sometimes wondered how a number of 'identical' coins on TT being bid on (like Washington quarters) will have exactly the same bid near closing time.
So I assume if the owner is high bidder on his own coin, he doesn't have to pay? I run a spreadsheet when I buy from auctions and have a set price noted that I do not exceed, I've found it keeps the emotion out of the equation. Great info tho, I had no idea.
