Another Example of You Got To Be @%^#*@! Kidding Me posted by hunter's gold

[CSJournals-migration]

Research and Knowledge are powerful tools

 

Hi everyone. For those of you who follow my journals you know that I am mostly working on my Lincoln Registry sets especially my 1959-Present business strike set. Recently I added a 1985 MS69 Red Lincoln to my set. This coin has a NGC population of 6 with none graded higher. I was on Ebay last night going through the certified Lincolns that were for sell when I came across listing number 320564895317 which is for a 1985 MS68 Red Lincoln with a buy it now price of $1639.00. Yes you read that right $1639.00. That is more than 4 times what I paid for mine in the grade of MS69. This insufficiently_thoughtful_person claims that it is based on population pricing. I would like to know what population he is referring to because even at PCGS this coin in MS68 does not even list for that much. NumisMedia list this coin at $600 in MS69 so I wonder what the heck has this guy been smoking. Yes, it is his coin and he can ask what he wants for it, but to me it is just another example of an unscrupulous seller on Ebay trying to take advantage of uneducated buyer. I wonder how these sellers stay in business. I used to send these sellers messages asking how they base their pricing but everyone of them get all high and might and try to justify their prices. All I can say in response is You Got To Be Kidding Me. Do your research so sellers like this do not take advantage of you. As always thanks for looking and Happy Collecting

 

See more journals by hunter's gold

[brg5658]

I will fathom it is "gotja". I wish I knew a way to block his items from showing up in my searches.

[coinsbygary]

Unfortunately, this happens quite frequently. I always try to use Numismedia FMV as a guide and usually purchase my coins for something less than FMV. I understand that dealers make their living from selling coins at a profit and I take that it into account. This example you give is clearly over the top. I have never bought coins from the dealer in your listing and at this rate never will simply because of price. It's a shame though when an unwary buyer is turned off from this wonderful hobby just because he or she was ripped off in a purchase.

[hunter's gold]

Surprisingly this listing is not by Gotja but by ModernRareCoin.

[brg5658]

Surprisingly this listing is not by Gotja but by ModernRareCoin.

 

I'm actually not convinced these aren't the same seller. They are numbers 1 and 2 on my "blacklist" of eBay sellers. They buy coins with snipe bids at sometimes even inflated prices, and then list them at 10-15 times FMV. That's their M.O. -- hoping to snag a sucker.

 

Modernrarecoin is the seller who sold a 2011-D Sacagawea $1 graded MS69 at the end of April for $4000 BIN. Absolutely insane price, and it is currently in the NGC Registry set of a collector for whom price is apparently no concern. That particular coin currently has a population of 2, and I am the owner of the 2nd. I paid nowhere even close to that price (about 10% as much) in a $0.99 start BAY auction.

 

So, the people keeping these guys in business are 1) poor souls who don't know any better, and 2) "collectors" with deep pockets who will pay "sky-money" for coins without regard to their rarity or FMV. It's the poor souls of part (1) that really bothers me...

 

EDIT: Interesting tid-bit. When I purchased my 2011-D MS69 Sac $1 in mid-May, the underbidder to me was "gotja". I promise you had he won the auction it would have appeared in his inventory for "sky money" and would have been locked up on eBay for months if not years. If you pay attention to the feedback numbers, it is easy to see the auctions these two "sellers" are trolling....and a LOT of their coins come from really great sellers like Mark DiLauro (datentype).

 

 

[Yarm]

"I wish I knew a way to block his items from showing up in my searches."

 

Once you've entered your basic search requirement (e.g. 1985 lincoln ms), go over to "Seller" on the left side tool bar. Under Seller hit "Specify sellers". Click the box for "Only show items from.." , select exclude and type in a seller such as gotya or modernrarecoin (up to 20 I think separated by commas). You can save this search like any other and use it without the bother of typing.

 

If you have up to 20 favorite sellers whose inventory you regularly search, you can use this feature for that as well.

 

 

[brg5658]

"I wish I knew a way to block his items from showing up in my searches."

 

Once you've entered your basic search requirement (e.g. 1985 lincoln ms), go over to "Seller" on the left side tool bar. Under Seller hit "Specify sellers". Click the box for "Only show items from.." , select exclude and type in a seller such as gotya or modernrarecoin (up to 20 I think separated by commas). You can save this search like any other and use it without the bother of typing.

 

If you have up to 20 favorite sellers whose inventory you regularly search, you can use this feature for that as well.

 

 

Thanks Yarm! I never knew about that additional layer of subsetting searches. I really appreciate the instructions!

 

[noow]

Unfortunately, this happens quite frequently. I always try to use Numismedia FMV as a guide and usually purchase my coins for something less than FMV. I understand that dealers make their living from selling coins at a profit and I take that it into account. This example you give is clearly over the top. I have never bought coins from the dealer in your listing and at this rate never will simply because of price. It's a shame though when an unwary buyer is turned off from this wonderful hobby just because he or she was ripped off in a purchase.

 

The unfortunate truth

[Ultra Cameo Collection]

Gotja has a coin I want, and I submitted a best offer which was almost double FMV and he returned his offer of $15 dollars off his $1500 price on a FMV of around $400. Its sad that only a few sellers can give ebay a bad name. I'm just glad there are some really great sellers on ebay like datentype. Another sky-high seller is Perfect Proof Gallery, this guy I know for a fact bought the majority of his coins from datentype and probably got a good deal or paid FMV or less. Yes he can sell them for whatever he wants and only a fool with his money would buy from these guys. One thing I will give PPG is that he will accept a decent offer if he has at least 2 of the coin your submitting that offer for! I HAD to get my 1982 5C NGC PF70UC from him as I waited patiently for ANYONE else to sell one for over 2 years and just got fed up with waiting to complete my birthyear proof set. Still to this day another one hasn't came up for sale. I have purchased about 25 coins from datentype and have never been disappointed.

[mailman1959]

"patience is a virtue , FMV is the key, don't overpay on anything, you'll be happy as can be."

[noow]

"patience is a virtue , FMV is the key, don't overpay on anything, you'll be happy as can be."

 

[Mokiechan]

Those kind of sellers remind me of the shopping channel coin dealers. They tout overpriced or worthless coins (gold plated quarters) to the novice collectors. Those folks are going to be so angry when they try to cash in and find they payed way too much.

 

Self education, talking to your local dealer, joining a local club, or joining groups like the Collector's Society are the way to go.

[Jeffrey Cardona]

"patience is a virtue , FMV is the key, don't overpay on anything, you'll be happy as can be."

 

Well said Mailman! I have looking to finish up my 50c Modern Commemoratives since the beginning of the year. With the 4 1996 Olympics coins being the last, they have been very hard to find near FMV. I have only been able to get 2 of them and those only recently because I seller I have purchased from before had some extras he was unloading.

 

Waiting does suck but it pays off.

[Walkerfan]

"patience is a virtue , FMV is the key, don't overpay on anything, you'll be happy as can be."

 

Good one mailman!!

 

I agree with everyone's remarks in this thread, too, so far! It's one thing to pay a bit of a premium for a really PQ coin but it is ENTIRELY different to pay those ridiculous, fantastic prices and to be buried in a coin.

[moondoggy]

I wrote him and this is his response:

 

$100 is a price you pulled from numismedia. Look at a 1901 O MS65 Morgan DMPL/DPL. it has a pop of 22 and is priced almost at $10,000.00. Numismedia prices are just pulled out of the air. For accurate prices you can look at Collector's Universe, or PCGS.com Price Guide where prices are based on Populations, This coin is Finest Registry in PCGS. I did reduce my price a little, so thank you - but i will buy all the 1985 NGC MS68 RD cents you can get me at $200 - double Numismedia price. I'll buy all you can get me.

thank you,

 

I removed his personal name if that was in fact was his true name (only first name) but there you have it.........

[hunter's gold]

Thanks for that info moondoggy. He basically told me the same thing that NumisMedia prices are numbers just pulled out of the air. I will try to contact him to see if he wants to buy my NGC MS68RD Lincoln for $200. I am willing to bet he doesn't but I will keep everyone posted.

[Ultra Cameo Collection]

I have a 1990 P 25C NGC MS66PL that I purchased for just under $30 and I would be willing to sell it for lets say around $7000 haha no seriously anyone who NEEDS this coin and is willing to even come close to my price please make sure to get your whole head in front of the shotgun. now I'm joking, but seriously friends don't let friends buy overpriced coins!

[coinsbygary]

It is quite interesting that this dealer states that Numismedia FMV quotes are taken out of the air. I looked up the 1901-O Morgan that he so loves to quote and a MS-65, DMPL/DPL is worth $9660, almost just as he said. My question is this, if FMV is good for Morgans, why not for Lincoln Cents? FMV value is based on a number of market conditions just as their disclaimer states. Chief among those conditions is market demand. If I have a top-pop coin with a population of one that almost no one wants, how much can I expect to sell that coin for? Additionally, comparing Lincoln Memorial Cents with Morgan Dollars is like comparing apples and oranges. While both coins have a significant following among collectors, their market factors and collector bases are vastly different. For instance there seems to be more people with deeper pockets vying for the few MS-65 Morgan Dollars than those of the few MS-68 Lincoln Cents with similar populations. Population can be a good factor in valuation, but only from within that coin's series. Furthermore, using his logic you should feel like his coin is a great deal in that you don't have to pay more! If there is any "air" in his claim, it is hot air rather than thin air and you know who is blowing the hot air!

Gary

[coin guy dan-migration]

when buying coins on ebay i keep the numismedia tabbed and open next to the ebay page as a reference guide to my buying. and as i am a top rated seller on ebay, i keep the same tab open when i list my items and my bin is always exactly fmv and not a penny more. i am dannyleefricker on ebay and when i was a novice i took many lumps on that sight.i guess some learn the hard way. had i had access to n.g.c. way back when and the forums i think i would not have made so many costly mistakes. you fellas and gals are doing a great job informing. thanks. danny