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1796 B-4 Draped Bust Dollar -- Opinions??



 
 
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  #11  
Old May 13th 06, 03:58 PM posted to rec.collecting.coins
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Default 1796 B-4 Draped Bust Dollar -- Opinions??

Brian writes:

Hi, Everyone.

I recently had a coin graded by ANACS for someone wanting advice. It
came back F-12 Details, Cleaned. Here are the pics:

http://home.comcast.net/~bhartman24/1796secondobv.jpg
http://home.comcast.net/~bhartman24/1796secondrev.jpg

The reason I had it graded was for selling purposes. How do you think
it would do on Ebay? Or is Heritage a better choice? Any advice you
could give me would be appreciated. I asked some people on the PCGS
U.S. Coin Forum, and they sounded like Ebay would be an okay venue.
What do you think it would go for?



Been away at a show, Brian, so couldn't reply before this. No one in
the replies seems to mention that the coin is cleaned, and although
many early dollars have been cleaned, this cleaning is obvious enough
so that it is unlikely that PCGS or NGC would certify it at all. Since
an UNCLEANED F-12 (I agree with the detail grade) would sell for
$2000-$2500, I would simply start bidding a $995 in a 7 day auction.
It's typical retail would be about $1200, just under what an uncleaned
VG would bring. You may do as well or better. Or, set a reserve of $995
which will cost you a $10 reserve fee on top of the eBay listing fee
and start at $250. That will encourage bids, and you may get the type
of activity that will bring a fair price. I would mention that the coin
has been lightly cleaned and/or show the slab so stating that. If it
does sell then eBay won't charge the $10 reserve fee, but if you relist
it, the reserve fee is again imposed.

Ira

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  #12  
Old May 13th 06, 04:06 PM posted to rec.collecting.coins
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Default 1796 B-4 Draped Bust Dollar -- Opinions??


JMark wrote:
....
The rationale behind a reserve is sound. If it hangs people up - then
they don't bid - probably weren't going to help maximize your potential
anyway...


You said it very well. I have used a reserve a couple of times. The
reserve was well under Greysheet. People who don't like a reserve may
be wanting to seriously underpay for coins. Of course, the seller
doesn't want to be underpaid, so sets a reserve.

A seller only has a couple of ways to protect an investment -- a fair
opening bid or a reserve. A fair opening bid inhibits bidding more than
a fair reserve does. (I'm not talking about obnoxiously high opening
bids or reserves.)

If a bidder offers a fair price, then most likely the reserve will be
met. There is no reason to avoid reserve auctions. A seller has to make
a decision on a coin to decide how much money he/she can afford to
lose. If other sellers are like myself, even the reserve price will be
a loss of money, just not an intolerable loss. An auction is risky for
a seller, particularly when selling coins that have an uncertain
market. It does take away the bidders' hope of getting the coin at
bargain basement prices, but that is the point. Sellers cannot afford
to give their coins away.

BTW, I do a lot of true auctions. I would not recommend this as a good
business practice, particularly for coins that are not on the current
hot list. We had a thread a year or so ago about figuring how much loss
was tolerable, then setting an opening bid or reserve. From what I have
seen, these are often fair prices for the coins (with many notable
exceptions), so shouldn't create any resentment. Most of the people
selling coins on eBay aren't rich, so don't want to let their coins go
for too little.

Anita

  #13  
Old May 13th 06, 06:43 PM posted to rec.collecting.coins
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Default 1796 B-4 Draped Bust Dollar -- Opinions??


Ira wrote:

Been away at a show, Brian, so couldn't reply before this. No one in
the replies seems to mention that the coin is cleaned, and although
many early dollars have been cleaned, this cleaning is obvious enough
so that it is unlikely that PCGS or NGC would certify it at all. Since
an UNCLEANED F-12 (I agree with the detail grade) would sell for
$2000-$2500, I would simply start bidding a $995 in a 7 day auction.
It's typical retail would be about $1200, just under what an uncleaned
VG would bring. You may do as well or better. Or, set a reserve of $995
which will cost you a $10 reserve fee on top of the eBay listing fee
and start at $250. That will encourage bids, and you may get the type
of activity that will bring a fair price. I would mention that the coin
has been lightly cleaned and/or show the slab so stating that. If it
does sell then eBay won't charge the $10 reserve fee, but if you relist
it, the reserve fee is again imposed.

Ira


Hi, Ira.

You're right that PCGS wouldn't slab it. Been there, done that, got
the bodybag to prove it. I'm a little surprised that you think it
would bring less than uncleaned VG money, because from what I can see,
the details are far better than that, even acknowledging the cleaning.


I think the thing I might end up doing (pending the seller's
permission) is announcing the Ebay auction on the B/S/T forum on PCGS
and here, and then setting an opening bid of $1000 on a 1-week auction.
(Incidentally, is there any difference between a starting bid of $995
and $1000?)

  #14  
Old May 13th 06, 06:47 PM posted to rec.collecting.coins
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Default 1796 B-4 Draped Bust Dollar -- Opinions??

Come to think of it, I think I might just go with a reserve. It will
at least attract people's attention more than a high opening bid will.
If I lose people who don't want to hit the reserve, that's okay,
because I guess that's the point.

  #15  
Old May 13th 06, 10:34 PM posted to rec.collecting.coins
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Default 1796 B-4 Draped Bust Dollar -- Opinions??

Brian writes:



You're right that PCGS wouldn't slab it. Been there, done that, got
the bodybag to prove it. I'm a little surprised that you think it
would bring less than uncleaned VG money, because from what I can see,
the details are far better than that, even acknowledging the cleaning.
......



The cleaning will make a signifiant diffrence. In my experience, A coin
i n that price range will drop in value more than just a single grade,
but less than two grades. VG-8 has a high retail of $1500..perhaps a
typical retail now that Graysheet bid has increased to $1225.
Therefore, subtracting a bit more for the cleaning, I arrived at about
$1000.

Crianly a common date Morgan dolar in Fine miht be worth $14 and a
cleaned one $8..just for the silver. But for a high demand early bust
dollar, the value could well be cut in half.

As a I wrote, you might get a bit more, but cleaning is a major
detrrent to any bids at all from savvy collectors, so you'll attract
those with bugetary constraints or those not too experienced. $995 is
essentailly $1000, but psychologically, the under $1000 price might
well help to get the ball rolling. You decide.

Ira

  #16  
Old May 13th 06, 10:42 PM posted to rec.collecting.coins
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Default 1796 B-4 Draped Bust Dollar -- Opinions??


Ira wrote:

Thanks, Ira. I figured the pricing might be a psychological thing.
I'll consult with the seller on the pricing and then take it from
there.

Thanks for your thoughts.


The cleaning will make a signifiant diffrence. In my experience, A coin
i n that price range will drop in value more than just a single grade,
but less than two grades. VG-8 has a high retail of $1500..perhaps a
typical retail now that Graysheet bid has increased to $1225.
Therefore, subtracting a bit more for the cleaning, I arrived at about
$1000.

Crianly a common date Morgan dolar in Fine miht be worth $14 and a
cleaned one $8..just for the silver. But for a high demand early bust
dollar, the value could well be cut in half.

As a I wrote, you might get a bit more, but cleaning is a major
detrrent to any bids at all from savvy collectors, so you'll attract
those with bugetary constraints or those not too experienced. $995 is
essentailly $1000, but psychologically, the under $1000 price might
well help to get the ball rolling. You decide.

Ira


 




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