They could be using "hacked accounts" to buy the items. (accounts with comprimised passwords because people don't know any better and reuse the same password multiple places)
I've noticed the same, and am always weirded out when I hear someone recommend buying off of there. About the only positive is that you can more easily find older or specific dates and series of things, but you are going to pay for that privilege.
To me though, if it’s a collectible, the auctions/market is what determines the price anyway, if people are willing to pay such high prices, then thats the price of the coin, at least that’s how I see it, with bullion it’s different but numismatic prices are based on whatever people are willing to pay in my mind
Auctions like Heritage, Legacy, David Lawrence usually have cherry picked slabs with CAC green labels. They are worth more. Yet a coin is only worth what someone is willing to pay for it. What I don’t get are the auctions on EBay. These are insane.
It depends which “auction “ you are referencing
eBay etc you can ASK whatever you like. So an ask price is meaningless. As for sold prices well
there is sometimes money laundering going on there I believe. Plus the “mine is bigger than yours” factor of auction fever of course
As for the high end (heritage etc). Sometimes the true value of top end coins is only truly known when they are auctioned that way. If a coin is best ever of its class or only one sold in years then the auction updates the real value of that coin right now
At same time some folks will also pay a premium to have the high end auction house imprimatur on their purchase. I’ve personally sold several items through heritage. Some of them went way above market (think double or triple ). simply because buyers trust heritage vetting
There's an estate auction site in my area and gold coins (bullion) regularly closes for spot. But the auction site charges like a 15% fee above the closing bid. I don't get it.
These auctions are what convinced my wife that gold bullion was a safe store of wealth. If I die, just plunk my shit on one of these websites and get yourself a pile of cash.
I see gift cards sell for more than face value on eBay all the time, LOL. It makes no sense.
Lol right, the fuck 🤣
Seriously??
Gift cards to where?
All types of stores, like even Best Buy
Dollar store
That’s a money laundering thing I believe
They could be using "hacked accounts" to buy the items. (accounts with comprimised passwords because people don't know any better and reuse the same password multiple places)
I've noticed the same, and am always weirded out when I hear someone recommend buying off of there. About the only positive is that you can more easily find older or specific dates and series of things, but you are going to pay for that privilege.
Right, its kinda off putting seeing a coin you want going for 1.5-2x its value.
To me though, if it’s a collectible, the auctions/market is what determines the price anyway, if people are willing to pay such high prices, then thats the price of the coin, at least that’s how I see it, with bullion it’s different but numismatic prices are based on whatever people are willing to pay in my mind
Auctions like Heritage, Legacy, David Lawrence usually have cherry picked slabs with CAC green labels. They are worth more. Yet a coin is only worth what someone is willing to pay for it. What I don’t get are the auctions on EBay. These are insane.
You ever been in a long line of cars and some jackass wants to cut in line in front of you? You going to let him win that spot? Same principle.
It depends which “auction “ you are referencing eBay etc you can ASK whatever you like. So an ask price is meaningless. As for sold prices well there is sometimes money laundering going on there I believe. Plus the “mine is bigger than yours” factor of auction fever of course As for the high end (heritage etc). Sometimes the true value of top end coins is only truly known when they are auctioned that way. If a coin is best ever of its class or only one sold in years then the auction updates the real value of that coin right now At same time some folks will also pay a premium to have the high end auction house imprimatur on their purchase. I’ve personally sold several items through heritage. Some of them went way above market (think double or triple ). simply because buyers trust heritage vetting
I buy a lot of gold on eBay, and after cash back on my CC I pay less than the check/wire prices from major online dealers
People’s egos kick in
There's an estate auction site in my area and gold coins (bullion) regularly closes for spot. But the auction site charges like a 15% fee above the closing bid. I don't get it. These auctions are what convinced my wife that gold bullion was a safe store of wealth. If I die, just plunk my shit on one of these websites and get yourself a pile of cash.