Fantasy prices coming real :-(

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We are all aware of the countless online listings featuring coins at crazy or fantasy prices. A classic example are the Greek 1 and 2 Euro coins with the "S" in the star, often listed for hundreds or even thousands of euros.

As a pastime, I’ve started messaging these "non-expert" sellers to inform them of the actual market value. Usually, I get one of two responses: either a polite "Thanks, I’m not an expert," or a defensive "I set my own prices; others are asking for even more." These are expected.

Unfortunately, I’ve recently encountered a more troubling response: "You can say what you want, but I’ve already sold similar coins for this much." This implies that someone has actually been scammed.

I would like to invite everyone here to systematically reply to such posts. Let’s explain the true value of these coins and provide reliable sources, such as Numista, to help protect potential buyers.

CirculableCoins

True value is what people are willing to pay.

What? Me Worry

I tried this with numerous sellers on Trade me, selling common coins and so called errors that are not coins (Blame viral and gossip headlines like the HH $2 coins of Australia) and I usually get abuse or threats. Trade Me (Kiwi Ebay) does not help and gives me warnings for “harassing sellers”. The truth does not pay in today's money driven world. Trade Me, Ebay and any other online trading website just wants to get as much success fees as possible and thus does very little to protect buyers and everything to protect sellers.

I love coins. Especially silver, gold and anything really old.
Member of the Royal Numismatic Society of New Zealand and the Auckland Numismatic Society

I suspect that anyone responding with „I have sold similar at those prices“ is just a plain liar. Searching the actual sales gives a better account than communicating with the type of people who price tat at such ridiculous prices. Such people are usually of the untrustworthy and non law abiding types (we have all met them at markets and coin shows), eBay and online sales platforms are just another way for them to push their sales.


Just ignore them, if someone gets conned into paying that price, they will learn from their mistake / and or they have or had too much money in the first place! And although I would genuinely feel sorry for someone who has made a mistake or has been pressured into parting with money they don’t have, eBay and other sites have buyer protection and ways to refund the buyer if they are not happy.

 

One further thought, when eBay first became popular and spread to the masses, criminals were laundering money on the site, one person would sell something to another person (lots of money for f all), cash on pick up (none actually paid), but an online record of a sale for x amount of money was produced - and used as proof for the potential large amounts of cash in the sellers possession from, for example theft or drug dealing. It is logical that small rare error coins for large prices might be a good way to continue such practices, irrelevant of selling or just advertising these items. 
 

Ultimately anyone is entitled to sell anything at any price - there is no law against such practices on a private sale, the terms rare, error and such are just the hook to try and get people interested, and as collectors and experts we can only advise people on the forum by countering such claims and not enabling further sales by strongly debunking the narrative from the one post members asking „how much is my coin worth?“

„If your reply or post in the Forum stinks of AI, I will call you out! Knowledge comes from experience, the I in AI stands for incompetence.“

Yes, Anyone who is intentionally misleading people about what a coin is should be reported, but anyone just asking high prices for coins, what exactly are they doing wrong?  You can ask whatever you want for something, if someone is stupid enough to not research what a coin's listed value is and pay the high prices, then that's on them.  

 

But if everyone was only willing to pay what a coin's book value, how would the values ever increase?  The book value of a coin should follow what the market value of the coin is, not the other way around.  I have a feeling with the surge in silver prices, a lot of book value of coins will be re-written in the following couple of years.  

 

An example is the Cook Islands coins.  the 1974 20 cent coin has a mintage of just 5,500 and a book value of just 20 cents in VF.  Good luck trying to buy one for 20 cents at auction.  The price should be at least a few dollars, many times more than the book value.

What? Me Worry

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