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  • Do bidders actually understand the NGC coin grading scale?

    Why on earth are bidders paying upwards of R16K+ for 2008 Mandela Birthday R5 graded MS61?!

    That's like paying R400 000 for a 2005 Ford Fiesta... simply because the car dealer has fewer 2005 models in his showroom.

    BIZZARRE!
    View my items for sale

  • #2
    Heh heh heh

    Originally posted by design_hibo View Post
    Why on earth are bidders paying upwards of R16K+ for 2008 Mandela Birthday R5 graded MS61?!

    That's like paying R400 000 for a 2005 Ford Fiesta... simply because the car dealer has fewer 2005 models in his showroom.
    BIZZARRE!
    Excellent analogy!!
    Been wondering precisely the same thing - fascinating stuff and fascinating times. Create a scarce resource - folks jump at it - shakes head

    (glad someone else has noticed this...)
    "Truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident."

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    • #3
      Maybe thats why it is listed as "discreet bidding" so nobody can see who is so stupid. It is the worst strike and people are paying the highest prices for it !!!

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      • #4
        OMF.. i have only heard about grading coins last week and even i know that MS-61 is not great... Imagine what they would pay for a MS-68 or 69....

        Is it possible that the person putting the coin up for auction is the one increasing the price like this?

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        • #5
          Hi Guys.

          Allow me to explain.
          The coin in qeustion was one of 4 million minted. It was send for grading and as you can see came back a MS (Uncirculated) 61. Meaning it had 9 faults on it. There are not allot of these grade of Birthday coins availible. So for some one who wants a Full MS set(60,61,62,63,64,65,66,67,68) the will pay so much money. Personally it is not worth R100 as the buyer will never in his life be able to sell the set let alone the coin for that much in the future. Not a good investment. Other wise my MS 60 1897 coin shopuld alsdo be so much. But it is not as all serious collectors know. You want to have the finest known set not a coin in every grade. If a MS66 1892 Penny sells for R260 000
          why will a Lessarcoin sell for more. Does not make sense

          Again this is my opinion.

          If you see a MS66 selling at R100 with 4 faults and a MS 67 for R200 with 3 faults a MS61 is less than R10.
          But because of people collecting sets as mention they will pay so much for a coin.

          Morne
          People shouldn't wear purple , Barney gets upset.
          VIEW MY ITEMS!

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          • #6
            Ok so the people bidding could need an MS 61 coin to make their set, but they will never get the money back... Interesting information that..

            Is there a website where we can read up more about the grading rating/scale of coins? I'm still a bit confused with this MS, PF, AU etc gradings that are used. I saw another one called XF i think..

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            • #7
              Barbaro, See my posting and read your PM's
              Light travels faster than sound. That's why some people appear bright until you hear them speak!

              Click to view any items I may have on auction

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              • #8
                Hi

                Here is another example of some unsuspecting buyers being taken for a ride!

                2008 Birthday R5 - *** THE ONE AND ONLY *** - YES !!! THE NGC XF45 NELSON MANDELA 90TH BIRTHDAY R5 - Crazy R1 Start. for sale in Johannesburg

                The seller SHOULD know that this coins is nor worth more than R5, yet they are advertising it as being the scarcest Mandela coins ever! This is totaly ridiculous and is giving genuine numismatic dealers a bad name.

                How can we stop this from happening?
                Last edited by Norgard; 05-06-10, 00:04. Reason: added more info
                Eugene Brown

                View items for sale.

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                • #9
                  The Crazy South African way of collecting coins

                  Hi All

                  This is actually crazy how these coins are selling for such high prices. The sellers are obviously damaging coins to get lower grades as we have sold 1000s of them and lowest grade we got was MS63.

                  But strange enough, South Africans collect Mandela coins very differently. I as a normal collector would just keep the highest grade and sell off all the other lower grades.
                  On the other hand South Africans collect the whole NGC series from MS60 to highest grade they get. They collect one of each. Very funny way of collecting but it's happening.

                  I wish I could understand why they collect coins this way and I wonder if they will get their monies back on the lower grades.

                  Regards

                  Muhammad Seedat

                  Ewaan Auction Galleries
                  sigpic

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                  • #10
                    IMHO, the coins are selling because they are graded. Period. The grade actually means nothing, just the very fact that it has been graded makes it "valuable," an "investment" and a "collectors' item."
                    Obligatory link to my listings.

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                    • #11
                      If that was they case that becuase it is graded it attains the price then all graded Mandela coins will sell for high prices. Not happening. :o

                      Robert Bakewell has the best graded set in the world currentlly. Do you think that because I have a lower graded set mine is worth more than his.
                      I dont think so.
                      You want the highest possible grade that means everything for a collector not the lowest grade.

                      Do you see any serious collector collecting Mandela coins , let alone lowest graded coin? No because they all know that it is a waste of money paying so much for a R5 coin. My opion!!!

                      See how many "serious collectors "" names appear on these coins bidding. NONE

                      Uno for sale lots of scrathes only one of its kind R400 000 000. Definitlly not brand new. Same situation

                      My opinion and most collectors agree.
                      People shouldn't wear purple , Barney gets upset.
                      VIEW MY ITEMS!

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                      • #12
                        Originally posted by Rare NotesCoins View Post
                        If that was they case that becuase it is graded it attains the price then all graded Mandela coins will sell for high prices.
                        I think you somewhat misunderstood what I am saying, which is that people are buying the coins because they are graded and not because they have any actual value.

                        It's all about packaging and presentation. Like those "make-it-go-faster" stripes they stick on Ford Fiesta's just so they can ask a few thousand Rand more for it.
                        Obligatory link to my listings.

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                        • #13
                          Considering that it costs someone no more than say R350 to get a coin graded at the NGS it is still daylight robery to let the Buyers think that a coin is worth R15000. The Sellers selling these lower grade coins are putting these figures in under "Market Price" when they sell these coins.

                          According to me they are "Con Artists" and should be "Blacklisted" by BoB.


                          My opinion!
                          Eugene Brown

                          View items for sale.

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                          • #14
                            "A price is what a fool pays for it."

                            "If a bargain looks too good to be true, then it usually isn't true."

                            "Never over-estimate the intelligence of the general public."

                            "You can sell anything to somebody, i.e. there's a sucker born every minute."
                            Obligatory link to my listings.

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                            • #15
                              Originally posted by Norgard View Post

                              How can we stop this from happening?
                              Frontal lobotomy?
                              View my items for sale

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