Underpricing may be a way to protect dealers against unreported defects of coins (quality, re-engravings and even worse)
Hi Mont,
I don't fully understand this statement. And it doesn't really make sense.
Dealers usually reserve their best
quality coins for their major
auctions, the
auctions with associated printed
auctions catalogs. They usually put their lower
quality coins in their internet-only
auctions. These are coins that are traditionally not classified as "
auction quality". If a coin appears in an internet-only
auction, it is understood that the
quality may be questionable.
The
quality of a coin or any defects should be obvious in a photo. The fact that it isn't always reported shouldn't be a factor. A potential bidder can clearly see the surfaces of the coin in the photo.
A few decades ago, when I began collecting
ancient coins, it was before widespread internet use. I didn't have internet access. I dealt with a few dealers who sent out printed mail bid catalogs. There were no photos in these catalogs. There was only a text description. I
had to rely on what the dealer printed in the
catalog and/or told me on the phone when I called him. They were almost always honest with me, close to 100% of the time. I
had absolutely no idea what the coin looked like until I received it in the mail.
Tooling on coins should be obvious in the photo.
Meepzorp