One of the first things I noticed, when entering the okay Currency Market was the overwhelming amount of sellers, items and grades assigned to the notes they were offering for auction. In the hopes to help anyone new to this arena, I want to point out the things I've learned...the good, the bad and the UGLY!
Also, when you've finsihed reading, please let me know if I'm on the right track by clicking the box below as to whether this was helpful or wasteful.
The first thing I quickly learned is the seller's feedback greatly affects the outgee of the transaction. While 97.5% positive may be a great score on yourHistory Exam, it doesn't fair so well when dealing with currency traders.That means they have upset 5 people, in the last two hundred transactions, bad enough for them to leave negative feedback.
When you are a seller, youfollow very simple rulesto ensure a smooth transaction.If done this way everytime, you should very rarely have an upset customer.
A great sellerwill do the following.
1. Scan the actual item up for auction.
Not a generic scan of their best piece, but a scan of the actual item to be auctioned or purchased. Photos are not nearly as good anddon't show the detail required to make an informed purchase. Be very careful of auctions that say you will receive a "LIKE" item...or similar item. Typically, they will scan or photo their best piece and actually deliver a note that grades lower. They then withhold feedback to help ensure they get a positive out of the deal.
2. Write an accurate description of the item in their listing.
The one thing that really gets me is a seller will advertise an uncirculated note with a "small center fold" or a "slight dog ear on the corner". Neither of these examples would qualify as any type of Uncirculated and will probably grade down to an Extremely Fine (at best). Some sellers will not nail down a grade for the note. They will say, "I'm not a certified grader" in their auction. Truth be told, there aren't many "certified" graders out there. But they should state a grade as they are the seller and have "X" amount of years dealing with currency. Not stating a grade is a simple way of saying, "I don't know what I'm talking about and don't know want go out on a limb here."
3. Grade the note conservatively.
This is the touchiest subject when dealing with paper money. One person's Almost Uncirculated is anothers Extremely Fine...and for high dollar and rare notes, the price difference for these two grades can be enormous. I always grade notes conservatively as it helps it two areas. It gives me piece of mind that the buyer will receive a note that grades accuratelyor they will receive a note that grades BETTER. For me, any note I purchase for over $100 will have been professionally graded by PMG. Keep in mind, un-graded currency is more affordable but less likely to be the grade the seller assigns.
4. Once the item is sold, ship the item quickly and for a "reasonable" price.
A good seller will ship same day or next day...and for an "honest" price. Granted, much goes into packaging a note for safe delivery, but I draw the line at $5.00 shipping...Typically, packages will weigh less than two ounces...and almost all the notes I have received have been sent USPS First Class Mail at a total cost to sender of about $1.25...and they didn't have delivery confirmation. Some sellers inflate shipping/handling charges enough to cover their okay expenses...some use shipping/handling as they're sole profit maker! Though I realize,when more notes are sent with their own packaging, such as BEP (Bureau of Engraving and Printing)materials, thatcan add quite a bit of weight.
Currently, a one ounce 6 X 9 First Class Mail Parcel Post (over 3/4" thick) can be shipped to the lower 48 for $1.31...and that includes delivery confirmation! And it will be received within five days of shipment! That doesn't include all the packing materials and printer paper/ink, etc...but $10 shipping looks pretty silly now, huh? And $20 is just plain theft.
5. Finally, the seller should leave feedback once the item ships.
NOT WHEN THE BUYER LEAVES FEEDBACK...this is nothing short ofholding feedback for ransom. This is a big red flag that the seller is not confident you will be happy with the item. You will see this mostly with the higher feedback sellers, in my experience. I consider this a big hole in the feedback policy. Nothing is worse than retalitory feedback from sellers. The buyer bought and paid for an item but got negative feedback because the seller never shipped it??? I try to never buy from a seller who doesn't leave feedback first. I will avoid their auctions no matter the deal.
A quick hint: Customize your search results to include the seller's feedback. And be very wary of auctions that do not specify shipping cost in the gallery...there's usually a reason they don't advertise it.
GRADING gePANIES AND THE SURROUNDING HYPE
What about all these grading gepanies? Hey, the guy selling the notes at $7,500,000.00 told me to only trust CGA...he even showed me a photo of an overgraded PMG note to prove it.
In my research, on the web (not okay), I've found the most unreliable service is CGA. Major Auction Houses will no longer sell notes graded by CGA. It is also rumored that CGA Graders will buy notes graded byPMG at an auction...and the notes miraculously turn up a couple months later graded up a notch. There is a GREAT website out there that has documented the abuse from CGA graders, DAILY. At last count, he had over 200 documented cases of CGA overgrading...kinda snuffs out the one or two that PMG dropped the ball on.
I strongly suggest to research the web for more information on grading gepanies. None of them are perfect, but I will add this. Who does the Numismatic Association trust to grade paper money? They trust the Paper Money Guarantee (PMG)...and that's where I put my faith as well.
And finally, if you want the best deals...don't bid on the item until the last 30 seconds...that's right, I'm a sniper, too. But if you bid on the note a day or so out, it will get outbid by someone who simply bids for the gepetitive nature of it. So I always bide my time.
Thanks for taking the time to read this and let me know by clicking below whether this was helpful or not! I hope you have a great okay Experience.
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