There’s been some talk about “Covid 20.” That refers to the 20 pounds some have gained while sitting at home - waiting out the pandemic. During those sedentary periods many may have gained weight enjoying former hobbies.
Those resuscitated pastimes bring back exciting memories of seeking out coveted rarities. We recall those items as being valuable way-back-when, so naturally we believe the treasures we squirreled away are finally worth untold thousands.
More often than not, what’s uncovered is disappointment. Those once-cherished Beanie Babies or Precious Moments statuettes are, in actuality, worth pennies on the original dollar, or nothing at all.
In a few cases, the opposite may be true. For instance, prices for collectible stamps and coins are up anywhere from 15 to 30 percent. Demand is high and values have followed. Of course, there are actual prices and fantasy prices. Sometimes, it’s hard to tell the difference – particularly online....
I’m what you might call an eBay agnostic. By that I mean I find online services to be compelling, even invaluable. But, not always the prices. Some I’m unable to fathom.
I wrote about this roughly four years ago when I spotted a copy of Newsweek magazine in a store. On it was a picture of Hillary Clinton and the headline, “Madam President.” That same day, Donald Trump was announced winner of the election. I thought the magazine was merely a retrospective on Clinton’s run for the White House. Nope. It was an entire issue dedicated to her winning. Preliminary indicators had suggested Clinton would win though clearly the publication wasn’t supposed to be released until the results were final. It was an error. I couldn’t resist. I bought one.
Later, I checked on eBay. One of those magazines was listed for $10,000. I was thrilled. The reality was not that people were paying that but what someone was hoping someone else might. Today, copies of that magazine are listed on the site for between $90 and $450.
It all comes down to a matter of what the market will bear. What has astounded me are the online prices for genuinely common postage stamps and coins. Any honest collector would truthfully call them “criminal.”
Case in point, a common three-cent stamp from 1936 bearing the portrait of Washington. In used condition, the Scott catalog price for it is around 25-cents. From most any stamp dealer the true price might be a penny or two. A nickel at the most. On eBay, one is listed for $1,295. That’s insane. I have several dozens of those same stamps. I thought it was a mistake or a joke until I spotted similar offers for equally common stamps.
Another generic one-cent stamp from the 1930s attached to the back of a simple post card was listed at $600. An ordinary two-cent stamp from the 1920s was priced at $3,499. The examples went on and on – some for a few dollars, others for hundreds. Their true value is only pennies apiece. Evidently, some sellers believe people will pay exorbitant prices for 80 to 100-year-old postage stamps that appear antiquated. Sadly, some will.
It was similar for coins. Prices being asked were way above what any honest dealer would charge. Common Indian Head cents are advertised for $10 or more each. Most dealers charge one dollar or less. Worst of all, a few sellers online listed 1958 “Wheat Back” pennies struck in Philadelphia but with no “P” mintmark as being errors. They ask up to $5,000 apiece. The thing is, NO penny minted in Philadelphia that year had a “P” mintmark. It’s not an error. The penny is worth, well, a penny. Maybe two.
It all comes down to seeing what someone might be able to get away with. Most of us would, of course, double check prices. Maybe so. But unsophisticated targets are ripe for such deceptions (my mother-in-law being at the top of that list).
In the end, it’s not necessarily the fault of eBay. They can’t police the true value of every item offered for sale. That being said, it’s another wake-up call for the age-old warning of Caveat Emptor.
For more collecting advice, visit www.peterexford.blogspot.com