text: A Landmark Event In Australian Numismatics - Pacific Rim Online Auction #3 | Sterling and Currency
  Home » A Landmark Event In Australian Numismatics - Pacific Rim Online Auction #3
  Bruce, Thanks for your comment on our website.
  There were probably two factors driving the prices achieved in that auction - not only were the really high graded coins obviously in high grade, but the collectors chasing them were even more keen than they would have otherwise been due to the fact that adding those "condition rarities" (ie finest known to PCGS to date) would increase their set's standing within the PCGS registry set system.
  Although you or I or any other collector may take issue with the grades assigned to certain PCGS-graded coins, there are obviously many more collectors out there that have no such qualms.
  There will always be demand for attractive coins, no matter whether they have been graded by PCGS, NGC or are in fact "raw", I don't see PCGS grading defining the entire market for Australian coins, however the impact they've had to date certainly indicates they influence values at the top end of the market at the very least.
  Many comparable coins have been advertised before and since that auction that have not achieved similar prices - partly because they have not been PCGS graded, partly because they were not offered via auction. That certainly doesn't mean there's a Clayton's market going on - real money has changed hands for real coins, make no mistake.
  While I'm pleased that you have confidence in the Commonwealth Coin booklet that ANDA issued some years ago, I do want to point out that it isn't a standard but a guide to grading coins. It was intended to give collectors information they can use to gain their own understanding about how to grade Commonwealth coins, not as a guide that ANDA members must adhere to when grading.
  As you say, unattractively toned coins are not much chop, even when they're in a PCGS slab.
  Please note I have entered your homepage as I do not have one of my own. The comment I am submitting is below:
  I tend to agree that the auction did appear to attract bidding battles between some buyers who were intent on purchasing the highest PCGS graded coins. I imagine the prestige associated with such an honour is attractive to the buyers. But personally, I did not find several of these highest graded coins to be attractive. Some were quite unattractively toned IMO. I am not sure of what to make of this, in terms of what it means about numismatics. It is almost as if there is a separate and new discipline of coin collecting where the PCGS grading of the coin is the key criterion, rather than the actual quality of the coin. I can't help wondering what the coins would have fetched if they had been listed as GEMs by Mr. Buesnell. All up, I suspect the outcome of the auction is good for the market, but is it a Clayton's market now? I for one am still attracted to the better graded coins by Australian (ANDA) standards. This is mainly because a truly GEM coin makes me salivate with envy as I admire the beauty and detail of excellence. I'm afraid an unattractively toned coin just doesn't do it for me, even if it does have the PCGS badge.
  Further to my reply on Mr Wayne Borg's delightfully successful result in selling his collection (or part thereof) of Commonwealth Pre-Decimal coins, I would like to clarify that just because coins are slabbed and graded by US(American0, (so called) independent grading services, and quoted as "the highest graded", or "second or third highest" and the like; these somewhat missleading statements (as there are more than likely better coins in privately owned collections) are designed to impress and excite the naive and/or "numbscull" collectors out there with more money than sense. It seems to me that collectors that purchase slab graded coins at ridiculously high prices, have no idea on grading standards and rely solely on the certification created by the given US(American) grading service.
  Well, with 50 years of numismatic collecting under my belt, I know how to grade, and although I also have purchased slabbed coins at some stage, the purchase price was ALWAYS established on the grade based on our "Aussie" adjectival system to which there are several price indicative reference catalogues available. All slabbed coins that I have purchased have subsequently been removed from the slabs and in most cases re-graded accordingly. The certification means absolutely nothing unless the coin itself can stand on its own merit. Anyone that has any incling on grading the Australian Commonwealth series will look at the item and take no notice of the certificate; if the two views happen to concur them it is simple to establish a value. If (as in almost all cases that I have observed) the slab grade is higher than the coin merits, then it would be doing a great disservice to a prospective purchaser (who one day may become a vendor) to offer the item at a higher price based on perception and dellusion. Afterall, can someone please show me a legitimate and professionally accepted value reference for slabbed grades ranging from 1 (being POOR) to 70 (being FDC)? This would help enormously in validating pricing, hence bonefied sales; providing the numerical grading is accurate.
  Finally, to Mr Borg; I challenge his personal attack(but take no offence) on me, on my numismatic experience and my numismatic acquisitions. I know what his collection looks like because it is of public record. He has no idea what my standards are relating to numismatic collecting as he has not witnessed my holdings (nor will he ever), but I can with emphatic certainty assure this gentleman that his lovely collection barely equates to the tip of the iceberg by comparison.
  Ignorance can often stir up confusion.
  How does it feel being stuck as the meat in the sandwich....
  It seems obvious to me that my comments have struck a nerve with Mr Wayne Borg. Although my comments were meant just to be "thrown out there", it seems that Mr Borg has taken them personally and attacked my integrity in numismatics. Well, you know me well enough to make your own conclusion on this matter. Perhaps Mr Borg needs to calm down and not assume his collection was the "be all and end all" of pre-decimal acquisitions. I am happy for the gentleman's success (allbeit overrated) as it has sent a strong (but somewhat narrow-minded) message to the numismatic fraternity that high grade pre-decimal coinage is more than holding its own. I welcome this as his auction result has most definitely sent me laughing "all the way to the bank".
  "Stick and Stones......" :-)
  I read Carlo's comments on the hugely successful Auction #3 conducted by Chris Buesnell of Pacific Rim Coins.
  I must say I was a little amazed at Carlo's public declaration of stupidty. It is obvious that Carlo has no clue as to where the market is for Commonwealth Coins nor does he understand why these price levels are being achieved.
  One only has to look at some of the prices being achieved on eBay for PCGS high graded C'wealth Coins including a 36 shilling in MS66 which had 18 bidders and achieved $2,950.00 on the 18th June. I must admit I was a little in awe at the price myself. I guess there were 18 more numbskulls, to use Carlo's discription of buyers that pay high prices for high grade coins.
  I dont think anyone could argue that Chris Buesnell is synonymous with C'weath coins and is recognised in the Industry as such. Chris has always had a large client base for this series and particularly in high quality. The advent of grading has given current buyers more confidence when buying expensive coins. Whether the Industry likes it or not, the energy and money for this series is going to high graded coins and predominantly those of PCGS.
  Chris is eminently aware of what prices can be achieved for high graded C'wealth coins and set the opening bids accordingly. All the bidders,(sorry numbskulls), new where each of the coins stood in population reports by the grading houses because that's where they look these days to see the rarity of coins in high grade. This sort of info empowers the bidders without relying on what a dealer believes the rarity is for a particular date in high grade.
  Carlo's "tell him he is dreaming" comment on the opening bids shows how naive he really is when it comes to this series. The days of slipping sliders into customers are coming to an abrupt end. I would find it hard to believe that Carlo could be "laughing all the way to the bank" or finding him self involved with "the emergence of a new trend of instant wealth" when he has no idea of the market and refers to bidders as numbskulls.
  As you know I am the Vendor of the collection and can categorically state that there was nothing manufactured or contrived about the auction. The buyers got some of the equal to if not the highest graded C'wealth coins on record and I have been paid in full. If Carlo had enough brains he would have looked at the correlation between the performances of high graded coins and coins grading MS62 or MS63 before making his stupid comments. The lower graded coins had lower opening bids and some did not sell at the auction. Maybe Carlo should have bought these coins to add some higher grade material to his stock.
  I would like to thank Chris Buesnell for the great result he achieved with this auction and I hope that all the buyers get as much enjoyment out of the coins as I did over the years
  - Wayne Borg
  Indeed I was following this auction with great interest since I was made aware of it prior to its initiation. The initial estimates were "tell him he's dreaming" categories, let alone the "apparent" realisation prices !!!!
  I must admit, if this auction does, in fact, set some sort of precedent in numismatics, I am laughing all the way to the bank, as would many top dealers like your good self.
  Alas, I get the feeling that it could be a manufactured attempt to blow out values and generate greater interest in overseas slabbing of Aussie coins. If this is the case, this artificiality (is this a word?) will inevitably cause a numismatic correction (much like what happened with the 1930 penny when Kurt Jaggard made the statement that it would break through 20K barrier; quite some years ago now)
  On the other hand, if numbsculls like the fellow that purchased half of the auction realised lots happens to clone him/herself, we could see the emergence of a new trend of instant wealth.