Just what is “Market Price”?

There has been much frenzy and debate over a Malaysian 50 cent coin from 1969 with milled edge that was graded by NGC at AU55 being auctioned off in Singapore for a whopping RM10,253 on 19 October 2013. Ever since news of this broke, I had people coming to me saying that they have that 1969 50 cent coin to sell and asking me how much I am willing to offer.

And of course my response was that the price offered is highly dependent on the type, variety, condition/grade of the coin. The grade of the coin is in turn dependent on the big 4 major factors i.e. luster, contact marks, strike and eye appeal. But that’s not the point of this article; I will save the grading part for another day.