values listed on the site [solved]

Hi everyone!
While I was uploading my collection I noticed that values of coins are few and far between, I realize the site does not buy or claim that the value placed (when placed) does not and could not represent the price I could be paid if I were to try to sell, for the particular grade, and I also noticed at times lower grades had higher values than higher grades, again, I get it, the site is just giving estimates and can't be held to the values placed.
My question is, how often does the site get updated with new grade values? me personally, if I have an uncirculated coin that had no value attached but a VF or XF had a value, I would still grade it as correctly as I believed it to be, Uncirculated and no value, and yes I do understand I can place my own value when the site does not have one, but there are a lot of my coins I have that I have no concept of actual estimated value, so I decided to just leave it blank, I figure no info is better than wrong info ( currently missing 41% of over 6,000)
Don't get me wrong, I think this site is great! I have learned so much from this site whether it's error coins that I had and didn't even know it, or coins from the dark ages that to me was impossible to find info on.

In my understanding of the coin values that are shown, they are average values for that particular coin. The monetary value is input by the members that have that coin. This system was initiated a short time ago, so there will be more coins without values than with. It will take a fair amount of time before there are more coins with values than not. The value input by the member is suppose to be the value that they paid for the coin, not what they think it's worth ...

Is it wise to give values for coins?

I say this because I am assuming they are copied right out of a price guide and the owners of that material will be pretty pissed if their guides are being copied.

Quote: "DecimalHunter"​Is it wise to give values for coins?
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​I say this because I am assuming they are copied right out of a price guide and the owners of that material will be pretty pissed if their guides are being copied.

​The values are not suppose to be from any printed material, except for maybe the receipt that was given after paying for the coin. The value listed on each coin was intended to show an "AVERAGE" of what people were paying for the coin. It was not intended for the value you think the coin is worth or what any catalog lists it as ...

So it takes the average that a number of users have added when they have bought a given individual coin?

Quote: "DecimalHunter"​So it takes the average that a number of users have added when they have bought a given individual coin?

​That's my understanding .. That is as long as the members are inputting what they paid for the coin and not what was listed in a catalog or what they deem the coin to be worth ..

As far as I know the system uses the median value, not the average.

I just use the system to store the values of my collection. I wouldn't use the Numista value of a coin to balance swaps or as a price guide for buying and selling nor is it designed to be used as such as far as I'm aware.

Quote: "cro321"​As far as I know the system uses the median value, not the average.

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Quote: "derf"​

Quote: "cro321"​As far as I know the system uses the median value, not the average.
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​Interesting. I had no idea in English mode, median and mean are all together grouped as average. Seems a bit confusing to me but it's probably just a language barrier. But I guess I'm not the only one since I remember the discussion on the subject when values were first introduced and I remember other members also making a difference between average and median. Thanks for clearing that up.

Quote: "cro321"​

Quote: "derf"​
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Quote: "cro321"​As far as I know the system uses the median value, not the average.
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​​Interesting. I had no idea in English mode, median and mean are all together grouped as average. Seems a bit confusing to me but it's probably just a language barrier. But I guess I'm not the only one since I remember the discussion on the subject when values were first introduced and I remember other members also making a difference between average and median. Thanks for clearing that up.

​Its a big problem with the English language because we use all meanings and just say average. It is abused by politicians and commentators constantly. Check this out for example. The average wage in the UK is 21 thousand pounds a year. The average person in the UK earns less than 21 thousand pounds per year. Both are true.

Quote: "DecimalHunter"​
​​Its a big problem with the English language because we use all meanings and just say average. It is abused by politicians and commentators constantly. Check this out for example. The average wage in the UK is 21 thousand pounds a year. The average person in the UK earns less than 21 thousand pounds per year. Both are true.

Yeah, I see what you mean. In my experience in other languages "average" usually means arithmetic mean while when median or mode are used they're clearly marked as such.

Anyway, to get back on topic and answer the op's question: The site gets updates as more and more members enter the price they paid for a coin. When enough values are entered the system uses the average (median) value. The values on Numista aren't official catalogue values.
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• These values are not market values or catalog values, they are just the values members paid for the coin itself (meaning no shipping or handling costs included). Purely indicative, it does not intend to give a market value.
  
• Values are shown only if minimum 4 members have entered a value.
  
• Calculation also consider auction match when present (minimum one value needed to show a value). A weighted value is calculated between auction listings and members' values.
  
• Extreme values are removed from calculation.
  
• Updates are calculated every night. Meaning if you match an auction price to a coin file, the value will be reflected in the shown value of the coin file only the day after.
  
• Some inconsistencies are still there and will be fixed. Example: a lower grade won't be able to have a higher value than a higher grade.
  

You may refer to this thread for more info.

Quote: "cro321"​

Quote: "derf"​
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Quote: "cro321"​As far as I know the system uses the median value, not the average.
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​​Interesting. I had no idea in English mode, median and mean are all together grouped as average. Seems a bit confusing to me but it's probably just a language barrier. But I guess I'm not the only one since I remember the discussion on the subject when values were first introduced and I remember other members also making a difference between average and median. Thanks for clearing that up.

The mean is the average, the median is the number in the middle when the numbers are arranged from smallest to largest, not the average. ​Mean, median, and mode are not the same in the English language.

I have found that some of these prices are spot on, others are nonsense.

Thank you all!!
I had no idea that members are adding the values, I thought it was some sophisticated computer algorithms that pulled info from multiple auction websites and auto filled, now that would be cool!!!

Quote: "derf"​​

​It'a mathematical term.
Take this row of number for example:
1, 15, 78, 120, 272

The median is 78 – the number in the middle.
The average is 97.2 – you add all numbers and divide by how many numbers there are.