Pricing guides: how values are estimated and why they differ
Catalogue price, asking price, sale price, dealer price – what each one means and which to trust
BulgarianCoins editorial team 3 min read
Collectors are often surprised that the same coin has completely different prices in different sources. Usually no one is wrong. Each price simply answers a different question.
The four kinds of price
| Price | What it shows | Usually |
|---|---|---|
| Catalogue | the catalogue author’s estimate for a coin in a given condition | a guide, often out of date |
| Asking | how much the seller asks in a listing | the highest |
| Sale | how much was actually paid at auction | the real market |
| Buy-back | how much a dealer offers to buy | the lowest |
Catalogue prices
International catalogues give prices by grade – for example VF, XF and UNC. They are useful as a guide to the ratios between years and conditions. However, the prices are updated rarely and are often in dollars, for the American market. For Bulgarian coins they can lag considerably behind the local market – in both directions.
Asking prices
Listings show what sellers are asking. They are easy to follow and are updated constantly. But they also include unrealistic prices. That is why we look at the median and the range, not at individual listings.
Sale prices
These are the prices at which coins were actually sold at auction. They are the best indicator of the market. Unfortunately, public archives of sold lots for Bulgarian coins are scarce. With auction houses you also have to add the buyer’s premium.
Buy-back prices
A dealer has to make a profit and cover their costs. So they offer below the market price – usually 20–40% below for ordinary coins and less for rare ones. This is normal, not a swindle.
How we calculate market prices on BulgarianCoins
Our market prices are calculated as follows:
- We collect the public listings in the “Coins” category of Balkan Auction, the largest Bulgarian coin marketplace.
- We match each listing to a coin in the catalogue by face value, year and description.
- We exclude lots, sets, replicas, pieforts, restrikes, specimens and coins of other countries.
- We separate listings without a certificate from those graded by PCGS, NGC, ICG or ANACS.
- We exclude extreme values more than four times the median.
- We show the median, the range and the number of listings.
The last update was on 19.10.2026. We state the date on every page.
Why the price is a range
Listings without a certificate include coins in varying condition – from heavily worn to almost untouched. That is why the range is wide. To value a particular coin, determine its condition and look at the corresponding part of the range. See How condition sets the price.
How to use prices sensibly
- When buying, take the median as your guide. Above the upper limit you are paying too much, unless the coin is exceptional.
- When selling, expect the real price to be below the median of the listings.
- With few listings (one or two), treat the price with caution.
- Compare like with like – graded with graded, worn with worn.
Summary
There is no single “right” price. The catalogue gives a guide, listings show wishes, auctions the real market, and the dealer the lower limit. A good collector looks at all of them. More about value – in What old Bulgarian coins are worth.
