[Exhibitman]

Without knowing which cards were at issue, it is speculative to respond. Some possibilities:

Maybe because "past performance (before and after taxes) does not indicate how the Fund will perform in the future" as Vanguard puts it.

Maybe because all it takes is 2 people wanting the card to make a fight of it.

Maybe because VCP creates a downward spiral of pricing that bottomed out with the last few sales. Lots of collectors refuse to pay more than VCP and want to pay less. Then the prices are reported on VCP at a new low, and the cycle repeats. Maybe you hit bottom and did not know it.

Maybe because the card(s) were infrequently transacted and the VCP "price" was stale.

Maybe because you wanted the card at a low price but others wanted the card more than you.