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Pillar of the Community
United States
3843 Posts |
Also several of the coin dealers that I know often blowout all of their problem material and all the stuff that they cannot sell at auctions. One coin dealer in the area consigns a small amount of material to an auction house that has weekly auctions. They try not to saturate the market by offering small amounts, perhaps 30 to 40 lots on a weekly basis. From what I have heard they do very well on stuff that they would otherwise need to heavily discount (or wholesale) to get rid of.
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Bedrock of the Community
Australia
21788 Posts |
I have been a regular subscriber to two different postal auctions for around 30 years. They each have typically 5,000 lots twice a year, so that's around 12,000 lots I get to choose from annually. The other 8,000 lots are in areas of numismatics that don't interest me, such as banknotes, tokens and NCLT. I collect all coins ancient to modern all cultures, all centuries, so long as it actually has been in circulation for use as money. When it comes to auctions, virtually every lot is up for my consideration, but even then, I only bid on four or five lots, to keep within budget. I then do quite a lot of research on the lots I am interested in before submitting a bid. An extensive numismatic library to know the lots, and research on several websites for comparative pricing helps. Even then I attend the view days if I can to inspect the lots, then submit written bids only, I never attend the auctions. That puts me in a very good position to pick out the best value for money lots, for which I usually submit single low bids, not expecting to win anything. I get lucky when I actually DO win! If I don't win, I get to keep my money, for me, that is a win / win situation. I take full advantage of my wide numismatic interests to acquire interesting and varied numismatic items. That is how I can get good value for money, without having to use ebay, or going near a coin shop. Nevertheless, I have a strong numismatic relationship with several coin shops, because I look for good value for money, regularly, in this area as well. Edited by sel_69l
07/05/2012 03:25 am
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Pillar of the Community
United States
1812 Posts |
Living 40 miles north on NYC, you can't be far from Chester, NY, where they have atleast one Coin & Stamp Auction a year (mostly in the spring)... I used to get some good deals there, then there was this little thing called divorce that erased most of my life's savings and my purchasing coins became obsolete in 2006... Anyway, the Auction house is William J. Jenack (link below) and he can answer any questions you may have, also, if anyone has a large enough collection that he would like to sell, this may be the route to go instead of ebay as William would most likely have a seperate auction for your items, on average 400 - 500 individual lots (just not sure of what his seller fees are, but he is high end on Art & Collectables and does advertise)... http://jenack.com/ |
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Pillar of the Community
United States
1812 Posts |
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Valued Member
United States
294 Posts |
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Pillar of the Community
United States
3843 Posts |
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Pillar of the Community
United States
3843 Posts |
Just at an estate auction today and they had a few coins mixed in with some other odds and ends in a display case. I wasn't there to buy coins but I watched for them to be sold. The auctioneer sold the 25 common date/heavily worn Morgans & Peace dollars per choice with the winning bidder taking as many as they wanted. They ended up selling for $55 dollars each with the 'winning' bidder taking them all. There were also some silver halves, quarters, and dimes all of which selling for much higher than melt. None of these coins were in good enough condition to command the prices that they did. I guess it is just part of auction fever setting in. |
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Pillar of the Community
 United States
1890 Posts |
I try to attend every local auction that offers coins. You pretty much have to be there to inspect the lots. Auctionzip is a valuable resource for locating live public sales, but the photos that auction houses put up *invariably* leave a whole lot to be desired. Auctioneers seem to feel the same effort they put into photographing furniture also works with coins. Hah! Quote:
I've never attended a live auction. The chances are far too small that I'd end up with anything one could describe as a "bargain."
To this I offer: https://goccf.com/t/108515  You need to apply the same tenacity to public sales as you do to an ebay daily coin search. Especially with those mixed lots and 'mystery bags' that are never adequately photographed. I have found that the best auctions to find good deals are not the all-coin sales, but the estate sales with small batches of coins, typically not delineated at all, with only the word 'coins' includes along with the other stuff deemed 'collectible'. Auctions are fun and boring and exciting and frustrating all at the same time. But it's a wonderful feeling when your diligence pays off! |
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Pillar of the Community
United States
1193 Posts |
Hey there coinkid... I actually live IN nyc. I too sometimes search auctionzip.com even there however, mostly they are "live internet auctions", I had a TERRRRRRRRRRRIBLE experience with one of the "live internet auctions" the auction house was US Seize & Forfiture, or something like that.. I don't recommend doing any business with that specific one.
There is an auction house on Long Island, (the name I cant remember right now, but its a guys name, they are in Oceanside NY) that does live auctions of coins and stamps occasionally--I've never been, but always mean to go.
I understand your want to go to a live auction, as I really want to too...I know I can't trust myself lol.. I will end up thinking I am on TV and will make it my business to foolishly win HAHAHA...
One other bit of advice that seems to be easier in "our neck of the woods", go to estatesale.net, put a coin search word. You will have more luck looking for coins that way. Just get to the estate sales early, they hand out numbers and only let a certain amount of people inside at a time... these treasure hunters take it seriously! The last one I went to, people were lining up at 4am!
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Valued Member
United States
171 Posts |
Proxibid is a good place to see many live auctions that you can bid live online.
Edited by streg2
07/11/2012 8:16 pm
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Pillar of the Community
United States
3843 Posts |
I've actually been having a bit more luck at some estate auctions recently. A new auction house recently opened up in my area and they occasionally have small coin auctions of 40-50 lots before their main auction starts. They seen to make their money on modern stuff like proof sets, gold plated State Quarters, and other telemarketer/magazine type stuff. I guess the pretty packaging gives the bidders a false sense of value and thus they greatly overpay for the items. However some of older pre 1900 stuff (excluding Morgan dollars which always sell high) sells for prices that aren't too bad. You really need to be able to grade and spot problems like cleaning but some of the stuff is decent. |
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Valued Member
Canada
158 Posts |
We have a local auction house here that mainly consigns mostly junk people don't want anymore. Over the years he has had coins there but they go for outrageous prices. I tried a little experiment two years ago. I purchased Canadian large cents from 1900-1920 for what worked out to $1.20 each on ebay and consigned them. Not one went for under $20.00......needless to say I will not be bidding against a crowd lacking knowledge of the hobby. *edited due to fat finger syndrom* Edited by Fireman638
02/09/2014 10:31 pm
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Bedrock of the Community
United States
20753 Posts |
I hate auctions. I've found over many years of attemding all sorts of auctions, that most are really set ups. By that I mean small local ones have already been gone over by neighbors and people that know the auction people. This is the small neighborhood type. The larger ones I've been to also are sort of rigged. At one auction house I met a person that was bidding on almost everything. Later I found I knew him from college. He told me he worked for the place and that was his and a few others jobs to bid on stuff to get the prices up. They rotate so it is not so noticable.
At a company that was so called going out of buisness, they too had an auction to get rid of all merchandise. It was a several day event. I went to a few of them and noticed more and more STUFF being added constantly. Odd for a place to be going out of buisness to still buy more STUFF to sell.Ebay is one of those that has so many different ways to cheat, I keep away from there.
In other words, I just don't trust auctions.
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Pillar of the Community
United States
9796 Posts |
It's been my experience with estate and antique auctions, that the coins are all sold way too high, overgrazed and/or many of the key dates are fakes. I've done really well on some of the local club auctions and coin show auctions (not the big show auctions). When it comes to the big guns like Stacks/Bowers, Heritage, Goldberg's, etc. it can be hit or miss, however you need to remember to factor in the usually hefty buyers fees of around 15-20% on top of your bids, taxes, shipping, etc.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Pillar of the Community
United States
1745 Posts |
I have had great success at our local coin auctions. They seem to happen once or twice a year near me and typically have 400 lots or so. My Keys- Do your research beforehand. The auctioneer usually publishes a listing a few weeks ahead, try to find what really interests you and do your research. Also, identify FMV for each lot. - Get to the viewing time early and make sure you visit and hold each lot you are planning on bidding on. - Bring good notes and keep track of winning bids on all lots, this will establish "going rates" - Find a comfortable spot where you can use your notes, etc. and be easily seen by auction staff - Stay on target with your bids, don't get carried away. With 400 lots and perhaps 12-20 serious bidders, plenty of items for everyone. - The local dealers are there for the big ticket items and generally will have the cash to buy them, the better deals tend to be less desirable lots. - be prepared to stay all day. 400 lots can take the better part of the day. Sometimes the best deals come at the end when everyone is out of money. Some Wins- Roll of 39-D Jefferson nickels for $7, all EF or better - Complete Jefferson BU (most Choice or better) Album for $30 - 1906 IHC MS64 for $15 - Many mislabeled lots with more value than stated Of course, you will have your stinkers in there too. The odd thing is, I usually go looking for specific mint and proof sets, but they almost always go for above retail.  I guess I happen to live in an area where auctions are common (farm country) and everyone knows each others and it would be hard to pull a fast one. |
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Posted 07/05/2012 03:17 am
Use their keyword search, it makes it easy to find them.
