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Going To Estate Sale Next Week, Any Tips?

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 Posted 09/19/2020  3:43 pm Show Profile   Check silverstash119's eBay Listings Bookmark this topic Add silverstash119 to your friends list Get a Link to this Message
Hi all,

Going to my first estate/moving sale next week where they advertise hundreds of coins and paper currency notes. My main goal is to get some good deals so I can resell. I'm still pretty new to this whole thing and haven't done the estate sale thing yet. Any advice on how to get the most out of the experience? I'll be showing up early the first day of the sale so I can get to the good stuff...
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 Posted 09/19/2020  4:13 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
You can pretty much be assured that the promoter of the estate sale has shown everything to a knowledgeable numismatist and the good stuff has been tagged appropriately or already sold off.

Do not get caught up in paying too much for this stuff.

Good luck!
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 Posted 09/19/2020  4:19 pm  Show Profile   Check silverstash119's eBay Listings Bookmark this reply Add silverstash119 to your friends list Get a Link to this Reply
@westernsky

Yeah the pictures so far have only shown coins in graded slabs, I'm hoping maybe there's a big bucket of junk silver thats not in the photos, but, only one way to find out. I'll only buy if I think it's a good deal. I don't know much of anything about the bank notes/currency, so not sure if I'm going to get caught up in that. Not really my thing anyway....

Mostly going for the experience, should be fun to browse. I'll probably bring about $500 with me and hope for the best.
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 Posted 09/19/2020  4:53 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
Let us know how it goes! Thanks.
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 Posted 09/19/2020  5:43 pm  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Estate sales are not always the cream of the crop . If they advertised it about coins & currency you can bet there will be no parking spots anywhere near that house . Don't assume they know nothing about the coins ; Like westernsky said the promoter will know what they are worth .
Just go there with an open mind , and who knows, you might buy something that's not coin related at all .
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 Posted 09/19/2020  6:00 pm  Show Profile   Check Lancek's eBay Listings Bookmark this reply Add Lancek to your friends list Get a Link to this Reply
Don't be afraid to stay late. That's. when I get the biggest bargains. Many auctioneers try to space the good stuff out at multiple times over the auction. To keep people there. But after three or four hours of coins, people get tired, have other stuff to do, or realize they have already spent too much.

Hopefully the auction will provide a list of coins in the order they will sell them. Some like to mix it up and keep people guessing. If they have a list, jot down next to each lot you are interested in, what the max you want to spend. I pull up PCGS's Coinfacts app. If you haven't used it before, download it prior to the auction and familiarize yourself with it. They have current pricing for most US coins. I find them to be 5 to 10% inflated. And if you really intend to turn a profit, you will need to be paying 30-40% below what they list.

Biggest downside to turning a profit is where are you going to sell them. Most established outlets have some kind of fee structure.

Also make sure you ask what the auctioneers buyer fees are. Most don't have one, they make their money from the seller. But I have seen some that will charge 10-15%.

Don't jump on the first bid. Most auctioneers start high, to make the item appear more valuable. When nobody bids, they will come down to a more reasonable start.

Don't get too attached to any coin. No matter how much you like it, or how rare you think it is, it will come up at another auction later. I paid too much at some of my earlier auctions.
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 Posted 09/19/2020  7:09 pm  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Lancek , Silverstash is not going to an auction , he's going to an estate sale probably at the owners house .
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 Posted 09/19/2020  7:15 pm  Show Profile   Check silverstash119's eBay Listings Bookmark this reply Add silverstash119 to your friends list Get a Link to this Reply
Thanks all,

@Lancek

I do have the PCGS app, I use it probably way too much but it's been a great educational tool.

Currently I'm just trying to get off the ground with a little eBay business, but it's purely for hobby. I'm already working full time and homeschooling two kids, so my plate is too full to do anything besides eBay right now. In conjunction with this forum, it's helping me learn about coins and the market, and it's a fun distraction. Any transaction, even if I pretty much break even, will still go towards helping my seller status.... so I'm not too concerned about large profits currently. Maybe in 10-15 years I'll be better at all this and can take it more seriously.

And true, I may see some cool old jars or toys or other collectibles. I'd like to focus my business on coins and bullion, but I may shift to collectibles as well... They mentioned a huge comic book collection, but I really don't care about comics.... Old baseball cards though, I'd jump on those.
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 Posted 09/19/2020  7:18 pm  Show Profile   Check silverstash119's eBay Listings Bookmark this reply Add silverstash119 to your friends list Get a Link to this Reply
@T-Bop - correct

They're keeping the address secret until Wednesday evening, estate sale is the following day. I do know it's in the small city right next to mine, so too close for me to pass it up.
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 Posted 09/19/2020  8:07 pm  Show Profile   Check Lancek's eBay Listings Bookmark this reply Add Lancek to your friends list Get a Link to this Reply
T-Bop,

In my area, many, in fact most estate sales are auctions. Some at the house, some at a central area like the community center at the fairgrounds. Big hassle for the family to move the stuff. But much easier for buyers to find adequate parking. Some auctioneers have their own location. Throughout the year they might have some consignment sales and some estate sales. For smaller, less valuable estates, the auctioneer might combine 2 or 3 estates into one auction.

Every once in a while people will have what we call a "tag sale" for their estate. Where items at the house are marked a certain price. Some over multiple days. With a percentage discount each day. Maybe that's more what you think of as an estate sale.
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 Posted 09/19/2020  9:02 pm  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
@ Lancek , Well where I come from there are no auctioneers at an estate sale ( contents of home ) . There are also what's known as garage sales and yard sales . These are items being sold by the home owner ,no promoter or auctioneer . I guess a lot of things are different from state to state .
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 Posted 09/19/2020  11:35 pm  Show Profile   Check silverstash119's eBay Listings Bookmark this reply Add silverstash119 to your friends list Get a Link to this Reply
Well next week I'll let you all know what it's like where I'm from.

This is put together by a promoter, I saw it listed on an estate sale website and they discuss the sellers as their clients. It didn't mention anything about an auction in the listing though. So we'll see what it's like.
Edited by silverstash119
09/19/2020 11:35 pm
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 Posted 09/19/2020  11:43 pm  Show Profile   Bookmark this reply Add Joe2007 to your friends list Get a Link to this Reply
I am into antiques and collectables so I attend a lot of estate auctions and estate sales. I rarely find any deals on coins or currency at these since the seller knows what they have and there are a lot of uneducated collectors that will pay retail+++ for common obsolete coins. There are hoards of people that show up for every estate auction with coins and I am sure the same will be true for estate sales. A few of the auctioneers in my area buy a bunch of lower end stuff from local coin shops to put into their sales since prices are so strong and it is a good tool to draw more people in the door who may bid on the other items.

Perhaps it is different in your area but you need to attend a few to find out. Don't go in with high expectations however or feel you have to buy a piece of the action. I'd suggest getting there very early and being near the front of the line for the sale, since if the coins are priced reasonably for resale you can bet the first savvy attendee that sees them will snap them all up.
Edited by Joe2007
09/19/2020 11:49 pm
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 Posted 09/20/2020  09:16 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
My experiences with so called estate sales are not to good. Usually everything has been already picked over by friends or relatives. You see only remains of what was there originally. That is for real estate sales. The ones put on by professionals are just a joke too. Anything and everything is over priced. So good luck and let us know.
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 Posted 09/22/2020  03:02 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
I remember my first estate auction in which I became caught up in the bidding frenzy and paid twice melt on a large lot of common mercs, be careful.
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 Posted 09/27/2020  12:31 am  Show Profile   Bookmark this reply Add Joe2007 to your friends list Get a Link to this Reply
How did the estate sale go? Would love to hear the details.
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