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 Replies: 16 / Views: 5,447 |
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Valued Member
United States
128 Posts |
Basically the only local coin store I frequent (gold & silver buyer as well) features a bid board where they have bi-monthly auctions. The bidding ends on every other Saturday, and due to the seasonality of my business this was the first time I've been able to be there before the auctions end. I was really surprised to see 40+ people there actively bidding. I saw some coins going for WELL above fmv (as far as I can tell) and think I found some deals as well. I bought my first graded coin at the auction. A 1950 D Jefferson ANACS MS63. Ended up paying $16.00 for it, but with no tax and no shipping I think it was worth it. Especially getting to see the coin in hand. Picked up a couple of early 40's Jeffersons as well for $1.50 each. I didn't find out until after the bidding had ended that they do drawings with bidder #'s for various items. They had about 5 prizes ranging from some "gold plated 13 original colonies" quarter sets to a BU 1922 Peace dollar. In two weeks they have a grand prize of $1,000 in gold. Not much of a point to the post except to brag about my acquisitions, but maybe to encourage people to look around at some local coin shops. It's really interesting to see and meet the other people interested and involved in the hobby and you never know what you might find or even win. I'll post some pics once I pick the coins up on Monday. |
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Valued Member
United States
52 Posts |
I like the idea. The local shop in my town has me do all their consignments on ebay, but maybe a live style auction would bring in some new blood. Thanks for sharing. |
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Valued Member
United States
123 Posts |
I love the idea if local auctions. I used to attend one for sportscards. Let the dealer move some inventory and pass on some bargains. Wish we had one for coins. Being able to see it in hand is always a huge advantage.
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Pillar of the Community
Egypt
3470 Posts |
nice idea ..... wish there was one like this in Egypt  |
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Valued Member
United States
289 Posts |
This is a great Idea, your fortunate to be able to attend. I have searched many stores within a 100 mile radius of our home and have NEVER heard of anything like this. Makes you wonder why more stores do not do something of this nature. Particularly when I see coins for months on end that they have at very inflated values, at least where I am. I've only been able to buy a few graded examples that 2 stores "discounted" to me.
Congratulations on being able to attend the auction.
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Valued Member
United States
421 Posts |
We have the same thing here where I live. A company that I used to buy and bid on there coin auction, has carried on its same traditions some 20+ later as a gold/silver buyer. They have 2 auctions a month which the better date coins that come into 1 of there 7 stores.
I too are unable to attend since I work on Saturday nights.
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Pillar of the Community
United States
666 Posts |
I'm going to ignore the HORRIBLE handle you've chosen for yourself. What shop were you at? Was it the one over near the Promenade (41stish)? I remember going there when I was little bitty and being fascnated by the bid board.
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Pillar of the Community
United States
666 Posts |
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Valued Member
 United States
128 Posts |
Springcypress, yeah, it's the one at 41st & Sheridan. I know it's tough for Poke fans to handle being the little brother, but you'll get used to it. All Poke fans have to eventually. :)
Boomer!
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New Member
United States
7 Posts |
Just thought I'd say hi to the other local okies. I use the 41st and sheridan store alot also. You may check out the 26th and Sheridan store, they also have a bid board but it is smaller. It is a much smaller store but it is pretty easy to dig out some real finds there also.
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Bedrock of the Community
United States
17884 Posts |
Bid boards like that used to be a common feature at many coin stores but today they are pretty rare. Usually on a good board only about a quarter of the coins on the board were owned by the shop, and the rest would be put up by other collectors. The boards tended to die out for a few reasons. They consumed space that the dealer could use for other display space, and they required more space for people attending the auction. In some cases the dealers decided they didn't want others making sales in their stores, so they would either get rid of the board, or take it over and all the coins were the property of the shop. these decisions were short sighted because the shop would usually take a commission on the collector sales, and the crowd attending the sales meant a lot of people in the shop and possible additional sales. When they would yake over the board attendance at the sales would eventually dwindle because the collectors were not seeing anything new, just the dealers stock they had already seen. Once attendance dropped the board did become just so much wasted space and it would eventually be dropped..
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Bedrock of the Community
United States
12437 Posts |
My local shop has a bid board auction as well. It is held weekly(Monday evenings) with approximately 75 lots/week, about 3/4 of them coming from dealer stock and the rest of them member lots(10% commission to the shop). At 36, I am almost always the youngest in attendance with an average age in the 60s. I have had good luck getting some nice coins for resale and cherrypicking(old dudes= bad eyesight for die varieties  ). I also assembled an MS63-65 Franklin set in three years with 90% of the coins coming from the bid board. We do not have any drawings or giveaways except at the annual Christmas party. |
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Valued Member
United States
128 Posts |
Picked up my 50-D today. It looks like I misread the slab and it's not MS-63. Anyone care to take a guess?   The pics aren't great.. Just hurried home and set up a tripod and took the shot with just the overhead lights on. okiesilverdude, thanks for the tip! I stopped by today (I took the week off to do some shopping) and found some nice buys! You definitely have to dig, but that just adds to the fun. |
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Valued Member
United States
467 Posts |
66+? Nice looking coin, good step detail.
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Valued Member
United States
128 Posts |
Close, oober. Anacs gave it MS-65 (5 steps). I'm happy with it. The new bid board has a lot of slab bed LWC's. Time to do some research and bidding! |
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Bedrock of the Community
United States
11951 Posts |
We do not have any bid board auctions in this area, Pensacola Florida.
I do miss them. I still have a lot of nice coins from Rogers Staples
coin shop/bid board in Northern Virginia. And there was another one
in Honolulu, that I sold many coin at.
IMO you are lucky to have them in your area.
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Replies: 16 / Views: 5,447 |
Posted 11/26/2011 11:54 pm
