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 Replies: 8 / Views: 1,428 |
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Valued Member
United States
112 Posts |
I was wondering if many of you have bought coins at your local coin auctions. These auctions are ones where the the estate is selling off everything and coins are a small part of it. I am not talking about a coin show or coin only auction. I just wanted to know if you have been to any of these and if you found any good coins. What advice do you have for people attending these type of auctions? I went to one and they had a good variety of coins but the people bid way over RedBook values...... |
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Pillar of the Community
United States
954 Posts |
I have. I went to one and bought 4 Morgans. Even the wheat cents went for way more than I would have paid at the time, but the Morgans went for " ebay" prices at the time, not bargains by any stretch. This is the one I went for and brought home...   |
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Pillar of the Community
United States
2600 Posts |
gonefishin, I go to at least one estate auction every month and have had mixed success but you can fine good buys. It takes patience and patience. 1st patience is to go to the viewing beforehand and study, then the patience to sit thru the whole auction because quite often the buys come late but not always. Look at every coin and look for variations, esp. on Morgans and then stay alert. The last auction I went to there was apparently little interest in Lincoln cents in airtites. I was able to get a number of s mint early teens Lincolns WELL below what they were worth. And, if nothing else, it is a great way to look at coins you have never seen and to practice your grading skills. Jim1953 Oh, have you ever been out fishing with the other gentleman here on the forum, docwaliper (love that ID, I have hit a few in my time).  Edited by Jim1953
03/28/2007 4:50 pm
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Valued Member
 United States
112 Posts |
Becky- I like the Morgan you purchased at the auction, Were all of the Mogans in the same shape? Jim- thanks for the advice. These auctions can be very intimidating. Do you take the RedBook or any other pricing books with you to the auctions? |
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Pillar of the Community
United States
717 Posts |
Becky, Your Morgan is a beauty. Anyone have an idea on how to clean up the boo-boo on the reverse without negatively affecting the value?
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Bedrock of the Community
United States
20753 Posts |
Long, long time ago I found estate auctions were fairly decent but in the last several years no longer true. The coin collecting craze is rather on the high side now and auction people know that and I suspect they spike the audiences so that the prices go overboard. I'll just stick to coin shows, flea markets, garage/yard sales.
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Pillar of the Community
United States
2600 Posts |
gonefishin, I subscribe to the Grey Sheet dealer guides and use these to keep me in line. If I bid above them, I am doing it with my eyes wide open.
Jim
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Valued Member
United States
487 Posts |
I have a local coin shop with very good prices and the dealer told me he stays in business by going to a local auction every thur. night and SELLING coins. Claims he gets about 40% more at the auction than he does at his store front. The last auction I went to they sold about 30 morgans 29 of which where AG common dates and they averaged about $22.
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Valued Member
United States
112 Posts |
I believe you that they actually sell the coins for more money than at the coin shop. I have gone to many nursery auctions looking for various trees and they are the same way. People bid way over the value of what you could easily buy it at the nursery next door....go figure...
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Replies: 8 / Views: 1,428 |
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Posted 03/28/2007 4:46 pm
