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Auctions--Need Advice

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Author Previous TopicReplies: 11 / Views: 1,299Next Topic  
New Member
docroadie's Avatar
United States
14 Posts
 Posted 05/21/2007  7:46 pm Show Profile   Bookmark this topic Add docroadie to your friends list Get a Link to this Message Number of Subscribers
Howdy Everyone.
Writing to ask about Auctions. I went to an Auction this past weekend and there were some 400+ coins being auctioned off. Since I'm a 'newbie' at grading coins and coin prices I brought my 2006 RedBook Coin with me however I left it in the car because I felt odd having it with me while I was bidding.
Is there something else I can download and print out the lastest coin prices. I feel less embarrassed to have it on a piece of paper than to keep looking at the book as the auction went on.
Any advise would be great..

Thanks

Doc
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GO's Avatar
United States
6563 Posts
 Posted 05/21/2007  7:55 pm  Show Profile   Check GO's eBay Listings Bookmark this reply Add GO to your friends list Get a Link to this Reply
I'd make copies of just the pages you need. Just don't sell the copies or hand them out and yer good.
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hunter20ga's Avatar
United States
1173 Posts
 Posted 05/21/2007  7:56 pm  Show Profile   Bookmark this reply Add hunter20ga to your friends list Get a Link to this Reply
Personally, I wouldn't be embarrassed to have a RedBook with me, but each to his/her own. If you know what coins you'll be bidding on in advance, just make a list of coins, grades and maximum price you're willing to pay and bring that along. It'll be small, and easily held in your hand.

Best wishes!
Pillar of the Community
United States
2600 Posts
 Posted 05/21/2007  8:57 pm  Show Profile   Bookmark this reply Add Jim1953 to your friends list Get a Link to this Reply
doc, the auctions I have attended always have a preview before the auction. This is when I take a spiral notebook in and write down coins I am interested in w/ an approximate grade. Then I go somewhere, have a cup of coffee and review my list with my guide in hand. After making notes, I go back and restudy coins that I have questions about after looking at the books. I work off of this list at the auction as I have recorded by each coin the amount I am willing to spend. I always have my guide there however, and am willing to refer to it if necessary. Don't worry about what someone else thinks. I would rather have them see me studying, than have them see me spend $50 too much on a coin. Which one do you think screams rookie more?
Jim
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halfabustisbetter's Avatar
United States
1984 Posts
 Posted 05/21/2007  9:20 pm  Show Profile   Bookmark this reply Add halfabustisbetter to your friends list Get a Link to this Reply
Wow, I've worked both sides of an auction and I can tell you that no one laughs at someone who brings a price guide. People who don't have price guides are not necessarily smarter than you. If you're looking for a download, you can get the current grey sheet to get a reasonable idea of the wholesale bid/ask prices for types and specific certified coins, or you can download the (usually high) retail price guides from pcgs.com.

You really have to have your own plan for an auction, like jim. Ultimately, every auction item you don't buy presents you with a free education. Pay attention and you will be rewarded.
New Member
docroadie's Avatar
United States
14 Posts
 Posted 05/21/2007  10:25 pm  Show Profile   Bookmark this reply Add docroadie to your friends list Get a Link to this Reply
Wow guys.. Thanks a lot for the advice. I most definately will be taking all of them and hope to use them on the next auction coming up. It has about 500 coins and for this area--That's a big deal.
Thanks a bunch.

Doc
Valued Member
Morganator's Avatar
United States
90 Posts
 Posted 05/22/2007  12:35 am  Show Profile   Bookmark this reply Add Morganator to your friends list Get a Link to this Reply
Do you really care what they think?
You would probably never see them again anyway.
Best thing to do at an auction if the auctioneer will
allow it, is sit back and wait to see who bids.
Let them fight it out as much as possible before you get involved.
This way you don't bid up your coin unnecessarily. But... this can be a double edged sword as sometimes the auctioneer won't let you
get involved after there is a heated battle between two bidders.
Best advice - get a copy of Coin World's Coin Values Magazine and use it.
The advice above about writing down the coins you want to bid on and then checking out their values is right on. But set your limits on how much you will pay ahead of time and stick to them unless you believe that the coin will go up in value in the future.
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halfabustisbetter's Avatar
United States
1984 Posts
 Posted 05/22/2007  2:13 pm  Show Profile   Bookmark this reply Add halfabustisbetter to your friends list Get a Link to this Reply
Doc--Can you tell us a little more about the upcoming auction? If you can give us details--maybe there's an online catalogue?--or a listing--I'm sure any of us would be happy to go over some of your top picks and give you a sense of what the current market is for the coins.

If you can't, then at least let us know how things go this time around--

HABIB
Valued Member
LeAnn's Avatar
United States
429 Posts
 Posted 05/22/2007  2:20 pm  Show Profile   Bookmark this reply Add LeAnn to your friends list Get a Link to this Reply
A simple piece of advice, get there early and don't leave. I went to a public auction and the advertisement said coins sell at 1:00 p.m. I got there at 11:00 and coins started selling 5 minutes after I got there. So much for their advertising. There were 4 other people there with books in hand, besides me. It's not uncommon. I agree with the others, go to the open house and look in advance.
LeAnn
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Westbozy's Avatar
United States
74 Posts
 Posted 05/22/2007  3:05 pm  Show Profile   Bookmark this reply Add Westbozy to your friends list Get a Link to this Reply
wow kool a coin auction wonder if we have those here where I live. /smile
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collect4fun's Avatar
United States
1151 Posts
 Posted 05/22/2007  3:36 pm  Show Profile   Bookmark this reply Add collect4fun to your friends list Get a Link to this Reply
I have been to 100's of auctions, mostly antique / collectable type. I always bring reference books with me mainly for glassware which tell me about patterns, prices and fakes. You should never be ashamed to bring a book with you. Also bring a loupe.

Always try and make it to the preview and check things out. Note condition, lot number,and price that you might pay in a little note book. ALWAYS ask to see the coin in hand, not just thru a glass showcase. If there are a lot of coins or alot of people waiting to look also, then only ask to see the ones you are most interested in. As suggested above, take a seat and get a cup of coffee and go thru your reference books to compare prices and conditions.

An auctioneer will always take a higher bid, if they see you and you don't try to jump in too late ( after the hammer falls ). Always set your max price before bidding starts, getting caught up in the auction rush is fun, but do not spend more $$$ than you can afford.

Good Luck.
Valued Member
I Palindrome I's Avatar
United States
56 Posts
 Posted 05/22/2007  8:04 pm  Show Profile   Bookmark this reply Add I Palindrome I to your friends list Get a Link to this Reply
If I can get a list of the lots at the auction, I'll pick out the ones I'm interested in and will do my price research beforehand--usually from the Greysheet. Then when I go to look at the coins, I can just look at those coins and consult my notes to see if they're worth bidding on. If it's a series that I'm not comfortable grading yet (like Standing Liberty quarters), I'll take some sort of cheat sheet with me.
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