My First Live Auction - Coin Community Forum

To participate in the forum you must log in or register.

Author	Replies: 12 / Views: 1,128
acidic1 Pillar of the Community United States 632 Posts	Posted 09/29/2007 07:52 am Hi all, I'm going to my first live coin auction tomorrow...any advice?. Thanks. Report this Post to the Staff

nohope587 Pillar of the Community United States 5953 Posts	Posted 09/29/2007 08:09 am Decide what you want to bid before and and never get carried away in a biding war. Most Auctions I have attended have been a bust as far as coins were concerned as the coin lots went to the uninformed who paid way to much for what they bought. If its just a coin auction then you stand a better chance or getting something for a reasonable price Report this Post to the Staff
jcook54 Pillar of the Community United States 533 Posts	Posted 09/29/2007 08:25 am Pick what you want first and stick to it. In the past I did the same thing but didn't come away with anything. At that point I scrambled to come up with something that I kind of wanted so I didn't "have" to go home empty handed. Needless to say, this is not a good idea. I had it in my mind that leaving with nothing was somehow terrible. Pick out what you want and figure out what you will pay for it, Good Luck! Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 09/29/2007 11:31 am As noted watch out for a buying frenzy. One thing I've learned is to first just watch. If you see a person in the back bidding on everything, leave. The place is spiked with ringers. Those are people hired by the auction houses to keep the bidding high. If they win, so what. The same item goes up there again at the next auction. Just remember to know how much items are worth and never go over that. Good luck and keep us informed. Report this Post to the Staff
onejinx Pillar of the Community United States 1231 Posts	Posted 09/29/2007 2:57 pm Also when figuring the price you want to pay, make sure you take into account the buyers premium for the auction which can be anywhere from 10-20% on top of your bid. Report this Post to the Staff
Spider5689 Pillar of the Community United States 2269 Posts	Posted 09/29/2007 3:31 pm Set your limits to include the buyers premium. This way, you won't be shocked by the final price. Report this Post to the Staff
acidic1 Pillar of the Community United States 632 Posts	Posted 09/29/2007 6:47 pm Thanks for all the advice. I'll post here tomorrow to let those interested how it went. By the way, Carl, "Ringers" sounds dubious but I guess your right. It would pay for the auction house to do something like that. I'll keep that in mind, thank you. It is an all coin show so I guess thats in my favor. I haven't seen a single advertisement for the auction in any papers or shopping guides in town. I heard about it from word of mouth. Maybe I'll be the only one to show up!. Report this Post to the Staff
acidic1 Pillar of the Community United States 632 Posts	Posted 09/30/2007 7:41 pm OK!. Wow, the auction was a blast. I think the thing that struck me most was how fast it all went. No time to look things up on the spot. It was mostly NNC and raw. I set it up so that I never bid higher that 2 or 3 grades (sometimes less) lower than what was on the slab. lots of morgans. I'm glad we don't have these around here very often 'caus I think I'd end up selling my car!. Image: wholetake.jpg 73.68 KB Image: 50thww2commemrev.jpg 97.02 KB Image: sfmintcommemobv.jpg 90.73 KB Image: 1879pmorgobv.jpg 61.77 KB Report this Post to the Staff
jcook54 Pillar of the Community United States 533 Posts	Posted 09/30/2007 8:37 pm Good job! Sounds like you had a blast and came away with some stuff that you are satisfied with. Who could ask for a better auction than that? Oh ya, keep the wheels, you will need them to get back and forth from the local coin shop between auctions! Report this Post to the Staff
TreasHunt Pillar of the Community United States 2540 Posts	Posted 10/01/2007 10:13 am Looks like you had fun. Just be careful not to get caught up in auction fever. Report this Post to the Staff
Amazon99 Pillar of the Community United States 2443 Posts	Posted 10/01/2007 11:44 pm Whoa, I wasn't excepting that. I though you were going to come back saying that it had junk and it was overpriced. Looks like you made the auction house very happy lol. Any good deals? Report this Post to the Staff
acidic1 Pillar of the Community United States 632 Posts	Posted 10/02/2007 12:45 am Yea, Good deals I think. It was the collection of an older gentleman from Jamestown, ND. with family in Williston, ND (pop. 13,000) who passed away. They decided to hold the auction locally. My bid number was 4 and I think there was about 25 or 30 people there. I would have walked away with more but I was way deep into my budget early in the auction. The mint commem I got for 20 dollars. The 3 proof sets I got for 20 dollars, and the morgans graded by NNC and mostly ms65 and 66 I got for vf to au prices. There were 3 guys in the back I was worried about but the only thing they bid on was 2 full rolls of bu morgans. I'm sure they were dealers. If your interested in seeing the others a little closer please check out my home page. (jjscoins.com) Its mostly about the coins but there are other things there too. Check out the donkeys. Thanks, J. Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 10/02/2007 08:44 am Sounds like you had fun. That is more important than a few dollars spent anyway. Glad you were watching for ringers. Happens all the time around me. Report this Post to the Staff
	Replies: 12 / Views: 1,128

To participate in the forum you must log in or register.

All Forums Category: US Coins and Currency Forums Forum: US Classic and Colonial Coins

The First Dollar, your premier source for bullion and rare coins. See our bullion list on the site and the coin inventory on ebay.

Silver Gold Bull US is the United States leading bullion dealer. We deliver gold coins, gold bars, silver coins, silver bars and precious metals to your door. Order today!

View Last 100 New Topics

View Last 100 Active Topics

Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us | Advertise Here | Privacy Policy / Terms of Use

Coin Community Forum

It took 0.34 seconds to rattle this change.