Local Coin Auction Opportunity!

I wish you luck, but you'll probably be seeing those $25 Morgans go for $110....

Yeah most likely they will go for higher than I would want. The past two auctions I have been to I was just looking to buy for selling and the prices were higher than I wanted, but as far as buying to keep the junk silver was fairly cheap. One person got a bunch of junk dimes for $1 (what I didn't realize was that it was bid for the dime and take as many as you want at that winning price, therefore she got them all for $1 each) and I got 14 silver quarters for $35 at 2.5 each. There were also some Morgans that a lady got for $20 a piece (just common ones like these). So possibly good prices for keeping but we will see! It's really exciting though!

Take a tablet or your phone to quickly check ebay closing prices for similar items. Take paper and pencil so you remember to write down the lots you are interested and your max bid for those lots, otherwise it's easy to get lost in the shuffle.

Most of the time the auction houses know that the faster they go, the more they get. You would think people who would want to bid on a lot would be left behind and the lots wouldn't sell for as much, but the opposite happens most of the time. If the auctioneer can get things rammming many people get so excited they bid over what they intended, or bid on lots they didn't intend to bid on.

Also DO NOT THINK for a moment that the auction house is responsible for ANY information. It doesn't matter what the coins are listed as or at, YOU are fully responsible for what you bid on and buy. If they say the next lot is a mint state perfect 1895 Morgan dollar, you should have seen it before it goes to the book and is discovered to be a railroad track 1885.

Also some according to some of the coin dealers I patronize some local auctioneers frequently come in to buy cheap problem coins to put into their auctions since some of the bidders seem bid up RedBook prices no matter what is wrong with the coin. Some of the ugliest, most messed up coins I've ever seen have been at these types of auctions since the dealers like to unload their junk to these auctioneers.

In addition to the commission you'll likely pay, you need to see if there will be sales tax. Presently, I'm told that there are 37 states that don't charge tax on coins.

Given the pics posted, I see largely generic coins that are plentiful in the market. It's long been my auction experience that these coins, largely silver, fetch more money than one would pay for comparable coins at a show. Granted, there is always the chance of getting a bargain, but I've attended hundreds of auctions and see the odds are not in a bidder's favor .... Unless, the bidder has selective knowledge about coin varieties, grading and other variables that enhance value. Good luck, and avoid getting carried away!

Yeah the couple of auctions around here were pretty good priced for the most part, just slightly over spot (like Joe had said people didn't want to bid over the next increment due to being higher than spot price, instead of just in line with it). We will see! Am excited but most likely won't come away with anything. Will have to see where that silver Elephant goes for though I need that for my world bullion collection. Will update again tomorrow after it happens!

Considering you can buy MS64 Morgans with common dates for $60 I have to wonder at auction prices I see. I have been to in-person auctions where partial collection sets of Buffalo and Mercury dimes went for very high prices. You could do better just buying them from LCS and do some haggling for lower prices. The coin shops pay maybe $25 bucks for common mint Morgans and are often willing to sell them for twice that money which may still be 25% less than Red Book price. If you do consistent business with your favorite LCS and you get to know them you can often get significant discounts. I do like to go to auctions and it is fun and exciting, but bidding wars can be expensive if your emotions get involved. I used to go over the items before hand and write down my maximum bids and stick to that number. If they go for more then let them go whatever they are. So easy to overpay by a few bucks but that mounts up and before you know it you are neck deep in the Old Muddy. You must assume there are people in the crowd who actually know the true value of just about everything. Not always the case, but a pretty good bet somebody there knows what's happening.

Was there a buyers' fee? Taxes?