Night At The Coin Auction

This past week I attended a coin auction at one of our local auction houses. It was approximately 120 lots of coins and currency and contained the usual assortment you would regularly see in most coin collections. Nothing uncommon but a decent selection. There were a lot of Morgan & Peace dollars, common small size currency, some junk silver, lots of Indian Head & Wheat Cents, some partial sets in Whitman albums, and tons of proof/mint sets starting in the late 1960's and continuing up until present.

I was expecting retail+++ bids but was pleasantly surprised when most of the stuff only brought marginally more than what a coin shop might than what a retail coin dealer might start negotiations at. Not to say that there wasn't some very high bids but overall this auction didn't reach levels that I expect at estate auctions.

I purchased some junk silver and silver dollars at prices slightly under going rates once the auction firms premiums were factored in. I wish that I would have had a larger bankroll to purchase some of the larger junk silver lots which went for about spot.

Some additional notes:
1. The local coin dealer was there so prices had a floor and there was no super deals to be had.
2. An older couple bought hundreds of 1970-90's proof and mint sets for $5-8 each. I sort of feel sorry for them since the auctioneer kept going back to them for the opening bid and they bought of overvalued stuff.
3. 1500 wheat cents sold for $165. Not sure what the buyers were thinking?
4. Common small size currency notes such as silver certificates were vastly overvalued by the bidders. The silver certs (heavily circulated) went for $6 to $10 apiece.
5. Somebody paid $85 for a coke can of mystery coins that was taped shut so nobody could see inside.
6 The auctioneer was probably laughing his way to the bank since his cut is 40% of prices realized + the buyers premium. I know since I've tried to consign stuff with him previously but balked after seeing how large of a cut the auction house gets on every sale.