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Silver At Auction

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collect4fun's Avatar
United States
1151 Posts
 Posted 11/23/2008  9:40 pm Show Profile   Bookmark this topic Add collect4fun to your friends list Get a Link to this Message Number of Subscribers
On the way home from work today, I passed a building advertising a "Christmas Auction" and I thought I would stop in and see what they had. The auction was almost over, but they were selling off Morgan dollars and silver bullion rounds and bars and I thought what perfect timing.

They had all the coins at the front already so no chance for me to get up close look at the items. They did though place the items under a camera which was then displayed on a tv screen. The rounds and bars were the typical holiday themed ones and the Morgans were all common dates. I thought I would get in on the action until most of the items started at $15 and ended in the $25 - $30 range. For the Morgans I thought that was a bit high, but for the bars/rounds I thought that was way high. It seemed that 3 guys were bidding on the items and 2 of them went back and forth winning them.My only thought was one or both were shill bidders for the auctioneer. Who in their right mind would pay $25 for silver rounds right now?
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newdavid's Avatar
United States
191 Posts
 Posted 11/23/2008  10:09 pm  Show Profile   Bookmark this reply Add newdavid to your friends list Get a Link to this Reply
Was it an auction for a benefit ? I often bid a lil higher If I know it is going for a good cause.
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Josh's Avatar
United States
115 Posts
 Posted 11/23/2008  10:09 pm  Show Profile   Bookmark this reply Add Josh to your friends list Get a Link to this Reply
You're probably right, however, maybe it was for charity?
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trdhrdr007's Avatar
United States
2335 Posts
 Posted 11/24/2008  09:47 am  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
I've seen a lot of people over pay for things at auction. I think they don't have any idea what things are worth in the first place. Then, if there is another clueless bidder the skies the limit.
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collect4fun's Avatar
United States
1151 Posts
 Posted 11/24/2008  10:15 am  Show Profile   Bookmark this reply Add collect4fun to your friends list Get a Link to this Reply
I don't think it was a charity auction, more of a misc. leftovers from an estate sale with some other "junk" thrown in.


Quote:
I've seen a lot of people over pay for things at auction. I think they don't have any idea what things are worth in the first place. Then, if there is another clueless bidder the skies the limit.

That was my second thought after the shill bidders.

I was standing next to one of the bidders and was so tempted to lean over and say "that silver is under $10 an ounce right now and you can buy the same stuff on ebay for $15 -$18!"

Oh well, it was not my money they were spending.
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TreasHunt's Avatar
United States
2540 Posts
 Posted 11/24/2008  11:49 am  Show Profile   Bookmark this reply Add TreasHunt to your friends list Get a Link to this Reply
sometimes auction fever over powers good sense.
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MorganNoob's Avatar
United States
533 Posts
 Posted 11/24/2008  5:43 pm  Show Profile   Bookmark this reply Add MorganNoob to your friends list Get a Link to this Reply
The auction I went to a week ago, .999 silver bars were selling for more then 2x spot (plus a 5% hammer fee). And all the auctioneer had to say was Morgan Silver and hands started going in the air like crazy...
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