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First Time Attending Coin Auction - Words Of Wisdom?

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MrBreeze's Avatar
United States
357 Posts
 Posted 10/10/2020  09:13 am Show Profile   Bookmark this topic Add MrBreeze to your friends list Get a Link to this Message Number of Subscribers
So I am going to my first coin auction today. It is listed as an estate sale and have several coins that will be sold. Morgans, Peace, Kennedys, etc. There are some 1800's large cents, 3 cent coins and gold coins listed as well.

Any words of wisdom when it comes to buying at an in person auction?

Thanks!!
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Coinfrog's Avatar
United States
94367 Posts
 Posted 10/10/2020  09:22 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
First auction? Leave your checkbook at home.
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MrBreeze's Avatar
United States
357 Posts
 Posted 10/10/2020  09:29 am  Show Profile   Bookmark this reply Add MrBreeze to your friends list Get a Link to this Reply
@coinfrog - yep - been to many auctions, but this is the first one that I am attending for only the coins. Good call on leaving the checkbook at home!
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 Posted 10/10/2020  09:31 am  Show Profile   Bookmark this reply Add Believe7 to your friends list Get a Link to this Reply
Agree !
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Tunnioc's Avatar
United States
3170 Posts
 Posted 10/10/2020  09:50 am  Show Profile   Bookmark this reply Add Tunnioc to your friends list Get a Link to this Reply
Show up early, to get a good look at the coins before bidding. Good luck!
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Bump111's Avatar
United States
3323 Posts
 Posted 10/10/2020  10:21 am  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
Easy to get swept along by bidding frenzy if there are multiple bidders. I never jump in early and stick my price in granite. Don't forget to factor in any buyer's premium.

Most importantly - have FUN!
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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Collects82's Avatar
United States
1316 Posts
 Posted 10/10/2020  11:05 am  Show Profile   Bookmark this reply Add Collects82 to your friends list Get a Link to this Reply
Have fun as an observer. Watch others overspend, try not to be one of them. Lol. Remember that for almost everything there, it's not actually all that rare and there is always tomorrow to keep looking for a better deal.
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 Posted 10/10/2020  11:06 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Want to bet all coins will be sold for outrageous prices?
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fortcollins's Avatar
United States
3622 Posts
 Posted 10/10/2020  11:11 am  Show Profile   Bookmark this reply Add fortcollins to your friends list Get a Link to this Reply
I agree with the upthread advice.

A few other thoughts:
Just because it's in an estate doesn't mean that it's genuine.
Auctioneers sometimes "seed" estate sales with coins, to attract a new group of bidders. Don't assume these really are estate coins. The bulk silver dollars likely came from a dealer's junk box.
Greysheet is your friend. Auction frenzy is your enemy.
Almost anything in an estate sale can be purchased for less at your local coin dealer's shop.
Estate sales feature accumulations. Collections are sold elsewhere.
Be careful what you bid on. You might win it.

That said, I buy from estate sales. I have auctioneers who call or text when they have something they think I'd like. (I'm not special. They do this for many others, too, since it drums up business and drives up prices.) I've snagged some decent buys, even if my wife rolls her eyes at some of them. (I'm still in the doghouse for 11+ bags of wheat cents at $100-ish per from an auction. They were the rarest of rarities, actually unsearched and put away in the early 1960s. The problem is now I have to spend hours going through them, when my wife keeps nudging me to finish her honey-do list. That's a price add-on to the auction, for sure.)

Good luck!
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ijn1944's Avatar
United States
19112 Posts
 Posted 10/10/2020  12:13 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Let 'er rip!
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kanga's Avatar
United States
5825 Posts
 Posted 10/10/2020  1:54 pm  Show Profile   Bookmark this reply Add kanga to your friends list Get a Link to this Reply
Know your max and stick to it -- strictly!
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United States
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 Posted 10/11/2020  3:39 pm  Show Profile   Bookmark this reply Add Hunter611 to your friends list Get a Link to this Reply
I agree with: 1) get there early, 2) take a look and 3) know your max!
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MrBreeze's Avatar
United States
357 Posts
 Posted 10/11/2020  5:40 pm  Show Profile   Bookmark this reply Add MrBreeze to your friends list Get a Link to this Reply
Thanks to all for the words of wisdom. Here is the result of my first auction experience. I ended up buying 20 - 1964 Kennedy's and 2- 1864 2 cent coins. I think I got them for a fair price. I believe one of the Kennedy's is a DDO potentially. Working on getting a photos to post up the the errors forum and to the grading forum. It was definitely an interesting process and I am glad I stuck to my price points as I think some people went way over on their bids.
First-Time-Attending-Coin-Auction---Words-Of-Wisdom?
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United States
2333 Posts
 Posted 10/12/2020  04:45 am  Show Profile   Bookmark this reply Add smat45 to your friends list Get a Link to this Reply
Cool...sounds like you had fun!
Looking fwd to seeing your finds...
smat
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jbuck's Avatar
United States
187582 Posts
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ElonU's Avatar
United States
703 Posts
 Posted 10/17/2020  12:17 am  Show Profile   Bookmark this reply Add ElonU to your friends list Get a Link to this Reply
Nothing wrong with getting some 90% silver! :)

Looks like you had fun!
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