Morgans And Peace Dollars - Coin Community Forum

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

Author	Replies: 7 / Views: 1,792
Tim Stroud Pillar of the Community United States 2661 Posts	Posted 09/07/2009 4:10 pm Am I missing something here? Yesterday I went to an auction to take a shot at some Morgans and Peace dollars that were going up on the block. Well I waited for about 2 hours till they could get through all the glass ware and what not then came the coinage. The dollars were all common date stuff ranging from VG to XF, mostly in the fine category. The NumisMedia online fair market value price guide has what was offered listed for about $16 for the Peace and $20 average for the Morgans. So why I ask would someone open the bidding on these at $25 each. They were 2 lots with with 32 of each of the types and were being offered as bidders choice. There was quite a bit of interest in these for some reason. What am I missing here? Is speculation leaning toward a dramatic upward trend in the market for these coins or did I just see pure ignorance or greed suppress reason. Is it possible that I witnessed live shill bidding on the part of the auction company? What is your insight on this, I guess I'll call it a phenomenon? Report this Post to the Staff

deadmunny Pillar of the Community United States 619 Posts	Posted 09/07/2009 4:39 pm Exactly why I avoid auctions. In the frenzied bidding, people are willing to pay $22-30 for the circulated common year Morgans. I attended one auction and will never go back again. It was not a phenomenon. This is quite common. On this forum there are people who have gotten really lucky and purchased coin lots at reasonable prices. The key word here is lucky. Report this Post to the Staff
bill069 Pillar of the Community United States 608 Posts	Posted 09/07/2009 9:57 pm Most auctions will have someone who will over bid for whatever reason. But if you don't attend you'll never have the chance to be lucky! Report this Post to the Staff
CoinHunter53562 Pillar of the Community United States 2049 Posts	Posted 09/07/2009 10:04 pm I've seen it happen too and my guess is it's a combination of ignorant people not knowing that they can get them at coin shops or shows for less, and a good chance that some shill bidding is going on. I've seen it happen too often to believe otherwise. At one auction I went to, Morgans were going for $20-$30 even circulated 1921 Morgans (which I can get at coin shops here for $13-$15). Some of us were getting frustrated and one guy started to argue with us. He claimed that he could get $14 from a refiner (keep in mind, this was back when silver was $10-$11 per ounce). We all laughed in his face, and he got very defensive and upset with us. I explained to him that uncirculated Morgans have 0.7736 of silver and that there was no way in heck that a refiner would pay that kind of premium for it. I basically called his bluff and my guess is that he was a shill. Report this Post to the Staff
ratman4762 Pillar of the Community United States 2520 Posts	Posted 09/08/2009 01:54 am Probably some shill bidding but I think there are just people with little or no knowledge attending these auctions. I browse ebay but I also browse the Goodwill auction site for coins and antiques...but everything sells insanely high! At the moment there is an 1884O Morgan probably VF (pictures are not very good) up to $32.00 and there is a handling charge plus Fedex shipping (currently $10.69 as handling charge increases with price). Thats already $42.69 going to be paid out for a Morgan that you would pay $15.00-$18.00 for out of a bargain bin at a shop! I think some people think they are getting a bargain just because they are at an auction. Report this Post to the Staff
Gothic Florin Pillar of the Community United States 2541 Posts	Posted 09/08/2009 09:30 am I think I will setup my own auction and sell off some junk silver! Sounds like a good way to make a mint! Report this Post to the Staff
CoinHunter53562 Pillar of the Community United States 2049 Posts	Posted 09/08/2009 4:42 pm Quote: Probably some shill bidding but I think there are just people with little or no knowledge attending these auctions. I browse ebay but I also browse the Goodwill auction site for coins and antiques...but everything sells insanely high! At the moment there is an 1884O Morgan probably VF (pictures are not very good) up to $32.00 and there is a handling charge plus Fedex shipping (currently $10.69 as handling charge increases with price). Thats already $42.69 going to be paid out for a Morgan that you would pay $15.00-$18.00 for out of a bargain bin at a shop! I think some people think they are getting a bargain just because they are at an auction. I've seen that on a local auction company's site that does everything from vehicles to furniture to coins. I've thought about consigning some of my excess stuff to them, but by the time the fees come out, it probably wouldn't net me much more than if I did it myself. But you're right...people are paying way more than they should on some of that stuff. Report this Post to the Staff
TreasHunt Pillar of the Community United States 2540 Posts	Posted 09/09/2009 09:39 am You are not missing anything. Unknowledgeable buyers, along with sellers who take advantage. Report this Post to the Staff
	Replies: 7 / Views: 1,792

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 0.23 seconds to rattle this change.