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 Replies: 17 / Views: 2,657 |
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Pillar of the Community
United States
2600 Posts |
Have been missing in action all summer from both the site and my passion, estate auction sales with coins. Finally, I am back in action and went to an auction last weekend. Things were more or less normal except for Lincoln cents. They were exponentially high. There was a 1942-P Proof in MS-63ish condition that went for $24.00 but the worst was the prices on 5 sets of Lincolns. these were in the old Whitman blue binders from 1909 to 1958, had no key or semi-key dates, everything through 1938 were G-4 to 8 and nothing else special. Just like I put together as a kid. I was buying these 2 years ago for $10.00 to $20.00. These sold for an avg of $48.00 each. Was this an anomaly or has the mkt changed drastically in the last few months.
I have felt that Lincolns were poised to jump in value and have been actively grabbing anything good for about three yrs. I think others like Kurt and Thad of been doing the same. I hope I am wrong, I sure do not want to see the gravy train end. LOL
Jim
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Valued Member
United States
278 Posts |
I am going to say anomaly, Jim. They are still advertising those sets in the magazines for $20, so someone must have been juuuust a tad over-zealous. My auction luck always seems to have an over-zealous person buying stuff at RedBook prices. The last one I went to I bid on 6 items, and only won a set of ten silver certificates for $12 and a without cents 1883V for $6. I was happy. |
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Pillar of the Community
 United States
5953 Posts |
Prices at live Auctions have gone crazy around here. More people are showing up looking for a bargain but have no knowledge on what they are bidding on. I have seen Damaged AG 2 Cents sell for $35 plus the 15% buyers premium.
All it takes is a couple of clueless (its old it must be worth a lot) types and the auction house shills have a field day.
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Pillar of the Community
United States
2661 Posts |
 .........Funny you guys should mention the clueless that are there "bargain" hunting. I watched as the bidding went to $75 on a regular old 1975 proof set at an auction on new years day. I had over heard someone say that they had seen them on ebay going for thousands of dollars. I would be willing to bet that they were seeing the sets with a no mint mark dime in them on the bay. On the flip side of the coin, no pun intended, A 1964 mint set sold for the low price $12. I had stepped out to take some of the wife's winnings to the car only to step back in as the auctioneer said sold on that set  . |
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Pillar of the Community
United States
1406 Posts |
Very Interesting Jim. I would have to say anomaly. I am in retail and things do seem to be changing for the better; VERY SLOWLY I might add. Nevertheless, I do see people shopping again. Inventories are low and people are looking everywhere for the deals. I expect auctions will see a rise. Before you would find middlemen at actions, now I bet you might see more consumers there, trying to be middlemen.
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Valued Member
United States
111 Posts |
How do you find out about these local estate sales that include coins? I've never heard of any around here (Warner Robins, Georgia). Doesn't mean they don't exist, I'm just not in the know.
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Pillar of the Community
United States
5953 Posts |
Check out the local Green Sheet/Thrifty Nickel Also the Saturday/Sunday edition of your local paper should have plenty of listings. Easiest thing is to call and ask if the auctions will have any coins.
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Valued Member
United States
294 Posts |
This thread actually prompted me to register and post. I too, attend alot of estate auctions, particularly looking for coins. I noticed in the past year or so that the bidding is getting ridiculously high on everything. Silver goes well above the spot price, pennies are sold for very high prices. Of course, so does a lot of everything else. Here I attribute it to the " ebay craze" and the local flea market vendors. Everybody's trying to make a buck, but willing to do little research into what they're buying. jck32, another source I use to find auctions is this web site: http://www.auctionzip.com/Type in your zip code, choose a radius from your home, and it will list the auctions from the member auctioneers, most complete with pictures. Edited by omahaorange
01/09/2010 3:30 pm
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Rest in Peace
United States
1729 Posts |
Not only coins are going for high prices at auctions around the midwest, but any grouping of collectibles will bring amateur collectors in who will spot items and bid them past reason. I went to a tool auction last summer and managed to win a bid on only one item, an old radio. Broken power tools were going almost for the prices of new ones.
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Rest in Peace
United States
2668 Posts |
A warm welcome and a tip of the hat to omahaorange for the link!  |
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Pillar of the Community
United States
6326 Posts |
Jim....I've always loved hitting these too.... But to me....there have ALWAYS been folks present who "bid" on coins that appear to be unscrupulous/uneducated with coins. This is always a letdown to me....because there have been A LOT of coins that I went there to "go after".....but they just went rediculously high and I had to bow out. I find that, if there's a lot of coins at a particular estate sale, that the "over-zealous" people tend to spend all of their money too early !.....and usually the last half of the coins gets more reasonable.But, I've been present where Lincoln sets/singles....and other coins and/or sets, FOR YEARS NOW, went for....well......just STUPID money ! ....  So, as far as I'm concerned.....this is nothing new.....and it will continue for infinity ! Of course there is currently some "Lincoln interest"....from novices and pro's alike......so....here & there....possibly a "trend" but maybe just at "Estate Sales/Auctions".... 
Edited by eaglefoot
01/09/2010 9:33 pm
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Pillar of the Community
 United States
2600 Posts |
jkc32, I took the time to identify the auction houses in my area and contacted them by phone asking that they put me on their mailing/e-mail list. Told them I am interested in coins. They all did and some even call to make sure I heard. Then anytime I find a new Auction House I do the same. Don't even need to read the paper anymore.
Jim
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Pillar of the Community
United States
2600 Posts |
jkc32, more, not all estate auctions have coins but they all occasionally run into to them. The auctions that are held at the home of the estate and do not have lots of coins are the best. They tend to attract the fewest collectors and dealers and I find my best deals at them. When the auction house brings the estate items into a "auction house" and combines with others to create a large sized auction, the prices go up.
Jim
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Pillar of the Community
United States
2661 Posts |
I have found that it all depends on the auction house clients. At some houses I go to coins go relatively cheap, at others however, they go for ridiculously high prices. Some auctioneers talk up a coins value also. The most recent one I attended the auctioneer stated that the 1907 $2.50 gold piece on the block had a melt value of $450.00  . Well that got the uninformed to bid the price way above Red Book. Then there are the doomsayers. You know the ones, they think that the world economy will collapse and that you will need a wheelbarrow full of silver to buy a loaf of bread. So a worn out 1922 Peace dollar is going to go for $25 or better. |
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Pillar of the Community
United States
2600 Posts |
Tim, I have given up on Morgans and Peace dollars when looking for silver investments. I am seeing the same thing. $25 for run of the mill worn out coins. Jim |
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Valued Member
United States
278 Posts |
All of this makes me want to liquidate some junk Morgans...
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Replies: 17 / Views: 2,657 |
Posted 01/09/2010 09:00 am
