Need Help On What To Bid At Auction

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Author	Replies: 7 / Views: 1,501
murty Pillar of the Community United States 1353 Posts	Posted 01/12/2010 10:00 am I am going to an auction tomorrow...I have seen 2 lots I am interested in. Trying to get an idea of what I should bid without getting caught up in the bidding fever. :) 1- 24 common date morgans nothing rare grades good to fine.I was thinking maximum $360. 2- All 1921-P Morgans. 56 coins BU. I say average ms-62.I was looking to bid range of.....800-875. THANKS MURTY Report this Post to the Staff

oih82w8 Pillar of the Community United States 7840 Posts	Posted 01/12/2010 10:44 am I would set a couple of reminders to check on the status towards the end of the auction. If it was still with in my means, I would submit a "this is all I can spend" bid, at the last possible second. Some people call this "sniping". Report this Post to the Staff
murty Pillar of the Community United States 1353 Posts	Posted 01/12/2010 11:10 am It is not an internet auction. It is one that you must attend and bid. Report this Post to the Staff
oih82w8 Pillar of the Community United States 7840 Posts	Posted 01/12/2010 11:13 am My apologies. Live, in person auctions, are usually too "high brow" for me to attend. "Let your gut be your guide." Report this Post to the Staff
SeatedNut Pillar of the Community United States 2797 Posts	Posted 01/12/2010 12:22 pm If it's a local auction, those are the BEST! I've picked up some amazing pieces for chump change (1980-D cent on a dime planchet graded PCGS MS63 for $8, 1839 O/O Seated dime with die crack for $12, etc.). The real key to these is knowledge. They usually allow a couple of hours before the auction to inspect the lots. Use this time to thoroughly investigate what's being offered. Gold is usually not a bargain. The big boys show up for all the gold and bid high. It's those obscure pieces that you can cherry-pick. Does the auction house have an online listing of all lots (most do)? Download this and price-out the lots ahead of time. This will help you avoid getting caught up in the bidding frenzy. Also, DO NOT BE INFLUENCED BY THE AUCTIONEER'S HYPE!. They always start at some ridiculous price and then regress, shaking their heads that someone is getting a steal. Most of them have little if any numismatic knowledge. Also don't trust any grades marked on 2x2's or grades stated by the auctioneer. If in doubt ask to see the piece again during the bidding. Take a price guide ( RedBook if that's all you have, Cherry-pickers guide if you have it and a good loupe). Oh, and be sure to drain your bladder before it all starts. I went to another auction in early December. I spent around $400, took half the lots and listed them on ebay and made $650. So I got around 15 coins that I wanted and $250 change. Report this Post to the Staff
nohope587 Pillar of the Community United States 5953 Posts	Posted 01/12/2010 12:29 pm Remember to factor in buyers premium if any.... Report this Post to the Staff
murty Pillar of the Community United States 1353 Posts	Posted 01/12/2010 1:50 pm There is no buyers premium.....It is the U.S. Dept of the Treasury auction.The only coins are Gold Bullion and some Silver Dollar lots.Here is the link. http://www.treas.gov/auctions/treas..._coins.shtml Report this Post to the Staff
SeatedNut Pillar of the Community United States 2797 Posts	Posted 01/12/2010 2:04 pm Murty, It might be interesting just to attend, but these are nationally advertised months in advance. I doubt you'll find any deals. Is there any way to get past auction results from this site? That may answer your questions on getting a decent deal. Report this Post to the Staff
	Replies: 7 / Views: 1,501

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