I got tired of the "greedy hoarders" at coin auctions. I realized they are here to stay...and no amount of "power balling" them would get them to give me any kind of break.
Let me start with this.
Let's say their are 5 bidders at an auction.
Let's say their are 50 morgan dollars.
Each 5 bidders agree to just bid on just 10 dollars. So they get them cheap. Everyone goes home happy...right?
But instead in such a greedy world we live in... the bidders just cut each other's throats and run the bid so high that little to no profit is left to be made. Instead of everyone taking their share...greedy people just outbid everyone and take it ALL. Does not matter if there are 50 coins are 50,000.
I quit buying most of the coins there. Their prices went so high that there was no profit...and it's gotten to the point where even as a collector you were better off buying on eBay.
These idiots are not even collectors by my definition. They have no idea what they are doing...because they often over pay. I've seen junk silver dollars bring 40-50 dollars a pop, halves 18-25, etc.
So with that in mind...if you can't beat them..join them...and this is exactly what I did.
I bought about $100 worth of coins off eBay. I got most for what I thought was a fair price. I also bought some silver coinage.
I made the flips to look like coins that came from a dealer. Fancy writing and all.
So here is what I did...I nearly doubled all the prices on the flips and put them in a auction for Wednesday night.
If these greedy nitwits want to hoard...blow bids out of the water...and overpay...I will give them a dose of their own medicine. They will see the prices on the flips....bid a little under (which is still good for me)..and walk out thinking they got a deal! NOT! So it is me who will be having the last laugh this time!
As both a coin collector and a dealer...I only buy a few items...a few items to sell and a few to keep. If you are not a greedy person...there will always be more coins at auctions...so understand that.
However if you want to constantly run every coin up to the point where it's cheaper on the 'net, take everything there...and leave everyone broke and empty handed, I have no use for you. I am sorry but this is not how a coin collector should be buying things.
Although you may disagree with me...greedy people and uneducated newbies have made coin auctions no longer fun to go to. Although I don't expect to buy anything to make money on it...at least let people buy things to collect them there..instead of wasting 20 dollars in gas and buying them on the net instead.
Sorry for the rant..but it's what the world has come to. I have been going to these types of auctions for 12 years. It's gotten worse every time.