Thread: Let's make use of the suckers!

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.

What coin auctions do you go to?
I like your plan it is pretty genius.

Originally Posted by CoinCast

What coin auctions do you go to?
I like your plan it is pretty genius.

Mostly estate auctions. Don't go to any coin only auctions. I have a friend that does...and it's the same way there too I have been told.

Pretty good writeup you got there. I buy most of my stuff of the 'bay, and 95% of it is slabs. And as i said in a previous thread;

Getting outbid at auctions or not, the hobby is not about conning people. No matter how hurt your feelings are.

I weep for our future.

Originally Posted by Detecto

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?

Except, of course, the sellers. And the auction house, which properly frowns on this sort of behavior.

If bidders colluded at every auction, there soon would be no more auctions.

So if a person bids on a lot of coins they are a greedy nitwit?
Learn something everyday here.

Originally Posted by ldhair

So if a person bids on a lot of coins they are a greedy nitwit?
Learn something everyday here.

No. You also have to win some of them.

I swear somebody else posted a thread identical to this one a few months ago. Lets just say you're not the only one unhappy or that has noticed this at auctions. I won't go to them either because it is exactly as you say.

Originally Posted by Log Potato

Getting outbid at auctions or not, the hobby is not about conning people. No matter how hurt your feelings are.

Not really conning. As a seller you can ask any price you want for an item. Go to the site "littleton coin" and see what I mean.. As a buyer..it's up to you to educate yourself on what is a fair price.

I have a wheat penny on my desk. Books for 50 cents. I could ask $10,000 for it if I wanted to.

Would only be conning if I severely overgraded...or said they were problem free when they were not.which I do not do.

Got it. I'll be sure to never win more than 5.

Originally Posted by Detecto

Not really conning. As a seller you can ask any price you want for an item. Go to the site "littleton coin" and see what I mean.. As a buyer..it's up to you to educate yourself on what is a fair price.

I have a wheat penny on my desk. Books for 50 cents. I could ask $10,000 for it if I wanted to.

Would only be conning if I severely overgraded...or said they were problem free when they were not.which I do not do.

Right, if you severely over graded. From your own words, you want to up the ante with fancy writing on the flip so you could get more money. Yep, not conning people.

I've just gotta say this: Their there and they're. That is all.

I doubt your idea will work. Those "greedy hoarders" obviously know something about coins, or else they wouldn't be buying coins for such high premiums. NO ONE is stupid enough to spend $6-$7 more for a coin that you can find ANYWHERE else for cheaper, unless of course they see something in the coin. Let me know how it works out.