What do you think of this auction?

There is a live auction coming up in my area. Would it be worth going to?


14 silver dollars including 1922 Peace, 1921 Morgan, 1878 Morgan, 1882S Morgan, 1889 Morgan, 1900 O Morgan and 1891 Morgan --large collection of Joseph W. Barr dollars--large collection of silver certificates--collection of Jefferson nickels, some unc.--$2 bills--Mercury dimes--64 and other Kennedy halves--state quarter collection--Ike dollars, some unc.--Buffalo and Jefferson nickels--$5 silver certificates--red seat $5 bills--war cents--wheat cents, some unc.--foreign coins and currency--books of Roosevelt dimes--collection of Buffalo nickels--Susan B. dollars--several hundred wheat cents--34 series $10 bill.

 

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Nothing there seems too special, but hey, you may find some great bargains because of that.

 

How can we tell you if it would be worth going? Do you want any of that stuff? Then yes.

 

Yawn..........

 

I would check it out. I don't know anything at all about paper, but I do know quite a few varieties of coins. I check out things like this because it looks like an estate type sale. And today we are aware of a number of varieties that we weren't 50 years ago. I check the stuff out as close as I can at the pre auction inspection, then decide if I wanna stick around. There's always a chance you will spot the sleeper that no one else realizes is there.

It feels pretty good to grab something like a 56 Washington Type B Reverse that no one even knows is in the album. To them it's just a 56. Or a MS 70 S small date sitting in an old Whitman folder that sells for $40. It's where the homework part of this hobby comes to light.

gary

 

Sounds like the typical list of junk that is offered at public auctions. Junk for which public auction goers will undoubtedly, horribly overpay.

"Looky dare honey, a whole pile'o dem silver certifercits, dem got's to be werf somfin!"...............NOPE!

 

If you do go to this auction, will we have to hear you whine about rich, greedy hoarders afterward?

 

I used to go to these type of auctions all the time. Be sure to know what buyers fees and sales tax will be charged. Be there early and know what is up for sale before the bidding starts. Don't buy the junk or bid on anything you are not sure of the value. Know the price of silver and figure in the fees and taxes.

Knowledge is important at this type of auction. I once bought an early double mint set for about face value. No one knew what it was. I once bought a small bag of junk silver at 2X face. No one knew there was an AU Barber half in the bag. I knew because I was there early and had time to look at every lot before the fun started.

 

Go to the preview and look at the items. There's nothing more frustrating than to find out the coins were once glued into an album or whizzed or the notes are all scotch-taped or the items were mislabeled in the ad.

Research the items first.

 

Any live auction is worth going to.

Is it worth it to actually bid on anything there? Only you will know.

 

Whenever I see opportunities like this, it seems there's at least one other person like me or ldhair there. And at an auction, two bidders are all you need to erase bargains.

But, of course, if most collectors gave up on auctions because of this pessimistic attitude, you'd start to see bargains again...

 

If you think you might bid on something, then go! However, be warned: If you win something there, you know you overpaid

 

I would have to disagree that if you win something, you overpaid.

If you know the items and bid accordingly(value of item+buyers fee added together) you won't overpay.

 

You can get deals at auctions. It all boils down to education. If you're familiar with the item(s) being sold and know what the market value is, it is possible to get it at a good price, just don't get into a bidding war (you should know better).

Also, sometimes there is an item that may appear common but because of the variety, it could be valuable. Knowing the difference helps. eg. fancy numbers for banknotes or errors, that others may overlook.

 

There are no buyer's fees at live auctions that you are present for.

 

Tell that to Heritage.

 

I sense another thread following the auction complaining about how high people bid on said coins.

 

Every Auction house i have been to, has a buyers premium of between 10-15%

 

also, pay attention to the way the coins are GROUPED. I thought each lot was for individual rolls of Original BWR 1999 statehood quarters. Bidding ended at $10.... the lot was actually for 4 lots of 2 rolls. the winner paid 1/2 of face! Naturally ALL lots at that price. Auctioneer was all, "I dunno, everybody must be sleepin!" Winner looked like a jack-o-lantern

 

So we must all say, don't bother going then.