Oh boy! There's a local auction this Saturday with coins!

1920’s Silver Dollars, Franklin & Liberty half dollars, Pre 1964 quarters, Mercury dimes, Roosevelt dimes, Wheat pennies, and more!

It's about 40 minutes away and at 9 am (toting 4 kids) but I REALLY REALLY REALLY want to go!

So what tips can you all give me about going to a personal property auction? I've never been to one before, therefore I have no idea how it works. I also need to brush up on what these coins are worth so I won't be bidding irresponsibly!

 

Log in or Sign up to hide this ad.

Tips:

Be there early to preview everything. Even the books.

Bring a loupe.

Bring a price guide you consider reliable and reasonable.


Figure out what you're interested in. Figure out a price you'd LIKE to pay and an absolute ceiling you'd like to bid. Do NOT exceed your ceiling. It's really, really easy to get competitive and spend WAY too much on something you'll regret later.

If the auction prices are going crazy, be patient and don't bid.

Remember looking through as much as you could in the preview? Most of the big bidders I've seen tend to ignore the worn out books, bags of random coins, foreign coins...so that's where an opportunity lies. Bag of random tokens for $10?
Yep. Foreign silver at half the melt price, or way less? Yep. Random silver dollar for $45? Also seen that.

If you plan on bidding, make SURE the auctioneer or one of their runners can SEE you. I've lost books of Lincoln Cents because I was two feet away and he didn't see me or hear me saying yes (focused on two others.)

 

Do let anyone outbid you!!! j/k.

Set your limit and stick to it.

 

Honestly, most of the time common items go for way too much at these auctions. In fact, a lot of the time the coins are plants by the auctioneer since he knows non-collectors pay way too much for these things. I had a coin dealer I was friends with growing up, and he said every week a local auctioneer had a standing order of common junk. He bought them from the coin dealer, sold them at his auctions, and made at least 100% profit.

I would be more excited about a local coin show than a local auction myself.

Chris

 

I agree!

Chris (too!)

 

I will agree that a well-organized auctioneer will have plants and things he thinks will sell for more than they're worth (wouldn't you?) but someone who doesn't have either the time or the knowledge to cherry pick their merchandise will have some bargains. This is how I got my job sorting coins for an auctioneer...

 

Maybe you're right. There's another auction in the same paper, same auctioneer two weeks after this one and the coins are worded exactly the same man I was excited too.

 

I've been to some estate auctions before. There always seems to be a guy or two that wants to win everything and get macho, who will probably have a chance to be on Hoarders in a couple years. Set your limits and stick to that. Sometimes they have a main auctioneer for big items and furniture, then one on the side for smalls, make sure you go to the one that will be doing the coins. Auctions sometimes will like to group things together in lots, that is how I won some tools a while back. Never won any coins at one. I saw 1921 Morgans, unslabbed or 2X2'd, going for $40-45, Clad Ikes for $2 or so, a year or so back.

Much better luck on a bid board auction at my local coin shop.

 

Excited is good. Knowing where to buy coins sometimes is just as important as any other aspect of the hobby. There ARE real coin auctions around, and there ARE real estate auctions with coins a part of it. I was just warning you many times auctions with coins are planted there, and non-collectors just pay too much.

Continue collecting knowledge, keep your eyes open, attend coin shows, read a lot about coin collecting, read here, and your knowledge base will just continue to grow.

 

Thank you . We might still go and just be cautious. I don't have a lot of money to spend this week so maybe it would be a good week to go lol

 

Go. Look. Examine everything closely. Do not bid.

I realize I might sound like a jerk, but you simply do not know enough at this time to be in an auction environment potentially bidding against others that run the spectrum of knowledge. None of these coins will be unique; you will be able to find all of them in a fixed price setting. I know from first-hand attendance at many of these "auctions" that you will be bidding on newly acquired dealer inventory that was obtained by having a dealer walk the floor of local shows and shops and buying up anything that might be flipped quickly and for good money to those who might not be able to identify possible problems. These auctions are often a set up. Enjoy the experience.

 

I agree. Thank you for the insight!

 

Frankly I avoid those local yokel auctions like the plague if they have coins in them. They usually go for way more than they are worth. Now furniture, antique tools, farm equipment - that is what I search out.

 

Be sure to get there about hour early, make sure you have a magnifying glass with you and a notepad-
keep a redbook in car , write down what you are interested get a soft drink or coffee and go out and check with your Redbook, I found out when I started buying at auctions if someone saw me with it the price always went sky high
because they knew that I was interested in them.
Be sure to check the cigar boxes of small stuff I have found small coins in all that junk and bought it for a dollar or two
Make sure the auctioneer can see you.
Good luck
I learned this the hard way
Going to the ST. CHARLES MO. COIN SHOW and estate auction Sat. night in IL.

Sandy59

 

Ah, Sandy, you're from my neck of the woods. I know my auctioneer friend has an auction tonight at the Mascoutah Sportsman's Club in Mascoutah, IL (5:30 pm?) I also know I haven't been sorting his coins for a month...so there should probably be some good stuff hiding in there.

 

Wow, you guys are ruthless!

Preston's Mom,

I would say do your homework on the coins and values. Write everything down that you are interested in. Write down the prices for Mint State and Very Good. Also write down melt value(Silver or Gold). When I am at an auction buying, I NEVER open up the bidding, I let somebody else open it up and see where it goes. If it is a good price when the bidding stops/slows down, then I will jump in. Show up early and EXAMINE the coins CLOSELY(preferrably with a loupe). Look for any damage/cleaning. Make sure you know wether or not there is a buyer's premium, and factor that into your bid. The most important decision on how much to pay for something begins with wether you are buying to resell or to keep. I go to a lot of auctions and I come home empty handed a lot of times, but I do come away with a deal once-in-awhile. If the auction is listed online with pictures, PM and I will help you out anyway I can. I am an auctioneer and I specialize in the "4 Cs": Coins, Currency, Collectibles & Classic Cars. Not all Auctioneers are like a used car salesmen, although I have run into a few of them that are and thanks to those I got my Auctioneer's License last year.

 

Thank you for that information. I checked the website but there aren't any photos of the coins online :/

 

Hi there. I like going to coin auctions. I have been able to get some very good buys.Just be patient and know what you want and have a price set on what you are willing to pay.the only problem in our area we might only have 2 or 3 in a year. Go and enjoy yourself.

 

A CT member has a lot to say about others driving up prices at auctions:

http://www.cointalk.com/t197848/

 

premium

Depending on the auction house and your state, you will likely have to pay a buyer's premium and sales tax. My local auction house charges an 18% (cash), 22% (credit) buyer's premium. Meaning, you win with a $100 bid, you pay $122 with your credit card, plus sales tax.

Whenever I bid, I calculate my max bid considering the melt value and the buyer's premium. It's rare but occasionally I get some 90% silver dimes, quarters, or halves for melt value. If they have numismatic value on top of that, all the better. Usually, it goes much higher than numismatic value, even ignoring the buyer's premium. Lots of people get caught up with the auction action, so be careful.