So last night I was at an auction, and I can't believe the prices people will pay for these coins! I also couldn't believe how badly some people were getting ripped off! There was an auction for a roll of (20) Eisenhower clad dollar coins and the auctioneer charged somebody $20/coin! I can go to the bank by my house and get them for Face value! Somebody on Proxibid got severely ripped off! Lesson learned: Auctions are too expensive.
Nah, some people are just stupid. If you go to an auction with the proper knowledge, you can get some great deals. I've flipped numerous coins for some serious $ thanks to auctions (usually local).
Some people are just stupid, but some people are sometimes smart. I did my research before I went there, and I ended up buying a 1969 Bahamas $5 sterling coin. I only paid $20 for 1.25oz of silver. I think I got a good price. I just wish I had enough to buy an uncirculated 1928 plain for $200. oh well....
Live auctions are a sucker bet. It's too easy to get caught up in the excitement and bid more than you want on something just because someone else wants it too.
My son and I don't get much at auctions for that reason. He grabbed us some old dealer's stock books on blind bidding that would have been overpriced a couple of bucks. Auctions & dealers are not nearly as good as coin shows, IMHO.
I bid at auctions quite often and do well mostly. My strict rule though is not to go above the maximum amount the coin is worth to me. Putting aside book value and all that, I always have a figure in mind that I'm comfortable with. If it goes above that amount I just let it go. There's not a single coin on earth that I have to have at all costs. Although my simple method requires a lot of discipline, it works well. Never bid above what you feel it's worth. Bruce
Bingo ! So folks, just make sure you remember that the next time you claim that a coin is worth $xxx just because one sold for that amount on ebay. Or claim that ebay is valid source for valuing coins
What do you mean - live auctions ? If that's what you mean the best way I know of is to read the coin mags. They have listings of upcoming coin auctions every week. If you mean small auctions like estate auctions and the like - watch the local paper. But you better know what you're doing if you buy at those things.
You have two types of auctions, coin auctions and non coin auctions. In non coin auctions, non collectors pay way too much for morgans, Ikes, buffalo nickels, and the like. I have seen this for 30 years, and a local auctioneer used to buy weekly from my favorite coin dealer to sell to the rubes. If you ever do find a truly rare coin at a non coin auction you can usually buy it well under value. Coin auctions are different. This is where collectors go, so they are pursuing the rare and not the common so much. I used to get good deals on rolls of morgans at coin auction since everyone there was wanting the 09sVDB's and the like. Bottom line auctions are all different. Have greater knowledge than the other bidders, let them overpay, and try to pick up the bargains. Chris
Some people may pay higher prices than others for a coin simply because thats what they're looking for. I, for example, wouldn't pay $100 for an 09 S VDB Lincoln because I think it's an over-priced, over hyped boring coin. Many others would throw their life's savings at it. It's a matter of personal perspective, not market price that dives auctions. Thats one reason I never go by auction records as a way to price coins. Guy
I agree with this 100%. I research my prices from several online, and non-online sources to get an average retail and then determine what any particular coin is worth to me so I can set the limit I won't go over on bidding.
On the "Proxibid" auctions, there was a Coin World article (January 16, 2012) on how many lots were mis-identified and sold for a lot less than they were worth, including a 1953 gold dollar that was bought for $207, and graded later at NGC as MS63 worth around $1200. Strange with all the options out there through Teletrade, Great Collections, and other companies that will get the coin certified for less than $20, so that when it sells for near market value, sellers hit a home run instead of going to the cleaners.
