The highest priced auction ever.

Yesterday I attended a small auction about 20 miles away. They had coins and paper money listed. I thought I might be able to pick up a few pieces on the cheap, what little did I know!

Indian heads: All were G-4, completely worn, no semi keys or keys. They were bringing $2-$4 each.
Wheat pennies: Common years worth about 10 cents at the max, were bringing $1-$2 each.
Silver Certificates: Really circulated ones. The 1957's were bringing $3-$5 each, and the 35's were bringing $5-$8 each.


Now it's your turn. Let's here your story about coins/pm bringing much more then actual value at auction.

 

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You had to post this twice? 3 minutes apart?

 

I only hit the button once, my internet has been acting up all day.

 

Auctions like this are a good way to get rid of culls, problem coins, worn notes and excess low value items. Buyers equate age with value eg. the older the coin/banknote, the more valuable it must be. Auctioneers will sell off some of their leftovers from estate sales after pulling out anything of value.

If you have junk you want to get rid of, this is the way to go.

 

:yes:

 

Non-numismatic auctions almost always have the same playbook. Lots of junk stuff goes for way too much, and if there is a piece worth over $100 or two you can frequently get a bargain. Its so common its almost never even spoken amongst collectors. Nowadays if I go in and don't see a really good coin worth $100's I simply do not even bother staying, since I know the prices will be stupid.

Good place to sell your junk though.

 

And happens more often than people realize.

I like to believe I do know what I'm doing, but unless it's a listed collection, there is usually not much I would look for at a small auction.

Entertainment of watching people overbid for stuff they really, really want.

 

I went to one local auction with "rare coins", most were common date low grade morgans. The first one went for way more than spot - that was when I left. I haven't been to another since. I asked my local dealer about the auctions - he said most of them are a waste of time, common dates and high prices.

 

What's even more fun is standing outside the door on your phone. When a over-payer walks by go "I can't believe that guy paid 15 bucks for a 3 dollar coin."

You sometimes CAN get a deal at an auction, but rarely. Most of the buyers are bullion buyers, or "bottom feeders". Sometimes if they are not paying attention you can get a really nice coin for a little over spot.

 

Do you get beat up a lot?

 

What are you talking about?

 

I dunno about your neck of the woods. Here most of the people who attend auctions with coins, are not actual collectors. They mainly consist of people who just buy gold and silver. Since there is so many, expect silver to always bring it's spot price.

However, like I said, most of the people who attend these estate auctions know little about coins. You can often pick up a really nice coin for next to spot.

 

I've only been to maybe 4 or 5 thousand auctions over the years, so I bow to your expertise.

 

So you're saying there are no collectors, in your neck of the woods?

Bullion buyers make up a very small number of people at estate auctions. Like 2 or 3 on average.

Not true. In fact the majority of people who attend auctions specifically attend for any numismatic collection up for sale and are quite knowledgeable about coins.

Sometimes yes, sometimes no. Depends on how many are bidding, and how bad they all want the item.

 

So you can usually sell melt value coins for over melt? Can you get a good price for things like 64 Washington quarters and silver Roosevelts, too? I've got some of those I was thinking of selling off.

 

If you retail them yourself like selling them on eBay(which wouldn't be cost effective or very profitable unless you have large quantities to sell) or craigslist.com.

If you take the to a B&M dealer you'll get an offer under melt.

The current melt price is $34.05 an ounce, making $1 coins containing .77344 ounces of silver worth $26.34. A B&M would offer 22-23 times face value or $22-$23 for dollar coins, $5.50-$5.75 per quarter, and $2.20-$2.30 for dimes.

I am using the known buy from local B&Ms near me for today's spot. B&Ms will vary on buy amount from locale to locale.

 

Sounds like those rich, greedy hoarders are still at it.

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

 

Thanks. But I meant do these coins usually sell for over melt at local auctions. I've got some that I inherited that I'm thinking of selling off to make a purchase, and I'd prefer to sell off the newer melt coins first (like 64 quarters). I hadnt thought of craigslist as an option, but I'm not sure how popular it is here. Might be worth a try, though.

 

It depends a lot on how many bidders really want them and will bid the price up in order to get them.

It's been my experience that melt value only coins can be had for a couple or few dollars over melt, and there are times they will sell for melt, and then other times under melt.

It's all about demand at auctions.

I leave the melt value only coins to those who are there specifically for the bullion.

I bid on the coins with collectible value.