Was blown away again at an estate auction where the idiots who think a silver Morgan or Peace...or any other silver coin....is worth way more than the latest price of silver. They were bidding common "maybe" good to VG some fine Morgans up to $37.50 to $40..and then add the 10% commission on top of that. I came home with nothing, but that happens sometimes. It just drives me crazy when these people bid these common coins up like they were solid gold. They had some 1844 Dollars that stuck to a guy's magnet like glue. So I am assuming they were fake. Also, I may have a chance to pick up an UNC roll of 1986 bullion ASEs. What do you learned folks think they would be a good bid for them? These are not an Ebay item but a private auction I will be going to.
I'd bid $50 below melt on that roll and see where it goes. If the auctioneer knows the price of silver, he/she won't allow it. I know the local auctioneer here doesn't let his silver auctions go below melt unless he doesn't know what the coin is (I've gotten some modern comm. under melt thanks to this). Also, I do know your pain about people over bidding on items. I went to an auction in which people were bidding several dollars a piece for common half dollars! SABs were even getting premium bids! It was so bad, that it was funny but at the same time, quite frustrating. I did however get 30 rolls of wheat cents for $36. I don't think the people who were left at the auction knew what they were, but I looked closely at the wrapped rolls and noticed some light writing on them. While I didn't find any key dates, I was able to resell them all at $4 a roll.
