Hoardesr at coin auctions.

I drive a Ranger too. Speaking of vehicles, I know people who have bought cars at auctions, thinking they are getting some great deal. More often than not, the cars turn out to be junk. Just sayin' .

 

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Sorry, I don't get your point.

 

I've been to several auctions where certain individuals seem to over bid but that is there prerogative. It is none of my business what they are doing with the coins. I go with specific coins that I am targeting and if I can't get them in my buy range I don't buy them. Have I personally overbid because I really wanted a coin, yes. That is human nature but I try to manage it and only try to get unique coins as the average morgan, peace, etc. seem to go for too much of a premium over what I can get them on a daily basis. It is fun when you pick up a philharmonic because others don't think it's silver or think it's a commemorative.

For instance I went to an auction the other day and there was phone bidder. I know for a fact that he buys coins and re-sells them at gun shows. He must do well as he seems to be able to pay a bit more than I am comfortable. But then again I am in this for my personal collection not necessarily for flipping the coins. Have I flipped coins that I'm not interested in, of course.

I have yet to get a screaming deal on coins at an auction. I'm sure they happen but I haven't yet had that experience. I am going to try to attend an upcoming one on a weekday night. I hear that attendance is sparse and deals are to be had. We will see.

 

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I get that a lot

My only point was that sometimes stuff from auctions isn't what it appears to be - coins, cars, whatever. I just used cars as an example because I've heard about people's bad experiences.

 

My point exactly. All you said was he bought most of the lots. You don't remember what he paid at auction, so how can you say he's not making money at these shows?

 

What will the next get rich quick scheme be ?

 

I rarely buy much at auction. The last one I went to most of the Morgan's and peace dollars went for about $30-$33. I bought 20 Washingtons for about $130 and a ton of Wheaties for dirt cheap. Never seen anyone try to buy everything but if they can do it and want to it's their right.

 

I saw the same story on some ancient coin forums, but it was an "Arab Sheik" doing the buying.

 

I posted that one. Btw, as an update, he never did pay for the 2012 auctions he won, so he is basically banned from bidding at most venues now. I also know the name of the biggest fish around now, but was asked not to say it. Even with the (nephew of) the Sheik not bidding, there are still some big fish in that little pond.