for those collectors of any given series...non-hypothetical question. you have a chance to buy a coin in an auction. it is normally not well struck but this piece is. it is in a grade of ms64 and fits all criteria for that grade. this is a very nice coin for that grade but is certainly not a crackout coin or a rare variety. but it IS pretty and one of the nicest strikes you've seen. however this is not a series that counts steps or other associated with exceptional premiums. the coin is also a common date or at best a semi scarce but, once again, nice strike..i mean...NICE strike. now we get to price...the previous lot has the same date and grade it has not yet made numis wholesale price...but , the coin you want...you say " aha, its mine, i'll bid 2x whlse...there's no interest here " well, almost. . someone else has a good eye and now you are outbid again. you take it to 2.5x and looking thru records reveals you have bid the highest price in at least 3 yrs and lots of coins. next bid goes to 3x whlse. how far do you go? there are 70 coins you need to complete your set so plenty of others to buy. always someone out there happy to take your money and these appear in auctions often in this grade...my decision was to let the coin fly and bid another day, hoping to find another similar, which have appeared before ,and to try to get it at a better price. how many others have had this similar experience? any non buyers or buyers remorse? i enjoy hearing how others approach the acquisition of the coins they love...thank you all for your time...steve
There's no shame in being back bidder! I've been there many, many times in internet and live auctions. Before the Beautiful Bride decided we just had no more room for antique jewelry, crystal, porcelains, chess sets, ivory, boxes & tables, etc., we often went to 10 or more auctions a year. I've always prided myself on avoiding auction fever, and have never had non-buyer remorse. I have to admit to a couple of overpayments, with buyers remorse, but they invariably resulted from bidding on something that I didn't know enough about to set a proper price limit.
This is an interesting question because I just had a similar situation arise this past weekend at an auction. I was bidding on a nice 1803 half cent that graded about VG. Although it technically only graded VG, it had excellent original chocolate brown surfaces, a well-struck date, and a nice, solid rim. I bid the coin up past bid, then past ask, and approached retail money for the coin. But I ended up droping out of the bidding, as the coin brought well in excess of retail money. I personally am unwilling to pay more than a modest premium for a PQ coin, unless the piece may truely be undergraded, in which I may pay a higher premium, in hopes of an upgrade. But I did not have any nonbidder's remorse, because I know the coin was only a VG, no matter how nice of one. I feel the same about Morgans.....if its a 64, I'm not going to spend a fortune no matter how PQ the coin is because, in the end, its still a 64. (Now a DMPL coin is certainly a little different, but you get the idea.) There are always other coins out there. The fun of collecting is the hunt.....locating that perfect coin for a great price!
From what I gather by my own bidding the best approach on Ebay is to never bid until that last few seconds, and then use sniping software. Figure the most you want to pay for the coin and set the price and see how it ends, the fewer bids the better price you get in the end. I don't see any problem with getting a coin at a very low price, that is the market rate at that moment.
This weekend I had the chance to get an 1885 V-Nickel, that was almost Fine, it was missing the I in Liberty. The seller wanted Fine money, and yes it is a very scarce coin, I haven't seen one in ages, but........ I let it go. Vg bid was = $475 Fine bid= $650 He wanted the $650, and I was willing to go over ask in VG (ask= $515), say to about $575, that was at the midpoint between ask (VG) and bid for fine. I may be sorry, but he was firm with his price. The coin looked original, there was only one point of hesitation, there was a 'bubble' mark in the field to the right of the date, which made me nervous, but I could have had it slabbed, and then returned it if it was NG. Still, I don't have one, and it would have looked nice....... I regret many deals, the 1901 S, quarter, G-6 at $3,000 (when VG was = $3,000) and it was just too high. The 1896 S quarter in good at $200 (bid), but it would have been a duplicate at the time. The 1895 O dime in full good +, at bid, but (again) it would have been a duplicate. the time I could have gotten 3 1916 D dimes in AG for $525.00, but I didn't have the cash, or the guts. And many more, but, there will always be another deal, another chance, and another missed opporunity. And I regret them all.
I would let the coin go. It doesn't take any particular skill for someone with deep pockets to simply overpay for a single coin or an entire collection, just to say they have it. I've never understood this aspect of collecting, even though it seems to make some people happy. I think the benefits of using a sniping program are more psychological than real vs. a straight bid for what you want to pay.
Hello, I think you SHOULD know your limit before the auction starts. Then my answer is : Patience Cucumbor
There is almost always somone willing to go over what an item may be worth. I try not to do that. The best auctions are those with 0 bids. In the last couple of minutes I enter my bid just slightly over the start price.
If I were in your shoes: premium price. A premium quality coin will ALWAYS cost more than an just average, so-so piece.
I have been down that bidding war path and, the old saying holds true. Somedays you get the Bear and somedays the Bear gets you. Now before I bid on any thing at any of the more popular bidding houses. I go online, and have a group of BBB certified dealers that sell those type of coins and see what I would have too pay to buy one from there showcase. Then use that as my ceiling price. I have on several occasions paid more for a lower graded coin at auction, than I could have paid from a reputable dealer. So do your home work is what I am trying too say~~ I hope this helps. Joe
In this hobby, patience is worth more than you will ever pay for any coin. And that's from a guy who has overpaid for more coins than most can count :secret:
With cwts, I view virtually each opportunity to acquire a needed token as the only opportunity I will likely have in my lifetime to obtain it, and I bid the most I am willing to pay for it unless limited by my wallet. I don't feel remorse for not offering more, just wish I could have gotten it for what I was willing to pay. There are a number of tokens that are high on my want list, yet I have never seen them offered for sale. With over 12,000 varieties and about 3/4 of them with populations of 20 or less, deciding to pass on one is nearly equivalent to deciding I won't have that token in my collection.
