I just got back from what I can only descibe as a bizarre coin and toy auction. Most of the mint and proof sets were going for much less than they are worth, but common date circulated morgans were going from$60 to $100. 1922 peace dollars were going for $20 and other assorted coins went high. I knew I was in trouble when all the common date silver halves and quarters were going to be sold as singles and to make matters worse they did not auction items in order, so I had to keep flipping through 6 pages of itams. There was over 500 lots in the coins alone!! After 3 and 1/2 hours I finnally gave up after buying a few froof and mint sets and a few assorted coins. The high point of the whole day was buying a 1869 3 cent nickel in f- vf for $15.
I've been to 3 or 4 coin auctions and plan to attend one next month. They let you look at the stuff starting at noontime and even place a bid. The crowd comes at 6pm and the auction begins. The funny thing here is the auctioneer and his son bid on the coins first. He says "OK I have a bid on this for $300, actually there are 2 bids, both at $300." The other bid is the guy's son. Then he asks who will give $310. I never saw anything like it. They also get a 10% buyers fee. So when you add in the bidding frenzy factor you really don't stand a chance at getting any deals. The only way you can get anything is if nobody bids. Also damaged, spotted and scrap coins are fair game for a reasonable price. But then add the ten percent. I did buy a few lots of Peace dollars at about $12 each. And nobody wanted a 1982 G. Washington half dollar proof. So I got that with the only bid at $5 plus 50 cents fee for $5.50 total. It came in an airtite too. Then got a 1989 Silver Canadian Maple Leaf for about $14.50. I did overpay for a 1881 $5 gold piece, NGC MS-62 at $341. Also got a 1921 Peace dollar PCGS XF-45 for $145.
After I got home I checked completed ebay auctions on the proof sets. According to my old red book and the coin dealers (seated in front of me) greysheet they were selling cheap, according to ebay they were going high. oops! at least I only bought a couple. The dealer bought about 30 or 35 mint and proof sets, some the same year and at the same price I did. Oh well live and learn.:hammer:
This is where you have to ask whether the "aggravation cost" justifies any bargains you might pick up. If lots were done out of order, I'd probably just walk out...
These non specialized auctions can be crazy, they may have 3 different auction rings selling 20 feet apart. You get jammed in all together because most people will get there late and not get to fully go over all the lots, so that means everyone wants close to the front. Many older collectors who care little about strict grades, rarity or price collect many types of things they remember from childhood and think nothing of dropping a $60 bid on a common date large cent in VG condition or a VF 1888 dollar. I was at farm auction that had a few coins advertised. A 1854 seated half dime in VG/F condition sold for $86. I soon left the auction without spending a cent, at least I got to enjoy the rest of the day! The fun thing about this type of auction is, you never know? what if that mason jar of wheat cents I just got for 25 bucks has a 09-S VDB in it?
After a couple hours I was really getting frustrated but I wanted to bid on the three cent nickel. I finally asked one of the aucion runners to find that lot number for me. He found it and they auctioned it next. I won it and out the door I went!!:whistle:
Auctions are irritating to say the least. I've been to ones where items are practically given away and then there are those where people are going nuts with bids far and above normal prices.
Sorry, I'm a bad speller, but working on it. The first coin auction I went to was a little strange also. Prices were a little more reasonable because it was attended mostly by collectors. The bad part was the fact that one bidder ended up with all the bulk silver. every way I tried to bid he always ended up at the bid taht you could not go over and still get a good deal. I assume he knew the auctioneers but who knows. I think I may give up on the aucions and stick to coin shows where I can buy what I need.
Victor: Unless the auctioneer's son was bidding for absentee bidders that was very bogus. I would have left.
Well it was weird. And I never saw anything like it. Here is what I think: It was a private estate coin. Anyone in the public sector can bid. So the auctioneer and his son are just another two people in the general population. And they have every right to bid on items. I'm just guessing that's the story. As the lots were auctioned off more of the story unraveled. Some coins came up and the auctioneer again says: We have 2 bids. $ 250 and $255, do I hear $260? A guy behind me goes $260. The auctioneer says "I'm out." Then looks at his son and says "You're out, do I hear $265?" Then it went on from there. I was bidding on a coin and the auction had not ended. I went $40 and the auctioneer pointed right at me and then says $45? All quiet. He points at me again and says "Sold for $40." Then the runner comes over and gives the coin to the guy right behind me! It seems like we both raised our card at the same time for $40. So he was pointing to the guy behind me. A week or so later I talked to the auctioneer and mentioned that I had also bid $40. He says he didn't see me. Then I asked well should I have yelled $45? he says it was too late, the gavel came down. But he says if he saw me he would have taken it to $45. Well there is so much I don't know about bidding protocol. But in another case when nobody bid $10 for the 1982 Proof Washington half; he says "Who will give $5?" I raised my bid card and he says "Sold for $5, I'm not even going to ask for $6." So it looks like we play by his rules- and he can change the rules at a whim. I won that time. And his stuff was going cheap too. St. Gaudens slabbed MS-63 $20 Gold was going for $750, and $800. Don't get me wrong. I like the guy. He just opened a coin shop and I sell and buy from him. I don't really want to dislike him because then there will be NO coin dealers I like. And so far he has been fair at the shop. He turned the auctions over to his son and sold the parking lot. But he is running one more coin auction April 13th.
Wasn't by any chance Van Metre auctions in Marshalltown, was it? I've had that exact same experience there- interested in common date Peace dollars that wind up selling for $15-$20 apiece!
Baxter It was in Baxter IA. The Peace dollars went for about $20 each, It was the common circulated mograns that went for $60 to $80 that blew me away.
I love the Morgans, but there are so many uncirculated examples from the vaults, it's not hard to find nice common date coins. I guess knowledge is power when it come to these bidding frenzies.
3 cent pics Here are a couple pics of the 1869 three cent nickel I picked up. The pictures don't show well,but the vertical lines on the reverse are all visable.
