GreatCollections bidders being GreatCollections bidders.... again

Last night there were a bunch of people gathered around the proof Indians, one of which went for over $500:

Looks like I deleted the photo I had. And yes, the $24 was me bidding up from $23 a few days ago. Even an 1887 in PR60 Details (ICG) went for about $350.

Meanwhile, they missed some of these coins:

Details, but $30 w/Buyer's Fee.


$28 w/Buyer's Fee, a woody that knocked about 30% off Greysheet.


$11 w/Buyer's Fee; to be honest, I'll take about any reverse proof Presidential dollar at that price if it's graded. These things are crazy cool.


$27.01 w/Buyer's Fee. Bid is $60.

I would upload more pictures but I think the limit for one post is 10. Simply crazy how the best deals practically make themselves known late in the auction.

 

Log in or Sign up to hide this ad.

I had a similar experiece with Heritage bidders a few days ago, but I will get to that.

Way over paying for an impaired Proof 1906 Indian Cent, which is common date, is stupid. Perhaps they saw that it was graded by CACG, which is slabbed version of the CAC sticker service. Some people think that CAC is the greatest thing in the history of coin grading. They go so far as to say that any coin without the sticker is inferior. They refuse to buy a coin that does not have a CAC sticker. Perhaps they only saw "CACG" and didn't bother to understand that the "perfect grading service" had said that this coin was damaged. That's all I can think about this.

As for Heritage, I bid $7,500, which works out to $9,000 with the buyers fee, on a 1797, 16 star dime in PCGS VF-25. The PCGS CoinFacts retail amount is $8,250 for the coin. There were no posted auction results which came even close to $8,250. I figured that my over bid would win it. The slab did NOT have a CAC sticker. and this coin is not even close to being the finest known example. Somebody outbid me with an $8,000 bid which comes to $9,600 in total. That has to be an all time high bid for the coin in that condition.

This is why I prefer buying from dealers and avoiding auctions. I can count on one hand the times I have gotten a bargain in an auction. When I win it's either fair, or I figured I overpaid.

 

I'm still mad that off number bids are allowed. I was in hospital so had to leave a proxy bid at heritage last Tuesday. I put a bid of $260 and just found out the winning bid was $261. I hate thart crap. James

 

For your first paragraph, I agree that $500 is WAY too much for that coin. I think a PR55 bids at $100, so I'd likely pay that, but if I have to drop five hundred on a proof in this date, give me a PR64 RD.

I've heard quite mixed opinions of Heritage. Simply the fact that they charge a 20% buyer's premium is enough to make me pass. There's been quite a few times I've been angry with the 10% (check/money order) fee on GC, since of course I try to get the coins at or below Greysheet. In the matter of the 1797 dime, I couldn't fathom selling it for $9600. I think CDNs are $6500/8100, give or take a bit.

GC is generally the main place I buy slabbed coins, but for everything else, I get it from one of 3 places about 90% of the time: coin shops, the 71st Street show (which I often try to set up at), and flea markets when the price is right.

Then for CAC, I can tell that you disagree with them being known as the best grading service, and I'm with you on it. I've owned a few CAC-G coins, one of which was an 1880-S Morgan in MS62 DMPL, and currently a 1982 cent, zinc large date, in MS67 RD. For CAC stickered coins, I currently own one and will be getting another....

....that I bought since I think it's a really nice coin.

It's crazy without a doubt, but sadly I think about everyone in coin auctions does that. On GreatCollections, I think someone could've bid $260.01 and got it - as long as it was more than the previous bid.

 

I stopped buying on Heritage after they raised their percentage rate. Couple that with the buyers premium along with tax and shipping and the price paid greatly exceeds the coins' value. DLRC has no buyer premium and no tax on coin purchases. The coins I buy there remain in the realm of affordability and market sensibility.

 

True for about all auctions. I still like to whine and complain. james

 

True for about all auctions. I still like to whine and complain. james

 

Sounds like buying from DLRC vs Heritage could mean a make-or-break difference. On such high-dollar pieces, Greysheet and CPG are often 20% apart. Then too, on GC, the fees can keep a coin on the hinges, especially in pieces that go for $2, then with the $5 fee.

Overall, do you like using DLRC for bidding? I've heard some good things about them.

I think we all need something to complain about at one point or another. For me, it'd be the group of bidders in coin auctions that will go higher than anyone just to feed their ego, while passing up the greatest deal in the whole auction.