Do you buy multiple coin lots?

Today's mail brought four coins I bought as a group lot. I don't usually go for lots when they are illustrated only with one photo showing a pile of one sided coins but This one had a coin I really hoped was what I wanted and three that looked decent so I put in a bid and won. It turned out that the one I hoped would be what I wanted was not but the group certainly brought up some points I believe could be of interest to new collectors who have asked how select their next coin. One way is to let the fates make the decision for you and buy a group lot.

I cheated. After collecting these things for a long time I was able to identify the side that did not show on three of the four. The one I missed was the one I wanted. It still is a decent coin but one no one wanted. All four are common coins and really have no connection that might make them desirable for a specialist. The lot would seem best for a new collector who would be unlikely to have any of them and who would like to have some things for a general collection of common coins. All these are common.

After they arrived I accidentally found one of the coins (the exact specimen) online. It turned out that all four failed to sell in a European auction that some of the people here believe to be a good source. New collectors may find it interesting to ask why these did not sell last November when offered singly but why I found the group wort owning even if I could only see one side.


First is an antoninianus of Tacitus from the Lugdunum mint that was shown in the photo by the reverse PAX PVBLICA. It looked well struck so I could only hope the obverse was also. Lugdunum tends to have decent workmanship so I got about what I expected. Nice beard. The coin failed to sell with a starting price of 80% of the 75 pound estimate (plus 15% , + postage). I would not pay that much for it either. Would you?


Next is a decent example of the Trier mint Constantinopolis Commemorative which failed to sell for 30 pounds (plus the same fluff). I don't think many people looking for a coin like this patronize big deal auctions and this one just was not something that appealed to the bidders. Is it worth 30 pounds? Not to me.


Third is an AE3 of Crispus from the London mint with the vota altar reverse. I am a little surprised no one wanted it because many UK collectors like coins from London mint and this one is is well struck. You even can see the details on the lobe on the reverse. I guess this one is just so common (RIC C3) that everyone has a handful and the estimate of 50 pounds was nothing they found attractive. I liked the large flan and the way the shield was only half cut in the die. It might look better if on a smaller flan. Adding nothing but something I find interesting that new collectors need to learn is the dot in the middle of I and S on the reverse. You will not find this listed in the catalogs because it is just a central dot in the die that was used to lay out the circle of dots. There was one of these on every die made but 99% of designs have something (portrait, figure) in the middle of the die that erased it. The dot remains only con coins that have a space in the middle. Every so often we have someone declare that this makes their coin a rare and unlisted variety. Nope. I would not have paid 50 pounds here either so it is no surprise that it went unsold.



The last coin is the one I thought I wanted. The cataloger said it was Trier mint and I wanted the type with two victories but no column because of the overstruck coin I showed here last week. This is a nice coin just not the right coin. I was shocked when I saw that the solo estimate on the coin was 150 pounds (plus fluff would be a minimum bid of over $190US). The coin simply is not that nice. Even if it did not have that edge irregularity -- even if it did not have extra deposits .... really? On the other hand, the portrait is quite decent (not barbarous) and fits my collection quite nicely.

As a lot the four were started at $60 but hammered at $110 which works out to $34 each postpaid. You will pay extra if you want to select your coins from the high end material. If what you want are some decent looking coins you can show people who know nothing and don't mind the fact that they are common, perhaps you should check out the bulk lots offered by some auctions. Just be smarter than I was and identify what is included correctly. I might add that some sellers would place the good side up in such a group trying to fool the fools who bid in their sales. That works just once.

Show your bulk lot purchases and sight unseen coins. You wouldn't be willing to send a hundred dollars to someone and say, "Buy me something I'd like." Or would you? That would take all the fun out of it but bulk lots can be fun if you retain a little control over what they contain.

 

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Actually I've wanted another bulk lot for a while, but I don't keep up with all the auction firms.

Everyone has seen this lot, my first ancient coin purchase, for $65 or about $5.42 each.



Common coins, but some are very nice and certainly worth more than each coin averaged out too.

 

These worked out to $8.47 a coin, shipping and buyer's commission included:

 

My latest group lot:

 

That's a great lot!!

 

You guys look like you came out a lot more than OK.

 

Wow, Mentor ... congrats on scoring that cool group-o-four!!

Yah, I still pee my pants over this sweet group-score ...



=> 4 of my favourite A-Pius drachms => $600!!

... $150 each? => yup, that's how I list 'em (all of my kids are considered equal)

 

Nice. Kind of like getting 3 for free (you know which one I like, I bet).

 

Are you a Taurus?

 

I haven't purchased a bulk lot in a while but I have worked out deals with a dealer I frequent when I knew he was bidding on or won a lot that had a coin in it I was interested in. I got a good price(or at least felt like it), and he got a quick return on a portion of the lot and my help attributing a few tricky RR bronzes that were part of it. Here's a coin from one such deal:


This coin failed to sell in NAC 61(RBW part 1), where they gave it an opening bid of 160chf and a 200chf estimate, with 17.5% buyer's fee, so they were asking ~$200 after buyer's fee as the opening bid, in 2011. It later sold at CNG as part of a group lot for ~$150 with a handful of other coins I wasn't interested in. I paid $90 shipped in 2016, so I felt like I got a pretty good deal and didn't have to take on the handful of other coins in that lot that I wasn't as interested in as this one and my dealer was able to cover over half the cost of the lot less than 24 hours after receiving it, so everyone was happy.

 

Obviously, ancient coin lots come out a lot better than US lots.

 

A nice group at a good price Doug

 

That's nice group of coins for a mixed group and IMHO well worth the $34 average. I can see why they were first put up as individual lots, even if they didn't sell at their original over-optimistic prices.

The fact is that a beginner is going to have less ability at spotting what may be a good group lot, not to mention figure out what is a good price to pay for it. And, for those lots which don't come with pictures of both sides of all the coins, and may be incompletely described to boot, you really DO need to be a bit of gambler.

That said, I love multiple coin lots myself and do think that they can be fun for beginners to work through and research, especially the more diverse ones. You can get lucky and score a decent overlooked lot or one with a few excellent sleepers, but more often than not, the old adage will hold true - you get what you pay for.

I've shown this group before, one of the first mixed lots I purchased, but it is appropriate to the idea of the "sight unseen" lot as the auction picture showed only one side of 6 of the 14 coins in the lot. I don't think I've shown the original seller's pic and description before.

Seller's pic :


Seller's description :
GREEK. Miscellaneous. Lot of fourteen (14) AR and Æ. Includes: Broad range of AR and Æ issues from Magna Graecia to Taxila. AR are drachms of Alexander III, Apollodotos I, and Azes, as well as a stater of Ambrakia. Coins Fine to VF.

I paid an average of $35 shipped per coin for this group of 14. Ironically, the "stater of Ambrakia" (not pictured) which tempted me into pay what I did for the lot turned out not to be that, so sometimes, even the sparse descriptions can be incorrect. In this case, it was actually a stater of Argos Amphilochikon, an even rarer mint for one of these 'Corinthian Colts', so I lucked out. In general, it was a great lot to get my feet wet with and I had a lot of fun attributing and researching it. I've been much less lucky with subsequent mixed lots, but that's really just the nature of the beast.

Here are all the coins in the lot:

 

It's rare that I buy coins any other way. I generally buy large lots, take what I want for my collection then move the rest on;

 

What a cool and interesting thread!!

I haven't gone the 'multiple coin lot' route yet but I may give it a shot in the future.

Congrats guys! You all appear to have done quite well on the posted lots

 

last year i picked up 3 lots of 10 coins each from the same seller. just a bunch of misc. unidentified ancient coins with fairly poor photos. i bid of 4 and won 3. only counting the coins i kept, it came to about 5 bucks a coin. wish i would have bid won them all. the most fun i had with coins last year was IDing the coins in this group. here are a few of my favs...

 

Could you identify those coins for us Chris.....especially the first two

 

I would buy lots except I wouldn't know where from, nor would I know what is good. I'm also not experienced in cleaning ancients, though I wouldn't mind trying.

 

Lots do not necessarily require cleaning. They tend to be coins that the seller does not see as worth lotting separately. These days when so many dealers hesitate to handle any coin for less than $100 (or $500 if you run in the right circles) there are many perfectly worthwhile coins that do not make the cut. I have no problem with collectors who only want $1000+ coins as long as they know enough to recognize the differences that make a coin fall in that bracket. While learning, lessons are cheaper with perfectly attractive and interesting coins in lower demand.

None of us 'know' but some have better opinions based on experience. I have recently been 'discussing' a coin in an upcoming sale with another CT member. We differ on whether it will sell for 3x to 5x the published estimate or more (considerably more?). Only time will tell. If cheapskate old Doug would pay 3X estimate, someone out there will go much higher. If you see a coin that you think would be cheap at twice the price, you will not be the only one.

 

sure thing, here is number 1...

Tetrarchy of Chalkis, Coele Syria, Lysanias, 40 - 36 B.C.

O; female bust, R: double cornucopia, flanked by ligatures, 22 x 24 mm, 5.4 g


and number 2...

Caracalla, Caesar 196-198 AD, Assarion, Nicopolis ad Istrum

O: MAR AU KA - ANTWNI, bust right. R: NIKOPOLIT PROS ISTRON. basket of fruit. 18 mm, 2.9 g