Back to the OP, I think around $100 is fair for each coin in the original post. The Morgan would sell pretty quickly at $85. In an ebay auction, either could go for over $100, particularly if professionally imaged by the likes of @jtlee321
It used to be unusual to have ANY buyer's premium in our local auctions, but now most are at 10, one at 5, one at 7, and a few still at 0. Some of these auction halls are WAAAAY out in the boonies. Without Siri helping me, some I'd never find.
Places like Perry and Juniata Counties. Downingtown is urban compared to these. It has a train station. It takes a pretty skewed perspective to consider ANYTHING in Chester County the boonies. I'm talking places that when you get there, you haven't seen a traffic signal for a half hour, and NOT because of an Interstate, either. Places where deer and bear outnumber humans. Places where guys who own important coins have never even HEARD of NGC or PCGS. Places where guys like that die, and the auctioneer that sells their collections will be selling hogs the next day. And the hall smells like it, too.
Kurt, I know I don't live in the boonies, I'm just trying to gauge how far away the places you are talking about are. If they are selling toners for no premiums, it might be worth the trip.
I'd like to help you, but I never know up front whether there's toners or not. Heck, it's rare that the listing even has ANY CLUE of a condition attached to the coins. It's often just denominations and dates. Sometimes it's all junk, sometimes it's amazing. Lots of cleaned stuff, in too many cases. In order to enjoy it, one has to be in it for the joy of the hunt itself. The profit motive makes it less attractive. I'm pitching Dave Harper at NumiNews for a regular feature called "Penn's Backwoods", a column detailing what I find.
Kurt also said VERY nice classic gold sold under melt at these, but never really offered proof. I told him I would be a buyer at a premium if he wanted to pick some up...
That happens, but not always. When it does, it's because the auctioneer scheduled the gold last and exhausted the room's budgets early. These are simple common people bidding, not Laura Sperber type budgets. I set a hard limit for what I want to spend, take that much cash, and leave cards at home. When I reach the limit, or when there's nothing else I want, I go home. I never lament the coin not bought - there's ALWAYS another coming.
I love the thrill of the hunt.. I need to start looking for auctions that might be decent. Where do you find listings? I've never even attended a live auction before.
My favorite guide is auctionzip.com. It covers MOST, but not all of the backwoods stuff. Some are literally only listed in the weekly Penny Saver or similar publication. The cool thing is once you go to a place one time, they put you on a snail mail list and send you notices. If I sound cheap, it's because I are.
Thanks for the information. I've got a buddy who goes to auctions and has bought hundreds of Morgan Dollars. Unfortunately, the guy has no idea what he is doing and just buys everything. So much of it is just crap that I would not pay more than a couple dollars above melt for, yet he's buying for $50.00 or $60.00. Nothing I say can convince him that he's just wasting his money. He's never brought me along to help him and doesn't tell me where these auctions are. I look forward to going to a few and maybe see him there.
Hey, I think I've seen that guy!!! There are some cases where some guys simply will not be deterred and go nuts bidding on junk. They usually have a specialty they're looking to buy. At sales like those, I usually have to punt to copper and cupronickel pieces. I can't tell you how many times I went looking for higher denominations and ended up with large cents.
I live in a small town in KY, and most auctions here that have coins sell for WAY too much, because of people like your friend. I have never really seen a small auction where you can get good deals.