Every time I think i have something figured out in this world of collecting I get turned around again. I am still very new to collecting coins myself, most coins I have come from other family members and change. Well i geared myself up today to attempt my first buy from Teletrade, which can be kinda intimidating for a new collector. I found this coin that was really cool that i would love to have. The coin was marked "environmental damage" but UNC details and i thought hey this coin looks great and with the "environmental Damage" i may get it for a price that my shallow pockets could afford. So i slapped in the first bid and my max hit send and was like yea im on my way. LOL this is where it went the other way! Within two minutes my (apparently) minuscule max bid had been replaced by several others and the price of the coin is now siting at $875 . So i guess its back to the drawing board for me. This just struck me as really funny and a good learning experience (you dont ever know anything). I guess with time i will learn better how to evaluate a coins worth. Thanks for reading my funny newb story has anyone else ever had this happen to them?
http://teletrade.com/coins/lot.asp?auction=2810&lot=1222 We are now up to $925. Cant wait to see what this goes for. And before someone says it no my bid was not $10 or something ridicules i thought it was a honest bid.
i hope your not going to bid that $950. Lol but someone will at least you had the common sence not to.dave
Welcome to the wonderful world of on-line auction. That's a nice looking 5 center, keep your eyes open, another opportunity will come along. You can also register at ha.com.
Now $1050, I'm missing something too lol even if this coin were to get MS65 grade it would trade for roughly 1500 depending on eye appeal, but this coin is the equivilent of a MS60 to me, and I Don't buy damaged coins so I wouldn't drop more than $100.00; unless is the environmental damage shipwreck?
Yea they know something we dont haha. Yea my max bid was $100. but like some have said another will come my way on down the road.
You mean like the cheapest MS coin Heritage has sold in the last 3 years was $977? Even several AU coins went for >$1,000.
You got to watch out about teletrade. I think the seller of this coin is bidding on his coin. I bet the coin will not be sold and you will see it next week back up for auction.
Yep - been there done that. Of course on a semi-key 1886 Liberty nickel with uncirculated details won't be touched for $100 regardless of what others think it is worth(even corroded and damaged ones go for more than that). You would have to net this thing down to po-1 to start getting in that price range. While this coin is not perfect the details are more than most collectors can hope for. Personally I prefer problem free lower grade coins, but I can see from the pictures where this one would appeal to many collectors.
That's part of the cost of education in this hobby...Duke is right, it has happened to most, if not all of us. AND, it was one of those very few lessons that DIDN'T cost you a dime!!! Also, when schatzy says.... ....he's pretty much right on. A seller CAN place a 'buyback' bid or put a reserve on a coin, BEFORE the auction begins. In effect, the seller IS bidding against you.
When I was young a coin shop in my area held monthly auctions on a Saturday morning. I went again and again. I got the catalog in the mail, found a coin that I would like to have, studied up on it, and determined what my high bid would be. I went early to check the coin, to see if it was what I thought it would be. When my item came up for bid I threw up my hand and placed my max bid. In the two years I did that I never won a coin. It got to be kind of a joke. "I guess the kid'll start us out," and they'd look at me. I'd place my max bid, they'd all laugh and the "real" bidding would begin. I guess I learned some about grading, and I inhaled a whole bunch of second hand smoke. But after two years with literally no success I gave up. That's my two cents. Art Haule
