1804 Large Cent, is it real or hopium?

Discussion in 'US Coins Forum' started by goldrealmoney79, Sep 25, 2021.

  1. Conder101

    Conder101 Numismatist

    In 1970 $575 would have been 22 years worth of my weekly allowance.
     
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  3. Marshall

    Marshall Junior Member

    In 1970, finished Jr. High, I turned 12 and began High School. Collecting Lincolns, Buffalos and random silver.

    I was really into COINS and COINAGE magazines. I'm pretty sure this is where I first stumbled across John Wright who was writing a column in one of these if my memory serves me well (Highly suspect these days.)

    Or was the ASHBY?
     
    Last edited: Nov 18, 2021
  4. Marshall

    Marshall Junior Member

    I find it interesting that the three legitimate 1804s posted represent all three sub categories, 266a 266b and 266c.
     
  5. Marshall

    Marshall Junior Member

    For the time being, I have to settle for a 1804 Half Cent. At least it's a C-7.
     
  6. montynj3417

    montynj3417 Active Member

    I have never purchased an auction coin. What is a buyers' fee?
     
  7. Marshall

    Marshall Junior Member

    Each Auction company usually adds on a fee to the buyer for services provided to host the Auction, collect taxes and act as intermediary between buyer and seller. I believe an example is Heritage with a $19 minimum and a varying percentage above that. I think in Heritage's cost, the coins are in their control and they actually do the shipping as well.

    The exact amount varies depending on the taxes and shipping. I don't know, but I suspect there is a similar arrangement with the seller for a fee. But not having ever sold a coin by Auction, I can't say that with certainty.

    eBay has their own service with a slightly different arrangement (primarily seller funded) and the seller actually sends the merchandise.

    Just ask before you bid if you can't find the information.
     
  8. Publius2

    Publius2 Well-Known Member


    Every major auction house (Heritage, Legend, Stacks, Great Collections, etc.) has a set of terms and conditions for buying and selling that is available on their website. Be prepared for a lot of legalese.

    As a buyer, you will pay a "Buyers Premium" that you pay on top of the auction sale price (the "hammer"). The BP varies from house to house but also varies according to other terms. For example, Heritage has a standard BP of 20% of the hammer price but if the actual dollar value of the 20% is less than $29, you will pay the minimum of $29. Shipping, handling and insurance costs can vary dramatically from house to house. In some cases, you have some control over how it is shipped and thus what the costs are but in some cases you don't have a choice.

    Heritage and Great Collections charge a 2.5% surcharge if you pay with a credit card which includes PayPal. Others may do the same. You need to read the terms and conditions. Other payment options are possible but some of them have to be arranged beforehand such as Echeck.

    If you are selling, you typically have to pay the auction house a sellers premium. In some cases and with some houses the sellers fee is waived if the coin exceeds a certain value.

    I won't go into eBay since there are thousands of vendors and they each have their own deal but in general you don't pay a buyers premium. Read their fine print before you bid or buy.
     
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  9. Revello

    Revello Well-Known Member

    fyi, some online auction sellers using Proxibid, LiveAuctioneers, or Hibid actually have an onsite crowd of buyers (gallery bidders) as well as online bidders. The online bidders usually pay the buyer's premium, whereas onsite bidders often don't have to pay a buyer's premium or if they do, it is less than the buyer's premium the online bidders pay. Sadly, I've watched online bidders go nutso on their bids as if they forgot about the buyer's premium and other related charges (shipping/handling). I consigned a lot of "extra" coins to a recent auction on Proxibid, where the consignment fee (to me) was 10% for slabbed coins and 15% for other-than-slabbed coins/collections. Was pretty pleased with the results (total gross sales for my consigned "extra" coins = about $7000). I didn't compute the 10% vs 15% cut, yet, but will be getting the final invoice/check soon.

    There is at least one auction seller on Hibid that has offered consignors a return of 110% of the sale price for their consigned coins if the individual lot/coin is estimated by the auction seller to be at least $750, or if a gold coin, at least $150. Otherwise, the auction seller normally doesn't charge the consignor any fees, but expects to get their profit on the buyer's premium (20%). The auction seller is fairly conservative in his estimate of value for the lots.
     
    Last edited: Nov 18, 2021
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