Any reviews for Silvertowne Coin Auctions?

Discussion in 'Coin Chat' started by Chuck47, May 4, 2015.

  1. Chuck47

    Chuck47 Member

    Has anyone participated in any online, Silvertowne Coin Auctions? They are located in Leipsic, Ohio and have almost weekly coin sales.
    I would like to know if your experience was good or bad and any thoughts you may have with the company. I have no problems or issures with them, just wanting more information.
    Thank you,
     
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  3. saltysam-1

    saltysam-1 Junior Member

    My problem with them was the key role they played in the release of the limited gold Kennedy coin at the ANA show in Chicago. They were involved with busing people in, to stand in line; and block the average collector out from making purchases. With that, I refuse to give them any business that contributes to their company's bottom line. Now or at any future point in time.
     
    silverbullion likes this.
  4. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    To the original poster:

    I have had an account with, and watched many an auction of, SilverTowne Auctions. Most of the stuff is not up my alley, but every once in a while a nice piece comes up that I snag. Getting set up initially with then can be a slight pain, but after you are, they're fine to deal with. They ship out really quickly. One question: How good are you at "reading a coin" from less than spectacular photos? It is a good skill to have with them. If you like Morgans, you'll love their auctions.
     
  5. Burton Strauss III

    Burton Strauss III Supporter! Supporter

    Yeah, well, I didn't like the antics @ ANA, but truth to be told, that was the way the game was setup and they played it like masters. I more hold the US Mint, the TPGs and the ANA itself responsible.

    Back to the OP's question:

    I've bid on their auctions through ProxiBid and been happy with my purchase.
     
  6. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    image.jpg Burton,

    I'm going to state up front that we'll probably have to agree to vehemently disagree on this, but the ANA was utterly blameless on the gold Kennedy half fiasco. It was all the U.S. Mint and the TPG firms, particularly PCGS. Why? Because the Philly mint was a dog's breakfast, the Denver mint was a dog's breakfast, the Washington DC sales counter was a dog's breakfast, and yeah, Rosemont was, too. But the ANA wasn't involved at all in the first three, and after all, they had me working queue security after the street urchins got inside the Stephens Center at Rosemont. :rolleyes:

    My "buddies" are in the picture.

    The Mint and the TPG's set up perverse incentives to "cheat" the system, and people like Minshull and SilverTowne followed those incentives.

    To be brutally honest, I don't consider this a "matter of opinion" at all, but rather whether one had knowledge of the matter or was ignorant.
     
    Last edited: May 5, 2015
    coinzip likes this.
  7. Burton Strauss III

    Burton Strauss III Supporter! Supporter

  8. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    True enough, but you get to take your shot unchallenged, right?
     
    Treashunt likes this.
  9. Hommer

    Hommer Curator of Semi Precious Coinage Supporter

    I have a stack of bars and ASE's I've gotten at auctions with them. They sometimes oversell their inventory and put you on a waiting list. Their customer service department is very responsive but sometimes lacking in bedside manor.
    The only issue that I've had with them was back in November when spot silver dropped to $15.29 overnight and they oversold their inventory. They were behind on shipping and their shipping dept., which in my dealings with them up until that time was excellent, began to haphazardly package the product. I got a package of bars in that were pretty banged up to the point where the corners had cut through the mint sealed plastic. When I contacted their ccustomer service dept about it, their response was" it's just bullion, if you don't like it, send it back. Not wanting to be out the shipping, I kept it.
    Yea it was bullion, but if I were to try and sell it, there is no doubt I would take a hit on condition. Even bullion bars have an appeal factor.
    I haven't bought any from them since, not that I wouldn't, and I seriously doubt I could hurt their bottom line one iota.
     
  10. bdunnse

    bdunnse Who dat?

    WTH is a dog's breakfast?
     
  11. rooman9

    rooman9 Lovin Shiny Things

    Usually kibble, maybe some leftovers. If they're a rich person's dog the possibilities are endless....
     
    billy b likes this.
  12. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

  13. Treashunt

    Treashunt The Other Frank

  14. bdunnse

    bdunnse Who dat?

  15. buddy16cat

    buddy16cat Well-Known Member

    I have a donkey bar. I think there coin prices on the site are too high but I have never heard of their auctions. Perhaps I will have to take a look.
     
  16. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    Every once in a while, you can really metaphorically "steal" a lesser known rarity in their auctions. It takes a lot of casual looking, but it can be done. I run their auctions frequently as "background" on my iPad while I'm doing something else. I usually have made a note as to which lot numbers interest me, and as they get close, I watch more intently. Usually somebody bids up something beyond the "major steal" level, but every so often....

    Nice thing is, most of my won lots look better in the hand than they did in the photo. Most, not all. Please do try to examine edge nicks in the photos. Mostly when I am disappointed in a coin, I can go back to the photo and say, "Ahhh, THERE it is."
     
  17. buddy16cat

    buddy16cat Well-Known Member

    I just got a book on valuable types and rarities from Amazon. I will have to start looking at it.
     
  18. Chuck47

    Chuck47 Member

    Are you talking about Silvertowne Auction Company from Ohio or Silver Towne Coin and Bullion from Winchester, Indiana? Regardless of who it was, I find it also unfair and annoying but they did follow existing rules. It's the same as me trying to order my one Roosevelt dime set Monday and having to compete with big dealers and flippers and my order is backorderd until ???.
     
  19. V. Kurt Bellman

    V. Kurt Bellman Yes, I'm blunt! Get over your "feeeeelings".

    Same company - two divisions, pretty sure. I also wanted one MoD set, plus one BU MoD dollar. I got my order done at 12:01, and I have them.
     
  20. Hommer

    Hommer Curator of Semi Precious Coinage Supporter

    Look at it this way, it will First Strike Second Addition when you get it.
     
  21. Chuck47

    Chuck47 Member

    Thanks for your input. I agree with your comments also. Most of the pictures leave a lot to be desire. I try to only bid on the graded coins and even with them, a sharper photo would be helpful.
    I think the estimated value listed is usually about twice of the real value for most lots. I am a suspicious person by nature, and I wonder where the opening bid really comes from. Is it a hidden reserve? If so, tell me and it will be ok.
    One particular item I was interested in opened above my high limit amount. The "floor" bidder opened and was the only bidder and won the lot. Six weeks later, I see the same lot, with identical picture offered again. Now I guess it could be an identical coin and using a stock picture which again is ok if you say that's the case. It just make me think about that opening bidder when it opened the first time around.
    I also think the prices of most lots seem to be rather high. Maybe I'm just cheap and hate to pay retail but I do pick up a coin every now and then at a good deal.
    The lots I have won are shipped out within 24 hours and arrive safely, and well packed.
    Thanks to all of you for your responses,
     
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