Buying Coins at Auctions

Anyone here do this very much? I have found it to be a great way to add to my collection recently. My wife and I like to go for the entertainment value anyway. And, when we find ones that have coins it is even more fun!

On saturday I was able to get an 1898-O Barber half for only $8. It would probably only grade abround a 6-8. But, I still think it was a great deal and is my first "O". I also got 10 Walking Liberty halves ('43-'45) for $60. 8 of them would probably grade in the 30-40 range. 1 one was worn so bad you can't see the date any more. But one was in great shape and would probably grade in the low 50's. I would post pics, but my ancient digital camera finally died.

 

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Most of us here have bought at auction, but I think you mean a local auction in person. I go to those sometimes. I find common stuff goes too high usually but better stuff can go for a low price. I went to one once where the dealer really wished he didn't have the auction. Everything was going low, only 7 of us showed up. I am surprised the dealer didn't call it off. I bought my MS66 1867 nickel with rays there for $110.

 

+1

 

The last local auction I attended had a variety of coins in addition to the furniture and other household stuff. All of the coins were in a display case, and I asked if I could look at some of them. One item was a Whitman folder of Mercury Dimes, 1916-1945. When I opened it, I saw right away that there was a coin in the 1916-D slot and the obverse looked like it would grade VF. This got me excited, and I asked the staff member "watching over me" if I could take it out to see the reverse. It was a 1916-S.

Chris

 

I love auctions, mainly bigger numismatic auctions, i picked up my 43 seated quarter in 64 for $900, it's worth twice that

 

My son goes regularily and sometimes lets me tag along. We haven't come close on any coins yet though. Here, those command some very high prices for what is being sold, in my opinion. We have gotten extremely lucky on a few art items that no one seemed to have interest in, including some very collectible items that have value.

Compared to spending the afternoon in a Casino, this can be very inexpensive entertainment, for sure.

gary

 

Since several of you mentioned this, I'll not quote all of you, but if you go often enough, there are really good deals to be had at live auctions. I have discovered that if specific coins are mentioned in the listings (in the paper or on auctionzip.com) there isn't much point in going unless it is at an odd time or waaaaay out in the middle of nowhere. But, truthfully, a lot of it is just bein lucky on a good find and/or not many collectors showing up.
I went to one a few weeks ago and got 71 buffalo nickels for $35. That by itself is a great deal. But, 15 of them were in amazing shape (40-50) with one pushing a 56-58 grade. The one I went to yesterday was not bad and I got a couple of decent deals. But, I really wanted a '69 2 cent piece they had there that was in immaculate condition (it would have pushed a 60 or higher grade, beautiful coin). Unfortunately, there were two other hardcore collectors there that turned the bidding into a ****ing contest. The stupid thing ended up going for $450.

 

****Not to change Subject**** this one was found but not at an Auction.

ff-topic:
1997 or 1998 Grandpa was showing my son and I the area he grew up in before they bulldozed the row houses down,by the Cotton Mill that his Dad had worked.it shut down about 1950-1955.my son was check on the inside of one and found a Mercury Dime and hand handed to me.it was a 1916-D my heart almost stopped as I rinsed it of with my water bottle.no telling how many silver & gold coin had fallen or were hidden in the wall & crack of the row houses there were about 200-300 house in that area 20ftX20 square so small to change your mind you had to step out side,they were small houses.but there no way of knowing what other rare coin we just crusted and paved over to put up a mall & Winn Dixie on the site.
hex now there a bar and book store that in that mall not shut down Winn Dixie here shut down about 2 year after opening it

 

I mentioned this another thread, but I love live auctions. Especially the ones that take online bids. I put low bids on coins. Twice now I have won amazing lots at ridiculous prices. Those 2 were:
- 31 mint sets from 1970 to 1993 in original envelopes, including 1976 silver set for $50
- lot of 15 canadian silver dollars and 3 'double dollar' sets different years (we know them as prestige sets) for $90.

There are good deals to be had at auctions for sure.

 

I just checked the auction site to see if I won any from over the weekend. I just won my first seated liberty half dime! I am going to post it in "whats it worth" to see if I actually got a good deal on this one.

 

This might be off topic also, but how do most of locate auctions? Newspaper, websites, word of mouth etc? I think it would be great to find one and try it. Also, are you all attending just coin auctions, estate, etc?

Thanks Rob

 

Yes. You need to keep your ears open. Once you get to an auction or two make sure you register and get on any mailing lists you can. Also check local coin stores as any many coin auctions are posted there. I have found good deals and bad deals at all types of auctions. I was just at an estate garage sale where they had some pretty high prices for typical US silver coins, but before I left I heard the next morning everything was half price. Well I was first in line and bought everything they had left, (morgans for $12, silver halves for $5 etc).

Bottom line keep your ears open and even go places where you don't expect coins to show up.

 

Totally OT:
Why the heck is this thread so wide?


What a pain to read.

 

+1

 

Because no one has bothered to fix it since the update. It seems there is only a small number of people that it affects, myself included, so it isn't worth the effort. I've complained but it does no good.

Chris

 

Estate auctions tend to be the best bet for me. I live very close to a large city (Nashville), so coin auctions are beyond my price range and coins tend to go for ridiculous prices there. I just go to estate auctions and have had very good luck. The best place to look is auctionzip.com. Any reputable auctioneer near you will use that and they generally put pictures up as well so you have an idea of what you could be bidding on (versus an ad in the paper that simply says "old coins").

 

I've got some of my best deals at local auctions. I usually find few serious coin folks and can get nice coins for 10 cents on the dollar. On the other hand, the herd will sometime bid on stuff of little value. Often, I find that the best deals come later in the auction when the woodchucks run out of money.

 

Out here in nebraska we have alot of estate auctions usually with two hundred years worth of family stuff on the block, some have some good finds most don't, the old farmers will bid on any old coins weather they are valuable or not to a certain amout, this is where knowing your coins comes in handy as they don't have a clue as to what is rare and what is not. I have seen common silver halfs and dollars go for 10 times their market value but if you find a real good coin worth alot then nobody else ever seems to know so you can still get them at a great price. I think some of the folks that go to these auctions just bid to be bidding or because they think it is old and therefore valuable. have not been to any in a while, need to get out more. Once bought a cardboard box of old tabacco tins for 3 bucks, got home and one of the tins was packed with 40 morgans, nothing great but gotta love that!

 

What is funny, and kind of sad, is when you then watch two or more people who DIDN'T take it out and look at the back go head to head trying to win it and bidding it up to way more than it is worth.

 

I find it the same way!