Well for the second week in a row, work kept me from attending my local coin shop's bid board auction. I had some bids placed on some UNC Franklins, UNC silver Washington Quarters and the two gems I was after - the Gettysburg Commem and Alabama Commem. I called from work and the owner said that I won some items but he wasn't sure what they were. I got off work just before they closed and raced down there. Apologetically, he said that he looked off the wrong weeks bid sheet and I actually didn't win anything. So with my head hung low, I was about to walk out when I noticed a box of silver coins. The owner told me that a guy bought these coins from him over the years, with some of them sold over 50 years ago! So you can guess how old the owner is - but the guy who sold them was in his mid 90's. They were mostly foreign silver coins - many of them from the 1700's and 1800's! Not in UNC condition, but for being that old, they were beautiful. There was one from the 1500's, but the owner said that he could not verify the authenticity of the coin so he wouldn't sell it until he was able to do so. As some of you know I don't collect foreign coins, but this box definitely made me think twice. So I ended up walking out of there with the only thing I could afford from the box. They sold it to me for a few dollars below melt. I thought it was a fair deal.... let me know what you all think.
Spock - I will look for you tomorrow. Since they were closing, I only had a chance to look really quick. There was a square coin in there from either the 1700s or early 1800s - can't remember. I think it was bronze - not sure - once again, I didn't have a chance to look at things closely. There was a 1915 Cuban Silver piece that I was interested in, but they wanted $40 - too much for a foreign coin that I don't collect - I just liked the design. I will let you know tomorrow.
i wll respond to this although i am pretty sure ill get flamed but i have to do my job and tell you as i think it is. Ron guth wrote in his recent editrial that new colelctrs are paying more for coins and tahst whyc ollectors like us who understand the real value and wont overpay dont get the coins anymore its been happening to me a lot and i suspect that's what happened to you. someone paid more than what was a fair price. IMHO its a very bad trend for collectors like us
You have no idea! I made a similar comment to the owner before I left. I can't believe what people are willing to pay. I know I have done the exact same thing though. I have just become a little more conservative with age and experience. Just like the mint sets that I was trying to get a few weeks ago... if you remember my postings... The guy next to me was paying list or just over list for these early mint sets. Thats good for the owner of the shop, but not good for people like us. There is always next week.
It's basic supply and demand. If there are more collectors today (as we all know there are) than there were 25 years ago, the prices are going to go up. Add that on top of the fact than many people do still have a large amount of disposable income (despite all the gloom and doom the news reports about) to spend on things like this and that's where you get your inflated prices. I know it sucks, but at the same time many people on here are taking advantage of this same phenomenon by selling lower grade coins in their collections for a premium and replacing them with higher grade coins. As for not getting the coins because we know their "real value", that's a flawed statement. The real value is exactly the face value + the premium a collector is willing to pay to have that coin. If that's $50 more than you think its worth...well then you underestimated its value compared to another buyer. As long as they are willing to pay the higher prices, they will continue to get the coins.
Sorry to hear that you didnt win man, good luck with the other bids you will place in the future stainless
I dont thinkt hat statement is accurate at all if someone pays 50 bucks for a common Jefferson nickel from 2000 that doesnt make it its real value. it might be the value in they eyes of one collector but that's not the value the market would give that coin otherwise the term overpriced wouldn't exist at all
Its all a sign of the times, If you ask me prices are going up for alot of reasons. Not just the new guys paying what us older guys would call to much. There are more coin collectors not then ever in the history of the hobby is #1 reson prices are going up around the board for a lot of coins if not all. #2 reason Inflation is having an effect on EVERYTHING nowadays even coins as most of the people buying coins like lower end silver and gold coins knowning that those types of coin's, in this market is getting stronger and safer. As inflation and historys has proven SAVING money in any form is safe and worth your while. Just a small part of my thoughts. Felt like venting a quick away at this topic with my coffee buz. lol One more thing. This is something I hear a lot and I feel the same. A coin is worth what someone will pay for it.
