Whats the most you have ever seen someone overpay for a coin? I was at an auction today. The hammer prices were very high as the result of two people who had no idea what they were doing. 1986 Liberty Clad Half Dollar Proof $35. (Yes, it was clad). Rolls of memorial copper cents. $3.50 a roll. Crazy.
I stopped going to auctions when I realized people were willing to pay double what an item was worth.
Usually the local consignment auction I go to, prices are reasonable and most are collectors, thus prices never get crazy. However, I went to an estate auction a few weeks ago and it was ridiculous! This one older lady bought 7 bicentennial halves for over $20! 20 wheat cent bags for $7 each. There was another couple there who over paid on items. It was making me mad as I couldn't get anything at somewhat decent price until the end when they sold rolls of cents and everyone kind of ignored them. I think they thought they were memorial cents, but I knew by carefully looking at the light writing on the wrappers that they were wheats. I got 30 rolls of wheats for $36! That made my day after having to put up with that circus.
