Featured How to buy US coins that are good values, and not get victimized.

That is an attitude as sleazy as the dealers you condemn. If you just want a fast, easy buck, lowball the estate sales and steal the money out of the mouths of the beneficiaries.

 

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Hey we all have our bad days too I've been accused of being grouchy surly and unapproachable at times but I'm always willing to do business even if I feel crappy

 

If someone is such an unprofessional retail salesman that no one wants to do business with him the fault, sir, lies with the poor salesman not those few remaining customers.

 

Yes, mouths of beneficiaries are always my prime concern. That made my day, thank you.

 

I always thought it was the job of the government to take money out of the mouths of the beneficiaries via death taxes.

 

Funny you should mention that, last estate sale I was at went like this: Waited 90 minutes to get to the world gold. Only coin I was really interested in was a 1915-B Swiss 20 Franc, NGC MS66, and even then bidding on it was in an effort at coming-up with some sort of excuse or purpose in having driven the 50 miles to get there. The holder was beat to hell, but the coin looked good.

Auctioneer (actually the son of the auction owner) opened it at 400, then 300, then 200, then 100 and nearly every paddle in the room went up. Quickly back to 200, then 225, then 235. After 15 seconds of "looking for 250" I bid, was outbid at 260 and got back in at 270. Seemed like a month of Sundays of "looking for 280" --seriously, close to a minute. And then the guy calling the auction says "Last call!!" at which point his old-man, the owner of the auction house, bids 280 on it. Which if you do the math is $60 over melt on what was essentially a pretty nice looking bullion coin. His son then comes back to me barking "Looking for 290!! Looking for 290!!".

Quietly tore-up my auction card and walked out as it closed at 280 with the auctioneer the winning bidder. Now if that's not slimy, I don't know what is. Either the guy is selling an estate or he is buying it for himself, don't waste everyone's time having a pretend auction followed by the auctioneer pocketing every coin he thinks is worth more than what the market says it's worth.

Of course he's a real nice guy though(!)

 

I hate it but that's how most auctions work. The house gets to bid and so do the ghost.

 

They have to get the best price for the estate, even if it is theirs in the end. In certain 'legal ' estate auctions such as for due taxes, assessments, etc. they may be not allowed to bid, depends on state, and auction authority. If it is just a family settling out Grandpa's stuff, rules are established before hand, and they usually can bid.

 

It is legal to be the auctioneer and also to bid on and win lots. Sometimes the auction house also represents mail, phone or internet clients and will bid on their behalf. At other times the auction house bids on items for its own purchase. This is done by the larger auction houses, too, and you can find it detailed in Heritage's TOS on their homepage.

 

As long as the guy actually buys the coin with his own money if he has the highest bidder I don't have a problem with it.

 

Never suggested it wasn't legal. My point is, why would anyone drive 50 miles to attend an auction like that when you can get a better deal from a local coin dealer, even if he's a jerk? Most of the other bidders at the auction were retirees out blowing their entitlement checks on over-priced lots. There were a bunch of slabbed MS69 silver American Eagles going for north of $50 each, -common dates and they weren't proofs. Natuarally the auctioneer didn't bid against those guys, they were already so committed to ripping themselves off that there wasn't any need for the auctioneer to step-in and help the process along.

 

I would agree, as unless the estate gives a consignment to coin professionals, Doug is right--people have no idea what the coins are worth. Bidding can be all over the place. I have attended estate sales that were not a waste of time, as prices were very reasonable, or I would not have bought. It depends on how much the estate knows, and what kind of information they get. As a general rule, prices can be all over the place.

 

Agree, I've been to a couple estate sales that were all coins and I made out great. My all-time favorite being an estate auction held by Mac's Auction Service in Excelsior Springs, MO a few years ago. Had I not been riding with a friend, I would have never found the place. An obscure barn off a country road in the middle of no-where, with dirt floors. The lots were set out on fruit tables. There was even a barking dog on the roof of the place, -I was laughing so hard before I even made it inside that it was a wonder I could see any of the coins through the tears in my eyes.

Almost all old geezers in overalls, the youngest had to be 75 and a few in their late 90s and still buying coins. The only coins that went for too much were the keys. 1916-D in AG sold for something like $650 and a few other keys for generous full-pop retail prices. Everything else was nearly given way. They had uncut sheets of currency that sold at face value. I can't imagine what a bath the consignor took on those, probably a good thing he was already dead, might have pushed him over the edge.

I picked-up an NGC slabbed 2009 Lincoln proof set with the dollar and 4 cents in a single 5-coin NGC slab for $44 if that gives you any idea. There were a bunch of those real nice wood and glass cases for single NGC or PCGS slabs that normally cost between $20 and $30 that I picked-up for a buck a piece. They were great for coins I was selling on eBay at the time, if someone paid too much, I would send the coin in one of those babies (which wasn't shown in my auction) and the gesture knocked their socks off, got all sorts of great feedback...,, But I digress. The guy I was with bought the entire 50 States Quarter set in NGC PF69 for about 15% over melt. We stopped at the Elms (where Truman spent the election night in 1948) to blow some of our good fortune on a great meal afterward.

 

I can see your points on getting a couple of cheap coins first, but I myself think that the book should be bought first. If you don't know what you are buying why buy?
Most people if they don't buy the book first never will. Then after buying a handful of coins think that they are the man/woman, when in fact they don't know anything. When you have the book you know what to look for and what a price should be (even if the book is old). Without the book what appears to be a cheap coin can be in fact way to expensive. The thing that gets me the most is when these people that haven't bought the book keeps the same words on file (" What's this worth any information"). I don't mind once in awhile but not all the time from the same people. A clear case of people that know nothing want to know nothing but wants to make a killing off of coins. They get their coins and clean them and mishandle them just because they have NO clue (I have seen people tell new collectors " its OK to clean your coins it doesn't hurt them" and if it isn't an MS 65 its junk get rid of it" ((lol that one kills me if not MS 65 its junk. )). I tell people that just because it isn't the Beat coin in the shop doesn't mean it isn't collected. Their are so many people playing in coins (because of the riches they will make) that some can only afford the lower grade coins. If all coins are junk when less then MS65 their are a lot of $100,000 coins that need to be cooked? Lol

Again buy the book then the coin! That is my side.

 

Buying a circulated roll of ihc for $50 or a roll of circulated buffalo nickels for $20 doesn't require a book first.

 

I've encountered successful, book smart individuals that can't tie their own shoes. Velcro sneakers make that part of their life easier. Who knows, maybe it's mental or maybe they just lack the hands on experience. Try getting a skilled trade union job without experience, just book smarts.

How do you know what the price should be, if the book is old? Let me guess, the free, no books required internet?

For a guy promoting books, I wish the above was written more clearly. Not sure what you mean.

Again, I wish the text was a bit clearer and easier to comprehend.

I'm guessing there is a reason why books are a necessity for some. I don't feel the need to know the value of the pieces I collect. Maybe I'll look into it, on the internet, not in an old book, when it is time to sell(which I have no interest in).

Most books are pathetic when it comes to useful visual aids. The value or pricing in old books is meaningless. Too many books only offer what the internet provides for free and with better visuals. The good books are usually harder to find and more expensive to purchase.

How do you know if you'll enjoy collecting coins, without buying or getting any coins in hand? I don't collect books, I collect coins. I have an excellent memory and the motivation to search out any information that sparks my interest.

If you're promoting books, like I mentioned earlier in the thread, it would be helpful to provide some examples and reviews of some valuable resources. Without those details, the phrase "Again buy the book then the coin! That is my side." really does not say much, especially if it happens to be backed up by questionable grammar and an unclear explanation of something.

 

If one collects classic commemorative coins (as I do) having a few reference tools in the bookcase is most valuable indeed. The Encyclopedia of the Commemorative Coins of the United States by Anthony J. Swiatek is an invaluable volume and one that every collector of commems should have. Not only does it go into the history behind every issue but it also gives the collector insight into value and what to look for when purchasing coins of this nature. I wouldn't buy a raw Hawaiian without consulting his text first..........

 

Books are just one more part of the hobby that many folks enjoy. Just like the internet, coin shows, publications like Coin World and even local coin shops.
All of these are ways to learn the hobby and it's important to learn what you are doing before you start spending much. Spending a few bucks is no big deal as long as you enjoy the coins and learn from it before you start spending big bucks.

 

That is helpful advice. Notice the going price for the book @green18 presented. That may not be a beginner's price point, especially when starting out and unsure which hobby direction to choose.