I am at an auction.....and need advice

I am new to coin collecting. I am at an auction. There are several bags of coins. It is difficult to review each coin at this venue. Should I pay melt value for the following coins?

1. 380 Wheat cents

2. 310 Indian cents

3. 50 steel cents

4. 43 silver war nickels, 13 silver Roosevelt dimes, 6 silver Canadian dimes and one silver quarter

5. 100 silver Roosevelt dimes

Any speedy advice would be appreciated.

Howard

 

Log in or Sign up to hide this ad.

Melt for silver at most, 2 cents each for wheats and I dolnt know about ihc's

 

The time to ask for advice is before you go to an auction.

I wouldn't go over melt on the silver stuff, and would stay away from the bags of cents just because those deals are usually only good for the seller, and rip the buyer.

The zinc-coated steel Lincolns, a lot depends on condition they're in.

 

hg4feet...how'd you make out?

 

I bought 100 Roosevelts (pre 1965) for $165.

 

:thumb:

 

Good deal.

Melt on 100 is $222 at current price of $30.75.

 

True. But, I could not find out their exact inventory until I was there.

 

I would've outbid you. Congrats!

 

Lol. I am new at this. But , it was like taking candy from a baby.

 

Very well done. I would have outbid you too. Congrats. You could flip them online right now for a ~$50 profit after all fees etc.

 

You read my mind. My son and I will look them over tonight. Thanks

 

$165 is a great price ( I 3rd the motion that I would have bid you up), but realistically selling online for a quick profit is not a good option. The OP likely had to pay a buyers premium of 10% plus sales tax. Lets call it 15% average, so the actual price paid was $189.75.........I'm assuming here and would be the likely scenario if it were me, so bare with me...........

Now to sell on E-bay it will cost 13% of final value with all fees including Paypal. So selling at melt of $222 minus 13% is $193.14 for a grand total of $3.39.

Doesn't make this game so easy now does it?

 

Point well taken. But, the $165 included the 10% buyers premium. What would you recommend?

 

Buy Whitman folders and make up the best partial sets you can (and keep improving them in the future), sell the rest on CraigsList, eBay (free) classifieds, or other free local classifieds.

 

Wow, great catch! All of the rich greedy hoarders must have missed that auction.

 

^^What Doug said^^.........

You could also post HERE on Cointalk.

 

Thanks Doug!

 

No doubt. The sterling silver jewelry and flatware was a steal as well ( I know, another forum for that)

 

If you're thinking of a quick flip on these, I would recommend craigslist.com. No fees, meet the potential buyer in a public place, and add 20% to spot price, which would be $266.40, round it up to $266.50, your profit is $101.50.