Ike Dollars

Discussion in 'US Coins Forum' started by capthank, Sep 3, 2019.

  1. capthank

    capthank Well-Known Member

    I have noticed that at our local auction house Eisenhower dollars always have 10+ bidders and sell at 1.50 over face. Why is this? These are circulated dollars.
     
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  3. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    What do you mean by "local auction house"? How well do you know the auctioneer? Do you know any of the other bidders? Have you ever heard of the term, "shill bidding"?

    Chris
     
  4. PlanoSteve

    PlanoSteve Supporter! Supporter

    Well, $1.50 over face would be $2.50...perhaps that's about right! Let's see the coins.
     
  5. Collecting Nut

    Collecting Nut Borderline Hoarder

    At an auction they all think the same think, if I can get it cheap...
     
  6. capthank

    capthank Well-Known Member

    We have two local auctions here and I watch both. I am aware of shill bidding and had two lots of coins sell and when I went in to get a check the bidder failed to pay. I asked why the back up bidder did't then get the lots & the answer was vague. Ended up placing them back in the auction and sold but received less. % is so darn high I won't use an auction again but sell word of mouth thru the coin club.
     
  7. capthank

    capthank Well-Known Member

    I don't know. $2.50 for a circulated dollar to me is high.
     
  8. PlanoSteve

    PlanoSteve Supporter! Supporter

    But that depends upon the specific coins involved. That's why I asked about pics. There are Ikes that can go for $3 or more, even circulated. I take it you are not an Ike collector (neither am I).
     
  9. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    I don't blame you. I wouldn't trust those auctioneers, either.

    FWIW, when I was ready to sell most of my collections, I sold them through a trusted friend who had an established reputation on eBay. Being a good friend, the fee he charged me for his services was much lower than the fee he charged other consignors. In the end, all of my coins sold for decent premiums. I was happy and so was he.

    Now, I'm not suggesting that everyone has such a friend, but there are many eBay sellers with good reputations, and some of them are even members of these forums. So, if anyone is thinking of selling or buying, but they don't want the hassle of dealing with the competition, it might benefit them to start looking for a representative right here.

    Chris
     
  10. capthank

    capthank Well-Known Member

    Guess I had better review the coin book on Ike's. Thanks
     
  11. capthank

    capthank Well-Known Member

    I was both naive and ignorant. Didn't closely read the sales agreement. $01-$55.00 % = .45, $55-125.00 (%= .30), $125-300 (% = .25), &300-1,000 (% = .20) and 1000.01 (%=.10.) and then they have a 10% buyers premium. so they win every time.
     
  12. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    Ouch!

    Chris
     
  13. Beardigger

    Beardigger Well-Known Member

    Ikes had a limited run from 1971-1978. Never really caught on with the public in general circulation. There is a limited number of good collectible IKES (proofs / Silvers) Most were used in Las Vegas for slot machines. I was able to buy 23 circulated Ikes from my LCS not long ago for $1.25 ea. There is a rumor that banks are sending them back to the Fed Reserve for destruction. ( I have been unable to confirm that) but that has caused a rise in interest in IKES. They are also ALMOST Impossible to find in circulation now, although I did score four from my local 7/11 last month.
    I have about 150 circulated Ikes in my collection just because I like the weight , feel and sound of them. I'm betting that the price will continue to rise. BWDIK?
     
  14. capthank

    capthank Well-Known Member

    Thanks for the information. Now I'll keep my eyes open for them
     
  15. rte

    rte Well-Known Member

    They can still be had at some banks at face value.

    Might have to be ordered in?
    They do sell at a premium on ebay, most likely as slot machine coins.
     
  16. Conder101

    Conder101 Numismatist

    Show this past weekend bulk circulated Ikes were available for $1.50 each.
     
  17. Beardigger

    Beardigger Well-Known Member

    Went to LCS today. Bought his lot of IKES. For $1.25 ea. Had some nice unc examples among them. Including a 1973 which could only come out of a mint set.





    image.jpg
     
  18. ja59

    ja59 Missing the Beach just not as much as ...

    Been collecting Ikes (hoarding, I guess) for awhile. Try for AU & BU clad. I stay away from casino Ikes. Lately averaging about $1.20 ea. Occasionaly get a few from the bank for face value, but that's far and few between. Last batch of several hundred had two 1776-1976 S mint clad proofs that have been out circulating for awhile!
     
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