Message:

<p>[QUOTE=&quot;1865King, post: 7880232, member: 103207&quot;]You just learned a hard lesson.&nbsp; Don&#039;t bid if you can&#039;t pay.&nbsp; You lucked out.&nbsp; Many of us have done some dumb things in regards to our collecting too.&nbsp;&nbsp; One thing I learned early on is not to rush into placing a bid.&nbsp;&nbsp; If you find a coin you&#039;ve been looking for at an auction most larger auction houses have a way that you can watch or track a coin.&nbsp;&nbsp; That doesn&#039;t mean you have to bid on the coin.&nbsp; I usually hold off any bidding until the last few days of the auction and some times I don&#039;t even bother to bid because the price has gone to high or I found another coin I wanted more.&nbsp; I&#039;m currently watching 3 auctions with coins I may be interested in.&nbsp;&nbsp; In a recent Heritage auction I was following 40 different coins.&nbsp; Not that I would bid on all of them but, by doing that I get a good feel on how the market is and the quality of coins available.&nbsp; My budget is higher than yours but, that doesn&#039;t make a difference when it comes to learning how the auction system works.&nbsp; First rule, know your limit.&nbsp; Second, don&#039;t bid on more than one coin at a time unless you can cover the cost of all your bids if by chance you win every coin you bid on.&nbsp; (Winning every lot you bid on can and does happen.)&nbsp; Third, set the maximum you can afford to spend on a coin including any fees and shipping and don&#039;t go over that set maximum.&nbsp; If you loose a bid at an auction it&#039;s not a big deal because in most cases a similar coin will come along that could be equal or better than the coin you lost.&nbsp;&nbsp; And you may loose many times before winning the coin you want.&nbsp;&nbsp; Example:&nbsp; It took me three years to locate and win a nice example of a 1913-S Type 2 Buffalo nickel in MS 65.&nbsp; In that three year period I think I bid on 4 different coins before I finally won a nice one.&nbsp;&nbsp; During that period I may have looked at dozens of 1913-S T2 nickels in MS 65 but, most were dogs and only a few met the standard I was looking for.&nbsp; I did pay a premium price for the nickel but, I&#039;m happy with the coin I finally got.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in