I'm done buying coins at an auction. If you never been to a coin auction, read this!

It took some doing but I was able to find a photo of Detecto at his first coin auction 12 years ago (at age 8) where he encountered his first greedy hoarders and shill bidders.

 

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You are the only one doing this. The rest of us live in the real world.

 

I love estate and general merchandise auctions and will continue to frequent them. If you are knowledgeable about certain items, you can score big time. Also, they are a great place to sell your culls, scratched coins and low grade coins at a really nice profit.

 

lol, in my head I saw a cartoon-like speach bubble that read "YUUUUUP!"

 

Free entertainment. And sometimes I participate. Wow, can't be beat!!!!!





This is better than a TV Reality Show!!

 

With Detecto out of the way, I don't have to bid as high.

 

Anyone see the episode of Simpsons where Burns buys every coin at an auction including the "1917 kissing Lincolns Penny". It made me think of threads like this....

 

I have to say that I've never been to an auction, but I've heard nothing but bad things about them. There is no way you're going to get a good deal. The flea market however, well that's a different story. I go to the same flea market, to the same dealer and get great deals every time. He is even much better than my local B&M shop. And he buys around 90%, which is always a plus.

 

I like detecto because he makes me look sane, and that is rare.

 

I've given this advice a couple times, a flea market can be a good place to buy coins. But the trick is:

1. Get to know a vendor or two before making significant purchases.

2. Be very careful, and know what you're looking for and at. A vendor will invariably pull out a Red Book or Coin Prices Magazine as a starting point.

3. Don't expect the rare or key date gem at a bargain price, and expect near or at spot for PM.

4. Don't do any deals out of the vendor's car trunk (the stuff he saves for "special customers") until you have thoroughly mastered Rule #1.

Just as an example to show things are not so bad, of my last three larger coin purchases, one was obtained through a live auction, and two through my favorite flea market vendor.

A 1909 S Wheat cent, in VG condition, for $100, at auction.

A 1914 D Wheat Cent, also VG, for $170, at the flea market. (i watched a similar coin, earlier, go for $240 at a live auction).
A 1921 Mercury dime, VG, for $64, also at the flea market.

I am happy with the coins, and the prices paid. The advantage of the guy at the flea market- because we talk, he knows what I collect, what I need for said collection, and makes an effort to look for those items. He also knocks 20% off his asking prices, and we negotiate from there.

 

When are you going to realize that if you want eye appealing coins you are going to have to pay a little extra. If you cant come to terms with this then you are never going to enjoy this hobby, you expect to walk into an auction house and pick up great coins for less than most others are willing to pay, that is insanity.

 

No... this is nothing more than unrealistic expectations that Detecto takes this to a whole different level...



Below is a post I put together for another one of Detecto's threads, and I feel it is just as appropriate here.


"Insanity: doing the same thing over and over again and expecting different results." (attributed to Albert Einstein)

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You can't go to an auction with any expectations of what things may sell for. You can look at Ebay and Heritage and Greysheet all day long, and they're absolutely irrelevent in an auction setting. Why? Because comparing a past auction to a present one doesn't make any sense. Auctions set prices. Otherwise every coin would retain a set price indefinately.
Guy

 

And after all of those threads, I can only assume that Detecto loves the taste of toe jam.

 

Is this redbook Ron?

 

You don't have pressure to bid at an auction either. However, if you are feeling pressure to bid on things you don't want to spend that much on you might want to get help for an addiction.

Is this a hobby or a business for you? It seems like you want to turn your hobby into a business without the knowledge or self control to be successful.

I bet you could find junk bullion for around melt without looking too hard, just look in the right places.

 

Finally the reason I have found that I did not block you Detecto!
Growth.

Sure you still think that you know the "true value" of the items and they do not. For that matter back in the day when you used the Red Book or what ever that you did not know the "true value" then.

And sure you still make comments that (we are the same type of collector" which we are NOT.

But I see growth and that makes me smile. Plus I shouldn't have to hear things like (your MY ambassador" or "shill bidders are driving up your prices)

Congrates on your growth and CT's future.

 

Detecto, many of us have posted how non-coin auctions are full of damaged, low grade coins on purpose. THe auctioneer buys them since he knows his customers will buy junk. However, please do not say "coin auctions" are worthless, since you have evidently never been to one. Go to a major show like CICF, ANA, etc and attend one of those auctions held in conjunction with the show. THAT is a "coin auction" full of coins you and I will never be able to afford, and some we can.

However, please don't post how these auctions are full of idiots. Sometimes they are high, yes, but these buyers do know what they are doing.

 

Nahhhhhhhhhh, he doesn't realize this yet. Wait a year and we'll have a new post on it, announcing this revolutionary idea. The same cast of characters will populate the post though, and maybe if we're lucky, well see a return of the "greedy hoarders" that evidently were too put off of the 105 heat index to attend this one.