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

I am new here, but didn't I read some post you made about being done with Ebay as well, it may have been about Estate auctions. Its hard to tell if you are just a kid who is ambitious and learning the ropes and making some bad moves. Or some adult who is rather bizarre and makes posts asking people things and only hearing what you want. Hey good luck buddy!

 

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And sometimes you can get some good deals. You just gotta know what you are doing. IMO Detecto, you should have stopped going to auctions the second time you ranted here. I know I went to my first auction, bought a coin for $20 and was happy. I saw a PCGS MS63 peace dollar go for $125 (Dirt cheap) and saw people pick up morgans for $40/piece (Bit over melt when silver was nearing $50/oz) but I bought a 1969 Bahamas $5 silver coin for $20. I did my research beforehand and learned it was 1.25 oz of silver. I sold it for $65.
A coin is only worth what you are willing to pay for it. Some people don't mind paying higher prices, so they win the bid. Sure they may not be very well educated in their purchases, but each time they won a coin, they were happy.

Often times auctions can be a great place to lurk. My friend's uncle once went to an auction to buy a commercial lot on a VERY snowy day, so he was the only one there. He bought the lot for $1.00. He did some renovations on it and spent about $10k on it, then he sold it for $40k. Sometimes you run into gold.

 

I have a lot of fun at these type of auctions but it's rare for me to even place a bid on coins.

 

Peter, you are absolutely right, that nobody is blameless in terms of taking control of one's behavior. The probable best response to a thread or statement that one finds silly or lacking in substance is ignoring it; however, the threads oft times do not go away by just ignoring repeated acts of poor judgement and/or immaturity. I am far from blameless in terms of baiting him--I will be honest about that. However, that being said, it really does get tiresome and frequently leads to off topic condemnation sessions that are to nobody's advantage. Sometimes, silliness does begat silliness, and there is no denying that, but there is a limit, and personally, I feel he's crossed it.

What I have decided to do is just take the higher road than I have taken, and use the blocking feature. No point in my repeated cartoons, as it isn't accomplishing anything but agitation, so that is the response that I shall choose. Apologies to anyone who was offended by my attempts at humor in an ongoing situation.

David

 

Personally and I'm being serious here.. I like Detecto. He doesn't lack confidence or conviction in beleifs and is very eager. His Posts are never boring and the wave of reactions are entertaining.

 

The issue I see with ignoring some of these posts is the damage that can come from them. One person has read this thread and decided they wouldn't go to an auction. Not a big deal but auctions can be a good place to find coins if you are patient and can control yourself (ie- not every auction is overpriced junk). But in another wonderful thread we were told it was ok to clean coins in a rock tumbler. If we let that go without response we are letting any new members think this is a recommended way to clean coins.
True we need to draw the line somewhere but it becomes a joke when we have to keep correcting things that a single poster says.

 

I do too. I know Detecto sometimes is way too absolute in his opinions, but I just don't think that means everyone needs to pile on with mean willed posts.

Just my opinion.

 

I thought we already went over this?! Is this Ground Hog Day 2? How is this thread 5 pages long!? Moving on....

 

You will notice that in no thread where a moderator stepped in, was the reason was someone was contradicting some poster's post logic or truth. It was using language, referring to the personality of the poster rather than their content, or some other rule infraction that was the problem. If you can refute a poster within the rules, it will draw no attention. Sure, everyone feels their sense of humor, experience, knowledge , and sarcasm is among the best and that everyone should understand what they mean with out offense, but this isn't the case. They may be trying to make up for knowledge by using more intense language. There is nothing wrong with giving opposing points of view with anyone. I get it, you get it, everyone, even Doug gets it at times, but that is how education and learning occurs. IMO.

Jim
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I agree... I go to auctions mostly because I am also an antique and collectibles dealer, if there are coins there I dont even bid. I dont even try, unless im bidding someone up. Since I do antique flea markets, I will often make my rounds to people I know that sell coins... NOT as their main deal, but people who come across them in storage lockers or in an estate buy out. They always give me good deals. I bought a roll of war nickels for $1.00 a coin. I bought $2.40 of Canadian silver face value coins for $30.00. A 1923 Silver certificate horse blanket for $15.00 in decent shape. None of this stuff probably cost him much but he's making a profit, and he left me room to make myself $30.00 - $50.00 on a $80.00 investment. Its not big dollars, but i'll take it anytime.

 

I find that most coins you will find at an auction will have no more than melt value because most people that had these coins were not collectors like we are and they didnt buy them but found them.
Thats why they were sold at auctions that was about the only way they could be sold.
I think it would be hard but not impossible to find the type coins most collectors would be looking for.
Still a few really nice ones may be there.
And dont forget the guy holding the auction is there to make money as well and he knows people that will pay him well if he cherry picks the coins before we see them.
There is most likely as much selling before and after the auction as the sells at the auction.
Hey its the perks that the guy has and its nothing wrong with it.We would do the same if it ment more money for us.

 

I tend to think that you can have issues no matter where you buy coins from. I have got fair deals from Ebay but see coins, especially silver coins going for way to much. I read that flea markets and antique shops are good but encountered a dealer at an antique flea market grossly overcharging. I got deals at coin shows but did see a dealer who was a Graysheet Gary who wants to pull out the sheet even when selling junk silver. I got really good deals from a local PM dealer but last time I went I took two coins back because I thought I was overcharged and one coin was a problem coin and was sold the wrong sized airtights. Another dealer though charged higher for everything sold by this PM dealer. I think though from what I encountered dealers fit those categories you talk about, you have Graysheet Gary's, collectors who know a fair price, and PM dealers. If I was buying silver coins, the PM dealer will give you the best deal but may not have that many quality coins. I got my best deals from a bullion dealer. The collector is always best to deal with when buying because they would have quality coins and know what to charge for them. The Redbook Ron's or Graysheet Gary's are the worst. They want the listed price which is often higher than the coins true value. I do think though some coins go for higher at auctions while different coins go for their true value. I would never get the price I got for some coins at the PM shop or at a show from a collector on Ebay on some coins where I know I paid less on Ebay than at a coin show or shop. I have only been buying coins since March so I am concerned about overpaying. I believe I overpaid once on some foreign coins at a flea market but was taking a chance that they were silver kind of like those unsearched rolls.

 

That is funny because the coin dealer I encountered at an antique flea market was selling a 1930 VG Standing for $15, a cleaned braided coin for $15, and dateless buffalo nickels for a dollar. I bought foreign coins for $5 worth $1.50 at most. I am sure there are decent sellers there but not that guy. So I guess you can do well at an antique flea market or you can be grossly overcharged.