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I'm done buying coins at an auction. If you never been to a coin auction, read this!
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<p>[QUOTE="omahaorange, post: 1488690, member: 28199"]I've given this advice a couple times, a flea market can be a good place to buy coins. But the trick is:</p><p><br /></p><p>1. Get to know a vendor or two before making significant purchases.</p><p><br /></p><p>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.</p><p><br /></p><p>3. Don't expect the rare or key date gem at a bargain price, and expect near or at spot for PM.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>A 1909 S Wheat cent, in VG condition, for $100, at auction.</p><p><br /></p><p>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).</p><p>A 1921 Mercury dime, VG, for $64, also at the flea market.</p><p><br /></p><p>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.[/QUOTE]</p><p><br /></p>
[QUOTE="omahaorange, post: 1488690, member: 28199"]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.[/QUOTE]
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I'm done buying coins at an auction. If you never been to a coin auction, read this!
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