Let's make use of the suckers!

Discussion in 'Coin Chat' started by Detecto92, Mar 19, 2012.

  1. Detecto92

    Detecto92 Well-Known Member

    I got tired of the "greedy hoarders" at coin auctions. I realized they are here to stay...and no amount of "power balling" them would get them to give me any kind of break.

    Let me start with this.

    Let's say their are 5 bidders at an auction.

    Let's say their are 50 morgan dollars.

    Each 5 bidders agree to just bid on just 10 dollars. So they get them cheap. Everyone goes home happy...right?

    But instead in such a greedy world we live in... the bidders just cut each other's throats and run the bid so high that little to no profit is left to be made. Instead of everyone taking their share...greedy people just outbid everyone and take it ALL. Does not matter if there are 50 coins are 50,000.

    I quit buying most of the coins there. Their prices went so high that there was no profit...and it's gotten to the point where even as a collector you were better off buying on eBay.

    These idiots are not even collectors by my definition. They have no idea what they are doing...because they often over pay. I've seen junk silver dollars bring 40-50 dollars a pop, halves 18-25, etc.

    So with that in mind...if you can't beat them..join them...and this is exactly what I did.

    I bought about $100 worth of coins off eBay. I got most for what I thought was a fair price. I also bought some silver coinage.

    I made the flips to look like coins that came from a dealer. Fancy writing and all.

    So here is what I did...I nearly doubled all the prices on the flips and put them in a auction for Wednesday night.

    If these greedy nitwits want to hoard...blow bids out of the water...and overpay...I will give them a dose of their own medicine. They will see the prices on the flips....bid a little under (which is still good for me)..and walk out thinking they got a deal! NOT! So it is me who will be having the last laugh this time!

    As both a coin collector and a dealer...I only buy a few items...a few items to sell and a few to keep. If you are not a greedy person...there will always be more coins at auctions...so understand that.

    However if you want to constantly run every coin up to the point where it's cheaper on the 'net, take everything there...and leave everyone broke and empty handed, I have no use for you. I am sorry but this is not how a coin collector should be buying things.

    Although you may disagree with me...greedy people and uneducated newbies have made coin auctions no longer fun to go to. Although I don't expect to buy anything to make money on it...at least let people buy things to collect them there..instead of wasting 20 dollars in gas and buying them on the net instead.

    Sorry for the rant..but it's what the world has come to. I have been going to these types of auctions for 12 years. It's gotten worse every time.
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  3. CoinCast

    CoinCast Member

    What coin auctions do you go to?
    I like your plan it is pretty genius.
  4. Detecto92

    Detecto92 Well-Known Member

    Mostly estate auctions. Don't go to any coin only auctions. I have a friend that does...and it's the same way there too I have been told.
  5. Hunt1

    Hunt1 Active Member

    Pretty good writeup you got there. I buy most of my stuff of the 'bay, and 95% of it is slabs. And as i said in a previous thread;

  6. Log Potato

    Log Potato Barberous

    Getting outbid at auctions or not, the hobby is not about conning people. No matter how hurt your feelings are.
  7. gboulton

    gboulton 7070 56.98 pct complete

    I weep for our future.

  8. -jeffB

    -jeffB Greshams LEO Supporter

    Except, of course, the sellers. And the auction house, which properly frowns on this sort of behavior.

    If bidders colluded at every auction, there soon would be no more auctions.
  9. ldhair

    ldhair Clean Supporter

    So if a person bids on a lot of coins they are a greedy nitwit?
    Learn something everyday here.
  10. gboulton

    gboulton 7070 56.98 pct complete

    No. You also have to win some of them.
  11. Vess1

    Vess1 CT SP VIP

    I swear somebody else posted a thread identical to this one a few months ago. Lets just say you're not the only one unhappy or that has noticed this at auctions. I won't go to them either because it is exactly as you say.
  12. Detecto92

    Detecto92 Well-Known Member

    Not really conning. As a seller you can ask any price you want for an item. Go to the site "littleton coin" and see what I mean.. As a buyer..it's up to you to educate yourself on what is a fair price.

    I have a wheat penny on my desk. Books for 50 cents. I could ask $10,000 for it if I wanted to.

    Would only be conning if I severely overgraded...or said they were problem free when they were not.which I do not do.
  13. ldhair

    ldhair Clean Supporter

    Got it. I'll be sure to never win more than 5.
  14. Log Potato

    Log Potato Barberous

    Right, if you severely over graded. From your own words, you want to up the ante with fancy writing on the flip so you could get more money. Yep, not conning people.
  15. Cazkaboom

    Cazkaboom One for all, all for me.

    I've just gotta say this: Their there and they're. That is all.
  16. wheatydigger

    wheatydigger Member

    I doubt your idea will work. Those "greedy hoarders" obviously know something about coins, or else they wouldn't be buying coins for such high premiums. NO ONE is stupid enough to spend $6-$7 more for a coin that you can find ANYWHERE else for cheaper, unless of course they see something in the coin. Let me know how it works out.
  17. gboulton

    gboulton 7070 56.98 pct complete

    Face it, detecto...

    Your problem is very simple.

    You're losing auctions you want to win, and your feelings are hurt about it.

    Rather than acknowledge that you're trying to play a big boy's game with a little boy's lunch money, and finding a way to DO something about that...such as working more, or creating more, or making yourself or your product or service more valuable...in other words, rather than doing the things a moral and just man would do, you've chosen instead to create a scheme to misrepresent coins in the hopes of making a profit off of those whose ONLY crime is having more money than you.

    You whine about fairness. What could be more fair than the finest coins going to those who can afford to pay the most for them, and are willing to do so?

    You demand your fair share...and yet fairness dictates that's precisely what you're getting.

    You seek to 'resolve" these issues by defrauding men who've done nothing to you but demand you play the game by the same rules they do.

    And through it all, you want us to feel sorry for you.

    You, sir, are the most dangerous of people...a second hander who knows it, but wants the rest of us to believe otherwise.
  18. Kirkuleez

    Kirkuleez 80 proof Supporter

    I can totally understand the frustration of going to an auction only to stop bidding because a price seemed way too high for the given coin. That's just the nature of the beast. I can remember buying coins in the mid 80's and now I see them selling the came common coins for ten times what I would have paid for them back when.

    Please understand that I have no problem with a dealer making a profit, and I know that times have been tough lately with such razor thin margins. But please don't ruin the hobby of kings by misleading new collectors into thinking that they got a good deal. Why not just over grade your coins or scrape a leg off of a buffalo nickel?

    One of my favorite thing about collecting is talking with new collectors and sharing any knowledge that I have with them. I can't imagine it any other way and I can't imagine swindling them either. Make your money but keep up your ethics too.
  19. Leadfoot

    Leadfoot there is no spoon

    Tell me precisely the difference between your greed and those you appear to be so upset with? You are both trying to make money on your purchases, aren't you?

    It is both a fine line and a slippery slope you tread upon. Go carefully.
  20. gboulton

    gboulton 7070 56.98 pct complete

    The ones he's upset with are open and honest about theirs.
  21. LostDutchman

    LostDutchman Under Staffed & Overly Motivated Moderator

    Some people see coin collecting as an enjoyable hobby and other people see dollar signs... And equate their enjoyment in this hobby to the bucks.

    It's not all about the bucks...
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