So I've always wanted to try bidding on auctions at my local auction house. They had 3 auctions this weekend and 2 had some coin lots. I put in absentee bids for like 20 auctions over the 2 days with coin auction and was very surprised to win 4! Today I have bids in on 11 lots, but won't find out until they hit the auction block later tonight. I am so excited to pick everything up! I went into them sight unseen, like ebay becuase I didn't have time to make it to the preview, but I think I got great deals! One was a lot of 1500 1C and 5C pieces some buffalos, and tubes of wheaties, got it for $150. Another that I am really excited about is a lot of 54 proof and mint sets including a '54, and a '55 in lucite holders. One lot was currency and the other was a lot of 80 quarters dates 1926-1964! Can't wait to get everything. Today are the big lots of morgan and peace dollars, commemorative halves (old school dated 1920-1936), and lots of silver! Really hoping to win the commems!! It feels like Christmas!
Sight unseen? If you enjoy them then that is great since there is little downside, but many of these local "auctions" are little more than dealer inventory that cannot be moved or has been recently purchased for the auction venue flip or else might be things that are pinned up high with bids by "the book". In my opinion and experience, far more folks lose money buying at these auctions (especially if they are not experienced buyers) than make money at these auctions. Again, my opinion and experience only.
Will definitely let you know when I get everything in hand then, Tom. I figured the prices I'm going to be paying are a heck of a lot cheaper than prices on ebay! This second grouping is an "estate" auction, so could be someones old stash?
"Estate auction" is a phrase that I find misused and abused as much as "rainbow toning". Truly, I have seen first-hand that many local auctions or lots that have been described as "estate" pieces are really dealer inventory pieces that were just purchased to drop into the auction setting. I know this because some of the auctions I have been to in the past have featured "estate" coins that I sold to the auctioneer just a few days or weeks prior to the sale.
Looks like I got 2 more lots. Lot of 26 Morgan/Peace mixed dollars, and 125 mixed date silver quarters. Pretty happy with it so far, but we will see how everything looks when I pick it up! The lot of old commems went for $1K for 24, more than I had on it, but still a potential deal.
Say what you will, Tom B, but I think I did pretty well. In the lot of 21 Morgans and 5 Peace dollars there was a 1893 in at least F condition. Also all but 2 of the lots had more items than the original listing...so I got 65 proof sets instead of 54 just to pick one. The lot of over 1500 small cents had 3 flying eagles a '57, a '58 LL, and a '58 SL. Was surprised to find those, as well as about 20 Indian Heads. The lot of currency had 5 consecutive star note 1935 silver certificates in real nice shape. Also had a Princeton, NJ National Bank $5 in great shape and like 5 1935 funny backs. Lots of surprises, and pretty happy with everything. Would definitely do it again. Will probably be making some individual threads for a couple of my finds!
The morgans averaged out to a hair less then $30/piece The flying eagles, indian heads, buffalos, and various wheaties averaged out to $.10/piece The currency was about $6.40/piece The proof sets averaged out to be $8.23/piece
