State Of Ohio To Auction Abandoned Safe Deposit Boxes This Week

Discussion in 'Coin Chat' started by Joe2007, Feb 20, 2017.

  1. Joe2007

    Joe2007 Well-Known Member

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  3. Dougmeister

    Dougmeister Well-Known Member

    Wow. 999 lots just for Day #1? Makes me tired just thinking about reading through it...!
     
  4. Seattlite86

    Seattlite86 Outspoken Member

    *wishing I lived in Ohio and could make this*
     
  5. Kentucky

    Kentucky Supporter! Supporter

    I notice they have options to bid in abstentia and to bid on-line. Does anyone here do either of these?
     
  6. scottishmoney

    scottishmoney Buh bye

    I wonder if Renee Miracle knows her silver half dollars are up for sale?
     
  7. -jeffB

    -jeffB Greshams LEO Supporter

    If it's anything like the state abandoned-property auctions that show up on eBay, stuff will get bid up well above its actual value. There's a LARGE contingent of online bidders who apparently believe that unclaimed property is always treasure, or at least potential treasure, and they get into laughable bidding wars.
     
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  8. -jeffB

    -jeffB Greshams LEO Supporter

    And even more suckers, er, "participants" will be drawn in by math like this:

    38 x $1800 = $68,400

    120 * 1230 = $147,600

    And I'm sure all the gold and silver coins will go for at least face value. :rolleyes:
     
  9. mark_h

    mark_h Somewhere over the rainbow

    I think Jeff nailed it - the couple of these I have seen have caused some outrageous bids.
     
  10. scottishmoney

    scottishmoney Buh bye

    Usually the only time real treasure shows up is when it is something really unusual or rare enough that most fools don't even notice it, let alone bid on it.
     
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  11. davidh

    davidh soloist gnomic

    The only way I might get sucked into an offering like this is if they did it like the storage unit sales. Just open the boxes, let you look at them from a distance (no touching or moving things around) and then make your bid based only on what you can see, plus imagine seeing.
     
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  12. Clawcoins

    Clawcoins Damaging Coins Daily

    The auction placed opened all the boxes. So you can see each and every item they are selling. Mostly in small lots. Should make the CRH go bezerk though as there are penny rolls.
     
  13. Paddy54

    Paddy54 Well-Known Member

    Many states sell off their drilled SDB'S on e bay. Pa. Md. Tx. Il. As well as the TSA...on items people try and take on planes that is verboten :)
     
  14. scottishmoney

    scottishmoney Buh bye

    There is some federal auction that I have bought some Russian gold on where I got it at under melt. A lot of states require that the stuff be held onto for a number of years, then it is auctioned off.
     
  15. BlackBeard_Thatch

    BlackBeard_Thatch Captain of the Queen Anne's Revenge

    Wish I saw this thread early D:
     
  16. -jeffB

    -jeffB Greshams LEO Supporter

    Yup, I completely spaced on it. Wonder if any bargains were actually had?
     
  17. Cascade

    Cascade CAC Variety Nerd

    I've been to these before and made bank! But only when there is no online bidding. They are very fun! But bring at least a few K to play with.
     
  18. Joe2007

    Joe2007 Well-Known Member

    On another site there were quite a few members bidding on the items in this sale. The general consensus was that the bulk of the items went for retail+ and that there were few bargains to be had. Apparently some of the higher end stuff went for more reasonable prices than the low end stuff that had a lot of interested bidders.
     
  19. Cascade

    Cascade CAC Variety Nerd

    Like I said, you have to find ones that don't do online bidding, which is growing ever smaller by every year unfortunately. My favorite was the Nevada one in Vegas at the Cashman Center but they went online and screwed everything up. Its great for the state but not so good for the buyers
     
  20. Brett_in_Sacto

    Brett_in_Sacto Well-Known Member

    I just hit the Nevada unclaimed property hard this last week. TNT Auctions really screwed the pooch this time. Most of the pictures were fuzzy, many of the coin collections were left in box and listed as "number of coins" with no mint marks. The pictures were worse than anything even I could produce by trying. Blurred to the point that you couldn't see a thing. Evidently the person in charge didn't know or like what they were doing, and got through it as quickly as possible. I'm guessing it cost the auction house thousands in lost bids.

    Gonna be a long wait until they ship, but I've got a few pieces that I'll post once they arrive.
     
  21. Cascade

    Cascade CAC Variety Nerd

    Damn. I should have gone! That would have been great for in person bidders! Last time I went was their last non-online auction in 2014. Spent $6k and grossed $15k while keeping a few things. Actually I just sold a vintage old pawn turquoise cuff bracelet for $500 at Long Beach from a lot of 6 I bought at that auction. Paid $300 for the lot and with this sale (last one I had) I made $3k just off that cuff lot!
     
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