I went to the following auction today listed here: http://www.auctionzip.com/cgi-bin/auctionview.cgi?lid=2405453&kwd=coin&zip=47362&category=0 As you can see, coins/currency were from items #200-458. Quite a big collection. I did my research and found the current selling price for the items that I was interested in. I decided to bid no more than 80-85% of that price if I wanted to resell. Once the currency/coins started in the auction, there was an elderly gentleman sitting in the front row next to his wife. He was bidder #320. This is an approximation but this man probably bought 85-90% of the collection. Sounds impressive but he WAY overpaid for nearly everything. I mean, I've been to an auction where someone overpaid but boy, this guy put them to shame. For instance, here are a few items that he bought and the price that he paid: 1963 Proof Set: $60 3 rolls (25 ct each) of 2005 Buffalo Nickels: $65 1876 CC Dime (good condition): $60 1877 CC Dime (good condition): $40 1877 CC Seated Liberty Quarter (G): $170 9 Indian Head Cents (common dates): $55 Full Nickel book (1938-1964) (circulated condition): $80 1855 $3 Gold Coin PCGS XF-Details: $1400!!! 1912 $2.5 Gold Coin PCGS AU58: $900!!! 1882 CC $5 Gold Coin PCGS AU53: $2250!!! 1854 $1 Gold Coin LCGS MS62: $1700!!! Fortunately, I was smart and didn't overpay. I only came away from two lots but I felt that I did very well (although I would have liked to have got more but not for those prices). I picked up: $23.65 worth of Old Jeff Nickels for $15 (At home, I found 11 war nickels in the rolls including a 43D) 3 Walking Liberty Halves (1936, 1936, 1939D): $15 When I went to checkout, this elderly man checked out right beside me. He gave them the number and the cashier told him that his bill was $12,000. He then said, "I'm sorry...but it should be more." She then realized that she didn't total both invoices of two separate pages together. She then totaled it up and it came to over $21,000!!! However, this guy probably bought only $8,000-$10,000 worth of stuff. Anybody else have a similar experience of someone going crazy at an auction while WAY overpaying?
Yep watched a guy pay what we all thought was moon money on a gold piece but it turned out to be one of them coins listed in the Red book that has all the dashes running across the page.............you know the ones that have less then 5-10 known.
Hmm...I would be very suspicious. The winning bidder may have been the victim of a shill bidder. While sometimes bidding wars can erupt, I find it odd that bidding wars would erupt on most of the items especially when that common.
Holy mackerel, well I'm stunned at those prices and sorry for the buyer. Maybe the seller was due some good fortune....Carma can be a good thing too. But wow. I actually have a cousin that has a fairly large bank account through little of his own doing. When he decided to start collecting coins I gave all the advice I could to help, but he disregarded it and spent egregious sums of money on junk. I told him that he way over paid and to try and get refunds, but he didn't care. He liked the coins and that's what he felt like paying.
Tell the gentleman that I have about 400 rolls of uncirculated Westward Journey nickels that I will sell him for the same rate, but these rolls have the standard 40 coins per roll. Chris
I too have noticed at local auctions, people bidding on dollar coins thinking they were silver, when they were made from nickle.I found this out by asking this individual after the auction ended.Some people cannot tell the difference yet they are are at an auction.I am simply amazed when I do attend auctions but find no bargain s personally.But its their money and lack of knowledge.
