Went to a small estate auction in central Virginia this weekend and witnessed the most inane bidding and hammer prices. As usual everything went for retail or over it....but I was shocked at HOW HIGH over retail some of the things went. There were two women whom appeared to know nothing about coins that had gotten caught up in the bidding and purchased the following whilst smiling from ear to ear: four lots of wheats (approx 50-100 per box) for $25 each. four average circulated common IHCs for $140 (!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!) 1851-P Trime AG $100 (!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!) 1865 2 cent G $90 They were on their phones after buying the coins and looking up what they had bought. Now perhaps there were something rare that I was ignorant of in these seemingly junk/common coins but I really think they got had by some of the attending folks that were bidding them up. There was another guy whom overpaid pretty good: Complete set of Franklin Halves in an average XF condition- $500 1858-O Half VF $50 1902 Barber Half AG $25 The Hawaiian Half got in a bidding war between a dealer and a collector- sold for $2100 without too much of a surprise there. All I can say is I wish I had a few jars of cull Wheats and Indians to have sold on the way out.
that's what happens at some auctions. people hate to lose so stuff will sell way over its value. You can justify that if it is a charity auction but if this was not the case I get those woman felt pretty darn stupid afterwards.
Unfortunately this kind of estate auction mania isn't uncommon. I've seen bidders at local auctions in my area run the bidding up to $100+ for common date Morgan dollars and then take all available at that price. I've seen steel cents sell for $10 each and gold-plated state quarters sets and other television coin seller junk sell for ridiculous prices. Some of the auctioneers have gotten smart and now have a consignment of common/junk coins at most of their auctions because there is such a gap between perception and reality in the minds of estate auction bidders on "old" coins.
I've seen this kind of thing a lot at estate sales, which is why I almost never bother to go to such sales that advertise they have coins.
The 1858-o half while a common date was well under the money in vf if it was a problem free original coin was about halfway there the rest of the prices are just plain stupid that one fell through
I buy a lot of coins at antique / estate auctions since that is my business I'm there anyway I see a lot of crap and a lot of junk silver common circulated Morgans and bags of wheat cents I also sometimes see something really good usually I buy decent seated and bust coins and some decent liberty gold but I've bought such coins as a 1806 half that graded vf-30 at pcgs for $250 a 1800 dollar some idiot tried to alter the last digit to a 4 but it was $100 a nice lot with 2 trades the 1873 went xf 45 and I think it should've gone au and the best thing I seen in the last year was a nice original vf 1796 $1 I underbid at $3400 and have kicked myself ever since for not going higher
what is a good deal on the wheat pennies......somewhere on here it was 3 cents each?? IDK that's why was asking............
Just curious Mainebill, do you find that the junk silver sells for reasonable prices or unreasonable prices?
It depends entirely on the day and the auction not long ago there was a big bag of better then $60 face with a lot of mercs walkers etc in it that brought $800 which I thought reasonable the next day circ common Morgan's are bringing $50-65 ea I'm looking for earlier and better date stuff but will often buy a lot with a nice seated piece mixed in for one bid over melt
