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Hi everyone. I was wondering if anyone had luck with buying coins at auctions? If so what do you find that is the best deal? I talked to the owner and he said that they are going to have alot of silver coins. This auction is in 2 weeks. I cant wait for this auction. Hope to buy wheats also. Hope 2 hear some of your deals at in person auctions. Chris

Its all based on who attends the auction and how much you are willing to spend, and whether you have an honest auctioneer. My experience with auctions that contain silver coins has been folks bidding well over the spot price of silver, for anything from junk silver to sterling silverware. However, if there is no one there that is interested/wants silver, you can do very well, as long as the auctioneer doesnt bid for an absentee bidder when he knows the true value of what hes auctioning. My advice: know what you are looking to buy, how much you are willing to spend, dont go crazy, and be willing to walk away. Youll have a good time Im sure!

Good advice so far. I'll echo the comment about setting a stop price and sticking to it. Don't get caught up in a bidding war; know when to walk away. 9 times out of 10 people will get stupid and pay way more than a coin is worth both melt wise and even numismatic wise. For example, common date Morgan's selling for $35-40 EACH, plus a 10-13% buyer's premium. Thank goodness they don't charge sales tax on coins here in GA. Another point to consider is the fact that most auction houses charge a 10% premium for cash or check and up to 13% or so for credit cards.

The only things I have ever gotten killer deals on were dimes. On several occasions I've scored Mercury and Roosevelt silver dimes for as low as 4X face, and yes this was within the last year.

Some of my best deals have come from 3 Rivers Auction Co in Washington, PA. (spent 9K on a credit card the deals were so good one time). Its like sorting for silver.....you have to weed through the skunks....But there is always that one magical box loaded full.

I go to coin auctions all the time. I have had very good luck in the past. 40% and Canadian silver usually go cheep. For me it just depends on the day, however there is getting to be more competition lately. When silver was allot cheaper I could get it well below spot. Now that it is more expensive I have had a harder time getting the good deals, seems like it brought out more people. I have found that at the end of the auction things go cheaper. I've also got to know the regulars that are interested in Numismatics and do allot of trading with them before the auction starts. My best auction was last year when 4 Franklin mint sterling sets went for nothing. The sets were gold plated sterling and were only marked on the side of the coin. One set was 208 oz pure.

Every auction I've been to gold has went for unreal amounts. The problem with coin auctions it only takes one person and it isn't worth it. If there is one other person who is serious about silver they will usually bid every coin up to spot.

Rodebaugh wrote:Some of my best deals have come from 3 Rivers Auction Co in Washington, PA. (spent 9K on a credit card the deals were so good one time). Its like sorting for silver.....you have to weed through the skunks....But there is always that one magical box loaded full.

I'm about 45 minute from "little Washington." How often do they have these auctions?

Coin dealers attend these auctions. Most people going to auctions are looking for "deals." But when you have a bunch of deal-hunters there to feed at the bottom, then there typically ends up being no deals for lots less than $100 in value. The higher value lots will weed out many of these bidders and an occasional deal can be had. But, the best deals that you will find in these auctions are going to be for the high dollar lots. Not everyone is prepared to throw down a few grand on sterling silverware, gold jewelry, or high-end numismatics.

The worst part is when a seller instructs the auctioneer to have a reserve on a high-end lot. This usually makes it a big waste of time. If you are going to try to find that big dollar deal, then call the auctioneer first to see if there are any reserves, first.

If it is your first time going, then I suggest you only go to observe and never raise your bidding card. I promise that this won't be the only coin auction for you this year/month/or even week.

Thanks for all the help. Chris

theo wrote:

Rodebaugh wrote:Some of my best deals have come from 3 Rivers Auction Co in Washington, PA. (spent 9K on a credit card the deals were so good one time). Its like sorting for silver.....you have to weed through the skunks....But there is always that one magical box loaded full.

I'm about 45 minute from "little Washington." How often do they have these auctions?

They seem to have one real good one once a month in the summer always on a Sunday. Keep an eye on http://www.auctionzip.com

Avoid Government Auctions, especially Police Forfeiture Auctions.

All of those auctions that i've gone, I've seen bids go super crazy.

people who go to auctions are not the brightest people you will meet.

this is my game plan for auctions where PMs are involved.

figure out spot value for the lot
factor in the bidders premium and subtract it
as soon as bidding starts, IMMEDIATELY shout out this number you just figured out.
if someone wants to outbid you, LET THEM HAVE IT.

this is how i roll for straight up bullion and 90%. if you are into numismatics, this plan might not work so well.

I have had good luck at estate auctions with coins but not much luck at coin auctions. Wheats always go for about 3 times what they are worth. Best auction deals where $188 melt value 90% for $57, choice on Kennedy halves for $2 got 2 90% and 79 40% They then sold the rest of the clad for $1.5 a piece ??? Choice from a sheet of IHC at $1.50 I took the 1859 and the 1909 They then sold the rest of sheet at $1.75 each??? Bought 4 BU rolls for 1970 cents for $2.50 and one of the rolls where S mint of which I found 3 small dates, sold 2 of them for $70 and kept the best one. Bought $7 of Canadian for $2 This included a couple IHC that the auctioneer didn't know where US coins. Go early and look close.

Attending an estate auction today, and highlights include an 1893-S, 1895-O and several CC mint Morgans. I'll let you guys know what they sell for. I have a price set in mind for most of them, but I'm looking at resale so I have to be able to get them cheap enough to make a decent profit. There's also quite a bit of slabbed coins from NGC and ANACS.