going to a auction tomorrow any advice

[Frank t]

there are many lots. lots of silver. little gold. barbers walkers standees seated morgans mercs rosies what should i expect near spot or what i guess ill find out huh. btw i have a low budget 160 usd. any ideas on what would be a good buy for turn around or as an investment. heres the list if anyone is interested im going tom 2/23 so any advice asap would be appreciated

http://rgilliganauctions.com/2-23%20coins.html

thanks in advance realcent

[Landrover]

That's tempting. I'm not too far from there.

[BenG76]

Nice looking auction. Just plan out what you are willing to pay for the items. Print the list of items and make your self some notes on what they are worth either online or in the Redbook or whatever. Try not to get caught up in a bidding war and get carried away. Stay level headed while bidding if possible. If you are interested in the graded coins bid on the ones from the better grading companies. Lesser known companies can overgrade coins or the coins may have issues such as being cleaned.

It seems like whenever I go to an auction with coins things seem to get bid up higher than they should. Then again I have scored some sweet deals at auctions. Good luck and let us know how you do.

[Computer Jones]

1) Research the value of what you want to bid on.

2) Think before you raise your hand!!!!!

[Catfish4u]

From my experience auctions are all over the place in regards to price. Sometimes within the same auction. I went to an auction where coinflation had 90% around $25 x face and bought a lot of rolls at 18-20 X face. That same auction common 1921 Morgan's were going for $40 to $50 each when coinflation had those around $28. Other auctions silver has went close to 'red book' or melt price or even above. It just depends who else is there and what they are looking for.

If things go really cheap you may want to consider buying more and flipping it for cash on this forum. Maybe reach into emergency funds or borrow from a family or friend.

[agmoose]

I've gone to a couple in the Tampa area, the prices always go way above what I would spend on coins, but that cold be just here. There are some nice things on the block. Go after something you need to fill a hole, or something you don't normally see. Good luck!

[justoneguy]

1st i thought you were talking about one in colorado.
i am debating going to this auction tomorow.
http://www.auctionzip.com/Listings/1703710.html
It's 100 miles into the boonies, so I'm wondering about the competition there.

[NDFarmer]

When I go to a coin auction I always print out the sale bill for the coins. Then I go to http://www.numismedia.com/fmv/fmv.shtml and I price each coin at a G4 grade. Unless there are some slabbed coins I will price them a little higher. This gives me a floor price for the coins and lets me know approximately what each coin is worth. Because once the auction starts you don't have time to be looking up what a coin is worth. And then I go to the auction early. You have to get there early so you can look over each coin. Then you just go down the line and mark each coin on the list whether it is better than a G4 or worse. Some of them turn out to be culls but if you don't get there early and look at the coins you won't know that. So you just cross off the culls, mark up the coins a little that are better than G4 and then you are a pretty informed bidder. And yes you will leave the auction shaking your head at what some coins go for. I have seen many average well circulated 1921 Morgan dollars sell for $45.00 to $55.00 dollars. I think I have seen high dollar coins sell for better prices at auctions than I have seen the lower end coins go for a good price. By that I mean if you know what the coins are worth and that is why it is so important to know what they are worth before you go to auction. You might snag a $500.00 dollar coin for $200.00

This works for me. It lets me buy coins at the lower end of the price range. I figure if I am buying coins at a G4 grade and lower I can't go too wrong. And turns you into an informed bidder so you don't get in a bidding war and pay $80.00 for a $50.00 coin. And that is key for any auction know what the item you are bidding on is worth and having enough discipline to stop bidding once your maximum price has been reached.

[agmoose]

Excellent advice from NDFarmer.

[justoneguy]

I always print out the sale bill for the coins. Then I go to http://www.numismedia.com/fmv/fmv.shtml and I price each coin at a G4 grade

Great tip thanks I had been looking at numis for pricing on this.
i was planning on printing out a lot of their pages.
wrint right on the auction listing is a much better/easier idea.
Now someone buythat farmer a beer.

[NDFarmer]

Yes I have found this works well. It takes a little bit of homework to go through and write down what each coin is worth but I think it is worth it. An auction is pretty fast paced and this way you can sit there at an auction that has 400 or 500 lots and know what each coin is worth. This way you're not kicking yourself when you get home and see that you should have bid a couple more times on that $500.00 coin that went for $200.00 or your not saying to yourself why did I pay $100.00 for that coin that was only worth $40.00

[scyther]

Then I go to http://www.numismedia.com/fmv/fmv.shtml and I price each coin at a G4 grade.

Are these prices accurate? Can you really sell a 1938 nickel for for 24 cents?

[NDFarmer]

As with any "price guide" it just gives you an approximate value of what something is worth. You have to decide if you want to pay what price guide says a coin is worth. But it gives you a place to start. If you know what coins you are definitely interested in buying you can always check with your LCS or check on Ebay to see what those coins are selling for before you go to the auction.

As far as coins that are worth .23 cents you don't see too many of them auctioned off one at a time at coin auctions.

[Robarons]

Does this auction have proxy or online bidding?

Sharper auctioneers will understand silver and gold values and use the above to ensure the stuff goes for melt or market value- Keep this in mind

Other auctioneers do not have a clue though as well

[Catfish4u]

If there are buyers premiums remember to factor those into your bids. One auction I go to has a 10% buyers premium for onsite bidders and 20% for online bidders.

[Frank t]

thanks a bunch guys, ive been doing my homework and i am trying to be the informed type, but just knowing you guys experience gives me a heads up. im going to do some more research on some of the coins i thought were out of my league just to see of they go in my range or close. id really like to get one of the gold dollars around melt because i see a lot of room for gold to go up. thanks everybody again i will let you know tomorrow night what i bought wish me luck.

[Frank t]

thanks catfish i will remember that. there are no online or phone bids accepted. maybe ill see you there land

[NDFarmer]

Good point about buyer fees and also if find out if state sales tax is added to what you buy. I go to auctions in three states some have sales tax added and some don't. If you are going to get clipped for both a buyers fee and state sales tax then you have to back off your bid by 15 or 20 percent.

But I NEVER go to an auction where they charge a buyers fee. They are getting enough from the seller they don't need another 10 percent from me. Very few auctioneers around here are doing that. If it gets to the point where they all start charging the buyers fee then I am done going to auctions.

[natsb88]

No sales tax on coins or bullion in PA.

[Catfish4u]

Good point about buyer fees and also if find out if state sales tax is added to what you buy. I go to auctions in three states some have sales tax added and some don't. If you are going to get clipped for both a buyers fee and state sales tax then you have to back off your bid by 15 or 20 percent.

But I NEVER go to an auction where they charge a buyers fee. They are getting enough from the seller they don't need another 10 percent from me. Very few auctioneers around here are doing that. If it gets to the point where they all start charging the buyers fee then I am done going to auctions.

Ron,

Don't just give up on those auctions. Factor in the fees and decrease your bid accordingly. The auction site will always make their money regardless if they charge a premium or charge that premium to the seller. In the end we buyers are paying either way but need to adjust our bids accordingly. JMHO

[NDFarmer]

Good point about buyer fees and also if find out if state sales tax is added to what you buy. I go to auctions in three states some have sales tax added and some don't. If you are going to get clipped for both a buyers fee and state sales tax then you have to back off your bid by 15 or 20 percent.

But I NEVER go to an auction where they charge a buyers fee. They are getting enough from the seller they don't need another 10 percent from me. Very few auctioneers around here are doing that. If it gets to the point where they all start charging the buyers fee then I am done going to auctions.

Ron,

Don't just give up on those auctions. Factor in the fees and decrease your bid accordingly. The auction site will always make their money regardless if they charge a premium or charge that premium to the seller. In the end we buyers are paying either way but need to adjust our bids accordingly. JMHO

You would think the bids would be 15 to 20 percent lower at auctions where they are charging a buyers fee and sales tax but I haven't found that to be the case. Most people just don't keep that in mind when bidding. If a coin is worth $100.00 they will bid it up to $100.00 and then when it comes time to go pay the clerk they pay $120.00 for the coin. So that's why I don't go to auctions where they charge a buyers fee because I am always bidding 10 to 15 percent less than everybody else and I end up going home without anything and wasting a day for nothing.

[daviscfad]

Auctions around here go for silly money. 100wheat sold last week for 25 bucks. the a 1/10th bullion eagle sold for 275

[NDFarmer]

Auctions around here go for silly money. 100wheat sold last week for 25 bucks. the a 1/10th bullion eagle sold for 275

It's the same around here. Too many people at these auctions that have no idea what they are bidding on. I was at an auction a while back where they sold rolls of common date 30's wheats for $12.00 per roll. And common date post 1900 Indian head pennies that were a notch above culls, you couldn't read the Liberty on them for $8.00 to $12.00 a piece!!! And this at coin auctions where you would think most bidders would have somewhat of an idea of what they are doing. If you really want to see some crazy stuff go to a household auction that has just a few coins on it they really go for crazy prices.

[Frank t]

research finished. thanks a lot farmer now i know a lot about what they have and can bid accordingly. i was only going to go for some cheap pms but now im prepared to bid on a few numis as well. its good to be informed now i must sleep to keep a clear head for tomorrow ill let you guys know what i got when i get in. THANKS AGAIN EVERYBODY!!

[Rosco]

Travel safe an enjoy even if it all goes for more than you will Pay as you get a Idea on the local area bidders each auction is different.

In Oregon I go to smaller coin club shows an some time find good deals but always have fun looking at the high value stuff