going to a auction tomorrow any advice

[slickeast]

The aucton here is the same. Bidders bidding crazy amounts. I did manage to buy a 40% Ike once for $8. I have considered taking some coins to sell and seeing what profit they would bring.

[Frank t]

this is the third time ive typed this so forgive me for typos or being short. i did go to the auction today and got a feel for the people and tried to stick to my plan. i bought a 1857 seated quarter for 11 in crap goodish slickish. i decided to go and look at the coins from then on. oh by the way i got lost due to their directions and was late so i didnt get the advantage of looking beforehand. i bought a 1853 seated half dime for 12 in good. i got a barber half for 12. 1899 g4. not great but near value. and a 1854-o seated half for 27 in vg.

[Frank t]

ps. i am interested in learning about grading, auctions, collections, and possibly becoming a numismatic dealer. any info.


THANKS FOR EVERYTHING

Frank T.

[Frank t]

im gearing up to go to another soon, farmer your advice and links have proven priceless, thanks is not enough, but for now sleep

[NDFarmer]

Thanks, just remember to get there plenty early so you can look the coins over. And check the mint marks on each coin. A missing mint mark or a different mint mark than what was advertised on the auction bill can make a lot of difference on the price of a coin. And NEVER go by how the seller or auctioneer has graded the coins. They are always going to be at least a grade and most times two or three grades higher than they actually are. It is always best to put your own grade on the coins.

I was just to a coin auction last Sunday. People were bidding up to two times what the price guides were saying the coins were worth. I don't understand it.

[Frank t]

i will be there early this time luckily its at the same place so it will be hard to get lost. lol. the 21 morgans they made a pile of were going around 50. idiots. my brother got one from a buddy in au/bu for 20 bucks. hes one lucky jew!!

[NDFarmer]

i will be there early this time luckily its at the same place so it will be hard to get lost. lol. the 21 morgans they made a pile of were going around 50. idiots. my brother got one from a buddy in au/bu for 20 bucks. hes one lucky jew!!

Yes just let the "idiots" pay $50.00 for 1921 Morgans. Just keep your hands in your pockets. You can buy coins much cheaper here or at your LCS. I am almost to the point where I am going to quit going to coin auctions. It just seems to be getting crazier and crazier at these auctions. As I said at the last auction I went to the "idiots" were paying 50 to 70 percent over what the book said a slabbed and graded coin was worth.

[Treetop]

As I said at the last auction I went to the "idiots" were paying 50 to 70 percent over what the book said a slabbed and graded coin was worth.

How about get your own auction going?

[NDFarmer]

As I said at the last auction I went to the "idiots" were paying 50 to 70 percent over what the book said a slabbed and graded coin was worth.

How about get your own auction going?

When I see these coins sell for way more than they should at these auctions I think I should schedule one. But with my luck that would be the one auction where nothing comes close to book value.

[OtusLotus]

You know, something that was said earlier in this thread really bothers me!

It was less than a month ago, that Neilgin (in one of his rants in the thread Fake Silver http://realcent.org/viewtopic.php?f=9&t=21266&p=200769&hilit=chink#p200769) used the term "Chink" and so many people came down on him for using a racial slur!

Well, it just happened again.

hes one lucky jew!!

Do you say he's one lucky Catholic? or One lucky Episcopalian? I don't think so!

We have been persecuted by EVERY religion, dictator, and race in this world since the beginning! There are only 13 million Jews on this planet! Out of 6 BILLION! THAT IS LESS THAN .2%. YES WE ARE LUCKY! LUCKY THAT WE HAVEN'T BEEN ELIMINATED FROM THE FACE OF THIS EARTH!

[blackrabbit]

Relax, it was his brother he was talking about. That makes me think that he and his brother are jewish so it should be fine to call him a lucky jew. Of course if he is not jewish that does seem negative and could bring offense.

[beauanderos]

ok, two questions. I've never been to an auction and don't plan on going to one. I'm wondering if bids drop noticeably as the session wears on? Do people "run out of money?" Would it be better to wait for a comparative bargain near the end?

Second question. Anyone ever calculate what a large lot of junk silver went for vs face value. Are those lots way overbid as well? It seems most of the talk in this thread is regarding single coins.

[OtusLotus]

I don't have to relax! It is even worse that HE would say that!

[justoneguy]

. I'm wondering if bids drop noticeably as the session wears on? Do people "run out of money?" Would it be better to wait for a comparative bargain near the end?

I go to car auctions and it seems to me bidding goes up towards the end,
Everyone waits to see what things are going for, then they relize they have'nt bought theirs yet.

[justoneguy]

I don't have to relax! It is even worse that HE would say that!

I'm Polish and call my brother a dumb pollack, is that bad ???

I've never been the one to be PC.
On easter sunday, a few years ago, I told my pastor this joke at the curch pot luck,
You know, they finally figured out how michael jackson died.
the pastor's wife said it was a drug overdose.
I said No, he ate a 12 year old weanie.
Someone spit up their drink laughing 3 tables away.
Needless to say I heard about that one from my wife.


Blew the punch line.
He CHOKED on a 12 year old weanie

[NDFarmer]

ok, two questions. I've never been to an auction and don't plan on going to one. I'm wondering if bids drop noticeably as the session wears on? Do people "run out of money?" Would it be better to wait for a comparative bargain near the end?

Second question. Anyone ever calculate what a large lot of junk silver went for vs face value. Are those lots way overbid as well? It seems most of the talk in this thread is regarding single coins.

From my experience the prices do NOT go down toward the end of the sale.

As far as what junk silver sells for at auction. I don't know if I ever recall seeing small bags of 90% silver sell at any of the coin auctions I have been to. They usually sell most coins one at a time. Once in a while they will sell two or three coins together in one lot and you see a lot of cull coins sell individually that are junk but they still bring more than what ever the going rate for junk silver is that day.

[OneBiteAtATime]

ok, two questions. I've never been to an auction and don't plan on going to one. I'm wondering if bids drop noticeably as the session wears on? Do people "run out of money?" Would it be better to wait for a comparative bargain near the end?

Second question. Anyone ever calculate what a large lot of junk silver went for vs face value. Are those lots way overbid as well? It seems most of the talk in this thread is regarding single coins.

As many of you know, I LOVE auctions. Love Love Love. Ray, you must enjoy them. If not, it is like beating your head against the wall waiting for the right opportunity.

Bids do not go down as the end nears, no matter who is there, someone else is there with deeper pockets.

on #2. I do better on large lots of junk. Especially at a sale with lots of numismatics. The "coin" buyers and the "junk" buyers (like me ) are 2 different groups of people. When a large coin auction with lots and lots of numi's are announced, many "picky numi's" show up and that worn out ol' 90% is just too ugly for them. But to me, Ray, that stuff is beautiful!!!! I think the other "junk" buyers assume that the deep pocketed numi guys are going to grab up all the 90%. I love auctions. I LOVE LOVE love auctions.

[Frank t]

i am sorry if i offended anyone with the jew comment. i am of mixed creed including jew, hunky, and pollack. we sometimes call each other names. we call it brotherly love.

[Frank t]

when i was at the auction there were decent lots of silver around melt. they came up later in the auction and were in large sets. 4 books of roosies, complete 48 went for 95- 100. dont remember the condition. lots of war nicks and sets of nicks were going off decent too.

[RichardPenny43]

Anyone ever calculate what a large lot of junk silver went for vs face value. Are those lots way overbid as well? It seems most of the talk in this thread is regarding single coins.

I dug up the receipt from the one auction I've been to.
This was in Oct. 2011

Not counting the nickels, I averaged 19.9 x fv. Spot was $31 at that time.
19 Morgans @ $21.85, $12.20 fv junk @ 16.9 x fv
I flipped the Morgans and bought my Ryedale

[beauanderos]

Anyone ever calculate what a large lot of junk silver went for vs face value. Are those lots way overbid as well? It seems most of the talk in this thread is regarding single coins.

I dug up the receipt from the one auction I've been to.
This was in Oct. 2011

Not counting the nickels, I averaged 19.9 x fv. Spot was $31 at that time.
19 Morgans @ $21.85, $12.20 fv junk @ 16.9 x fv
I flipped the Morgans and bought my Ryedale

did your calculations account for your buyer's fee? If so, then not a bad deal I just imagine it would be pretty hard to maintain your decorum and not get caught up in the heat of trying to out egoout bid someone else.

[RichardPenny43]

did your calculations account for your buyer's fee? If so, then not a bad deal I just imagine it would be pretty hard to maintain your decorum and not get caught up in the heat of trying to out egoout bid someone else.

Yes, that includes the 10% fee.
I was a little shakey. I just sat quitely in the back and raised my card.