Auction hijynx

[Twitch]

I don't have much experience with coin auctions, but they're certainly fun.

I paid $2.49 each for 189 BU 40%ers last night. Maybe not a great deal but I'm pleased. So it works out to $4.98 / $1 face. At the same auction there were 4 lots of circulated clad IKE's. Each of the 4 lots (52 IKE's total) went for in excess of $5 / $1 clad IKE. And then ~10 Brown IKE's went for ~$8-9 each, which seems very reasonable. I don't get it.

I also got 19 total '64 & '64-D Kennedy's for $6.26 each, $12.52 / $1 face while a different lot of '64 Washington quarters went for $14.77 / $1 face.

And maybe my funnest buy, I got a baggie with 2 G-VG IHP's ('06, '89), 6 wheats, and 84 memorial cents for $1.10.

Having fun...

 

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[huntsman53]

Sounds like you got some pretty good deals! Congrats! Just be careful at Coin Auctions or any Auction with coins for that matter. It is all too easy to get caught up in the bidding frenzy and end up paying way, way too much for coins. Also, be watchful for Bidders that stay in the back of the Auction setting and bid items up, then drop them on an unsuspecting Bidder. They could be working with or for the Auction Company to bid items up to make more money for them and the person(s) they are selling the items for. I have seen this quite a few times and I usually move to the back when I suspect this, so I can keep a close watch on them. Any of these that seem too cozy with the Auction Company employees or the Consignee, are the ones to watch out for. Also, when bidding, don't forget to calculate in the Buyer's Premium and Taxes if any are charged.


Frank

 

[Twitch]

Sounds like you got some pretty good deals! Congrats! Just be careful at Coin Auctions or any Auction with coins for that matter. It is all too easy to get caught up in the bidding frenzy and end up paying way, way too much for coins. Also, be watchful for Bidders that stay in the back of the Auction setting and bid items up, then drop them on an unsuspecting Bidder. They could be working with or for the Auction Company to bid items up to make more money for them and the person(s) they are selling the items for. I have seen this quite a few times and I usually move to the back when I suspect this, so I can keep a close watch on them. Any of these that seem too cozy with the Auction Company employees or the Consignee, are the ones to watch out for. Also, when bidding, don't forget to calculate in the Buyer's Premium and Taxes if any are charged.


Frank

Frank,
I appreciate the tips - all very good points. I also appreciate you taking the time help out some of the more novice folks around here, myself included.

I'm pretty cheap so I've largely been able to avoid the bidding frenzy. I've been able to stick to my limits, to the dollar, with one exception. The very first coin I bought at auction, a 1/10th oz gold American Eagle (I think that's what they're called) I missed the part about the 'ole buyers premium and I did get caught up a bit in the bidding. Paid about $50 more than I should have on it, which is a lot on a 1/10th of an ounce.

Thanks,
Joe

 

[huntsman53]

Frank,
I appreciate the tips - all very good points. I also appreciate you taking the time help out some of the more novice folks around here, myself included.

I'm pretty cheap so I've largely been able to avoid the bidding frenzy. I've been able to stick to my limits, to the dollar, with one exception. The very first coin I bought at auction, a 1/10th oz gold American Eagle (I think that's what they're called) I missed the part about the 'ole buyers premium and I did get caught up a bit in the bidding. Paid about $50 more than I should have on it, which is a lot on a 1/10th of an ounce.

Thanks,
Joe

Joe... You are welcome and I am glad that I could help! Yep, it seems we all learn from our mistakes and I was burned quite a few times when bidding on items. I wised up and began watching the person or persons bidding against me and dropped some items on them, HA...HA! The Auction Company or Seller (Consignee) doesn't like this to happen too often as they have to pick up the tab for the purchase, then try to sell the items at a later auction to recoup their losses. If you can prove that the person or persons works with or for the Auction Company or is acting on behalf of the Seller (Consignee) and you can prove it (video), then you can get the Auction Company's License revoked.


Frank