Coins at auction

[Hunterhound]

I'm not sure if this is the right place to post this but my recent adventures into coin roll hunting have sparked an interest in collecting old coinage through other means as well. I wanted to make a post on the forums to get you guys' thoughts on buying coins at auction. My initial research has led me to places like Heritage Auctions to buy coins but with the number of sales they have, it almost feels like I'd be buying from a dealer rather than participating in an auction. Plus I feel like their coins are all in conditions and at costs I can't justify for my collection at this time.

Regardless, to stay on topic, can you guys give me any tips on buying coins through other auctions. I see some auctions online that are essentially physical location auctions with an Internet couterpart where you can bid on Morgan dollars for $5 and whatnot but I'm not sure if this something to go for or not. If I'm looking to not only obtain coins for my collection but also resell some that I buy, is it better to look for bulk auctions? I haven't found many resources online regarding buying coins at auction; most of the resources center on selling through auction.

As an aside, are there any other places I can look for deals on coins like garage sales, flea markets, etc.? I'm not sure this is going to be a good way to go as I will likely have to know how to recognize a grade of coin to not be taken in one of these deals but I'm not sure.

What are your thoughts? Any advice or links to resources will be helpful.

 

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[jerseyben]

Not exactly sure what you are saying or asking...

Try attending a coin show and talk to as many people as possible. Also, join a local coin club. You can almost always score some good deals if they have an auction at the meetings. Good luck.

 

[Hunterhound]

Not exactly sure what you are saying or asking...

Try attending a coin show and talk to as many people as possible. Also, join a local coin club. You can almost always score some good deals if they have an auction at the meetings. Good luck.

LOL, I kind of thought the same while I was writing my post. I think it's a situation where I have looked at collecting from several different angles and don't really know where to start refining my research. I appreciate the advice though. If I have a coin club in my area, that would be a good place to start. Thanks.

 

[TypeCoin971793]

eBay is a very good place to find coins for you collection. Everything worth 50 cents to $2,000,000 is listed. Just be very careful and do your homework before you buy anything over $50. Check the feedback of the seller and see if the seller is reputable and trustworthy.

 

[jerseyben]

eBay is a very good place to find coins for you collection. Everything worth 50 cents to $2,000,000 is listed. Just be very careful and do your homework before you buy anything over $50. Check the feedback of the seller and see if the seller is reputable and trustworthy.

Not trying to discredit what you are saying but I would have to disagree.

If has very little to do with the trustworthiness of the seller and a lot to do with your own personal knowledge and ability to sort the good from the chaff.

 

[MUD(S.W.A.T)]

I'd avoid big companies and popular auction houses.. Not the best way to get coins. Local dealers are good and private or smaller live auctions/estate sales are better. For me the best ways are metal detect, CRH and private deals like Garage sales... eBay can go both ways good or bad just be careful on auction houses like that. Hope this helps !!

Keep @ it and HH !!

 

[Jim Coulthard]

I have been buying coins at the auction houses for years, 40 plus, and have found that the auction houses are the safest place to buy coins. I buy from Stacks, Goldberg and Heritage. If you choose to buy off ebay buy Pcgs or NGC graded coins only unless you really know your coins. There are lots of cleaned and altered coins on ebay and until you have a knowledge of how to weed out the bad from the good, be careful. As far as local auctions take two things to the auctions, a strong magnet and a scale. I have found lots of fake coins at auctions and garage sales. Morgan dollars that only weighed 23 grams or silver coins that stick to a magnet. There are lots of fake coins out there so be careful. Also watch out for altered coins. I once saw a 1909-s indian cent that had a added mint mark and lots of added mint marks on 1932-d Washington quarters. If you are going to spend good money on coins always buy the best coin you can. And also get the Graysheet which is a dealers coin price guide that comes out weekly so you do not over pay for your coins. I have been to local auction and I see people pay STUPID money for coins just because they do not do there home work. Its like the old saying, a fool and his money are soon parted. Jim

 

[Jim Coulthard]

Hi again, To show you what I said about real or not here are 4 coins. Are they real or not?

 

[Jim Coulthard]

Hi, here is the rest of the pictures.

 

[jerseyben]

Middle one looks ok, rest look fake to me.

 

[Jim Coulthard]

Middle one looks ok, rest look fake to me.

They are all fakes. Jim

 

[Hunterhound]

Thanks for the advice guys. I'll steer clear of the "too-good-to-be-true" estate auction postings for now and look to see what I can afford to pick up from the well-known auction places or through reputable local dealers. I'll also start watching the gray sheet and do some more general homework. Maybe when I get some more experience under my belt, I'll look for the diamonds in the rough.

 

[Diggin-N-Dumps]

They are all fakes. Jim

If i hadnt bought fakes on purpose, I wouldnt think anythign about it. But when i first started buying Silver about 7 years ago, i went and bought fakes on purpose to compare them to the real deal, Also i use them when i buy from other people , just to dbl check.

and all the fakes have the same issues...Odd Toning...and of course the feel of them.

 

[jerseyben]

If i hadnt bought fakes on purpose, I wouldnt think anythign about it. But when i first started buying Silver about 7 years ago, i went and bought fakes on purpose to compare them to the real deal, Also i use them when i buy from other people , just to dbl check.

and all the fakes have the same issues...Odd Toning...and of course the feel of them.

Even the smell...