What coins to get?

[DigDugNY]

Hey...my uncle goes to auctions a lot and is sometimes even the auctioneer, and i went to one with him the other day, and they were auctioning coins, and my uncle told me they auction coins off all the time, so I asked if he could try to get some for me and he said yes, but the thing is I dont kno wut coins are worth going for....so if anyone can help, its appreciated.

 

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[TheDane]

Hi Bobby !

I don´t know so much about coins, but...

It´s a very short question....

....but I´m sure the answer to be complete would be veeeeery long !!

agersea

 

[DigDugNY]

Lol..i kno, but i dont kno where else to go...theres a lot of educated people here and im sure someone has an answer

 

[l.cutler]

The best advice I can think of is to avoid cleaned or damaged coins. Higher grades and a good strike are best bets too.

 

[DigDugNY]

Yea...usually auctioned coins are just donated coins that ppl had in their house and didnt want or they were found in houses...i just want to kno which types are good to have

 

[waseeker]

Here's the story from my brother's area. A local goes by the coin shop every monday morning and buys all of the junk and/or common silver dollars that have accumulated during the week.

He takes them home polishes them up with Brasso and sells them in the auction.

I happened to be there a few weeks ago, and his comment was "they don't know much about em, they just like em shiny"

Also, about 3 months ago my nephew called from the auction. There was an "extremely rare" 1906 silver dollar for sale. I told him there was no such thing, to check it closer and call me back. It was one of the 1 oz silver liberty coins that the mint started making in 1986. The date had been altered and then it was artifically worn to appear circulated. During that same time lots of fake dollars started showing up in the auction. We later found out that a local flea market dealer was dumping them at the auction.

Having said that, if I can get silver below or near melt value I'll buy that (don't forget to include the buyers premium if there is on).

 

[oldplacesnofinds]

If you can get silver coins or any coins that are not minted anymore at 3x the face value, you can't get ripped off. Make up a chart like:

Indian head cents- .50

Wheats- .03

silver dimes- .30

silver quarters- $1

half cents- $20

large cents- $10

Morgan dollars- $15

Ect..

Get a red book and buy auctioned coins for half of the lowest price in there and you can't go wrong. Most likely at an auction you will not be able to see dates of coins in bags just what type they are.

 

[DigDugNY]

Thanks for the tips....but since i wont be going to as many auctions and stuff as my uncle, and since hes been around auctioning for 25 years, hopefully he'll kno what prices to stop at.

 

[fiatboy]

I wouldn't pay any more than the following:

Morgan Dollars: $11
Peace Dollars: $11
Wheat Pennies: $0.02
War Nickels: $0.50
Pre-1965 dimes: $0.80
Pre-1965 quarters: $2.00
Pre-1965 half dollars: $4.00
Large Cents: $6.00
Indian Head Pennies: $0.50

And, of course, don't buy anything that's been cleaned, although I know it's difficult to tell sometimes.

If you don't know, don't pay more the 3x face value. Stay away from modern stuff. Read some books about coins, and good luck!!

 

[prospectorYorkPA]

First of all get a reference book of some type. Either a Red Book by Yeoman, or a Blue Book also by Yeoman. (This is what I use, it's more like what you can get in real life unless you have a hard to find coin). Red Book is retail prices. Also can get retail prices from PCGS website. Depending on what your budget is, buy the semi keys. such as an 31s Lincoln or any of the low mintage Mercury dimes which can still be had at a reasonable price. Buy the best grade you can find and hold on to them. Even on Ebay I bid Blue Book price. I don't win many auctions, but occasionally I do. eg: 1908 $5 gold, AU (anacs) paid $135. 1819 AU 53 (anacs) Large cent $55. and others. Some bids get overlooked. I may win 1 out of 35 or 40 but doesn't hurt to bid. Finally get a book of grading coins. I find Photograde by Ruddy to be quite good. Stay away with lots saying unsearched. Even if they were, most coins prior to 1940 are already out of circulation.