bidding on coin at auction without seeing firsthand

Gazes

Everyone probably agrees that when bidding on a coin at auction, one should either see it first or have someone they trust view the coin in hand (I am talking about a coin that cost an amount of money that matters to you as opposed to a coin that is cheap enough that if its not all there you won't be too upset). My question is have you disregarded the rule even though you know it and if so how did it turn out?

DaveWcoins

Many dealers do this on a regular basis. It is called speculating.
Sometimes it works out very well, and sometimes it is a complete financial disaster.

oih82w8

I do it all the time...although there are images, some good...others not so good. Not without an image at least.

Coinstartled

If a coin is financially over your head, it is better to pass, viewed or not. Virtually all of my auction purchases, I have not viewed. Only recall 3 clunkers. Auctioneer made me whole 2 out of the 3 times.

CoinRaritiesOnline

If you have not viewed the coins and are bidding against people who have seen them, which ones do you think you are going to win?

BryceM

Sure, but if the risk/benefit assessment doesn't make sense, I'll either pass or have someone I trust look for me. For coins where there are great photos and the potential financial downside isn't too great I'll sometimes go for it.

Coinstartled

@CoinRaritiesOnline said:
If you have not viewed the coins and are bidding against people who have seen them, which ones do you think you are going to win?

So everyone should drop 2 grand to hop on a plane pre auction?

skier07

I’m not sure if I should bring up CAC or not, but I think they have a role in this scenario.

divecchia

@CoinRaritiesOnline said:
If you have not viewed the coins and are bidding against people who have seen them, which ones do you think you are going to win?

Well, that depends. If it's a good coin, probably the people that saw it. If it's junk, probably the ones that didn't that are speculating.

Donato

Coinstartled

@skier07 said:
I’m not sure if I should bring up CAC or not, but I think they have a role in this scenario.

Is it a role different from that of PCGS?

ctf_error_coins

I buy coins exclusively from online photos.

I trust my ability to decipher photos on the internet, one of the best ways to make money on ebay, for sure.

cardinal

I have bid on coins that I've not seen in person, and only seen the online images. When doing that, I evaluate my prior experiences with the auction house and how accurate their descriptions and images are. (Also, if the coin has a known pedigree, I can look that up with my research library, and review earlier photographs to determine if the coin had been altered between sales.)

So, for example, with Heritage, their descriptions are quite detailed, and they present images with the coins in their slabs as well as close-ups of the obverse and reverse of each coin. I know from experience the close-up are digitally brightened so that a viewer can assess the minute details of toning, any handling marks, etc., and I know the slab images look just like viewing the coin straight on in hand.

For an auction house that I do not have history with, and am not sure about the quality of their descriptions or images? I would never bid without someone viewing the coin in person for me in advance of the sale!

oldabeintx

Depends on the coin, the slab, the seller, the picture. Expensive proofs, almost never. Expensive unc, sometimes. Colonials and circulated coins, gold near melt. frequently. Coins blessed by Rick Snow, no problem.

skier07

@Coinstartled said:

@skier07 said:
I’m not sure if I should bring up CAC or not, but I think they have a role in this scenario.

Is it a role different from that of PCGS?

It’s another set of eyes that have seen the coin in person. Nothing more, nothing less.

Walkerfan

I do it all the time with PCGS and NGC coins that have good images.

I end up happy most of the time.

OnlyGoldIsMoney

I do it all the time provided the coin is PCGS/CAC.

So far I have been pleased with the coins purchased. Some purchases have since been replaced when better examples became available.