A group of raw Morgan dollars in an auction--how would you've bid?
logger7
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https://stampauctionnetwork.com/V/v8015.cfm#Lot1192
Silver Dollar Collection, 1892-1935, lot of 50 Morgan and Peace Dollars, many Uncirculated to CU condition or better, including some duplicated dates; highlights include 1892 Unc; 1893 VF or better; 1894-O AU to Unc; 1895-O XF-AU; 1899 VF-XF; 1899-O Unc.; 1904-O (6) mainly Unc to CU; 1883 (looks like a barely circulated frosted PL coin with toning); Peace dollars include a 1921 VF to Choice VF but possibly polished; 1923-S Unc to CU; 1925 Unc; and attractive examples of a 1928-S with toning, 1934, and 1935 in high grade; many Choice or better; deserves careful inspection. (50)
My analysis was that on the better dates, the 1892 was unc. details; 1893, AU to Unc. details cleaned, 1894-o 58/61 with some faint "stripes", possibly old stains; 1895-o, maybe an AU55, 1899 Unc. details. None of the rest of the coins were "money" grades potentially. I bid $2500 with the 20% premium, $3K. I was regretting not going a little higher. How do others figure their maximum bids?
Comments
I estimate what I can resell the coins on Ebay at and bid 20% back of that,
Looks like a lot of cleaned/problem coins. You also may have to factor in that some of the money coins could be fakes or altered.
I would bid very low (or not at all, most likely), and not regret it if I was outbid.
Based on the pictures, I think it’s fairly likely that an unknowledgeable bidder will win the lot at too high of a price. I wouldn’t bid on it.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I think your risk tolerance is much higher than mine. I would not bid on photos like that. In fact, I don't bid on coins I cannot see in hand. I don't really disagree with your evaluations, except to note that they appear to represent best case scenarios for the coins mentioned.
Tom
All the coins look genuine, although better pictures are needed to be sure.
The 1893 [P] might be cleaned and the 1897 is definitely cleaned/polished.
The 1895-O is probably cleaned as well.
But it could still be a good deal at the right price (as usual).
Coins like that belong in certified holders.
I wouldn’t feel safe by bidding on them raw.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I actually did look at these coins before they blasted off in the auction, which was what my grade guesses were based on. Had some second thoughts about not going higher, but you are better safe than sorry.
In person? I ask because they say 50 coins but only 40 sides shown. If you viewed auction in person, the possibility of catching a good score in one of the lots is more likely.
I now figure max auction bids 3 ways -
1) near or full retail if needed for my collection
2) half of what I can sell on eBay for
3) 75% of eBay if large set or group with strong possibility of pulling out gradable coin(s)
I realized long ago there are more coins for sale than I have money to buy
No - Recommend stick to the slabbed material.
Try to learn how to grade; all the coins in holders were once raw, the plastic does not change the coin.
I can grade very well. But with raw coins you are still assuming a lot of risk, especially, with high dollar coins. It’s not just about technical grade. It is authenticity, Tooling, PVC, Artificial toning, scratches, graffiti and Surface issues and on and on…
You also have to think about resale. Would you really pay top dollar for a raw coin based on what you believe it to be? That is a hard sell in the market… Getting it into a slab would be a lot more cost-effective.
Sellers know this, so when rare, high dollar coins are offered raw, it raises my eyebrows.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/