Bidding on DLRC
earlyAurum
Posts: 746 ✭✭✭✭✭
There have been several auctions recently on DLRC and more to come. Some coins are pretty nice and many are
CACG with the Hansen pedigree. It doesn't appear that folks are bidding. It really feels like they are trying hard to become a bigger site for auction buying. I think that some of the opening bids are reasonable. Have you noticed and what are your observations/thoughts on the venue?
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I recently won a few on just an opening bid but the website and company have limitations that have since turned me off. I prefer other auction sites.
USAF veteran 1984-2005
I look in on the DLRC auctions occasionally, contrary to your observations I always thought the opening bids were on the strong side. And to be honest, I'm not a fan of the Hanson label so if I ever do buy one of those coins I would factor in the costs to reholder it. As a result I haven't bought anything in a DLRC auction that I can remember.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
The DLRC auctions certainly have some nice stuff.
But the opening bids are generally a very slight discount to guide-price retail.
So…what fun is that?
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
There used to be an additional two minutes added to an auction even if you bid at closing time. Not a fan of that. Buy maybe they have changed that. I have bought several coins from them over the years but just at a buy it now price. Never a problem with the service.
The starting bids seem to me more like retail prices. Maybe it’s only the coins in my area of interest. I am surprised that they sell many coins in this format.
Shhhhhh…
Are you trying to create more competition for yourself?
You mean like real live auctions...
They sell nice stuff, but in many cases their opening bids are at or above what i would expect from retail. This really upsets some people.
Regardless, its basically no different than if you see something at another auction where people have already bid an item up quite a bit. If you are willing to bid more than the current bid....bid. If not, pass.
Not really an auction when the starting prices are basically retail. More of a fixed price listing with a bidding feature to ensure no money is left on the table if multiple people want the coin.
Latin American Collection
IMO It is a retail side trying to look like an auction. The house has the coins, this is not like me consigning. Most of the coins I see are all Hansen rejects, where they upgraded the coin later. The Hansen label turns me off. I am not forking over $50k for a coin and paying retail with the label. All of the coins that Hansen had that could CAC were all put into CAC holders so asking high side for a non CAC in a rare coin is too much IMO. Put them in a no reserve auction and get a market price.
It's been a long time since I've seen a bargain or opportunity at DLRC auction. They will bargain on their regular inventory though.
http://ProofCollection.Net
I don't regularly participate in their auctions for all of the reasons stated above BUT bargains can be found from time to time.
I managed to snag my most expensive coin there after it was moved from the sale list (where it was overpriced for 6-9 months) to the auctions. I bought it for a $2-3k discount from full market value, essentially paying wholesale. I was and still am a very happy camper.
chopmarkedtradedollars.com
I’ve bought a couple of nice coins via their auctions. Quality has a price and wasn’t expecting a “bargain”.
"Got a flaming heart, can't get my fill"
I've found DLRC people to be most excellent, and they ship superfast. The only reason I don't buy much from them anymore is that they don't have a lot of coins I need in the grades I'm seeking. But a few weeks back I bid on a coin (an attractive CAC-stickered half dime that would have been a nice addition to my set), with the starting price being "OK but not a bargain." Sadly, though, a few other bidders took it up beyond my comfort level.
I've also consigned coins thru them and had a hand in setting those minimum bids... and believe me, when you're on the other side of the table, you're happy to see a guaranteed return. So that's an aspect.
The only thing that bugs me about DLRC is, when I buy a coin in, say MS62, it feels like rubbing it in my face when they say "The DL Hansen set piece is MS67+." yeah, I didn't need that comparison.
New website: Groovycoins.com Capped Bust Half Dime registry set: Bikergeek CBHD LM Set
I search their auction sight very regularly, even though I buy only around four or five coins from them a year.
Yes, their starting bids are close to, or at retail, but for me, that’s ok, since the kind of coins I buy generally go for retail or higher at GC and Heritage, which is where I buy the vast majority of my coins. As @Catbert correctly says, coins are not commodities - not every MS66 for a particular date is worth the same. If you want truly eye appealing coins, you often need to be willing to “pay up” to some extent for them!
Yes, any bids placed in the last three minutes adds on three minutes from that bid, and so on, until there are no more bids. As @jmlanzaf correctly says, that’s the same concept as any open ending auction format like Heritage or Stacks. While they don’t add on three minutes, the bottom line is that as long as people are bidding, the auction continues. As such, no sniping. This format, whether by DLRC, Heritage or Stacks, is good for the consignor, but not for snipers like me on GC.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I like their weekly ‘no reserve’ auctions. I check them out weekly, and have found some good deals. Like others have said, their regular auctions seems awfully close to retail.
Great company and service overall IMO.
Dave
I just wish you could get larger pictures. their eyeball magnifying glass is nice but it is nearly impossible to look at varieties when you can't see the entire coin or look for small markers. james
Its hard to know what is real and not with them, but I am forever grateful to them for allowing me to purchase one of the greatest coins in my collection from their website albeit years ago when they were a completely different co with the same name of course.
PCGS Coinfacts
snipers like me on GC.
Here's Winesteven waiting patiently for the start of a GreatCollections auction.
New website: Groovycoins.com Capped Bust Half Dime registry set: Bikergeek CBHD LM Set
Actually, that's me waiting for the END of the auction for me to snipe!!!!!! lol
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I'll second (and third, and fourth) the opinion that their starting bids are always at the limit of what I'd ever pay. Never once bought a coin on there for that reason. Similar to some coins on Great Collections, where you see the same coin come up over and over, sometimes for years, at the same starting bid and never sell. The real fun is duking it out in a genuine no-reserve auction, so those get all my business.
Over the last 15 years or so, I’ve purchased maybe a half dozen coins from them. Very small number compared to HA and GC. HOWEVER, I have been quite happy with what I’ve received and some of the coins have appreciated significantly.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Yes, I’m quoting myself from above, lol.
The following is only anecdotal, and is not a statistically significant study by any means.
I recently submitted a handful of coins to PCGS for Reconsideration. This coin was upgraded with a plus - I bought it from DLRC. 1877 Seated Half, originally graded PCGS MS64 w/CAC, total coins in this grade is 90 (49 by PCGS and 41 by NGC). Of those 90, only 10 have a CAC sticker! Now that it’s graded MS64+, its total pop is only 3, all by PCGS.
Here are photos. Our friend @ricko is smiling from heaven. Yes, super lustrous, blast white, the kind of eye appeal that a majority of knowledgeable collectors will avoid, since it’s obviously been dipped at some point. However, apparently it was dipped gently enough to still be among the 10 graded 64 or 64+ that merit a CAC sticker!
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Looks like all that (and more) is on this site. So why not choose from it?
An FYI - The certificate number did not change when the coin went to a + as seen on the PCGS Certification Verification website.
Steve I have one like that. I have not had it regraded and to be honest the only reason to sent it in is to get truview.
DLRC put stuff in Hansen holders and then sell it like we are lucky to get his throwaways. For Barber coinage they used to be the go to... the auctions they run now are just a bunch of BIN disguised as an auction.
The guys who run it are not bad guys but it is a far cry from what it used to be.
Few months back there was a 73-cc quarter i had signed up to bid on, but I waited until near auction close. and hit the bid, only for it to re-open extended time and got out bid. After two more times of this, I just said to heck with it, I am not use to soft close auction format, and was turned away. Just this past weekend, I was watching my old 01-s quarter in PCGS 53. I had sold it thru GC a few years ago when I didnt know how much time I had left. Starting bid was 39k, which was below what I paid for it 7 years earlier, as well as what it brought at GC. it did catch one bid prior to close, but I just let it go as i have my eye on something coming up in april that is quite expensive so i passed. I do like the o buyers premium however. the bid is the bid.
They have really nice coins but I use 2 other venues (reasons stated above).
Technically, he's a partner (or was) , so technically they're all "his" coins.
ANA 50 year/Life Member (now "Emeritus")
Many of Mr. Hansen's "throwaways" are coins that many collectors would be extremely happy to own. Of course the BIN vs. auction consideration is a different matter.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The Hansen holders (labels) are ugly. If I bought any of them I'd have to have it reholdered.
http://ProofCollection.Net
Overall, very interesting comments. The main themes are that folks don't like:
I agree with those observation but I think that there are exceptions as @winesteven has pointed out where special coins sell for higher than what might be considered retail or the opening bid. Some of the Carson City half eagles coming up for sale might be in this exception category in my view.
In then end, it certainly doesn't feel like DLRC will become a go to auction venue.
But the thing is, if you're going to have an auction and if you are confident your auction has the publicity and reach it needs, why do you need to start the prices so high? If DLRC is so unsure that their customer base is insufficient to reach a proper sale price, then why would any of us ever sell our coins on their venue?
http://ProofCollection.Net
I buy a handful of coins from them every year. Their auctions really aren’t auctions with high opening bids but they do have some very nice coins and their pictures are accurate and not deceptive. I have noticed when a coin has a reserve but it hasn’t been met and I’m the last bidder I’ve sometimes been able to buy the coin at my final bid price.
It is a little harsh to say DLRC isn't worth bidding or buying from. I am a modest collector so none of the coins i have sought have the Hansen label. The start bids are high, and I think their increments can be rather large for lower priced coins. Still, they do have some very nice coins on occasion and I have "won" 2 or 3 coins that were within usual price guide standards.
The only factor i truly dislike is that most times i have to go to Collectors Corner to find a usable picture of the coin. James
Well, I just bought a coin from them that was in the auction. First one in almost 20 years! I waited, I sniped in the last 10 seconds, and then 2 minutes were added. Someone else bid, 2 more minutes! I guess my patience wore thin as I just bid right away the third time and managed to take it home for roughly 65% of price guide. Here is the coin:
TBH I shy away from this site’s auctions but I’ve been looking for this coin in this grade and too many years had passed for me to ignore it. I’m just glad I didn’t have to pay price guide. 😂
Empty Nest Collection
Matt’s Mattes
Seeking education. How does one differentiate between "blast white, obviously dipped" versus "blast white, never dipped"?
Am I in the the minority by liking bright white coins?
For me, It’s not so much ‘has it obviously been dipped?’
My concern would be ‘is it untarnished and attractive?
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
DLRC accepts credit card payments with no additional fees on purchases under $10,000.
Not a huge thing but worthy of mention as that can knock 2%+ off the price you "pay" for purchases from DLRC.
Skin
Empty Nest Collection
Matt’s Mattes
I know what you mean. Some of these coins are truly rare with only 1 or 2 known in grades. Hansen has the ones above locked up in his sets. I am glad I was buying some before he entered the market or he would have them too.
Well, there are at least two of us. It's a matter of personal taste, of course, but I also like "blast white". You might know that Mike's Coin Chest has a number of nice blast white Morgan's, but alas, way out of my price range.
The soft close auction format is simple and like HA. You just enter your top bid and walk away. You either win or you don't. There is not really any advantage in waiting until the last second to bid.
http://ProofCollection.Net
Yes. While the soft close at DLRC has more time after each bid before the hammer falls compared to Heritage and Stacks, the bottom line is each of those three auctions are soft close, so while the underbidder loses, he has an opportunity to continue to bid! Soft close is good for consignors. As a sniper, I prefer the hard close of GC and eBay.
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
The soft close works to increase the price. The CMP uses it and I know I paid way more on original collector 1911's and M1's than if it was not a soft close.
CAC or CACG
As @winesteven will let you know, CAC does accept gently dipped coins that they deem "original enough" or acceptable to their standards.
chopmarkedtradedollars.com
That's good enough for me.
I look at the coin. Luster, original skin, etc. It will come to you quickly after viewing some 19th century MS silver.