Stack's Auctions--What Has been Your Experience?

CalGold

If you have participated in a Stack's auction, in person or by absentee bidding, I would like to know your thoughts about the fairness of their bidding procedures and the fairness of their catalog descriptions.

The Stack's Quiller auction is coming up. As seems typical for them, they have no means of internet bidding and their on-line catalog is not very user friendly. Full of raw coins with flowery descriptions, useless black and white photos, and no numeric grading (even in-house numeric grading would be preferrable to Choice, Very Choice, Nearly Very Choice etc). Their Choice seems to mean 64 as far as I can tell, since it is less than Gem and a few slabbed 64's are described as Choice.

I have not participated in their auctions in the past for these reasons, but as leery as I am of sight unseen no return auctions, I am tempted to break the rules for this one. One thing I don't want to do is to put in a max bid and have them max it out unfairly, or find that I just bought a coin with serious flaws that did not show on their fuzzy photo and were not mentioned in their catalog.

I realize that they have been around for years, and consider themselves a "white shoe" firm, but business is business and since I am not someone they know they could easily decide to hose me (and others similary situated) for the benefit of their consignor and themselves.

Your input (including telling me to pass on this auction if that is what you would do) will be greatly appreciated.

Ronyahski

My advice is - if you are not going to be at the auction in person to place your own bid and if you are not extremely comfortable with your grading skills with raw coins - don't bid.

Also, Queller was quite well known as a very price conscious collector and many times he still did not get what he paid for. I'm sure there are some nice ones in there, but I'd go find them.

Higashiyama

If there is a particular lot you are interested in, and you call Stack's to discuss, they will give you a professional opinion.

I have dealt with Stack's for many years, and have acquired many nice coins, as well as a few subpar items.

Their grading corresponds to numerical grades as choice = 63, very choice = 64, gem = 65 or 66, superb = 67. On Stack's coins I have submitted to PCGS, the average result has equalled the average Stack's grade, although there has of course been some variability. I have also had a few bagged coins (classic commems that got "AT'd")

In general, the images in their catalogues (hard copy) are often considerably lighter than the actual coins, which is a particular problem for toned coins.

Ronyahski -- regarding your statement "Queller was quite well known as a very price conscious collector and many times he still did not get what he paid for. I'm sure there are some nice ones in there, but I'd go find them. " When you say many times he still did not get what he paid for, you seem to be saying that it addition to being price conscious he did not have a good eye for coins? Many of the coins in the catalogue are described as finest known or nearly so for a particular variety, but are you saying that the collection is somewhat overrated?

tradedollarnut

1) Stacks is all over the place - one coin they may describe as Gem when it's a 63, another they may decline to call Choice when it's a 64 or better.

2) Choice for them is 63, Very Choice is 64, Gem is 65 and Superb Gem is 66 and up

3) I have recently bought some VERY nice coins from Stacks auctions - the Vermeule MS65 1873CC and Carter MS66 1874CC trade dollars, for example. But you really need to do an in person inspection to have a prayer of knowing what to pay.

4) I purchased an 1876CC Ch AU trade dollar in one of their Coin Gallery sales that was obviously holed and repaired. Unfortunately, it was not described as such (!) and I failed to inspect the coin for quite some time. Bad fortune on my part, but in my opinion a professional auction company should have described the coin properly.

Higashiyama

TDN -- at a minimum, I hope it was a good repair job! Coin Galleries sales often have weak material - I think they try to note damage, but it looks like a major slip up on that one.

coinguy1

CalGold - I would not recommend bidding sight-unseen, or even sight seen, unless you consider yourself an expert grader and/or don't care what a major grading service would grade the coins. I would say the same about any auction of uncertified coins, if the coins you're bidding on are 3, 4 or 5 figure items. I would also advise against leaving bids with them.

EVillageProwler

Do not bid on a Stack's auction except in person and only if you've viewed the coins. This applies to coins slabbed by a reputable service as well.

Stack's written lot descriptions are generally very much on the optimistic side. They do, however, have excellent people working there. If you call them and speak with them about a few lots, there's a very good chance that you'll get a real, accurate description of the coins that may contradict their own catalogs.

Queller was a long-time customer of Stack's, and also bought a lot of stuff from them. I am highly suspicious of that material because I think Stack's has a queer way of determining quality material. Also, it ill-behooves the firm to be conservative on the descriptions because it'll just cost them money.

Of course, in every large auction, you can get good stuff. Especially if the collection is fresh.

Finally, Stack's have a habit of bidding up to your limit for you if you leave mail bids. That is why you should always try to bid in person or have a trusted agent bid on your behalf.

EVP

CalGold

Thank you all for your sound advice. Being able to get advice from people with your experience and knowledge makes this board a very valuable resource.

Given that the coins I am interested in are seated proofs in 63 and 64, the risk of disappointment (receiving dark, spotted or heavily hairlined coins) or overpaying seems high. I suppose I may give them a call to discuss a lot or two but will likely let prudence prevail and pass on bidding.

A good weekend to all.

CG

Nic

Calgold,
If you can't see the coins in person, don't bid. K