How do coins sell at estate auctions in your area?

bigbadchad777

How do coins sell at estate auctions in your area?
For the past 2 years I have gone to several local estate auctions trying to pick up a few old coins. They are outrageous as to what they are bringing. Worn out, dateless silver dollars bringing $25.00+; common circulated IKE and SBA dollars bringing $7.00 (worth about $1); and circulated clad Kennedy halves bringing $2.00+. Makes me want to load up on coins on eBay and have an estate auction. Is this just happening here or is it widespread?

Louis

BillJones

My experience with estate auctions has been limited, but from what I have seen the public paid really stupid money on more than one occasion. Interestingly if something better was there, it often turned out to be the better buy. I'd watch people pay $25 for circulated common date silver dollars, or $15 for a 19th century foriegn coin that was pretty much a junk box item, and then let a decent $2.50 gold coin go for a fair price.

It seemed that people were ready to pay stupid money for really cheep items, but backed off once the value reached a few hundred dollars.

DorkGirl

I've only went to one here in Colorado. Most of the common coins sold way too high, but I got a 1889 CC Morgan (xf-au) for $900 and a 1878 8tf (nice colors, low MS) for $17. Most of the people there paid stupid money for the common stuff, but didn't bid on the higher dollar rare coins. They were actually the better deals.

Shamika

I've gone to several estate auctions. People for the most part don't understand that the coins condition is a huge variable in determining a coins value. If they see a Morgan dollar that is in average circulated condition and right next to it they see an MS65 Morgan dollar, they don't realize that the gem coin is worth hundreds of times more than the circulated dollar.

As a result, they'll bid $20-$30 for the circulated dollar since they imagine that old coins are worth alot, but aren't willing to bid more than $75-$100 for the uncircuated dollar.

And to be honest, most every "estate" has a few old worn out coins, but only a very rare estate has mint state coins. The estate that does have a nice collection often has heirs that have already claimed the nice stuff or have taken the coins to a local dealer.

If you hope to score a collectible coin at an estate auction, don't hold your breath. You'll be lucky if you ever find anything.

tincup

At a 'normal' estate auction, the general public almost always pays stupid prices on common coins. The last one I attended had perhaps 1 to 2 dozen coins advertised.... plus it advertised a rare 1885 key date liberty nickel. I decided to attend the auction, knowing that common stuff usaully sells high but sometimes better dates and grades can be a bargain. After looking at the '1885', I found it to be a corroded 1895. I promptly let the auctioneer know it was not what they were advertising it to be, and was promptly informed in return that the person who consigned it said that it was an 1885, and that is what they were going to sell it as. The coin was not pulled from the auction.

I did not stay for the auction.... but feel for the trusting individual who probably bought the coin for a high price that is only worth 25c at best.

Just an example of how I've seen a lot of these auctions go. Informed individuals may pick out some good bargains.... the the general public usually throw their money away.

bigbadchad777

I saw that many of the bidders would bid on a shiney coin, which had been cleaned, thinking it was more uncirculated then the toned coins.
I saw a circulated Kennedy half from the 1990's bring $3.00. CRAZY...

earlwbollinger

Well, in my opinion you have to be extremely careful.
A lot of these auctions have really good auctioneers who can work up the crowd and get them going bid crazy.
Plus some of the auctioneers have shills or imaginary shills they use to up the bids with.

cohodk

I would have to agree with what everyone has said. I would add that many times proof or mint sets can be had for WAY below bid. Last year I bought several 2000 proof sets for $10-12 each.