What would you do?

CharlesDarwin · August 17, 2004 8:22AM

A couple days ago, I bought 16 Morgan and Peace Dollars at a real auction for $14 a piece. You had to buy them all at once.

I looked at the lot before the auction, and found a 1921 High Relief Peace Dollar in EF, and was pretty excited. The rest were all common date. Apparently, none of the other coin buyers there noticed the 1921, because none of them bid on the lot.

The auctioneer started with them, he went down to $10 a piece (times 16) and I put my bid in, hoping to snag it before any hosers started in on. Since, $10 was what I figured I'd at least pay.

Well, the auctioneer almost yelled SOLD to me (and I would have been totally stoked to get them for that), before some ANCIENT and SENILE old woman bids $11 on them for giggles, she's laughing about it! I bid back at $12. She hesitates, then nods to bid $13. I begrudingly go $14, vowing not to go $15.

The old woman gives up and I win 16 Silver Dollars for $14 a piece, for a total of $224. Now, figuring I unload that 1921 for around $75. That means I still have to unload the other 15 crap dollars for an average of $10 a piece to make my money back.

So, two questions:

A) How do you sell the other 15 dollars (3 1921 Morgans, 12 1922/1923 Peace Dollars, F-EF)?

Ebay is saturated with crap Peace and Morgan common dates, and I know I can't average more than $7 each for these. Sell them to a dealer or to people who don't know coins?

What do I do with the 1921 Peace?

Ebay seems saturated with these as well. Should I send it to NCS, slab it, or just put it on Ebay and hope for the best.

Pic of the 1921.

Thanks for your help!

Russ · August 17, 2004 8:30AM

<< before some ANCIENT and SENILE old woman bids $11 on them for giggles >>

She might be ancient and senile, but you're stuck with the coins.

Russ, NCNE

goldrush00013 · August 17, 2004 8:34AM

<< Apparently, none of the other coin buyers there noticed the 1921, because none of them bid on the lot. >>

I'm sure they all noticed.

kryptonitecomics · August 17, 2004 8:37AM

what am I looking for to tell it's a high relief????

Sorry to here of your plight, but you should have let the old biddy walk away with them....16 coins just to win one soulds like a long shot. I do know how the heat of a bidding battle can make you bid more than your comfortable with though.....

TWQG · August 17, 2004 8:40AM

<< before some ANCIENT and SENILE old woman bids >>

=consigner
That's why she was laughing.

Russ · August 17, 2004 8:40AM

<< what am I looking for to tell it's a high relief???? >>

The date.

Russ, NCNE

UncleWiggly · August 17, 2004 8:40AM

I had a similiar situation, but worse, I'm still trying to work through. So, I went and bought some bezels and stuck the coins in them and my wife is trying to sell them with here quilts on weekends. We've sold 2 at $22 each, but at this rate it will be a couple years to to break even. Next step is to send them to Sunshine Coin Co. They pay the going wholesale rate.

Jerry

stman · August 17, 2004 8:42AM

Perhaps you could start a thread in the US Coin Forum stating you have these coins from auction, want to sell them, and where is the best place?

Who knows after that.