Are mail bid auctions worth trying?

coinguy89

Please do not stop reading this just cause it has to do with cwt's, I know most of you can't stand them or have no interest what so ever, but think of this post in terms of any other mail bid auction, atleast thats what I think they're called.

I recieved my Civil War token journal in the mail today. Inside this seasons journal is a few pages (about 150tokens) of tokens being auctioned off, all attributed, and all $4 starting bid unless otherwise noted. Is it smart to try and participate in these? I would think that since cwt's aren't too popular that I might be able to get some deals on tokens, I would normally pay a little more for. Should I just follow the instructions in the journal and go for it? Opinions please.

HTubbs

Yes!
But just make sure you buy from a reputable dealer,and that they have a reasonable return privilege.

kranky

Sure, give it a try. But make sure you can afford to buy everything you bid on, just in case.

Baley

I have no experience with bail mid factions, but it might be worth a try! (just try a little nibble at first, see if you like it)

coinguy89

Should I try some low bids and a few high ones, and maybe use this as an experiment to see what stuff sells and what doesn't? They do send prices realized as long as you bid on something.

Russ

It used to be that mail and telephone was the only way to bid unless you could travel. If it's a reputable outfit, there's no reason no to give it a shot. BTW, CWT's are cool.

Russ, NCNE

RYK

I have no experience with this. As others have posted, if there are return priviliges and/or the prices are really good, it is probably worth a try. Have low expectations.

Robert

coinguy89

Well thanks for your opinions, im going to try this out. Im going to pick some pieces I would like to own, bid low on a few and bid a bit higher on a couple and see what happens. It probably won't be till after Christmas before I find out if I won or not, but I think this is an interesting thing that I might be able to get into. I think not too many people would get into it, so the chances of getting some deals are greater.

Conder101

<< <i>I would think that since cwt's aren't too popular that I might be able to get some deals on tokens, I would normally pay a little more for. >>


One thing you may have forgotten. CWT's are not very popular in the general marketplace, but you are looking at a mail bid sale in a journal that is being sent out directly to people who find them to be very popular. In that case I would only expect to get "bargins" on pieces that are either very common, or have problems.

JadeRareCoin

Scott,

Mailbid sales can be fun and profitable. As others have stated, just make sure that you know with whom you are dealing. Do you know other collectors in the club that have dealt with the mail bid company? I would ask around. The way I do it is to bid strong on the pieces that I really want or need, and then I throw out some crazy low ball bids on the less desireable stuff. It seems that I always win at least a couple of the low ball bids. I then average the total cost amongst the entire group of winnings and that helps to lower the cost of the better coins.

I say "go for it!"

Dennis

dorkkarl

i've tried at least a dozen mailbid co's, if you mention specific 1's, i'll be happy to give my f/b.

K S

coinguy89

Thanks guys, i've set up my list of tokens I wish to bid on. I do realize though that there are quite a few members, who all collect what I collect so it could get pretty tough, and there's a good chance I won't win what im bidding on. But after this sale I will get a prices realized so that will give me an idea for next time. I picked some strong ones and paid market, or better than market value, and picked a few unpopular, less likely pieces, as low balls. Wish me luck. I will be sure to let everyone know, what happens.

BTW, David W. Vroom is holding it if anyone knows him.

Also, can anyone make sense of this for me.



<< <i>Bids of $10.00 or more will be reduced to 10% over the second highest bidder or to 50% of the bid, whichever is larger. Bids under $10.00 will not be reduced. >>



I don't really quite get it.

goose3

that's the way whatshisname from SC runs his listings too.


PM me a list of the Monitor tokens!!!! I've got another new (for a total of 4 this past month or so) one I'll post later.

coinguy89

PM sent bud.

UncleWiggly

As someone mentioned, BE PREPARED to buy everything you bid on. I use to use them quite a bit when I was into stamps back in the 80s. I won nearly everything I ever bid on, and at a good price too.



Jerry

Conder101

<< <i><< Bids of $10.00 or more will be reduced to 10% over the second highest bidder or to 50% of the bid, whichever is larger. Bids under $10.00 will not be reduced. >> >>



Say you bid $20 and the next highest bid is $15. You win the lot at $16.50 10% over his bid.

If you bid $20 and he bid $8. 10% would be $8.80 but half of your bid would be $10 and he reduces it to whichever is the larger of the two so you get the lot for $10.

If you bid $9 and someone tried to lowball it for the $4 opener. You win but since your bid is under $10 it is not reduced and you win the lot for $9.

Make sense?