Heritage's Post-Auction "Bargains"

RYK

Lots not sold in the Heritage Signature auctions are often offered for a few days as Post-Auctions Bargains. My experience has been that these coins are anything but. Problem coins, overpriced coins, maxed out coins, and other rejects are the rule in my areas of interest. My first and only purchase experience was immediately after the 2004 Pittsburgh ANA show in which I picked up a coin and thought it was a sure rip. It was. Unfortunately, it was a problem coin, and I was the one ripped, not the ripper.

Has anyone had good experience with these Heritage Post-Auction Bargains?

tmot99

Its funny you posted this. I was thinking the same thing today. They are the picked over or so outrageously priced coins and anything but a "bargin".

fountainheadgold

It's kinda like going to the local pumkin patch on Halloween, All the best are gone

michael

Bikingnut

I ususually check them out, but never bought any because they aren't bargains. They're not all that bad. I think a lot of them are ones that didn't make the reserve.

Myqqy

I picked up a coin and thought it was a sure rip. It was. Unfortunately, it was a problem coin, and I was the one ripped, not the ripper.

Do you have details and photos? I'm curious about the specifics...

roadrunner

I picked up one such Post auction bargain last year after FUN. But in this case I knew the coin already and when it didn't meet reserve, I tossed in an offer and got it. I had bid on the same coin in an earlier auction and lost out on it. I would also add that some or many of these coins are owned by the house.

roadrunner

foodude

Has anyone had good experience with these Heritage Post-Auction Bargains?

Yes, once. There was a MS Franklin were the coin in the pic looked awful. So bad that I thought maybe something was wrong with the pic. I call Heritage and had one of the catalogers, with the coin in hand describe the coin to me, and answer a few questions. I bought the coin for well below it's value, and it is a nice coin. That coin is in my set :FooDude's FBL Set

tradedollarnut

I've bid on two coins ... both were excellent coins but the reserves were a bit more than I wanted to pay. One I ended up buying a half year later, the other got away. In neither case was my post auction bid accepted.

Edited to add: in both cases I previewed the coin personally in auction lot viewing, so I knew they were fine.

RYK

Do you have details and photos? I'm curious about the specifics...

Okay, but only because you are a fellow Steelers fan.

Here's the link.

The lamination strip is barely detectable on the Heritage photo. In real life, the lamination strip is extremely obtrusive and makes the coin utterly undesirable to a collector of $3's or an error collector. It's a "problem coin."

Newmismatist

<< <i>Has anyone had good experience with these Heritage Post-Auction Bargains? >>



Bought a post auction IHC, upgraded it and sold it for a nice profit - does that count?

mrearlygold

There's a reason why there are so many not sold.

Tom

haletj

I bought an ngc ms65rd 1898 Indian Cent for $300 something ONLY so my invoice total would be over $2500 so I could use the "take six months to pay" plan. As it turns out, the coin is a nice coin that I'll likely just keep but could probably cross to pcgs and sell for $700. On the other hand the $2300 Lincoln I bought in that auction I sold for $2250 and lost money on.

Shamika

I've had mixed results. I paid too much for a 1927-D MS64 Buffalo (though it has an incredible strike).

However, I purchased a 1924-D MS63RB Lincoln for a good price and it's flat out RED!

LeeG

I haven't seen anything, yet, that seems a bargain to me. Lee

morgannut2

Heritage just posted the reserves for their next sale. There are no bargins at a Heritage regular sale or "post auction bargin sale". Want an example? I bought a 94-S Morgan in PCGS 64 at Bowers for one bid over the reserve or high book bid at ($1,360). Same grade PCGS coin that looks the same, posts the reserve tonight at Heritage at $1,777!!! Some bargins.

Elcontador

I picked up an NGC PF 65 1938 Merc. this way. Did this because I bought an 1850 Large Cent in PC MS 65 RB (70-80% mellowed RD color) & didn't want to pay $72 of sales tax (coins under $1,000 in CA. are charged the 8.25% sales tax by Heritage).

Got a lot consult first, price was between bluesheet ask & greysheet ask. Minor spotting, but not bad for the grade. As I saw it, even if I sold it for a 10% loss, I'd still be ahead re not paying sales tax on the Large Cent.

Most of the other coins I saw offered in these sales IMO either were nothing special or had reserves which were too high.

PS: Myqqy - do those things taste good?

roadrunner

Post auction sales are often just a thinly-veiled disguise for selling coins at retail following a shot at auction. To all but the most seasoned specialists, it's probably best to steer clear, regardless of the company. You are better off paying 5% and hooking up with a great dealer and buying the best coins out of the sale. In many cases, that one or two misses ("mistakes") you might have yourself out of say 10 coins, would be avoided by the "pro's" advice. If the pro cannot do that for you, you haven't found a "pro" yet.

roadrunner