Options
I purchase most of my coins from Dealers, but here's why I also bid at auctions alot.
TahoeDale
Posts: 1,785 ✭✭✭
Legend's recent thread re buying through dealers is right on, for a majority of your purchases.
Most importantly, not to buy coins at auction that are regularly available on the floor, or on a dealer's web site.
But there are several current trends that make knowledge of auctions sales, and participation, necessary.
Examples first:
Large high end collections will go to auction, and your end price needs to be the lowest possible. Recently, Hugon Barbers, The Cardinal Collection of Early Dollars, Bruce Scher's top registry sets of Barber proofs, 3CN in MS and proof, type sets of Jung and others.
The Morse collection of Saints
Many dealers are not willing to "pay up" for a special coin that will go into inventory, where they do not have a ready customer. So the owner/collector will need to place that coin in auction. It will probably not be available on a dealer site, so you need to be there(at auction) to have a chance to get it.
Many dealers are also collectors and have, from time to time, special coins that they want to sell retail, rather than to another dealer. Those coins will also go to auction.( I recently tried to buy a special Barber quarter from a dealer's collection, but had to wait for the auction sale).
Caveat: During the first several years of collecting nice(fairly expensive) coins, I relied entirely on a great dealer, then several dealers, and finally after over 10 years of learning, ventured in to the auction arena, both as a seller and buyer.
I would recommend the same training program for most collectors.
Most importantly, not to buy coins at auction that are regularly available on the floor, or on a dealer's web site.
But there are several current trends that make knowledge of auctions sales, and participation, necessary.
Examples first:
Large high end collections will go to auction, and your end price needs to be the lowest possible. Recently, Hugon Barbers, The Cardinal Collection of Early Dollars, Bruce Scher's top registry sets of Barber proofs, 3CN in MS and proof, type sets of Jung and others.
The Morse collection of Saints
Many dealers are not willing to "pay up" for a special coin that will go into inventory, where they do not have a ready customer. So the owner/collector will need to place that coin in auction. It will probably not be available on a dealer site, so you need to be there(at auction) to have a chance to get it.
Many dealers are also collectors and have, from time to time, special coins that they want to sell retail, rather than to another dealer. Those coins will also go to auction.( I recently tried to buy a special Barber quarter from a dealer's collection, but had to wait for the auction sale).
Caveat: During the first several years of collecting nice(fairly expensive) coins, I relied entirely on a great dealer, then several dealers, and finally after over 10 years of learning, ventured in to the auction arena, both as a seller and buyer.
I would recommend the same training program for most collectors.
TahoeDale
0
Comments
If you see a must have coin at auction you will have to buy it. Sometimes the opportunity to buy a certain dated coin is rarer than the coin itself. Carpe diem!
I will attend the Morse sale in November as it is my area of specialty. I will compete with the dealers, collectors and billionaires that are supposedly going to be there. Hopefully someone will show up in orange underwear and scare many would be bidders away. Then I will have my chance!
$20 Saint Gaudens Registry Set
You're on to my tricks!
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
roadrunner