Buying Coins on Auction w/ Dealer Agent
FullStrike
Posts: 4,353 ✭✭✭
ex Jack Lee 1921
My dream Coin is up for sale and I sure would like to have it. On the down side is the fact I haven't a clue what it's worth and what it's likely to bring. The current bid with juice is $5,462.50. The 2006 Redbook gives a value of $40,000.00 - way out of my reach.
Let's say I really was a wealthy collector and that ex Jack Lee Coin was something I just had to have. I would rather have a Dealer act as my agent in buying this Coin as my time and knowlege are not at that level.
What would I likely have to pay to get this Coin? How does the agent thing work? I suppose they would add their own private juice on top of the house juice, right?
My dream Coin is up for sale and I sure would like to have it. On the down side is the fact I haven't a clue what it's worth and what it's likely to bring. The current bid with juice is $5,462.50. The 2006 Redbook gives a value of $40,000.00 - way out of my reach.
Let's say I really was a wealthy collector and that ex Jack Lee Coin was something I just had to have. I would rather have a Dealer act as my agent in buying this Coin as my time and knowlege are not at that level.
What would I likely have to pay to get this Coin? How does the agent thing work? I suppose they would add their own private juice on top of the house juice, right?
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Comments
Be prepared to "pony-up" for that Peace Dollar. Bob put together a top knotch set. I'm tracking all of the 1921's as well as a few others ( I don't collect these coins, I just like them ) and as Morgannut2 mentioned, I think they will go over $40K in Proof condition. The NGC MS 67 is also a joy to behold.
Who couldn't love these 1921's ?
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Coin collecting is not a hobby, it's an obsession !
New Barber Purchases
More like 5%.
<< <i>Ibelieve this coin will approach $50,000.00.
The going rate for a dealer to evaluate and bid on your behalf is 3% of hammer, if you are successful in winning the lot.
More like 5%. >>
OK. So with the 15% from the house and 5% from the agent I'd realistically expect to pay $50,000.00 + $10,000.00 ( 20% of final bid) for a total of about $60,000.00.
That seems like a nice price for the Coin. Everything is cool except the fact that's way out of my league - too bad for me.
Could someone direct me to the nearest Museum Exhibit? I'll be satisfied just to look at a nice fully struck 1921 Peace Dollar.
Maybe a nice typical flat strike MS65 wouldn't be such a bad thing after all.
Let's say that you were a collector of moderate means, not wealthy. It's even more important to have someone check the coin out before you place a bid on it. A mistake on a coin like that can hurt you much more than 5%. Dealer representation at auction is the best deal in coins.
FullStrike,
Forget the dealer. If you're serious about buying a five figure coin, take a day of vacation, get on a plane, and get your butt to the show!
It's great having a professional evaluate your potential purchases, but in the end you need to be the judge AND jury. It's your money after all.
roadrunner
Head to the exhibit at the NY Federal Reserve. They have a satin finish proof on display that looks more like a medal than a coin.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Head to the exhibit at the NY Federal Reserve. They have a satin finish proof on display that looks more like a medal than a coin. >>
EUREKA!
Thanks MrEureka. NYC is just about a 170 mile trip for me. Here I was thinking Colorado Springs (ANA) but NYC looks much better. Been wanting to go see Wyeths "Christina's World" for a while, so now I have 2 reasons to get moving. Maybe even another Yanks Game up in tier reserved land - but then again - maybe not.