Why you shouldn't post about coin buying here

KurtHorn

The other day I did a little thread about PCGS MS67 Washingtons in the Long Beach Heritage sale. The were a ton this time. I talked of my hopes that some would sell for a little less since there were so many of them. I then told my frustration of having aggressively bid 8 coins and ended up with only 4. Well yesterday was the Online sale from the Heritage Long Beach. I very aggresivley bid on a dozen MS67 Washies. I ONLY GOT 1!!! Most went for silly money. Anyone who thinks that registry collecting of Washingtons is dying is definetly off base.

I suspect that my earlier post may have accidentally spammed against my own interests. What do you all think?

garsmith

It sounds like you shot yourself in the foot

Next time hype coins your not interested in instead of the ones you're after

Cameonut

I never reveal what I am interested in bidding on prior to any sale/auction. Why draw the added interest? Once I have purchased an item, then I may share it with the rest.

This is also why I originally started sniping auctions on Ebay. People were watching my bids and then outbidding me during the last few minutes of the auction. You can call me paranoid, but I went from winning my fair share of auctions, to winning none.

garsmith

Some of that has to do with people spending mad money on moderate money coins too, I would think!

kranky

I don't think you hurt yourself by talking about it here. People who are after MS67 Washingtons would certainly have been aware of the auction anyway. It would be different if you had talked about one coin which was a rare variety, or one that was very much undergraded - in those cases, people might jump in because they read about it here.

But in this situation, I don't think it mattered.

BRdude

Your danged if ya do and danged if ya don't.

etexmike

I think most will agree that after you have won a coin is the best time to post about an auction.

There is enough competition out there for coins that I want without alerting others.

Posting to get input on a coin that you are not sure about is another matter.

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etexmike

Shamika

<< <i> I never reveal what I am interested in bidding on prior to any sale/auction. Why draw the added interest? >>

RedTiger

I don't think it had much impact. MS67 Washington quarters are not a casual purchase, not if they went for big money. Serious collectors of the series, mostly knew about the auction. Only about 3% of all collectors are registered here, and about 10% of registered folks are active, or 0.3% of all collectors. How many of those collect high grade Washingtons and bid aggressively because of reading your post? I doubt anyone did so, especially after the many warnings about bidding on images without seeing the coins in person.

Now if the post was about a low cost cool esoteric item or items, that might be different. Rest easy, the high prices had little or nothing to do with the mention here.

messydesk

Maybe. Since you bid on 8 coins of the "ton" available in the first LB sale and only won 4, it's pretty safe to assume that others had the same or worse experience. They took that experience and shortage or lack of auction wins into the subsequent online sale with the intent to get something out of it. The result is what you experienced. Had the two sales been farther apart, you probably would have won more lots.

It could also be that some bids in the earlier sale were never placed after lots were viewed in person, although Heritage is hardly known for producing overly flattering pictures of their coins.

Athena

I think you are correct! From my very limited experience (and mostly from reading what is posted on this forum), it seems the best thing to do is write your story/impressions only after a sale or auction has been completed.

wondercoin

"Anyone who thinks that registry collecting of Washingtons is dying is definetly off base."

But, I am pleased to report that, IMHO, the top collectors of this series are VERY selective at this point on the coins they are buying. For example, the POP 1 1954(S) Washington Quarter in PCGS-MS68 DID NOT SELL in the Heritage sale. It was reserved for the modest sum of $12,000 hammer (well in line for an MS68 pop 1 Silver quarter). But, IMHO, the coin had average appeal (ligthly toned obv and white rev) and no takers.

Wondercoin

rhedden

It may be that only 0.3 % of collectors are active forum members, but I am willing to bet it is more like 10-20 % of active online bidders. If a person knows how to use a computer and bids on big-$$ coins online, chances are they can find their way over to here and read the boards. Thus, I feel that posting here has a big impact on ebay and Heritage auctions that are conducted online.

commoncents05

thats why i only post about a coin after i buy it. especially one i really want, i can't afford extra bidders.

-Paul

PerryHall

The auctions at Heritage isn't some big secret. By posting a coin that you may be interested in, you can get a lot of free expert advice from the members here. If any members are interested in a particular coin, they probably are already aware of it. I've seen many coins posted here after a forum member already bought it and serious defects and flaws were pointed out to the new owner. But by then its too late. Just a different perspective.

DUIGUY

<< <i>The auctions at Heritage isn't some big secret. By posting a coin that you may be interested in, you can get a lot of free expert advice from the members here. If any members are interested in a particular coin, they probably are already aware of it. I've seen many coins posted here after a forum member already bought it and serious defects and flaws were pointed out to the new owner. But by then its too late. Just a different perspective. >>








A couple of PM's between forum members who collect in the same area asking if they are "on" a given item or not can be helpfull in preventing inflated hammer prices. There is usually more then one "egg" out there.

RedTiger

<< <i>It may be that only 0.3 % of collectors are active forum members, but I am willing to bet it is more like 10-20 % of active oline bidders. If a person knows how to use a computer and bids on big-$$ coins online, chances are they can find their way over to here and read the boards. Thus, I feel that posting here has a big impact on ebay and Heritage auctions that are conducted online. >>



Yes, however, how many folks have been discouraged from bidding by the many threads that discuss the absolute need to see the coins in person before bidding? I think probably more folks have been discouraged than encouraged to bid based on images only, by reading this board.

Again, if a person is an active Heritage bidder, he/she already knew. How many people signed up and registered to bid, after reading the post to bid on Washington quarters? Zero, would be my guess, and that is what the original post seems to be concerned about. Other people are welcome to their guesses.

mrearlygold

Loose lips sink ships

Coxe

Man, I burned myself in one Heritage sale. I think it was the Reiver online session. I cherried a VAM in the sale and was notified as the winner. Posted about it on the forum. Next morning, Heritage said they were rerunning the sale because of something. I won the coin again but paid A LOT more for it. Of course, if part of the problem was that others who would have bid alongside me and knew what it was couldn't for some technical reasons, that would have been fine and dandy and fair. However, having done this for a long time, I am sure I did not help myself one bit by announcing my "win" after I was declared the winner the first time. BTW, it was a 1900 VAM-24, not super rare but the only Top-100 in his collection if memory serves me, though he may have had an overdate that was catalogued as such.

Never do this for eBay wins until you have the coin in your hand. I have heard of at least one coin that wasn't delivered because somehow the seller found out he was cherrypicked.

pharmer

I think the others are right, these weren't exactly well kept secrets. I mean, pcgs 67's? Your gonna have to look elsewhere for the blame, like not bidding enough. Plus it will not do to dissuade others from blurting these things out before the auctions because they cannot control their excitement. I've added some nice coins to my collection this way.

TomB

There is no way you hurt yourself in this market niche since it is very well established, populated with aggressive buyers who prefer PCGS and who find the MS67 grade to be the highest realistic grade to attain and were looking at coins listed by the major internet and live auctioneer in the industry.