Insane Estate Auction Bidder

VTCoins

I went to a large local coin auction a few weeks ago and won some great coins. But there was one dude (Bidder #38) who was paying crazy insane money.

I talked with the auctioneer after the auction, and he said that the bidder planned on reselling the coins. I know most of the coin people in the area, so he may be new to the business. In some cases he was paying over double retail!

Here is a picture of a coin he paid $4,000+. I had previewed the coin an called it an MS63+. No way would it have gotten to MS65.

garsmith

Some people have more money than brains

kryptonitecomics

You should have outbid him....looks like a rare "IN GOD WE TRUST" variety

commoncents05

I see it all the time at the local auctions I go to. People who think they know everything buying junk coins for way more than they're worth.

-Paul

ricko

Auction fever. I have gone to the 'confiscated' Sheriffs gun auctions... and watched people bid more than they would pay if they walked two blocks to the gun shop and bought new. Plus, they had to go through all the same paperwork. I could not believe the prices being paid. For some reason, auctions seem to get the testosterone flowing ... Cheers, RickO

Coinsponge

For some reason, auctions seem to get the testosterone flowing ... Cheers, RickO >>




That could be a problem for female bidders.

Cameonut

For that coin to be bid to $4k, doesn't there have to be two morons bidding on it?

VTCoins

He also won a raw 1794 Half Cent for $3,000.

The coin was a lovely VF (I wanted the coin for my personal collection), but it had a little bit of porosity on the reverse.

The coin might have slabbed, but you can buy a problem-free certified VF for around $2,000.

VTCoins

<< <i>For that coin to be bid to $4k, doesn't there have to be two morons bidding on it? >>



There were probably quite a few people bidding this guy up. It seemed like this guy did not want to lose!

messydesk

<< <i>Here is a picture of a coin he paid $4,000+. I had previewed the coin an called it an MS63+. No way would it have gotten to MS65. >>


And yet when he comes into your shop to unload it once he can't make the next RV payment, you'll be the bad guy for offering him MS63 money. Keep an eye out for it on eBay.

ModernCrapNut

I've given up on local estate auctions. Everything seems to go for stupid money. Some people have more dollars than sense.

VTCoins

<< <i>I've given up on local estate auctions. Everything seems to go for stupid money. Some people have more dollars than sense. >>



I actually did really well at the auction. But I did my homework before it, so I was able to get some of the gems hiding in the bulk lots.

I bought some great seated material and better IHCs for a great price because they were part of bulk lots. I also bought a batch of wheat cents that was listed as "5.9 pounds of wheat cents" that had 225+ 1909 VDBs in it.

robkool

Wish I could find bidders like that for my auctions...

zkcoins

<< <i>Some people have more money than brains >>



That about sums it up.

itsnotjustme

I was at one where $10 circ Roosevelts were going for $80. Silver was $4-5 an ounce at the time.

Bear

Hmm, a pair of morons.......that would make them, maroons.

VTCoins

<< <i>Wish I could find bidders like that for my auctions... >>



I was talking to another dealer at the auction, and he said that if a few dealers got together and organized an auction with similar material, with our luck the coins would sell for peanuts.

quickwing

One way "dirty" money can be cleaned.
You just never know. Maybe he was an idiot or maybe he's got something else going on.
If "he" is listening....hey buddy just kidding.

fc

the coin does look nice. easy 63 if not higher.

tincup

I've been to my share of the local auctions.... and seen the stupid bids. One that sticks in my mind was the time when there was a group of a dozen or so type coins, such as a 3 cent nickel, two cent piece, a few seated dimes, etc... And every one of them were culls.... well worn, cleaned, damaged, AG, common dates, etc. Just junk and worth maybe a couple of dollars each or whatever. Well, there was one fella that just had to have them, and his hand was flying continuously bidding on them (and yes, there was someone bidding against him do the same). These junk coins went for $40 - $60 dollars each..... and the fella was just elated as he tightly clutched the coins after he won them.....

yikes....


But strangely at the same auction place, I have been able to get great buys. NGC MS 70 gold eagle at 20% gold melt.... a 1917-S Walker AU with luster for $20..... so you never know. Most of the individuals at this auction place do not know coins....

FullStepJeffs

Or maybe the Coin Vault buyer happened to be there...

Steve

CoinKing1969

Some auctioneers do have floor bidders for them to keep bids high. If this was an absolute auction there was probally one there. If the floor bidder buys the coin, it usually goes back to the original owner(s) plus sellers commision. Basically like a reserve, but you can't really have a reserve at a absolute auction.

VTCoins

<< <i>Some auctioneers do have floor bidders for them to keep bids high. If this was an absolute auction there was probally one there. If the floor bidder buys the coin, it usually goes back to the original owner(s) plus sellers commision. Basically like a reserve, but you can't really have a reserve at a absolute auction. >>



This guy was definitely not a plant from the auctioneer.