So I was at an Auction w/ coins today.....

I went to an estate auction this morning to "potentially" bid on some coins that they had in the sale. This individual had put aside a massive quantity of Wheat pennies, Silver coins from the early 20th century and some proof sets and other misc. coins. The boxes of Wheats(some rolled and weighing 15ish pounds a piece) went for around 300 dollars each. None of the coins looked BU or unc but presuming that they were unsearched the potential was there to find some gems. The box of silver had aprx. 4.90 in buffalo nickels...7.00 in Mercury Dimes....and 15.00 in misc silver halves and quarters..and sold for 250.00. That was well above melt value so it was completely based on what "might" be in the box. I don't exactly have deep pockets right now so I did not have the funds to go that high for the coins. Presuming that the bidders, even after looking through a few of the coins, didn't really know what was there...Are the prices that these items sold for abnormally high? I was anticipating a lower price for the aforementioned auctions...but then again I am newer to the hobby. Just looking to get some insight. Thanks everyone!
Edit: It was an actual estate sale at an individuals home put on by a very reputable auctioneer
Edit: It was an actual estate sale at an individuals home put on by a very reputable auctioneer
Mike
Visit my son's caringbridge page @ Runner's Caringbridge Page
"To Give Anything Less than Your Best, Is to Sacrifice the Gift" - Steve Prefontaine
Visit my son's caringbridge page @ Runner's Caringbridge Page
"To Give Anything Less than Your Best, Is to Sacrifice the Gift" - Steve Prefontaine
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by the way runnersdad, did you get that redbook i sent?
greg
www.brunkauctions.com
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<< <i>it has also been my experience that these estate auctions sell for higher than you could buy the same coins from a local (honest) coin shop......your local shop can be your friend......if lincolns are your thing then i advise getting one of these and talk to your local b&m about bags of wheat commons (a good mix of mintmarks and early dates too).....in many cases you can purchase bags of 500 for $25 or so (it will almost certainly be void of key dates but it gives a great start to filling up a penny board)
by the way runnersdad, did you get that redbook i sent?
greg >>
Greg-
I did, just hadn't had the chance to thank you yet. So let me officially say THANK YOU!! It Came sometime last week and Between all the illustrations and explanations it has been extremely helpful. I haven't had the opportunity to use my newfound knowledge but will certainly make the best of it when I do. I am really taking an interest in Lincoln's and I absolutely love toned coins. I am contemplating trying to put together a toned lincoln set and a BU lincoln set....as well as obtaining some toned Morgans!!
Visit my son's caringbridge page @ Runner's Caringbridge Page
"To Give Anything Less than Your Best, Is to Sacrifice the Gift" - Steve Prefontaine
I like it when people bring collections into a B&M while I am standing there, I can usually pick and choose for a small markup.
or sold it off before the estate sale happened. What is usally left is what the dealer didn't want to purchase.
Maybe it's just the Vegas sales and not eslewhere but that's what I've seen.
bob
Jeff
In honor of the memory of Cpl. Michael E. Thompson
<< <i>Actually I believe $250 was a decent price. If you assume the buffalos were worth 5x face, that leaves $225 for $22 face of silver. Since that is just of 10x face, it was actually less than the going rate.
Jeff >>
I was just assuming, but wasn't really certain...How does the price they paid compare to the melt value of the silver in those coins?
Visit my son's caringbridge page @ Runner's Caringbridge Page
"To Give Anything Less than Your Best, Is to Sacrifice the Gift" - Steve Prefontaine
In honor of the memory of Cpl. Michael E. Thompson
Visit my son's caringbridge page @ Runner's Caringbridge Page
"To Give Anything Less than Your Best, Is to Sacrifice the Gift" - Steve Prefontaine