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Would you leave a nuclear bid under these circumstances?

RYKRYK Posts: 35,796 ✭✭✭✭✭
in U.S. Coin Forum
There is a legitimately scarce coin in the Heritage auction that I REALLY want, more than any other. It is not especially expensive; its value is about one-fifth of what my average coin purchases cost, and it is something that is in relatively low demand. In fact, I cannot imagine why anyone but me would want it, but you know how that is. I am the high bidder. The current final price is at market value, and my current high bid is at about 50% above market value (final price).

I am tempted to throw a nuclear bid in to make sure that some other nut (if there is one) gets thwarted, but, the again, in the back of my mind, I always have some concern about the integrity of the auction, getting run up for sport, what if I change my mind later about wanting it, etc. I do not want to get a dealer involved and am not sure that I will be available to babysit the auction on Heritage Live.

Suggestions?
My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
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Comments

  • MidLifeCrisisMidLifeCrisis Posts: 10,540 ✭✭✭✭✭
    Stick with your current high bid.

    If you win...great. If you get outbid, then move on to the next coin. There are always cool coins available for purchase.
  • MikeInFLMikeInFL Posts: 10,188 ✭✭✭✭
    Leave your bid as-is. Find someone you trust at the auction who will call you a few mins before your lot comes up, then decide in real time.
    Collector of Large Cents, US Type, and modern pocket change.
  • PerryHallPerryHall Posts: 45,996 ✭✭✭✭✭
    Only you know how badly you want it so it's difficult to give advice. Since it sounds like you want it real bad, I'd recommend you go for it. Remember that you will be paying only one bid increment over what someone else is willing to pay for it. Don't spend the next few years regreting not getting that coin.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • 291fifth291fifth Posts: 24,284 ✭✭✭✭✭
    The other bidder may be the grave digger.
    All glory is fleeting.
  • ANACONDAANACONDA Posts: 4,692 ✭
    I always have some concern about the integrity of the auction

    That you don't have to worry about.

    What you do need to worry about is missing the coin or overpaying.

    Ask yourself this question at each dollar amount you consider bidding:

    Will I be glad I got it or glad I didn't get it?
  • SkyManSkyMan Posts: 9,493 ✭✭✭✭✭
    AS LONG AS it is pretty and/or cool AND YOU'LL ENJOY LOOKING AT IT X YEARS HENCE... if you REALLY want it, it's 1/5 of what you normally spend on a coin, and it is LEGITIMATELY scarce, then life is too short. Go for it. Even if you double up, it's only 2/5 of what you would normally pay for a coin so WTF.

    I'm currently looking at several UNIQUE items... there is no back up, so for me it's trying to decide which unique items to go for and which to let slide.
    Toned Franklins

    U.S. Type Set
  • BAJJERFANBAJJERFAN Posts: 31,067 ✭✭✭✭✭
    If you go nuclear and overpay what is the chance that someone will top that should you decide to sell it at a future date?

    Then again if it won't make you or break you and it isn't a lot of $$ then go for it.
    theknowitalltroll;
  • bjaminbjamin Posts: 141 ✭✭✭
    Go nuclear if you can't live without it.
  • RYKRYK Posts: 35,796 ✭✭✭✭✭
    I always have some concern about the integrity of the auction

    That you don't have to worry about.

    The rational part of my brain knows that. If it were another auction environment, I may not feel the same way. Sometimes, the irrational side is allowed to have voice. image

    If you go nuclear and overpay what is the chance that someone will top that should you decide to sell it at a future date?

    Very low. It's something that fits best in my oddball collection.

    Even if you double up, it's only 2/5 of what you would normally pay for a coin so WTF.

    That's sort of what I am thinking. Above 2x, there may just actually be a bigger nut out there.

    If/when I win the coin, you guys will have a good chuckle over it. I have no doubt. image
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • CalGoldCalGold Posts: 2,608 ✭✭


    << <i>it is something that is in relatively low demand. In fact, I cannot imagine why anyone but me would want it, >>



    Then the risk of someone trying to run you up for sport would seem to be remote.

    CG

    ps Beware of chat room advisors who are ready and willing to hypothetically spend your money.
  • henson4henson4 Posts: 50
    I would just leave the bid "as is"

    I've had the "coin bid fever" in the past as well. It was a coin that i knew i "had" to have, and its too tempting to over pay for it too
  • timber100timber100 Posts: 863 ✭
    Bring in the new year right, GO FOR IT!!
  • crypto79crypto79 Posts: 8,623 ✭
    If I had; Crypto money = no, RYK money = yes, Longacre money = buy the auction house then cancel the auction and add the coin to the world class cabinet
  • RYKRYK Posts: 35,796 ✭✭✭✭✭


    << <i>If I had; Crypto money = no, RYK money = yes, Longacre money = buy the auction house then cancel the auction and add the coin to the world class cabinet >>


    image
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • CameonutCameonut Posts: 7,287 ✭✭✭✭✭
    I've run into this dilemma before. Here is how I handled it.

    First of all, you have to determine how often the "legitimately scarce" coin comes up for sale. If it is often, then stand pat on the bid you have in place. If it is once in a great while, are you willing to wait for years before another example comes up for sale? If so, stand pat. If not - go nuclear.
    Secondly, how will I feel if I don't win the auction at my current bid? If I don't care much, stand pat. If I would kick myself - go nuclear.

    This has worked for me on a number of occasions. It is always better to think this through ahead of time instead of succumbing to 'bidding frenzy' at the moment of truth.

    “In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson

    My digital cameo album 1950-64 Cameos - take a look!

  • BaseballAbsBaseballAbs Posts: 2,621 ✭
    Leave it alone! You did your high bid, Just walk away dude, walk away.
    Winner of the "You Suck!" award March 17, 2010 by LanLord, doh, 123cents and Bear.
  • BochimanBochiman Posts: 25,361 ✭✭✭✭✭
    Hell yes, particularly if it is with someone else's money image
    (go for it.....if you think you would regret it if you didn't get it later)

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    We will all have a good laugh when the "Potted Palm" lets you have it.
    My Current project....https://www.pcgs.com/setregistry/mysetregistry/album/160794
  • EagleguyEagleguy Posts: 2,264 ✭✭✭✭✭


    << <i> in the back of my mind, I always have some concern about the integrity of the auction, getting run up for sport >>



    Lately on Heritage it seems like, when I win, I always win for my max bid. In fact, I don't think I've ever won at lower than my max bid. Probably just a coincidence, but I know what you mean. Then again, I've not put a bid in at +50% MV, so you might be safe.

    JH
    JH

    Proof Buffalo Registry Set
    Capped Bust Quarters Registry Set
    Proof Walking Liberty Halves Registry Set
  • speetyspeety Posts: 5,424 ✭
    I would figure out what I'm willing to pay for the coin and bid that. If I'm willing to pay whatever it takes to get the coin, i'd put in a nuclear bid.
    Want to buy an auction catalog for the William Hesslein Sale (December 2, 1926). Thanks to all those who have helped us obtain the others!!!

  • dsessomdsessom Posts: 2,282 ✭✭✭✭✭
    I have paid 2X market value for a few coins that I really wanted. If it's not particularly expensive and you really want it, I say nuke the crap out of it. image
    Dwayne Sessom
  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    If you really want it, then nuke it. I buy errors and most are one-of-a-kind and I have thrown out dozens of nuke bids. Almost all close for way lower than my nuke bid.
  • jmski52jmski52 Posts: 22,694 ✭✭✭✭✭
    I generally agree with the 2/5ths theory.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • CasmanCasman Posts: 3,935 ✭✭
    You only live once! Just do it! Never look back!! Same crap I told my buddy before he jumped out of the plane...image
  • MoldnutMoldnut Posts: 3,098 ✭✭✭✭
    I would agree with Mark and stick to your guns. You know the market for your dirty gold better than anyone, and I'm sure your bid will win you a new coin.
    Derek

    EAC 6024
  • CaptHenwayCaptHenway Posts: 32,001 ✭✭✭✭✭
    You can't take it with you!!!
    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • RYKRYK Posts: 35,796 ✭✭✭✭✭
    I increased my bid to 1.8x market value and will leave it there. Win or lose, I will post a photo of the coin afterward so that you can ridicule me. image
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • BAJJERFANBAJJERFAN Posts: 31,067 ✭✭✭✭✭


    << <i>You can't take it with you!!!
    TD >>



    Especially true if you don't win it.image
    theknowitalltroll;
  • SeattleSlammerSeattleSlammer Posts: 9,970 ✭✭✭✭✭
    I am tempted to throw a nuclear bid in to make sure that some other nut (if there is one) gets thwarted



    Do it! There are a lot of nuts out there.
  • MsMorrisineMsMorrisine Posts: 32,794 ✭✭✭✭✭


    << <i>I increased my bid to 1.8x market value and will leave it there. Win or lose, I will post a photo of the coin afterward so that you can ridicule me. image >>



    This sounds like a case for sniping with a 1.8x bid.
    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • ambro51ambro51 Posts: 13,771 ✭✭✭✭✭
    BE available to 'babysit' the auction on heritage live.
  • rlarickrlarick Posts: 230
    Why would you post this?

    I am sorry OP - I don't know the stats on PCGS threads, however it is my experience that thread views to posts is 10:1

    What is to stop someone from outbidding you now and then holding your coin hostage?

    OR .... this could just be a really slick maneuver by consignor to drive the price up?

    I am sorry, maybe I am just really suspicious/paranoid from reading so many ugly B&S auction threads.

    Every way I look at this, I feel like a buyer should keep this type of info to themselves.
  • RYKRYK Posts: 35,796 ✭✭✭✭✭
    What is to stop someone from outbidding you now and then holding your coin hostage?

    What coin are we talking about?
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • PatchesPatches Posts: 1,700 ✭✭✭


    << <i>Why would you post this?

    I am sorry OP - I don't know the stats on PCGS threads, however it is my experience that thread views to posts is 10:1

    What is to stop someone from outbidding you now and then holding your coin hostage?

    OR .... this could just be a really slick maneuver by consignor to drive the price up?

    I am sorry, maybe I am just really suspicious/paranoid from reading so many ugly B&S auction threads.

    Every way I look at this, I feel like a buyer should keep this type of info to themselves. >>



    The OP never mentioned what they are bidding on, if you can decipher it from the 2 million coin related auctions on eBay (if it's even there), you got mad skillz!!
  • rlarickrlarick Posts: 230


    << <i>What is to stop someone from outbidding you now and then holding your coin hostage?

    What coin are we talking about? >>



    ok I see your point. On the other hand 30,000 posts is past being prolific and I would think that someone knows exactly what dream coin you are considering.


    1/5th your average purchase, very scarce, that narrows it down. then you can use process of elimination. market probably equals melt, etc etc so forth and so on.
  • RYKRYK Posts: 35,796 ✭✭✭✭✭


    << <i>

    << <i>What is to stop someone from outbidding you now and then holding your coin hostage?

    What coin are we talking about? >>



    ok I see your point. On the other hand 30,000 posts is past being prolific and I would think that someone knows exactly what dream coin you are considering. >>


    I doubt it, but either way, I am not going to lose any sleep over it. It's not a "dream coin". It's just something that would be perfect for my collection on a number of levels.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • BochimanBochiman Posts: 25,361 ✭✭✭✭✭
    RYK - I've deciphered your posts and know which coin, so I upped the hidden bid I have on it to 1 increment over yours....sleep well my friend, sleep well image

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • BigEBigE Posts: 6,949 ✭✭✭


    << <i>RYK - I've deciphered your posts and know which coin, so I upped the hidden bid I have on it to 1 increment over yours....sleep well my friend, sleep well image >>



    Maybe it is his item and he just tricked you into making a mega-bid on itimage----------------------BigE
    I'm glad I am a Tree
  • RYKRYK Posts: 35,796 ✭✭✭✭✭


    << <i>

    << <i>RYK - I've deciphered your posts and know which coin, so I upped the hidden bid I have on it to 1 increment over yours....sleep well my friend, sleep well image >>



    Maybe it is his item and he just tricked you into making a mega-bid on itimage----------------------BigE >>


    The Jedi Mind Tricks always works on Bochi. image
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • BochimanBochiman Posts: 25,361 ✭✭✭✭✭
    Mind? What mind?
    image

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • rlarickrlarick Posts: 230


    << <i>

    << <i>

    << <i>RYK - I've deciphered your posts and know which coin, so I upped the hidden bid I have on it to 1 increment over yours....sleep well my friend, sleep well image >>



    Maybe it is his item and he just tricked you into making a mega-bid on itimage----------------------BigE >>


    The Jedi Mind Tricks always works on Bochi. image >>





    no problem! easy cheesy! deal was for 20% right?
  • crypto79crypto79 Posts: 8,623 ✭
    Did you get?
  • LakesammmanLakesammman Posts: 17,364 ✭✭✭✭✭
    Yah - did ya?? image
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose.
  • RYKRYK Posts: 35,796 ✭✭✭✭✭
    Yes, I did get the coin. Bochiman did a reverse Jedi mind trick on himself and it backfired, so he bid up the wrong coin. In fact, there were no bids placed after I started this thread. Coincidence?


    Here is the "right coin":

    imageimage

    which I thought was an excellent dirty gold match for;

    image
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • yellowkidyellowkid Posts: 5,486 ✭
    If I really want something and think its a hard to obtain or a very rare piece, I leave a nuclear.
  • LakesammmanLakesammman Posts: 17,364 ✭✭✭✭✭
    Congrats - nice match. image
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose.
  • MsMorrisineMsMorrisine Posts: 32,794 ✭✭✭✭✭
    two red "X"s in matching boxes.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • BaronVonBaughBaronVonBaugh Posts: 1,837 ✭✭✭✭


    << <i>Yes, I did get the coin. Bochiman did a reverse Jedi mind trick on himself and it backfired, so he bid up the wrong coin. In fact, there were no bids placed after I started this thread. Coincidence?


    Here is the "right coin":

    imageimage

    which I thought was an excellent dirty gold match for;

    image >>



    So, did you get it for a fair price or did the nuclear bid have to kick in?
    1938-64_Jefferson_Nickel_Proofs
  • crypto79crypto79 Posts: 8,623 ✭
    those red X's are a good match for the 59 d
  • RYKRYK Posts: 35,796 ✭✭✭✭✭


    << <i>two red "X"s in matching boxes. >>



    Sorry, bro. The Heritage site is acting funny.

    imageimage


    So, did you get it for a fair price or did the nuclear bid have to kick in?

    No, no nucs were required. I got it for $490 which was strong money, but not ridiculous. My high bid was a final price of $779.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132

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