Going to an auction where coins are going to be sold

tntdynomite

It's not even my main reason on going to it,sports items,but when I heard coins will be sold I had to ask here.I know this may be a broad question and really tough to answer,but what should I look for in raw coins? Any ones in graded cases will be easy to know they're real,but raw ones should be much tougher.From what I heard,there's going to be some silver.Is it worth taking a chance just for the silver value? Again I know it's hard to answer without knowing,but I won't know anything until I get to view it and there's a strict no picture rule before items sell.If it's worth buying the raw silver coins under silver price,I'll just buy all of it and hope there's something good.It's at a middle of nowhere farm house and that's all I can say

TopographicOceans

There are 3 values for a coin:

1) Face Value
2) Intrinsic Value (melt value)
3) Collector premium

Anything above melt value is what a collector would pay. That depends on the mintage and condition of each coin.
There is a wide range (from 2c to $20,000,000) so I'd say look for what you like, then do your research and bid after that.

morgandollar1878

When buying raw coins in an auction I have found that many of them are problem coins, so steer clear of that stuff. Just buying coins for the silver value does not work out almost all of the time because they usually go for more that what they are worth. Make sure you look at the coins that you are interested in very well and take notes so you remember which coins you are interested in. By all means don't get caught up in the bidding war and end up paying too much for any particular item, and good luck.

RichieURich

<< <i>When buying raw coins in an auction I have found that many of them are problem coins, so steer clear of that stuff. Just buying coins for the silver value does not work out almost all of the time because they usually go for more that what they are worth. Make sure you look at the coins that you are interested in very well and take notes so you remember which coins you are interested in. By all means don't get caught up in the bidding war and end up paying too much for any particular item, and good luck. >>



Very good advice, I have been at this kind of sale and have seen rolls of mixed wheat cents (which might have been the property of the auctioneer) sold for $10 a roll. They're worth about $2 per roll, more or less.

messydesk

Don't buy anything you don't understand.

BLUEJAYWAY

Beware the shills.

TwoSides2aCoin

Beware the paddle.

291fifth

Beware of buying coins at non-specialized auctions. Many of the coins will have been seeded into the auction by the auction company themselves. They will be looking for buyers who don't know much about coins but have heard that they are good "investments".

If you don't know the coin field stay away from bidding in such auctions.

USMarine6

<< <i>When buying raw coins in an auction I have found that many of them are problem coins, so steer clear of that stuff. Just buying coins for the silver value does not work out almost all of the time because they usually go for more that what they are worth. Make sure you look at the coins that you are interested in very well and take notes so you remember which coins you are interested in. By all means don't get caught up in the bidding war and end up paying too much for any particular item, and good luck. >>



This is probably the best advice. Being an Auctioneer I see a lot of people paying X2 the face value at auctions. Why I haven't the slightest idea but they do. Be sure you factor in the buyers premium before hand to avoid over paying, its easy to do.

PerryHall

I've been to many of these small auctions and I've seen many raw coins with problems (cleaned, tooled, ATed, and outright counterfeits). Some of those raw silver dollars may have been minted in China last month. Counterfeits from China are flooding the country. If you aren't an expert grader and authenticator, stay away from raw coins. Most of these auctions have a no return policy since all coins are sold "as is". Bottom line---caveat emptor or buyer beware.

kaz

The last time I went to one of these auctions, some shill was pushing up the price of common proof sets, and someone else paid silly money for a Chinese fake.
(I picked up a nice handcrafted Appalachian dulcimer, though). If you can look at the coins ahead of time and do your homework, you may stand a chance of not being skinned, but be ready for the shills!

BillJones

My limited experience with coins that are included in general or non numismatic auctions has been poor. Usually the stuff does not amount to much, and quite often people with more money than experience or brains bid them up to prices that can be beyond retail. The items are also not presented in a way where you can really examine them. For example they might be shown as bunch of silver coins in a food baggy that you can't open.

I still remember a farmhouse auction I went to many years ago, circa 1970. The best item was $2.50 Indian in EF. When the winning bidder bought it for $42, which was beyond the retail price at the time, the auctioneer flipped out to him like you would do to pocket change. He didn't catch it, and it fell harmlessly on the ground.

ricko

These auctions are very risky... full of pitfalls as noted above.... if you do want to check the coins...bring a Redbook and an expert...Cheers, RickO

Veep

I used to go to lots of those types of sales. Mostly it was a waste of time-- a lot of standing around waiting for the coins to come up and when they did, people with more money than knowledge bid them up too high. There was one time where there was a Ziploc bag of silver quarters that you were not allowed to open. Upon inspection, to the degree that I could, I discovered two 1932-D's. I paid about triple silver value for the bag and when I got home found that there were a total of six 1932-D's. They all were certified MS61-62.

Jeb

The last one I went to was very similar to the other posts. It was in an "antique mall" in PA. I did better at the weekend dealer booth who got his material from his estate business than the auction.

tntdynomite

Thank you all for the advice.To speed things up they sold everything in 4 lots.I don't know enough to drop that kind of money on it all and I'd already spent a good chunk on all the sports cards and other sports items.All the coins in holders had price stickers on them and it added up quick,so I stayed away.I did get the box of costume jewelry,for next to nothing,and found some scrap silver pieces and a couple 14k gold pieces.If it would've been in smaller lots I might've gambled on some of it,but I'm not dropping roughly ten grand when I don't know much about it.Thanks again for the advice,it kept playing in my head there more tempted to gamble I became!