A local club coin auction
ajaan
Posts: 17,613 ✭✭✭✭✭
At every monthly coin show of the Buffalo Numismatic Association there is an auction. Only club members can submit lots and there is no buyer's fee. Members are charges a flat rate of $2.00 for 1-10 lots. Here is today's auction with the prices realized next to the lot. NB = no bid. The reserve for each lot is on the left columns.
When the auction began there were about 20 bidders, by the end there were only 8 or so. I usually don't stay for the auction but I put 5 lots in for the first time. Hope someone might find this interesting. I can't attest to the grading of the lots.
When the auction began there were about 20 bidders, by the end there were only 8 or so. I usually don't stay for the auction but I put 5 lots in for the first time. Hope someone might find this interesting. I can't attest to the grading of the lots.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
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Very interesting. Our club has a monthly auction also. Charges seller 5% of all sales. We have 120 to 160 lots per auction with about 10 to 20 bidders.
I don't think the number of lots are an issue. What really matters is the starting price of each lot. Thanks for the info.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
What a disgusting experience.
The conniving to get a coin by any chicanery available was sickening.
Some of the "movers and shakers" would resort to anything.
They finally cheaped out their show venue and wrecked that too.
I joined a coin "club" back in the 70s.
What a disgusting experience.
The conniving to get a coin by any chicanery available was sickening.
Some of the "movers and shakers" would resort to anything.
They finally cheaped out their show venue and wrecked that too.
I belonged to club in New Jersey in the 1970s that ran club auctions. Anyone could consign and some of the dealers put up lots. One of the dealers, who always brought some young people to help him set up his table, would have one of those youngsters bid up (shill) the lots he had consigned. One of the club elders said something to him about it, but not much changed.
I was an officer in that club from time to time, but didn't have much influence. I got into enough trouble when I pointed out to the president of the club that that the treasurer was selling him counterfeit gold dollars. It was really sickening. After that, the treasury, one of the club elders, was out to get me, but I didn't care. He couldn't do much except keep me from being one of the club officers, which was okay with me.
My local club now runs an auction, and I'm pretty much in charge of it. There are no buyers' fees, and no charge to the members who consign items. Each member can consign up to 10 items, and since the club is small that has worked well so far. There is young numismatists part of the auction where only those under 16 can bid at first, at a lower minimum. If none of the YNs bid, the lot is opened up to everyone at a higher price.
All of this has worked well so far. I'm a blunt person, and if anyone was shilling their lots the way that dealer did back in New Jersey, they would hear from me immediately. Ditto if there are counterfeits, coins that are not cataloged properly (e.g. a clad Proof Ike dollar that is consigned as a silver Proof) and coins that are grossly over graded.
Wish I had something like this close by
Rob
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