Local auction craziness !

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DNADave
DNADave Posts: 7,350 ✭✭✭✭✭
in Precious Metals

If you've ever been to local estate auction, you know that the results can be all over the place. From the quality of the lots, to the prices people are willing to pay.

This past week, I think I saw the most bizarre coin auction I'll ever see. The lots consisted of colorized and gold plated state quarters, mint sets from the 90s and 2000s which were broken down to P and D mints separately, and a few well circulated Morgan and Peace dollars. There were also "mixed" rolls of cents and nickels and dimes....current dates, just like in your pocket change.

There, right after a lot five rolls of pocket change cents, was 8 rolls of 90% silver quarters as one lot! There was also a lot three rolls of mercury dimes as one lot, all common but in decent shape, and lot of five rolls of "mixed date dimes".

I think I was the only person to look in the rolls to verify the quarters were actually silver (they were). I also looked at the dimes and found that two of those five rolls were 90% silver. The Mercury dimes were accurately described.

The five rolls of memorial cents went for $7.00, the Morgan and Peace dollars went for around $30 each, and the 8 rolls of silver quarters started bidding at 50 per roll with one bidder taking it up to 75 per roll until I just said "100" where it ended. I could hear people mummering in the crowd " can you believe he paid 800 dollars for those?" but the three rolls of mercury dimes went for just $35.00 total. I just can't understand that. The five rolls of mixed dimes went for $30.00 without anyone knowing two of them were silver.

I don't think I'll another auction like that anytime soon.

What's the craziest bidding you've seen?

Comments

  • mkman123
    mkman123 Posts: 6,849 ✭✭✭✭
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    You paid 10x fv for quarters? Thats fantastic.......you could easily resell them for more. You should have bought the mercury rolls.........at melts they are like $60 each.

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  • DNADave
    DNADave Posts: 7,350 ✭✭✭✭✭
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    I did, I was high bidder for three rolls for 35 bucks total !

  • mirabela
    mirabela Posts: 5,199 ✭✭✭✭✭
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    Good score.

    mirabela
  • acloco
    acloco Posts: 955 ✭✭✭
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    ...and that is why there is at least TWO sides of numismatics.

    You recognized what was in the lots and knew the melt value.

    Congrats!!

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  • drwstr123
    drwstr123 Posts: 7,053 ✭✭✭✭✭
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    Been to many auctions of many years. Sometimes peaches...sometimes pits.
    A most unusual thing happened at one in which the galley was lagging.
    Up was a 12 place-setting of antique Czechoslovakian china with all the serving pieces.
    The auctioneer lowered and lowered the opening bid...no response.
    My wife raised her hand at $5.00 and before a second bid, he yelled 'sold'.
    No lagers after that.

  • Timbuk3
    Timbuk3 Posts: 11,658 ✭✭✭✭✭
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    Sweet !!! :)

    Timbuk3
  • mvs7
    mvs7 Posts: 1,662 ✭✭✭✭✭
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    Those estate auctions can definitely be more miss than hit, but it's also very possible to hit big when knowledge and luck converge. Very nice score!

  • pocketpiececommems
    pocketpiececommems Posts: 6,093 ✭✭✭✭✭
    edited January 2, 2018 9:17PM
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    Doing your homework B)B) pays off

    Pocketpiececommemoratives

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  • 1630Boston
    1630Boston Posts: 14,157 ✭✭✭✭✭
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    Congrats :smile:

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    Bad transactions with : nobody to date

  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    Congratulations... I have never been to a live coin auction. I have been to firearm auctions though... and they are crazy... the testosterone in the room usually drives the bidding... and the results are such that if the winner had gone three blocks away to the gun store, he could have purchased the same gun, new, for less money. Cheers, RickO

  • asheland
    asheland Posts: 24,545 ✭✭✭✭✭
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    Sweet score!

    My YouTube Channel

  • shorecoll
    shorecoll Posts: 5,447 ✭✭✭✭✭
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    The local auctions in our area are filled with shills, fakes, etc. The only way to score is if the other guys don't know what something is actually worth. Now you can score on things like furniture, the dealers don't always show up and regular people don't want to move heavy stuff.

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  • hchcoin
    hchcoin Posts: 4,843 ✭✭✭✭✭
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    Around me, it all depends on who shows up.

  • DNADave
    DNADave Posts: 7,350 ✭✭✭✭✭
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    @hchcoin said:
    Around me, it all depends on who shows up.

    Isn't that the truth!

    Usually, if I'm interested in it, so are three other people. If not, the auctioneer picks that item to stop and educate everyone one why it's so great.

  • hchcoin
    hchcoin Posts: 4,843 ✭✭✭✭✭
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    @DNADave said:

    @hchcoin said:
    Around me, it all depends on who shows up.

    Isn't that the truth!

    Usually, if I'm interested in it, so are three other people. If not, the auctioneer picks that item to stop and educate everyone one why it's so great.

    I hate that!

  • fivecents
    fivecents Posts: 11,207 ✭✭✭✭✭
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    What about the auctioner taking bids from the potted plant on the back wall.

  • Mission16
    Mission16 Posts: 1,413 ✭✭✭
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    @ricko said:
    Congratulations... I have never been to a live coin auction. I have been to firearm auctions though... and they are crazy... the testosterone in the room usually drives the bidding... and the results are such that if the winner had gone three blocks away to the gun store, he could have purchased the same gun, new, for less money. Cheers, RickO

    @ricko said:
    Congratulations... I have never been to a live coin auction. I have been to firearm auctions though... and they are crazy... the testosterone in the room usually drives the bidding... and the results are such that if the winner had gone three blocks away to the gun store, he could have purchased the same gun, new, for less money. Cheers, RickO

    Yeah, then you see them trying to sell them on Gun Broker or ArmsList for even more!

  • Mission16
    Mission16 Posts: 1,413 ✭✭✭
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    I am amused when a "Diamond Jim" kinda guy bids common ASE's up to $25 to "take 'em all" then realizes when he goes to check out and finds there is a 10% buyers fee AND 8.5% sales tax.
    Those same ASE's he wouldn't buy from me for $22 all in cost him about $29 each, all 120 of them.

  • Jinx86
    Jinx86 Posts: 3,729 ✭✭✭✭✭
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    Im a known dealer locally. So if I bid on anything at an auction people tend to bid just because I was bidding. Hard to win anything and even harder to try and pick something up for cheap.

  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    Yes... as a known dealer (as I was at the firearm auctions) it is a tad more difficult... since the non-dealers think if you are bidding, you know something special about the item....Strangely enough... I once won a firearm on my initial bid....and that was the only one I ever bought at auction that really was something special.... not sure why no one bid against me... it was a good buy and worth much more....Cheers, RickO

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