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Going to an auction
scooter25
Posts: 769 ✭✭✭✭
So I’m going to an estate auction in the morning and there are quite a few raw Morgan dollars that are going to be out there. I guess my question is, is there anything I should be looking for specifically? I know that the conversation about Morgan’s could go on for days, but maybe just some general advice?
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Yes, watch out for counterfeits. And if you’re not proficient at authentication and grading, pass.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
If there are quite a few, expect them to be sold in lots. You might have to adjust some math when you get there. Last auction I looked at showed all the coins individually, but then lumped them together to sell in less total lots.
Good luck and have fun.
Take a lighted magnifier with you if possible. Most estate auctions have inferior lighting which makes grading or spotting cleaned coins more difficult.
Is it just live, or internet as well. If internet you could preview and cut down on those you should look at. Auctions are funny, some things go for twice as much as they are worth, and you get shut out of everything.
It’s only in person. I’m hoping there won’t be many collectors there
Yup, 93-S.....non-China version. GOOD LUCK!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
don't worry
I expect prices to exceed values.
take some pics and let us know what they sold for.
good luck- Sometimes a few non-collectors with more dollars than experience bid things too high. Use your experience and knowledge to find things that are undervalued to bid on.
Watch that bidders are actually winning the coins. I have been to 'estate sales' that have coins on reserve or owned by the auction company. They are drawing bids from you and the crowd, but are just bidding the item up to a level they like, or keeping for another sale.
Don’t forget to factor in the premium in your bidding limits.
"She comes out of the sun in a silk dress,
running like a water color in the rain...."
Get a few Morgans and flip them to hear the “ring”. Memorize what that sounds like. Most (not all!!!) poorly done counterfeits can be picked up this way. A little pocket scale can be helpful too, but remember worn coins will often be a little on the light side. If you don’t know what else to watch out for - pass!
Beyond that, the ones I’ve gone to had no actual bargains. I’m pretty darn sure some auction shills in the crowd were bidding against me.
There is something about common date Morgan Dollars at Estate Auctions that make people pay absolutely stupid money for them. I think your only hope for success is if there are some better dates!
Yes I was at an auction 1 time and when Walmart sold guns, the marlin 22, that was used poorly, went for more than you could buy it new for! So you need to watch.
Estate auctions are generally a poor place to buy coins. You will be bidding against others that 'think' they are valuable, possible shills, and often, an auction house that knows what is good and will have a reserve. In addition, there are often fake coins. Good luck, Cheers, RickO
I was at a Sheriff's auction years ago. The guns were selling for so much the Sheriff had his deputies go get some of the department's guns and sold them because he could replace them with new for much less than they were selling for!
I bought a $2200 John Deer riding lawn mower for less than $500!
Common stuff will often sell for than it’s worth. You could get lucky of a better item is hiding and collectors and dealers miss it, or more likely, aren’t there.
Do you have a magnet?
Well you guys were right. There were 27 40% half dollars there and they sold for 11$ a piece!!! Blew my mind. Morgan’s all sold for 40$ a piece. There was a set of westward journey nickels that sold for 9$, which seemed like a whole heck of a lot to me. I managed to grab a 2018 proof set for 40$ and got a beauty of a proof roosie for 8$. All in all a fun time!!!
