Does anyone else go to local auctions???

keets · February 26, 2003 2:22PM

I went to another auction this evening about 2 hours away near Youngstown, Ohio. On the block was a partial collection of a local resident. While there were plenty of stamps, private mint issues, medals and foriegn coins and coin sets, there was also a decent mixture of U.S. coins. There were surprisingly few Morgans offered, probably less than 30 total with 4 GSA's, which was unusual. I've noticed that most of these are really loaded with AG-XF dollars and some BU's, but not this one. He had a complete set of large cents from 1834 on in mostly G-VF, some gold which ironically included 2 California fractionals, complete Franklin half and Ike dollar collections in AU-BU, about eight 1963-P and D Franklins in the old ANACS "plastic bag with authenticity certificate" slabs, a smattering of mint/proof sets and what seemed like a large number of proof/unc commemerative sets. There were almost 600 lots so this is just a quick recollection.

Some bargains were found as usual, but we really didn't have much time to go over the lots before the auction began and didn't have a catalog until we registered. Fortunately, most of the first 100 lots were stamps and first day cover items. The guy I went with made the scoop of the day on a 7-piece Russian coin set in a nice hardwood box. It contained 4-Cu/Ni clads and three Gold coins with a weight of just under 1 ounce total .900 fine and he paid $50. He also got a bicentennial medal of some type that was 14kt gold for $5. No other bidders in both lots!!! Knowledge is power.

Does anyone else look for these auctions?? We saw one listed in a Farm and Dairy periodical last summer so my friend took out a subscription. The sweet part is that once we attend any particular auction house's show, they e-mail us when another is coming. Some of the bidding can get plain stupid, but there are really plenty of bargains if we can get a complete list and prepare. Anyone in a rural area should be able to do likewise. I firmly believe some of the farmers in America are where the undiscovered hoards are hiding out with!!!

Good luck if you attend some of these.

Al H.

indianabyron · February 26, 2003 2:47PM

I agree. The best auction I have went to are the rural ones. The farmers and the Amish in Indiana have collected for a long time and when they die they all hit the market in auction. Like your friend I have also found out there some major bargins to be had. Its usally on the forigen and that is because most people dont know what the forigen coins are made of. Im always checking out those rural auctions for those hidden bargins

Byron

dorkkarl · February 26, 2003 11:35PM

i gave up on these types of auctions. a couple of times, i pulled some decent buys, but for the time spent wading through the garbage, it wasn't worth it in the end.

K S

Lakesammman · February 26, 2003 11:51PM

When we lived in Minn we went all the time - no such action in Seattle.

keets · February 27, 2003 12:45AM

for the time spent wading through the garbage, it wasn't worth it in the end.

hey karl

i was kinda struck by this statement. i generally spend about 1-2 hours going over the master list prior to the auction, noting what i'm interested in, what my bidding limit/strategy might be and highlighting those lots. the auction day time is about evenly split between travel and the actual auction. yesterday that came to about 3-1/2 hours for each, good fellowship among friends in the car and the auction floor!!!

i tend to like the cadence of the bidding itself. generally, i have time to walk around between lots i'm interested in talking with other collectors and digging through what i had dismissed in that 1-2 hours in the comfort of my home perusing the list. i've actually found some nice stuff this way and talked with some like minded collectors.

all-in-all it adds up to about 7-8 hours in the company of friends looking and discussing coins. that never leaves me feeling as though i could have spent my time more effectively. geez, i've sat here at the PC and squandered more time in a single afternoon with less to show for it!!!!!

i guess as in all things, the joy and goodness of something is dependant on how i direct my energy, what my expectations are and who's company i'm in. time spent with friends engaged in a mutually satisfying endeavor is never wasted. perhaps you should change your approach.

al h.

drsvenghali · February 27, 2003 1:05AM

I've had some wonderful buys at local auctions: A near roll of SBA "quarters" (as proclained by the auctioneer) for "face" value of $0.25 each. 57 silver Roosevelt dimes for $1.50 (yep, less than face). Over $300 of junk silver for slightly over face ($375 I think).

Of course there is the flip side: I've seen circulated Ikes go for $40 each (that's the worst ever). Some lady bought almost a whole collection (dealer's junk) for redbook price. The problem was everything was overgraded at least one grade. Sheets of wheat pennies (20) sold for $20.

You have to take the good and the bad. Yes, wading through junk with no return sucks some days but if you don't, the bargins will pass you by. Besides, it's sort of like watching a train wreck. You don't really want to watch but then again, you really do. Those newbies won't take your word that the Ike they are bidding on isn't silver and isn't worth the $40 they just bid.

nwcs · February 27, 2003 1:09AM

I don't think I've ever seen an auction like this around here. The only public auctions I'm aware of in my area are mostly for repossessed cars or cars seized by the police.

Fairlaneman · February 27, 2003 1:14AM

Keets....Coin Auctions in Oregon ?? You have to be kidding on this one. Heck I'd be suprised if a Auction Company here even knows what a coin is.

Needless to say I do not go to any local Auctions.

The ANA is coming next year though.

Ken

keets · February 27, 2003 5:09AM

Heck I'd be suprised if a Auction Company here even knows what a coin is.

hey ken

the first one we attended last summer wasn't nearly as well run as the same auctioneer's attempts are nowadays. he has gotten steadily better with a new auction every 6-8 weeks. we've talked to him, tried to offer some suggestions. my biggest criticism is that when he sends coins in for authentication he'll use PCI and i try to steer him to ANACS. to his credit, he's very honest and has informed us of certain gold coins and some keys, like a 1916-D mercury, which were counterfiet. many auctioneers seem to be works in progress with regards to coins. one we went to a few weeks back was strangely reminiscent of a livestock auction!!!!

but i still picked up some nice coins.

i'd suggest that if this type of thing interests you, a few hours searching google or go.com and checking out some trade or farm journals might surprise you. i routinely state that we are a small minority of collectors at this forum and only a slightly larger minority who attend shows regularly. the bulk of collections is held by a public which rarely brings them out. i find that it's not unusual for close family to know what someone really has.

al h.

beartracks42 · February 27, 2003 8:37AM

Keets, I agree with you 100% on the small local auctions. Many times you do not find much and you sometimes have to put up with the overbidders, but it is fun. I think much of the enjoyment of this hobby is in the hunt and that is why I go to most of the local auctions that have coins listed.

JohnsCoins · February 27, 2003 8:54AM

I have been to 2 local auction in the last 2 years. They were the only one's I knew about. Both of them had some very nice coins. I bought a lot of 20 large cents for $200.00. There were about 5 in the group that fit in my collection. Looking them over after I got them home, I found that the 1794 had the head of 1793 in AG-3. This coin alone trends for over $400.00. There are also a couple of auction houses around here that usually have a few lots of coins every week.

John

Veep · February 27, 2003 9:29AM

I used to go to a lot of these until I realized what a waste of time they were. Often its a long drive just to see what's there mixed in with all of the collectibles, antiques and other stuff. Just like at a coin shop, almost all of the coins are common date, worn out junk. If there's something worthwhile, you have to stick around to bid on it, but who knows how long? Coins might come up early in the day, later, or at the tail end. You can spend all day waiting and when they finally do come up, some uninformed collector with a Red Book or or Coin Prices Magazine bids $15 for cull Morgans and $4 for worn out WL Halves.

My time with the family is too valuable to blow this way. I can make a trip to a coin shop and still have a ton of time for them or something else.

darktone · February 27, 2003 9:54AM

In my area the auction services pick out all the really good stuff first and load the auction with a bunch of culls- I have a good friend that worked for one of the services and she let me in on the scam so I woun't get took. mike

Does anyone else go to local auctions???

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