I've never been to a "Real" Auction...is this coin authentic?

DieClash · February 23, 2010 9:17AM

OK. In my area, there is going to be a bonifide estate auction. Think rural, agrarian, central PA. I've never been to a real auction, but I am wanting the coin depicted below. I'm sure lot's of Dealers on these boards acquire coins in this fashion. Any advice for a "collector", newbee to old fashioned auctions and what I can expect if I attend?

Thanks!

coindeuce · February 23, 2010 9:23AM

Why compete with woodchucks at a sale like this for a coin that may not be genuine? That doesn't even take in to consideration the likelihood of shills that are so commonplace at country auctions. Find a credible, full time coin dealer that will stand behind their sales, and patience will reward you. I personally would want to find a certified example of this date, regardless of condition.

EagleEye · February 23, 2010 9:23AM

Looks OK to me.

Probably a good buy under $900

coindeuce · February 23, 2010 9:28AM

<< Looks OK to me.

Probably a good buy under $900 >>

Rick, have you ever tried to buy even a common date raw coin at a country auction? You probably have never witnessed the virulent form of "woodchuck auction fever".

Walkerguy21D · February 23, 2010 9:28AM

From the pic provided, the diagnostics look Ok. A bigger blowup would be beneficial.

What to expect? Hard to say - went to many 'estate' auctions back in OH some years back - some were true estate auctions, old time collections with a wide range of collector coins in various conditions. Lots of mint sets and proof sets (mostly post 1959). Many common date Morgan and Peace dollars, along with a few better dates. Other 'estate' auctions were dumping grounds for dealer's junk inventory, problem coins, etc. in crisp 2X2's with 'GEM BU' written on many of them. Also counterfeit raw gold coins turned up frequently. Definitely buyer beware, as most of the terms were cash, no returns. Good luck though, and post your winnings so we can check them out!

DieClash · February 23, 2010 9:34AM

<< From the pic provided, the diagnostics look Ok. A bigger blowup would be beneficial.

What to expect? Hard to say - went to many 'estate' auctions back in OH some years back - some were true estate auctions, old time collections with a wide range of collector coins in various conditions. Lots of mint sets and proof sets (mostly post 1959). Many common date Morgan and Peace dollars, along with a few better dates. Other 'estate' auctions were dumping grounds for dealer's junk inventory, problem coins, etc. in crisp 2X2's with 'GEM BU' written on many of them. Also counterfeit raw gold coins turned up frequently. Definitely buyer beware, as most of the terms were cash, no returns. Good luck though, and post your winnings so we can check them out! >>

I sense that this is a true "estate" auction, with lot's of coins of various grades. The keynote coin is the 1877 IHC. But there are other antiques and other items including a 1995 Ford Escort!

Since, I've never participated in a live auction, I was hoping for strategical suggestions and doing my homework before actually bidding for the very first time is why I'm asking the forum for their opinions.

So far, I get "caveat emptor". But, I believe this is probablly a good venue for getting disirable coins at discount prices, but perhaps my expectations are over inflated.

Walkerguy21D · February 23, 2010 9:36AM

<< Rick, have you ever tried to buy even a common date raw coin at a country auction? You probably have never witnessed the virulent form of "woodchuck auction fever". >>

I bought a problem free 1869 IHC in XF45 for $100, no buyers fee - and Bid at the time was >$200, and at least 5 dealers were in attendance (focusing on other things, fortunately). I sold it to a dealer for $220. Also bought a small 'junk lot' of mixed cents for $25, one of which was an 1871 cent in nice Fine condition. I could cite many more examples. But, put a questionable 1893S Morgan dollar in there - and auction fever would be incited.

Bochiman · February 23, 2010 9:41AM

Just be careful on the bidding and don't get too excited.
I remember a thread recently, I think it was on this board, where someone mentioned how there was a "plant" in the audience to get the price up to where the auctioneer wanted it. A dealer or something.
So, just be careful and know what you want to pay for things before you start bidding....

DieClash · February 23, 2010 9:55AM

<< Just be careful on the bidding and don't get too excited.
I remember a thread recently, I think it was on this board, where someone mentioned how there was a "plant" in the audience to get the price up to where the auctioneer wanted it. A dealer or something.
So, just be careful and know what you want to pay for things before you start bidding.... >>

Sometimes Art mimics reality. Thinking of eBay shills. Caveat Emptor.

But, since my goal is obtaining numismatic items at a favorable price, I will set my max. bids accordingly. Thanks for the advice. And if I am successful I will indeed post my wins here.

Cheers!

Russ · February 23, 2010 10:03AM

I don't know about the estate auctions in your area, but here coins generally tend to get bid up to stupid money. Even common crap. In all the auctions I've attended, (and I hit three or four each month), I've managed to pick off one coin lot at a price that allowed for some profit.

Russ, NCNE

BigE · February 23, 2010 10:04AM

I went to an auction like this once! There were like 40 silver dollars, common ones, all worn, and they were going for 70.00+++ People were thinking they were rare.

You may do ok with this cent though, who knows, maybe they will go up to only 50.00 because, after all-------it is a penny---------------BigE

coindeuce · February 23, 2010 10:14AM

The only time I have ever had a shot at a country auction for a coin that was worthy of the "feverish" competition was a raw 1802 Draped Bust Half in Fine 12. I was underbidder to a knowledgeable dealer at $710. That coin subsequently was obtained by IraS(from here), and he resold it for $1900(in PCGS plastic). The more obscure type coins (to the uninformed public) can pass through a country sale without fanfare, but classic collector dates like the 1877 Indian invariably get run up by the Redbook toting amateurs.

abitofthisabitofthat · February 23, 2010 10:15AM

Some tactical advice.

Know the exact price at which you will stop bidding. Once the bidding gets to that price put you hand down very quickly. All auctioneers, but particulary in a setting like this, move quickly.

Say you want to bid a max of $700. If you hesiate too long to drop your hand, the auctioneer will, in the blink of an eye, recognize your bid at $700, another bid (or a book bid) at $750, and back to you for $800. This will take less than one second to happen. You will be stuck with a bid higher than you wanted. If $700 is you max, the split second that your bid is recognized drop your hand all the way quickly so you don't get caught out.

Best of luck and let us know how it turns out.

Flatwoods · February 23, 2010 10:16AM

If you've never been to one by all means attend.
Just don't get your hopes up too high.

Most "auctions" aren't auctions at all.
These guys are pretty sharp and they won't leave any money on the table.

Russ · February 23, 2010 11:26AM

<< Say you want to bid a max of $700. If you hesiate too long to drop your hand, the auctioneer will, in the blink of an eye, recognize your bid at $700, another bid (or a book bid) at $750, and back to you for $800. This will take less than one second to happen. You will be stuck with a bid higher than you wanted. If $700 is you max, the split second that your bid is recognized drop your hand all the way quickly so you don't get caught out. >>

Yea, verily.

Russ, NCNE

DieClash · February 23, 2010 12:26PM

Thanks for all your advice! And Russ, where you been dude?

Don't hear much form you these days.!

HoledandCreative · February 23, 2010 4:22PM

Let us know how much it brings. Nice coin.

Bochiman · February 23, 2010 4:34PM

<< Thanks for all your advice! And Russ, where you been dude?

Don't hear much form you these days.! >>

Russ has been playing with dolls and other fun items that aren't coins

Boom · February 23, 2010 5:28PM

While these types of auctions can produce nice cherrypicks,
unfortunately they can also produce shills & counterfeits.

Be very careful and by all means, heed the advice given thus far.

Make every effort to inspect the coins in hand before bidding.

Be careful and Good Luck!

seemyauction · February 26, 2010 4:37AM

There is a bargain in just about every auction, it may not be the item you went there for........

guitarwes · February 26, 2010 5:55AM

-get there in enough time to view all of what your interested in (as there maybe alot of other folks looking at the same thing that might take lots of time)

-be quick to put your hand down when your maximun gets reached (as others have said, you could bid on something by just being to slow)

-let a few bidders go ahead of you, don't seem too anxious to bid on something and rebid on something. (even though your heart will probably be pounding in your ears)

-Sometimes some better things will get overlooked. If need be, take a redbook/greysheet/etc with you and refer to it after you have viewed what is offered. (the hype of the more expensive pieces might overshadow some better pieces)

-be able to walk away. (most of the time coins up for auction can be found anywhere for about the $$$)

-have fun

TwoSides2aCoin · February 26, 2010 6:38AM

<< I don't know about the estate auctions in your area, but here coins generally tend to get bid up to stupid money. Even common crap. In all the auctions I've attended, (and I hit three or four each month), I've managed to pick off one coin lot at a price that allowed for some profit.

Russ, NCNE >>

Well said. I won't even go to them anymore. I should send my coins to them, except the 30% juice is tough to swallow for coins.

nankraut · February 26, 2010 6:59AM

<< Why compete with woodchucks at a sale like this for a coin that may not be genuine? That doesn't even take in to consideration the likelihood of shills that are so commonplace at country auctions. Find a credible, full time coin dealer that will stand behind their sales, and patience will reward you. I personally would want to find a certified example of this date, regardless of condition. >>

telephoto1 · February 26, 2010 8:44AM

FWIW, it looks like the real deal to me as well; all the diagnostics look to be there, though that reverse pic gives the coin a cleaned look.

Living in central IL I've been to a large number of country auctions. Don't get your hopes up too much.
In my experience, most savvy auctioneers have a group of regular coin buyers they call to give a heads-up on any coin lots in their latest auction... and there are always a couple of good ol' boys in bibs with Redbooks or photocopied Greysheets that like to run things up. Also, don't let the location fool you...country estate/farm auctioneers act like they don't know much about what they have but they are sharp- and for every one legit good buy I've made there have easily been 50 where I wasted my time going. But, hope springs eternal. Good Luck.

grip · February 26, 2010 9:10AM

I've had better luck with yard sales.

I've never been to a "Real" Auction...is this coin authentic?

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I've never been to a &quot;Real&quot; Auction...is this coin authentic?

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I've never been to a "Real" Auction...is this coin authentic?