Coin Newbie Going to Coin Auction!

[SDIceMan]

Hi all. I mostly frequent the garage sale/thrift threads, and this thread could probably go over there because it is auction related, but it is also coin related, so I hope its alright to post here. There is a coin auction going on in my town tomorrow and my dad and I are going to go check it out. I found out about it last minute, so I haven't had an opportunity to do much research. I plan on sitting down at the computer tonight and going through the lists to check values, but if anyone sees anything that jumps out at them as being particularly good, please let me know. I am a coin newbie, so any help is much appreciated. Thanks in advance and happy hunting!

 

Amazon Forum Fav 👍

Agony and Death on a Gold Rush Steamer: The Disastrous Sinking of the Side-Wheeler Yankee Blade - Grab it through Amazon!

[Mackaydon]

My first question would be: How do I know the coin is authentic? If I can't get over that hurdle, I'd stay home or just be a spectator.
Second point: Do you know how to grade coins? If not, my '2 cents' is the same as above.
If the coins are graded, what is the reputation of the grader? If unknown grader or one with poor reputation--same comment as above.
If you end up just observing the action; enjoy it !!
Don....

 

[SDIceMan]

Very sound advice, Mackaydon.

I've discovered while running the coins on eBay that the prices realized can vary widely. I suspected that condition would play a role in value, but I never imagined just how wide the spectrum of coin values can be, depending on certain criteria.

I'll likely spectate unless the crowd is sparse and I can snag a great deal. Thank you for your help.

 

[cudamark]

Unless you know how to grade a coin, you won't know a good deal if you saw it. I'd recommend you pick one or two items on the auction list and learn everything you can about it between now and the auction. Then evaluate the coin(s) at the auction to determine what it's worth. Decide how much you're willing to bid (include the buyers premium and tax) and stick to it! It wouldn't hurt to just be a spectator for your first auction or two. Don't let a buyer's frenzy influence your decision to bid. Always go to an auction with a firm max price you're willing to spend. If you don't get anything, sometimes that's a good thing. There's always another auction coming up. Good Luck!

 

[dejapooh]

Find the Melt Value of the coins and use that as your guide. Pay that or less, and you are golden. Pay a bit more for something you like, and you are still good. Grade is everything, until you can do that, you are flying blind.

Coinflation.com will have the current melt prices.

 

[NHBandit]

Auctions can be a roll of the dice especially for newbies. The advice to pay melt value or a little less for common date stuff is sound advice. People often get into a bidding war and pay too much for coins. Which has worked in my favor as a seller from time to time. Example.. I had a roll of junk grade Morgan dollars I had bought at various places for an average of $15 each which was right about melt value when I bought them. I sold some recently at a small local auction and they brought $27.50 each. Why someone payed that much ? I have no clue...