Determining a bid

[MikeKing]

Money in your pocket and credit card limits aside, how do you determine how much you will bid on a coin for which it would be difficult to ascertain a price for (market availability LOW, auction history almost non existent...).

 

 

[Wihlborg]

Mike,

 

Using the parameters you listed I would say that there is really only one way to come to a determination, and that would be to decide how badly you wanted the coin and how much you are willing to spend to get it.

 

John

 

[sanmary]

Tough question considering I've never had the finances, but if I did and wanted to bid on a true rarity not some DHRC 1982 PF70DCAM pop 1 coin I suppose I'd bid whatever it took to win it. Whatever price realized would turn a profit in the near future because the mark would be set. By the way, find me an 1794 Cent in Gem Mint State with stars after I win the powerball and I'll give you first-hand info. Great question.

[TomB]

I guess that price limit would be the equal of what the opportunity to buy the particular coin would be worth. Did that make sense?

[Beijim]

I'm with John W. on this - I'd use gut feel and a measure of my desperation to own the thing. The 1933 St. Gaudens at $7+M strikes me as an almost ideal example. Someone who had access to $8M decided they wanted the coin badly enough to part with almost all $8M.

 

Beijim

 

[Oldtrader3]

I would try to "Benchmark" the coin (find similar issues), based on similar Type, Series, "R"-scale etc. that have shown in recent auctions and use those as a range of value. Unless the coin is unique, or nearly so, these comparisons should get you in the ballpark. Pricing on these coins can be extremely volatile, depending on venue and bidder interest.