A Forgotten Bid--and won posted by Jackson

[CSJournals-migration]

low ball longshots sometimes pan out

 

I know that this has probably happened to many of us at one time or another...the scenario--- ( and I'll keep it in the first person)

 

I'll see a coin or a lot for auction at some site. The coin may pique my interest--yet it doesn't "wow" me for some reason. The reason can be from it not being the ideal grade I'm searching for, the "look" I'm hunting down or even that I expect that the cost may go higher than I'm willing to pay...

 

So interest piqued but without the feverish enthusiasm that I get for the "must have coin"..I may throw in a long shot lowball bid. Well low and behold ( pun intended)..sometimes you get an email or letter with an invoice--YOU WON !!

 

This happened again to me recently. I received the Scotsman Auction Catalog in September for the Oct 15th sale. After perusing through the Walkers and other halves, nothing caught my eye. No hole fillers in the right grades and only one date that I've been meaning to upgrade-my 1943. The 1943 along with the 1941 are the most common in the series with grades of MS67 and usually can be purchased in the $600-700 range for White examples and maybe more for unique examples with standout color, details or luster.

 

The 1943 MS67 in the catalog was unspectacular yet solid for the grade. As expected for an MS67--it has satiny luster, full strike and very modest marks. Well to make a long story short--I threw in a bid of $450 figuring that the fees would make it a bit over $500-- and also figuring that it would sell for closer to $700....well, you know how the story turned out. I won for $425 and shipping and fees still had it at a little under $500. I couldn't have hoped for better for making an upgrade.

 

Another benefit of getting the coin "cheap" ( it truly is a relative term) was that I've decided to keep my old MS66 which I really like with its powder blue toning. Usually I sell my older, lower-grade coin to offset the cost of upgrades but I think I'll keep it in this instance.

 

So I guess the lesson is, it's always worth a shot..the worst that can happen is that you'll get outbid--and then the result is the same as not bidding at all.

 

PS: I mentioned in my last post about taking a shot with a 21 coin lot of 1`930 Washies--well I struck out. No varieties and no 32-D or S...just a bunch of well worn common date coins...oh well, more weight in the silver bags.

 

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[Walkerfan]

Great story! I am very glad that you were successful with your '43 Walker (which looks very solid, even for a MS67). That was an awesome price for a superb gem!! Congrats!

[jackson64]

thanks Walker fan..it is truly a mixed feeling when you get a coin like this cheap (er)..I'm glad to own it and glad that I saved money--yet it also worries me that the value of Walkers may be dropping some--which means I could lose more on my collection than I would save on my buying...

[Walkerfan]

No, no that is so untrue. This only means that right now it is a perfect time to buy. The fact that you got such a good price confirms this. It is a buyer's market and the Walker market WILL rebound, although it hasn't come anywhere near crashing it has only softened. I actually hope that the market CONTINUES to soften, so that I can reap the benefits. Then, when it does rebound and corrects itself I will be the one to profit. I am an economics/finance student and practitioner, so I know what I am talking about. When I say that I am a student; I don't mean that I am still in school; I mean that I have studied it my entire life and I know how it it works and is structured. When it does pick up, you will be sitting pretty. Remember these words from Warren Buffet:

 

"When people are fearful; be bold and when people are bold; then YOU must be fearful!"

 

This is true of purchasing stocks, bonds and ANY fungible commodity or in any market. Also, remeber that the smart investor is in it for the long term.

 

I have done major purchasing, myself, over the last year and a half. So, I practice what I preach!! ::

 

I would have purchased that coin, @ that price, without the slightest hesitation. You were shrewd AND a little lucky.

 

YOU DID VERY WELL!! CONGRATS, AGAIN!!