Your Favorite Bid Board Finds

[braddick]

There a many different ways of locating neat coins, one of them is the Bid Board. I know most coin shops have forsaken the Bid Board having decided to put that selected space to better use.

 

There is a shop in Carlsbad and one in Escondido that still has a Bid Board.

What are your best Bid Board finds?

 

Mine was a ten dollar 1865 Two Cent coin that was slightly bent. I 'unbent' it, sent it to ANACS where it was promptly returned as a PR63 R/B. Now that was fun!

 

On the other hand, years ago, I purchased a 1934 Peace dollar that under the store lighting appeared perfect only to have it returned as whizzed! I doubt the seller knew it had been and the closing price was somewhat high probably because other potential buyers thought it looked good too.

 

Another neat find was locating a seven dollar Ike that ended up in a MS66 holder. (Kind of made up for that 34 Peace!)

 

Yours?

[truthteller]

"I 'unbend' it"

 

 

Uh oh? Altering coins?

 

 

 

 

TRUTH

[braddick]

Interesting thought. I placed it between two thick pieces of leather and wood and used a mallet to pound it back. The final touches were placing it in a vice (still between leather). It did not distort and appears not to have been ever bent in the first place.

 

Is this repair considered acceptable?

[truthteller]

"Is this repair considered acceptable?"

 

 

No. You must surrender the coin to the appropriate authorities. Send it ASAP to:

 

Truthteller Coin Disposal Service

c/o NGC Forums

Sarasota, Fl

 

 

All names and methods of alterations will be held in strict confidence.

 

 

 

TRUTH

[JamminJ]

My favorite bid board win is this little guy here:

 

It's a 1754 pfennig from the German city of Hall, a detail of which you've been seeing in my sig line for a while. It was advertised as an XF and sold for $32.50 but currently resides in an MS63 NGC holder (UNC catalog is $80). The neatest thing about it is that it's the plate coin used to illustrate the type in the standard Krause catalog.

 

This coin even received the coveted "Greg wants to buy it" seal of approval.

 

-JamminJ

[gmarguli]

There is a shop in Carlsbad and one in Escondido that still has a Bid Board.

 

Really. What are their names and when do they close? JamminJ & I can probably make it down there once in a while.

 

 

What are your best Bid Board finds?

 

Lucky: A 1799 1c with a little damage right at the date. Started at $1 and everyone including the shop owner thought it was altered. Purchased it for a couple of dollars. ANACS authenticated it.

 

Money Maker: The 1971-D Kennedy that went PCGS MS68. I've come VERY close to hitting other top pop MS68s, but can't seem to do it.

 

Varieties: Found lots of 1968-S DDR 25c in proof sets. I sold most of these for $200-$800 a piece.

 

Also found a TON of high grade moderns. Boatloads of MS65 & MS66 clad Ikes and some MS68 silvers. You can still cherrypick the 1981 T2 proof sets from bid boards and dealers.

 

I've got a 1954-S Franklin that will be in an MS66FBL slab one day. I'm still working it, but it was a $17 purchase worth probably $5K.

[James_OldeTowne]

There are a couple of bid boards here in town (St. Louis), but I've just never come up with anything worthwhile.

 

James

[Hoot]

Okay, I'll admit my naivety - I've never seen a bid board and wouldn't know how to use one if it hit me between the eyes. Can someone post a pic? Are the coins displayed in the dealer's case? What's the deal?

 

Great stories, BTW. Unbending a proof 2 center is a stroy that belongs in the Numismatist.

 

Hoot

[JamminJ]

Okay, I'll admit my naivety - I've never seen a bid board and wouldn't know how to use one if it hit me between the eyes. Can someone post a pic? Are the coins displayed in the dealer's case? What's the deal?

 

I don't have a picture of an actual bidboard but maybe a description will help.

 

Usually an entire wall of a shop is used for the bid board. The bid board itself is usually a peg board with a regular lattice of pegs. Hanging on the pegs are bid cards to which the coins offered for sale are attached. The coins offered for sale have a short description of what they are, sometimes with an estimated grade, and the minimum opening bid for the lot. The cards have a row for bids where you place your bid number (every participant is identified by a unique bidder number) and what you're willing to pay for the lot. At a set time each week a bell is rung and the highest bid wins the lot.

 

To support the board the owner takes a cut of each winnig bid - usually 12-15%, and you have to buy the bid cards for a couple of cents each.

Here's an example of a couple of bid cards, the one on the left is a coin I'm selling and on the right is one I won (note the bidding frenzy). I'm number 2874:

 

Each board has it's own rules regarding, bid increments, when and how the owner bids, reserves, etc. At this particular board the owner places a purple star on lots he feels are an especially good buy. Good bid boards have lots of sellers and no reserve lots while lame ones have many lots offered by the owner reserved at a retail price.

 

I'm heading out to two bid boards today, if I'm allowed to take a picture of one I'll psot it later. Hope this was helpful,

 

-JamminJ

[Weidel Legacy Collection]

Hoot - thanks for asking the question and JamminJ, thanks for answering.

 

I've heard of these mentioned but just assumed that everyone knew what they were and how they operate. So, rather than appear stupid, I never asked.

[chinook]

Thanks JamminJ, that looks like fun.

 

The two coin shops in my neck of the woods dont have bid boards and I have never actually seen one. Thanks for sharing.

[Hoot]

Thank you JamminJ for the excellent explanation. I take it that you do not enter a max bid as you would on an internet bid? Rather, it seems like you enter the next bid increment and hope that nobody comes along and outbids you? Seems like both strategies could work to get you the coin, but that by entering your max (as in internet bidding) you would be obligated to that amount, rather than the next increment above the previous high bid.

 

Hoot

[JamminJ]

Thank you JamminJ for the excellent explanation. I take it that you do not enter a max bid as you would on an internet bid? Rather, it seems like you enter the next bid increment and hope that nobody comes along and outbids you? Seems like both strategies could work to get you the coin, but that by entering your max (as in internet bidding) you would be obligated to that amount, rather than the next increment above the previous high bid.

 

That's absolutely true, there is no proxy bidding and you will never get the coin for less than the amount you write on the card. This gives and advantage to people who stay at the shop until the bid board closing and watch over their lots like a hawk. It also leads to some entertaining snipe attempts and folks who "accidentally" stand in front of their lots, blocking access.

 

There's no requirement to move the bids up at a single increment at a time, so if you really want someting and can't be there for close bid strong and hope for the best. The owner will also place bids for you one hour before closing if you ask.

 

Unforunately I forgot my camera yesterday, but I'll try again next week,

 

You aren't planning on from Big Sky Country to cherry pick our bid board, are you?

 

-JamminJ

[Hoot]

You aren't planning on from Big Sky Country to cherry pick our bid board, are you?

 

No, no, no! The process sounds like a great deal of fun. Also sounds like it could lead to fist fights? Did you and Greg happen to meet in a fist fight?

 

Thanks for the great explanation!

 

Hoot