how do the auction houses work?

[enriched-migration]

Hello,

 

I'm getting out of the numis-hobby (for now, anyway) and put my little collection (worth about 10-12K) up for auction with a well-known company on the west coast. I don't know anything about the process-so far all I've done is sign the coins over to them. I have the receipt-but no contract. I've called repeatedly but no specific answers have been given. I probably should go up to LA but don't want to deal with the traffic (I'm in San Diego).

 

Any insights?

 

Thanks,

enriched

[MarkFeld]

enriched,

 

You should definitely have a signed contract which states, among other things:

 

The commission rate (it should be 0% or even better for YOU, since the auctioneer will most likely be making 15% on the buyer's fee it charges)

 

The time and place of sale

 

The reserves and buy back fees, if you choose to place reserves on your coins

 

The date that you are to receive payment for your coins, etc.

 

Which auction company is it?

 

You should call them today and nicely insist upon a contract.

 

Let me know if you need additional information.

[nwcs]

I'm curious about one thing. What exactly is a buy back and why would anyone want to buy back an item they are auctioning off?

[keithdagen]

A buy-back is a reserve that you set. If the coin does not reach that level, you "buy back" the coin in question and pay a small fee for the transaction.

[enriched-migration]

I called the auction house. Some guy who writes the contracts had the flu and the paperwork was delayed (I guess he's the only one that does this work). Also, the auction house had an auction which kept the others busy.

 

I should have the contract by the end of the week.

 

Thanks,

enriched

[MarkFeld]

enriched - gald to hear it. The guy had the flu for several weeks, I guess!

[satootoko]

I should have the contract by the end of the week.

And the check is in the mail , I'll respect you in the morning, and the government is your friend!

[enriched-migration]

OK,

 

Say I place a $3000 reserve on a coin-and it does not reach that level. At 5%, my fee to buy it back would be $150, yes?

 

Also, I have to chuckle at the propaganda the "other" major coin grading service puts out. Slow market is a good market. Huh? Should I expect softness in my non-bullion coins? My highlights are an unusually-toned common date Morgan dollar, a few "cc" gold pieces in various denominations and a controversial '60-S $3 that NGC stood firmly behind. I am indeed finished with coin collecting, other than maybe buying old foreign coins-wherever I may be.

 

I just want to get a decent price on my little coin trove and move on.

 

Thanks guys 'n gals,

enriched

[michael]

HOW DO THEY WORK

 

well i guess i do not want to get flamed so i will not comment

 

sincerely michael

[enriched-migration]

maybe i should ask for my coins back, but I want out of numismatics and figure now is as good as any time to get rid of them. I finally got this 40 page contract-ugh.

 

And I'm really not well right now.

 

.................................................

 

michael, send me a pm at tri69stan@yahoo.com and get as nasty as you wanna be.

Free speech as becoming as endangered as ... well, I'd better not say

[michael]

hi there enriched

 

are you barney from the other boards?

 

well i think if you want to get out of your coins then the auction may be the way to go

 

i guess you will have to take your chances and keep your fingers crossed

 

and let me know what happens

 

if it is the goldbergs that are auctioning off your coins they are a good firm! and the market looks very good for coins right now!

from what i see you have a good shot on the coins doing reasonable to maybe very well!

 

sincerely michael

[michael]

good luck with it!

 

sincerely michael

 

 

 

 

 

[BankNote1]

40 page contract? Who are you dealing with???

If you are thinking of getting out of coins why not try U.S. Currency? I collect nationals and we hardly ever talk about grading. Collecting notes from your home town or state can be fun....

[BillJones]

I've never been much of a paper money collector, but I can see where national bank notes could be a lot of fun. With that collection sometimes the fact that you can own one of the two notes that's outstanding is the goal. Condition really is an after thought.

 

There was a national bank in the town when I grew up in Milton, Delaware. Unfortunately it never issued any of its own National Bank notes. The bank went bust during the Great Depression and my dad lost all of the money he won at his high school graduation (he was the valedictorian), which I think came to $75. His prizes were in U.S. gold coins. It's darn shame he didn't keep and at least a couple of them!

[BankNote1]

Bill;

Delaware is a tough State to collect. But it would be rewarding IMO. There are only 21 towns and only 28 charters for the state!! The best part is "NO SLABS". (Sorry NGC)...

[BillJones]

Of all the Delaware national banks that issued notes, I think that the neatest would be Dagsboro. The piece is not much more than a wide spot in the road, and it's hard to believe that there was national bank there. I saw in a currency auction many years ago that perhaps less than 10 notes were know to exist from that bank.