What factors cause you to pull the trigger on a coin at a major auction?

[IrishMike]

There are so many major auctions nowadays that are available to many bidders. I enjoy the online images and the catalogues, but what makes you decide its a gotta have coin? For me its an unusual coin, either the color, the variety or just pure eye appeal. I don't mind over paying for them, which seems to be the rule any more in a major auction.

[Tradedollarnut]

If you have to wonder if you "gotta have it" - you are probably better off not buying it at auction. Usually, you will be outbid on the floor on the good coins and only end up with the bad ones....unless it's a "gotta have it" coin and you are super aggressive.

[IrishMike]

Good point TDN, but I wasn't referring to DCAM 70 lincoln cents.

[keithdagen]

I review the online auction listings to determine if there are any coins that I need for my Type set that are in the grade I am seeking and have the appeal I seek.

 

If possible, I review the coins in person, and determine if any bids will be placed. Some auctions, I end up placing zero bids, some several. I'll try to gauge the bid to how well the coin fits in my collection. A solid coin with great eye appeal will get a stronger bid than a solid coin with OK eye appeal.

[Wihlborg]

For me that's an easy question, eye appeal. First I decide if I agree with the coins assigned grade, if I do, at that point it's all about the eye appeal. It is not hard to find most coins in whatever grade you're looking for them in. The hard part is trying to find a coin with the right combination of grade and nice eye appeal.

 

John

 

[Strat-migration]

The coin has to convince me to place a strong bid. If it's a coin I need for a set, and if it's nice for the grade with positive eye appeal, then it may warrant such a bid. I typically look for nicely toned coins that represent dates that are difficult to find toned.

 

 

[MikeKing]

If the coin is part of my date strategy, and it's as perfect as could be: eye appeal (to me) first and foremost (=strike, luster, location of any marks), I will usually bid very high to obtain that coin IF it's something that doesn't come up for auction often and you just rarely ever see it in that condition. I'll go all out. Well,,,,,,most of the time. Since I don't plan on selling these coins, I don't mind going over the edge.

 

If the coin is not part of my strategy, and it's absolutely beautiful, scarce or rare, and generally ignored, I might bid low, and if I get it, I know I'll likely profit in the future if I sell it (of course, you need two buyers who like the coin well enough).

 

80% of my collection has been purchased from online auctions, and I've only been dissapointed with 2 coins. One, I paid 1,000.00 for and although it was a beautiful specimen, it had a scratch which I didn't notice in the photo, in a place I didn't like. I just didn't want that coin any longer so I auctioned it off again and it sold (fortunately) for twice what I paid. The other coin also has a scratch that I don't like, that wasn't noticeable in the photo. I overpaid for the coin thinking it was more perfect than it was (in my eye.. positive point is that the coin has a great strike for the mintage and should be a selling point). I doubt I would ever recoup my money on this coin right now, so will hold onto it for a few years...who knows.

 

 

[Elcontador]

I'm a big fan of these auctions because I have as good a shot at the material as anyone. This is unlike the shows where by the time a coin is available to me, it often has changed hands several times.

 

My rules are pretty basic. If I can pick up what IMO is a nice coin for the grade for the right price, I go for it. Period. This is how I picked up my MS 66 Liberty Nickel & MS 65 Seated N/M Half.

 

Sometimes, you can pick up an attractive coin in the 'zone' where a dealer won't bid because he won't make enough $ on the coin at that price, but it is less than what you'd pay if you bought it retail.

 

 

[keithdagen]

Sometimes, you can pick up an attractive coin in the 'zone' where a dealer won't bid because he won't make enough $ on the coin at that price, but it is less than what you'd pay if you bought it retail.

 

I find this to be especially true at the grades that I seek out (high AU to low MS) for Type coins. The hammer prices are low enough that it is usually not worth a dealer's effort to try and bid.

[truthteller]

If I've never seen a coin like it or never will see it again, I'll bid big moon money. If it's something that I'll find in 5 years, I'll pay almost moon money. If it's something I see at every show, not too much money.

 

TRUTH

[michael]

read and reread the above by truth it says it very well

 

i was going to post but after i read the above by truth he sums it up well

 

 

also i might add you have to know and understand what you are looking at it has to be a one in a million coin

 

a coin with extraordinary qualities that is within your speciality and that you totally understand

 

and if it is a once in a lifetime coin and you like it and have the money for it you buy it at any cost............within reason??

 

if it is something you see a few times in a lifetime well then you bid a little less??

 

sincerely michael

 

here is a coin that is very close to a once in a lifetime coin

[michael]

here is a coin you see maybe every 3 to 5 years if you are an advanced dealer and specialize in such coins

 

if you are not in the loop as per the above then this is a coin you see every 5 to 10 years

 

if you happen to see it sooner then you should go to vegas immdeiately as you ARE ON A WINNING STREAK!

 

sincerely michael

[michael]

here is another coin you might see every few 3 years or so

maybe more maybe less

 

sincerely michael

 

[michael]

here is a coin you almost never see if you see it buy it

 

even before you can write the check you made money

 

sincerely michael

[michael]

and another as per the above

 

sincerely michael

[michael]

yet another as per the above