Ebay auctions for 'estate' collections - 'unsearched lots'...

[macrocoin]

We have all seen these auctions...and most look like what they are....scams.

I got to thinking that it would be interesting to buy one of the cheap ones just to see what kind of coins I get. Anyone ever try one of these things out just for a goof? I would be viewing it like going to the casino...or buying a lottery ticket...paying for a chance with the odds greatly stacked against me. I still havent found the disposable income to.....well....dispose of in this way, but I thought I would ask if anyone ever got anything of value out of this type of auction.

 

here is an example LINK

 

(if posting links to ebay isnt cool, mods please remove hotlink - my appologies in advance - I in no way endorse this auction, just posting an example)

[kranky]

Fixed link

[MunkyMan95]

I bought one a few years back and felt that I got my moneys worth. A whole lot of pennies, but a whole lot of silver to match.

[supertooth]

Macrocoin---- When I see the word 'unsearched'-----that's it for me----everybody basically looks thru the coins. But the words 'estate auction' might have some validity. Usually, if I am interested, I will email the seller. You would be amazed at what you can find out from just a little nice talk----being polite---and let the seller do the talking. If it does not pan out, then do not bid. But I have bought a many a nice coin from people who really do not know anything about coins---but are willing to try and help you to determine what they have actually got to sell. And sometimes it is a part of an estate sale----not all of them lie on Ebay. Bob [supertooth]

[macrocoin]

Fixed link

 

Thanks--just caught that, fixed it in my original post as well. The tags here are the opposite of another site I post at a lot...just did it the usual way out of habit!

[gmarguli]

I would be viewing it like going to the casino...or buying a lottery ticket...paying for a chance with the odds greatly stacked against me.

 

But casinos and lotterys are guaranteed to pay out to someone. These lots are not.

[kranky]

I would be viewing it like going to the casino...or buying a lottery ticket...paying for a chance with the odds greatly stacked against me.

 

But casinos and lotterys are guaranteed to pay out to someone. These lots are not.

 

Very well said.

 

I've seen the same sellers peddling "estate" coins forever on ebay and it's clear from the auction description who they are targeting. There's just enough doubletalk and vague descriptions to lead the unwary into thinking the stuff is more than it really is.

 

I think if I ever took a chance on an ebay estate or lot auction, I'd pick a seller who had never done one before. Don't know if that would increase my odds, but I just have zero confidence that people who have an endless supply of "unsearched" lots are really selling unsearched coins.

[James_OldeTowne]

"unsearched lots" = "scam" easily 99% of the time.

 

"estate sale" = ?

 

You just don't know. I've sold a lot of coins, certainly thousands, from estates that were consigned to me over the years. I have also put out a couple of unsearched lots up over that time, but they were bags of wheats or something like that which I simply wasn't about to waste time searching.

 

James

[cpm9ball]

"unsearched lots" = "scam" easily 99% of the time.

 

"estate sale" = ?

 

You just don't know. I've sold a lot of coins, certainly thousands, from estates that were consigned to me over the years. I have also put out a couple of unsearched lots up over that time, but they were bags of wheats or something like that which I simply wasn't about to waste time searching.

 

James

 

But James, you are not the typical eBay seller of estate sales and unsearched lots. You have always been honest and straightforward with tons of integrity. If you told me that every coin in a mixed lot was MS quality, I would believe you; if you told me that it was snowing in St. Louis in June, I would believe you.

 

Out of curiosity, I've purchased unsearched lots and estate sales in the past and they have been mostly common-date junk. Though I've never had the occasion to win any lot from a new seller, my experience with "Power Sellers" with tons of positive feedback has proven to be a waste of time and money. It really irritates me when a Power Seller has the gall to advertise an unsearched lot and proceeds to itemize every type of coin that is in the lot.

 

Chris

[CurrierVentures]

I always find these auctions funny because they tell you the coins are "unsearched" but then tell you what you'll get. How do they know what you might get, if they didnt look through the coins? SCAM. I have purchased from these types of auctions before just to see how lame they were... I received some pennies, some silver walkers worn down to near slug quality and some other misc coins. They might not be bad for a casual or new collector but I wouldnt recommend them to the serious collector.

[jtryka]

In general I avoid these types of listings, mainly because they don't fit with most of what I collect (how many unsearched bags of Saints are out there anyway?). A few years ago I did buy a couple of "grab bags" from a seller, I think they were maybe $3 or $4 with the shipping, and for my $10 investment, I got about 3 ounces of silver rounds and some other random error coins. Of course I could never find many auctions by that seller after that.

 

And what James said is right, although there are a lot of scammers on eBay, occasionally you find someone who genuinely doesn't know what they are doing. A few years back, that's how I got the 1926 Saint in my registry set. There was a woman selling some coins on eBay, from an estate or her father or some such thing. She described the coin as an uncirculated 1926 Saint, with a very blurry photo. So, I sent her an e-mail and found out the coin was actually certified by PCGS as MS-64, but she never mentioned it in the auction. The auction ended and I was high bidder but didn't meet the reserve, so after a few e-mails I ended up buying it for $500, and it arrived in an old PCGS rattler, very solid for the grade! I think she still got a fair price at the time, but she probably could have gotten a lot more, even beyond whatever her reserve was with some clear photos and an accurate description.

[Lamar]

I have bought a few morgans and found that they had been cleaned. I have even bought proof coins in the box and with coa's. People (half would be fair and conservative) open the plastic coin containers in these proof sets and cherrypick the best and make up these sets that are sold as if they just came from the mint to them, and then on to you. One Silver state quarter set even came in its plastic case that was cracked half way across in opening it. I have dropped out of purchasing coins from e-bay except graded. I have had some good experiences but when I add them all up, I might be even so why even try and put yourself thru the frustration when you feel burned.

 

Lamar