buying raw coins at auctions should you? YES..............but with caviats

[michael]

for me it is safe to buy

 

but WITH THE FOLLOWING CAVIETS

 

ONE...............you must YOURSELF look at the coin up front close and personal sight seen in person

 

TWO......................YOU must KNOW exactly what you are LOOKING AT and know exactly what the coin is worth to you

and by that i mean you know exactly ALL THE POSITIVES AND NEGATIVES OF THE COIN AND WITHIN REASON WHAT THE COIN CAN BE SOLD FOR RAW RIGHT NOW CASH AND CARRY

 

then and only then can you IN YOUR MINDS EYE KNOW WHAT TO BID for the coin raw out of an auction maybe you would ***BID*** ten times 50 times or whatever the coin is worth CASH VALUE TODAY TO A gold dealer with buyers ...........that is okie

 

but FIRST YOU HAVE TO KNOW THE ANSWERS TO ONE AND TWO AS PER THE ABOVE!!! then after you know all the right answers then you can do what you want to as you have full disclosure

 

if YOU cant do all of the above then bidding for raw gold out of an auction is NOT for you

 

unless WITH THE EXCEPTION

 

you like to take a chance and like to take huge risks

 

which is okie as long as you

understand the phrase...................... let the buyer beware

 

i hope you make all the right decisions for yourself!!

 

sincerely michael

 

 

i guess the ABOVE COULD ALSO APPLY TO BUYING ANY COINS AT AUCTIONS RAW OR SLABBED!!

[Hoot]

Nice advice Michael. I'd also add that you should be prepared to make mistakes along the way and accept them with humility. Those mistakes are great learning tools. And study the series you are most interested in. Look at thousands of such coins and understand their subtleties. Once you can buy that series with good outcomes more often than not, then it's time to use that same eye in examining other series.

 

Hoot

[Elcontador]

Michael, if the value of a coin exceeds the cost of slabbing it, I won't buy it raw under any circumstances. Re slabbed material, the only way I'd buy sight unseen is if someone I trust gives me a thumbs up on the coin & I have a no questions asked return privilege.

 

FYI, some auction companies will not let you return a slabbed coin if you win it, irrespective of whether or not you have seen it. It's included in their 3 or 4 page disclaimer in the catalogue.

[Oldtrader3]

I have to agree with Michael. I have had good luck and bad luck with Raw auction coins. Overall, I probably have had more bad experiences than good with raw coins, even from major collections and major auction houses.

 

I have stopped buying raw coins, unless I can personally inspect them.

[michael]

thanks for all the great replies!

 

sincerely michael

[TomB]

I have had good success buying raw coins at auction. Another important thing to keep in mind is that you can have a successful auction by not winning the coins you are after. That is, you should know what they are worth to you, as Michael has already written, and have the discipline to stay within that limit.