Bidding on Auctions Lots , the whys, hows and wherefores !

[bear]

This has long been a mysterious procedure for newbies and intermediate collectors alike.

It is time, to uncover some of the secrets behind auctions and how to protect yourself.


All Major Auction Houses send most if not all of their coins for CAC approval. If a coin is nor CAC   
that means it did not meet CAC standards for a solid for the grade coin. If you still wish to bid on the
coin, adjust your bid downwards. Probably, the coin was cracked out as a 64, dipped and regraded a
just made it MS-65 as an example.All coins sent for CAC Approval, must be in PCGS or NGC slabs.


If a coin is not in a PCGS Slab, I always wonder why. Problem coins are usually sent to NGC or ANACS,
especially ANACS.


While I can not say that PCGS or CAC always gets it right, the two together on a slab usually means that the
coin is probably OK and solid for the grade. Remember, CAC will buy all the coins it stickers. Thus it stands
behind the sticker which validates the TPG Grade.


Picture from auction houses do not always reflect what the coin actually looks like. Remember, the coin is being
photographed in flattering light and best angle, which at times lessens or eliminates  defects.


TPG holders , such as the three pronged NGC Holders can cover up digs and cuts on the rim of a coin.

Auctions are not approval sales. Unless the coin was designated incorrectly, say a 1916 dime listed as a 1916-D dime,
or proven a counterfeit coin, their are no, I repeat no returns, or refunds. You bid on it, you bought it, your stuck with it.


Remember a fact of life, perhaps only 40-60% of all TPG coins are given a CAC sticker. That should be a red flag if an auction coin
does not have a sticker. If a coin does not have a CAC sticker, it is probably a just made it into the grade coin or has been over dipped
and has lost too much luster. Some Dealers just love to sell Snow White coins because unknowing collectors just love to buy them.


Before you start bidding, do your research. Know the going price for the coin and the grade. Is the coin nice for the grade?
Is the coin a plus or high quality coin for the grade. Does it have luster and or a nice toning? All these consideration play into
the price you should be willing to pay for a particular coin.

If the coin you are interested in is an expensive coin, have a qualified friend or better yet a trusted dealer review the coin for you.
They will tell you there evaluation of the coin and if it is a worthy purchase as well as the price it might take to win the coin. It is
certainly worth the usually 5% fee to have them inspect and bid on the coin for you.


Remember, everyone, even advansed collectors make mistakes. Many of the advanced collectors are too embarrassed to admit it
but we all make mistakes. In the case of advanced collectors, we make less mistakes, but they are individually more expensive
mistakes.

[coinsarefun]

Excellent advise bear! I have bought many expensive tokens and Russian coins over the years and the same applies as do regular high end UC coins. I have had many people look at the actual coin and or token before I bid. Sometimes they are raw and sometimes graded.

I will also tell you some of my experiences with large well known Pedigreed Tokens and Russian coins which holds true for US Coins.
Sometimes.....not all times, when a well known collector gets all his coins submitted before the auction, this is the most critical time to see the coin in hand or get an opinion of someone that you can trust. Why?........because some of the coins get over graded and/or  misattributed. I don't think its on purpose but its something that HAS been done and it cost me dearly until I wised up and started having
people I trusted look at it for me.

[bear]

With the big Heritage Auction coming up in August in Chicago,

anyone here gonna be doing any serious bidding. I guess I will go

after 6 or 7 lots and hope for the best.

[coinsarefun]

I haven't had a chance to check out the auction yet.
Is it up yet at Heritage?

[bear]

Indeed it is. Up and running. They will start accepting bids around July/25

but you can mark in the coins you are interested in for reference.

[coinsarefun]

Thanks bear, I will look today. Is it live bidding?
Or do you have to have your bids in before the allotted time?

I missed the last sale as I thought it was live
Don't want to make the same mistake

[bear]

Yes, I believe the bidding is similar to the July Auction. A cut off date,

but then you can live bid from your computer.