14811Re: [Error Coin Information Exchange] Re: How a mint error was ripped in an auction
- Oct 4, 2006Most Cool Mike B. Sometimes it really pays to
--- byersnc <firstname.lastname@example.org> wrote:
> Mike D.- it's also SMART to attend any/all major__________________________________________________
> coin auctions from
> major coin companies that have mint errors IF you
> are able to.
> Here's why and it's a great story illustrating that
> you never know
> what is going to happen:
> At the 2003 Baltimore ANA, B & M auctioned many rare
> and expensive
> mint errors. One of them was the Unique Morgan
> Dollar Off-Center
> with a brockage. It is the only known Morgan Dollar
> with a brockage
> and was certified by PCGS.
> On the B & M website the night prior to the sale of
> that section the
> next day, the bid was $15,000. and there was no
> reserve so it was
> going to sell the next day live. Several mint error
> dealers/collectors and REGULAR dealers were talking
> about this piece
> since so many people collect Morgan dollars. The
> guess was a
> realized price of $25,000 to $30,000 plus the juice.
> That afternoon (when the session was live)I was
> sitting in the back
> row waiting for the lot number of that coin to be
> live. I was
> prepared to only bid once or maybe twice (the next
> increment after
> $15,000 which was the opening bid from the internet
> bid of $15,000
> the night before). I wanted to be in the coin around
> including the juice- no more.
> So... that lot number comes up. The B and M website
> goes down, the
> internet bids are deleted, they pause for a minute
> to figure out
> what to do. The lot is opened at ONE DOLLAR!
> Some people in the lobby area of the convention
> right by the door
> are taking a break, others are "out" on bidding and
> didn't even
> bother to place a bid via fax, in person before the
> auction started
> or by leaving a bid with someone else who is
> bidding. The general
> consensus was "Why bother- since it was "going" to
> open at the
> $15,000 and go to $25,000 or $30,000".
> The coin quickly sells for $4830. including the
> juice ( to me) and
> the next lot goes live without a second to waste. I
> am sitting there
> expecting for the auctioneer to re-open the lot.
> This happens once
> in awhile when a floor bidder yells that he missed
> the lot, or an
> employee of the auction company states that he/she
> missed a bid. It
> is the auctioneer's discretion whether to re-open a
> lot or not, and
> in 99% of the situations, the lot in question either
> closed within 3
> minutes or before 10 lots have passed it by.
> No one says anything so I'm assuming it's mine, but
> I'm not holding
> my breathe since it had an internet bid of $15,000
> and that was
> suppose to be the opening bid.
> The next morning I am first in line waiting at the B
> & M auction
> table "pick-up your lots line" at 8:30 since it
> opens at 9 AM. I
> expect a delay and confusion when my invoice is
> printed, coins
> plucked from their boxes, package assembled and
> delivered to me as I
> present my check. Even though 10 lots and 3 minutes
> had expired
> (it's the next morning) the auction company can do
> whatever they
> want to if they want to ( read the pages and pages
> of TERMS in the
> front of their catalog).
> Nothing happens, I leave with my coins and the next
> customer sits
> down who was in line. At the show that morning Brian
> Hendelson and
> Sheridan Downey (2 regular coin dealers who
> occasionally dabble in
> mint errors) both came up to me and made offers.
> Brian offered
> $15,000 and Sheridan offered $15,000 plus the juice.
> I politely passed even though both were a 5 figure
> profit since I
> was prepared to pay more than each of them offered.
> The coin was a
> rip and I was going to maximize the situation since
> it doesn't
> happen very often (how I won the coin live). Here's
> the link to
> the coin in the sale, and the link to the coin on my
> Anything can happen in an auction, whether your
> physically there, or
> live on the internet when it goes off.
> Mike Byers
> --- In email@example.com,
> "Mike Diamond"
> <mdia1@...> wrote:
> > I guess the take-home message is that you should
> place a throwaway
> > on any coin you fancy, because you just never
> > There have been a few Heritage coins where I think
> I should have
> > a few more bucks in their directions.
> > --- In
> > <no_reply@> wrote:
> > >
> > > Mike D.- here is why the 1909 Indian Cent dual
> date double
> > > denomination did NOT sell for more. It had
> nothing to do with
> the 3
> > > years apart. (You have to sign into Coin
> Universe/PCGS to view
> > > forum and chat boards).
> > >
> > > http://tinyurl.com/g2ffv
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