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14811Re: [Error Coin Information Exchange] Re: How a mint error was ripped in an auction

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  • Donovan Coinman
    Oct 4, 2006
    • 0 Attachment
      Most Cool Mike B. Sometimes it really pays to
      be there.

      Belated Congrads!

      ./d

      --- byersnc <no_reply@yahoogroups.com> 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
      > $20,000
      > 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
      > website.
      > Anything can happen in an auction, whether your
      > physically there, or
      > live on the internet when it goes off.
      >
      > http://tinyurl.com/ef639
      >
      > http://mikebyers.com/60107310.html
      >
      >
      > Mike Byers
      > http://mikebyers.com
      >
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      >
      > --- In errorcoininformationexchange@yahoogroups.com,
      > "Mike Diamond"
      > <mdia1@...> wrote:
      > >
      > > I guess the take-home message is that you should
      > place a throwaway
      > bid
      > > on any coin you fancy, because you just never
      > know.
      > >
      > > There have been a few Heritage coins where I think
      > I should have
      > thrown
      > > a few more bucks in their directions.
      > >
      > > --- In
      > errorcoininformationexchange@yahoogroups.com,
      > byersnc
      > > <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
      > the
      > > > forum and chat boards).
      > > >
      > > > http://tinyurl.com/g2ffv
      > >
      >
      >
      >
      >
      >


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