Beautiful Collection Hammered Away
Question: I recently entrusted a beautiful set of coins to an auction dealer who allowed an auctioneer to drop the hammer on the set at less than the wholesale price of only one of the entire set. Another group of coins that should have been sold in at least three lots went as one lot hammered at about one-third of wholesale. A local dealer would have loved to have these coins (he has seen them and advised against auction) and would have paid a lot more than what I got “hammered” for. Just blowing off steam, because I feel I was claim-jumped.--R.H.
Answer: There are many ways to buy and sell coins. Auction is one of them. Your negative experience could have been avoided if you had taken a few basic precautions. The seller and auction house usually have an agreement regarding terms of the sale.
Auctioneers are entitled to a percentage of the sales price. This is usually negotiable. Auctioneering is competitive, so you can shop for the best deal. Also, a minimum bid or reserve can be placed on your coins. If the auctioneer is unable to get the minimum acceptable price, then that item is passed and can be auctioned at another time or returned to you, and you can dispose of it in another manner.
Personally, I think auctions are a lot of fun. Some people go to them regularly for entertainment. It’s also possible to pick up a bargain now and then if you know what you’re doing. If you’re a buyer, check the coins before the bidding starts. Decide what you’re willing to pay for each item.
When the bidding passes your limit, put your hand down. You might not get every coin you want in the auction, but at least you’ll be paying your price.
If you’re a seller, make sure you understand the terms of the sale, and protect yourself by placing a minimum acceptable bid price on your coins.
Q: We have quite a few German mark bills dated 1908 to 1937, all in very good condition. They all say Reichsbanknote, except the ones in the photo enclosed. Is there any value to these notes?--R.R.
A: Your bills have little or no collector value. If you wish to learn more about them, check with a currency specialist either at a coin shop or coin show, where numerous experts in special areas are available.
Q: The Franklin Mint in 1971 minted 20 Balboas, Republic de Panama, and $2 Bahamas proof and uncirculated coins. Do they have any other value than face value?--M.J.T.
A: The 20 Balboas are in the $50-to-$60 range; the Bahamas pieces are about $5 each.
Q: I am a small-time coin collector who has kept the occasional wheat-leaf penny and Bicentennial coin that I have come across in my change. Is it worth keeping these coins in the hope of potential profit, or would you advise me to cash them in and purchase better-grade coins?--P.C.
A: You can be fairly certain that wheatback cents and Bicentennial coins found in circulation have little or no premium value. This is not to say it’s impossible, just highly unlikely that someone would put a scarce coin into circulation or spend a proof or silver piece. Should you be lucky enough to find such coins, then by all means hang on to them. As for the rest, it’s highly improbable that they will ever be worth more than they are today.
Of course, there are no rules in coin speculation. If the wheatback cents only cost you a penny each, then you really have nothing to lose by keeping them. But do they and the Bicentennials augur potential profit? Your guess is as good as mine.
Q: I would appreciate any information regarding a coin I have. It was given to me by my mother and to her by her mother, who lived in Mexico during the reign of Napoleon III. It is copper and about 2 1/2 inches in diameter and dated 1868.--C.A.
A: What you have is a commemorative medal. It does have some value, but probably not enough to make you want to sell something that’s been in your family so long. You would have to take it to several coin dealers to get an accurate price.
Coin News
Aruba, granted commonwealth status by the Netherlands on Jan. 1, is issuing its first coins. The tiny Caribbean island is issuing a silver commemorative crown (pictured) and a six-piece mint set. The proof crown, with time for orders limited to March 31, sells for $39.95. The mint set is made of nickel-bonded steel and, like the crown, features a portrait of Queen Beatrix. Mint sets are $8.95. To order, write to the Dutch Mint, P.O. Box 1057, Clifton, N.J. 07014. Enclose $2.50 for shipping and handling.
Three hundred silver and gold U.S. coins, including a complete set of Morgan dollars, will be sold by Hansen Auctions at 1 p.m. March 16 at the Irvine Marriott Hotel, 18000 Von Karman Ave., Irvine. Lot viewing will be from 11 a.m. to 1 p.m. Also being sold will be 150 pounds of gold and silver bars. Free catalogues are available from Hansen Auctions, 510 Avenida de la Estrella, San Clemente, Calif. 92672; telephone (714) 498-8040.
Coin Calendar
Sunday--Verdugo Hills Coin Club’s 21st annual show will be at Sterling’s Restaurant, 8737 Fenwick St., Sunland, from 10 a.m. to 5 p.m. About 25 dealers are expected to participate. Telephone (818) 353-1114. Admission is 50 cents.
Don Alpert cannot answer mail personally but will respond to numismatic questions of general interest in this column. Do not telephone. Write to Your Coins, You section, The Times, Times Mirror Square, Los Angeles 90053.