Why Sell Your Coins in a Coin Auction?

We get this question all of the time: Why should I put my coins in a Coin Auction? Well, to start, it depends on what coins you have. In some cases it might not make sense to do a coin auction. Most coins under $100 in value would be better to sell outright to an auction house rather than sending it through the auction process. I will give you a list of why it is best to auction higher value coins.

  • When you put your valuable coin into a coin auction, there are a large number of collectors that will see your lot. Sure eBay has millions of members, but who goes on eBay to get top dollar for something that is meaningful to them? Not many people. So when you are looking to sell your coin, go to the place where collectors will fight over what you have, not to the place where everyone will try to low-ball you.
  • An auction is run by specialized professionals. eBay is run by professionals web managers. Craigslist is run by the people. When you are selling your valuable inheritance or your grandfather’s coin collection, don’t you want it in the hands of the most capable people? Coin auctioneers are going to have much more experience with the type of coin you have as opposed to an eBay employee or User janedoe99 from eBay.
  • A local coin shop is not going to pay nearly the amount that a collector will pay. Keep in mind that local coin shops want your coin at the cheapest price so that they can have the largest margins. A collectors wants your coin because it will complete their collection. A person who is looking to complete a collection will be much more willing to dish out the extra money.
  • On the topic of coin shops and coin dealers, dealers will look to give you as little as possible for your coins. They have bills to pay. They need to keep their doors open and their lights on. So, if you come in with a $200 coin, expect to be offered $75 so that they can make a large profit on the coin. That isn’t how an auction house works. Coin auctions houses will charge the buyer, and sometimes the seller, as premium or commission. But, since this commission is normally paid by the buyer, the seller has relatively low cost which will maximize their profit.

So, next time you are looking to sell your coin, remember to not take it to a local coin shop unless you need fast cash now. However, give an auction consideration. You never known what you might be able to get out of your rare coin. We highly recommend Stack’s Bowers Auctions out of California because of their low costs, friendly service, and ease of use.

Stack’s Bowers Auctions Off Record Setting Collection

1793 Chain Cent

In a record setting auction, Stack’s Bowers Auctions out of California sold the D. Brent Pogue Collection for just over $106.7 million dollars. The collection had a series of record coins. A 1793 Flowing Hair Chain (to left) cent sold for $998,750 in Part 3 of the auction, which took place in February of 2016. In a more recent auction, an 1804 Silver Dollar fetched more than $3,000,000. These high realized prices aren’t just a matter of luck. These prices come from a collector who strategically and systematically added to and built his collection. Most of the coins were purchased one at a time. Take a few minutes to dive into the fascinating world of the largest single coin auction in history. For more information on the collection, we have also provided links at the bottom to help satisfy all of your curiosity.

Let’s Take a Look at Some of the Collection

  • Early American Copper coins, half cents and large cent, make up a bulk of the collection.

  • Many of the coins in the Pogue Collection were acquired before the era of certification, therefore emphasizing the great eye that D. Brent Pogue has for a quality coin.
  • Pogue’s collection of $3 Gold Pieces surpassed the $1.9 Million estimate and netted $2.6 Million.
  • In the 2016 sale, the first 11 lots with a face value of $0.05 netted a total of $4.159 Million.
  • There were 685 coins in the collection, averaging out to $155,766 per coin.

1796 Draped Bust QuarterOne of our favorite coins in this impressive collection was the 1796 Draped Bust Quarter (Image B). The quarter had nice orange and yellow toning around the rim of the coin, and featured well defined lines. This coin realized $1.527 Million.

It is needless to say that hard work, patience, a good eye, and a quality action house will help a great collection become the best collection ever sold. For more information on the D. Brent Pogue Sale, click here. For more information on Stack’s Bowers Auctions and the services that they provide, click here. We hope that you have enjoyed this sneak peak inside the most valuable coin auction to date. If you have any new topics or questions you would like answered, please let us know!