A guy at my coin club showed me a bunch of coins he got at a online police auction. He told me some of the prices he paid and my jaw dropped. A lot of this stuff was mint products that he got for under melt such as modern commemorate dollars. Does anyone know of any legitimate online auctions for this kind of stuff?
I always avoid anything that calls itself Police or Seizure Auctions since the prices that actually get paid are not anywhere near melt and virtually everyone I've seen are nothing more than dealer dumping grounds to the uneducated.
Ya I know there are a lot of sites like that, but he says he has been buying from them for a while and usually gets stuff dirt cheap.
https://www.proxibid.com/asp/coin-auctions.asp auction companys have these every day. Its just a marketing scheme. you will find them on the above link
There actually are true legitimate police and state auctions you can find online and the stuff they auction can go for pennies on the dollar if you know what to look for. Read this article about a 1793 silver center cent purchased at a police auction in 2006 for $400.00 http://www.usrarecoininvestments.com/coin_articles/1792_silver_center_cent.htm
I agree, this is the most likely explanation. I've never seen any deals at these types of auctions. What type of mint products Tim?
Police auctions are fine if you go down TO the police station, where it is actually run by the police. I have bought coins 3 times in my life and been well satisfied. Take plenty of cash, most don't accept checks or credit cards. An auction run by the police gives you clear title, even if someone shows up later and claims such-and-such a coin was stolen from him.
The Property Room sells for my local Sheriff's Office and quite a few more nationwide. They have a catagory for coins and bullion, but I've never seriously looked at it. http://www.propertyroom.com/about-us/company-info
In my state the sheriffs office handles these type of auctions. They advertise it enough to bring in dealers and collectors. Prices turn out to be about average.
