BY GREG RE YNOLDS
Major coin conventions generally feature an official auction of coins and related items. Auction companies compete to become the official auctioneer of a convention. Over the past few years, summer American Numismatic Association (ANA) World’s Fair of Money conventions have featured auctions by two different companies: Stack’s Bowers Galleries and Heritage Auctions. As so many items are auctioned at major conventions, and most coin buyers in attendance are focused on the bourse floor along with other events at the respective conventions, there are oft en opportunities for collectors to buy coins in such auctions for what in my opinion are sometimes weak to moderate prices. There can be good deals, for sure.
Of course, many auction sales are not good deals at all. In some cases, bidding goes crazy, or collectors pay beyond retail prices for coins that they feel that they “just have to have.” It is important to become aware that different bidders participate in coin auctions for different reasons.