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125 Sovereigns for sale at auction


MrBoy1501

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Good evening.

Saw this article on Facebook and thought some of you may be interested. A collector is selling 125 soverigns at auction, various dates. The auction site link is below (hope it works).

I think the auction date is 23 January.

https://www.easyliveauction.com/catalogue/8d4a497387b42a83e0108f3b540e21e8/0af8d24542e81eb9357e7ef448a6646f/auction-of-furniture-collectables-vintage-items-and-tools/?categoryFilter=%2CC3&currentPage=1

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I have no idea why anyone sells at auction, I don't think iv seen a bullion sovereign sell for near spot, the ones I bought I haven't paid over £230 and that was because I hit on £220 and missed, can anyone explain that to me?

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5 minutes ago, bilko said:

I have no idea why anyone sells at auction, I don't think iv seen a bullion sovereign sell for near spot, the ones I bought I haven't paid over £230 and that was because I hit on £220 and missed, can anyone explain that to me?

hammer or total cost?

In my experience, bullion sovereigns always sell for well above spot when you add buyers costs.

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no just hammer with costs close to spot but the seller gets £220 minus costs means what £180 ish?? I don't get it and I am completely new to this but have bought about 10 sovereigns couple on eBay and others from auction houses

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6 minutes ago, bilko said:

no just hammer with costs close to spot but the seller gets £220 minus costs means what £180 ish?? I don't get it and I am completely new to this but have bought about 10 sovereigns couple on eBay and others from auction houses

yes, agreed. selling bullion by traditional auction is crazy

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Someone correct me, please, but this auction states 23% on top of hammer price. So even if you were to get a Sov at £230.00 you’re still paying exactly what HGM would give you if you wanted to quicky flip the coins.

True, still getting a bargain, but there is no guarantee the coins will sell for £230 or less so even if buying for long term holding, you could probably get the coins elsewhere, and with less stress, for the same price, if not cheaper.

For example, imagine you end up winning an auction at £250.00. Those initial ‘whoop, I can sell this to HGM for £276’ Are quickly replaced with a ‘damn it, I have to pay the auction house £310 all in’......

Is this correct??

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Yes I bought 4 for £210 2 for 220 and 1 230 with costs I got 4 for under spot (just) the rest spot or just over, but the seller got MUCH worse than spot and that's what I don't get tbh, I mean your average Joe maybe not knowing I get but someone with 150 sovereigns to sell I would imagine would or should be much more knowledgable than that?

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5 hours ago, AndrewSL76 said:

For example, imagine you end up winning an auction at £250.00. Those initial ‘whoop, I can sell this to HGM for £276’ Are quickly replaced with a ‘damn it, I have to pay the auction house £310 all in’......

Is this correct??

Yes.

Ive lost count of the number of times I've seen bullion sovs sell at auction exactly as you say; substantially above HGM selling price once you add in buyers commission.

If business owners, I can see they can mitigate any vat on buying costs but maybe all those costs can be reduced in some way through their accounts? Otherwise they could buy cheaper elsewhere.

Private buyers of them miscalculate and pay too much.

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1 hour ago, bilko said:

Yes I bought 4 for £210 2 for 220 and 1 230 with costs I got 4 for under spot (just) the rest spot or just over, but the seller got MUCH worse than spot and that's what I don't get tbh, I mean your average Joe maybe not knowing I get but someone with 150 sovereigns to sell I would imagine would or should be much more knowledgable than that?

Are you sure it's actually the coin owner selling? Could easily be a bereavement beneficiary. Many of these just want the money as quickly and easily as possible.

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7 hours ago, AuricGoldfinger said:

If you’re able to purchase at slightly above spot you could probably make a few quid on the shieldbacks and old heads but depends on how many there are. 
 

My bet is it’s the OP who is selling...should have sold directly on the forum!

Very rarely, though sometimes, a lot of work.  I have seen sovereigns listed at EF when in fact they are bullion at local Auctions, then you have other viewers who hold coins as if they are worth £1.50.  I am not saying for one minute you should keep away from local autions just Caveat emptor!

Plus remember coin dealers go there, they know what coins are worth buying, at what price and if they see you going in they will push the price up.  

 

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The poor old collector is probably spinning in his grave.

Personaly I would prefer to bury my stack in the garden and let someone discover a silver hoard in a few hundred years time.

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Well, all done. It was educational to say the least. Most of them went under hammer for £250 (+premium) and none cheaper. A decent 1864 shield went for the highest amount; £300 + prem. And the H&B 2019  sovs are apparently in very high demand as well... 🤯 

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The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary. - H.L. Mencken

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Most of the sovs went under the hammer for £250!  I've just rung them to find out their buyer fees as I couldn't find them on their website and it's a straight 20% so those sovs have gone for £300!  Over £20 over spot.  Bonkers. :wacko:

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44 minutes ago, AuricGoldfinger said:

I understand the odd sovereign buyer making this easy mistake at auction but how they sold all 125 is beyond me. Seller and buyer would have been much better at a dealer. 

As noted above, they're from an estate so there's a high chance that the relatives aren't personally dealing with it and have gone with a third party company (solicitor?) to sort it.  They will just go with whatever is easiest so off to the auction house it goes.  I mentioned in the 'today I received' thread about my auction experience today - sovs were selling at £227 and there's a 22.2% buyer's (incl VAT) commission on top which made them £277.39, around £1.50 under spot (£279) at the time.  So the seller has already lost out to the tune of £50 there in round numbers.  But that's not all!  The seller's commission is 18% (incl VAT) on the hammer price + £4+VAT per lot whether it sells or not !  If my calculations are right : £227 + 18% = £40.86 + £4 + 20% = £4.80 = £45.66.  £227 - £45.66 = £181.34 per sov.  On the 100 sovs today at Sheffield, that's a loss of £9766 by selling through the auction rather than the free market. :rolleyes:

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