This is the reason people with coin collections should not go to just ANYONE to 'sell' or value their collections.
Greenville, SC (PRWEB) February 11, 2011
Meares Auction Group, a 39-year-old upstate South Carolina based auction firm, sold an authenticated 1893-S Morgan silver dollar for well more than the reserve price at their Groundhog Day Coin Auction held February 2, 2011. The coin, thought by collectors to be THE coin needed to finish their collection, brought $3,100.00 and was won by an in-house bidder at the auction gallery. The auction was held online via Proxibid with an audience of online bidders from the United States, Canada and Australia.
The collector that consigned the coin purchased it in the early 1960s from a man needing cash to attend the local fair. Meares sent the coins to ANACS, a third party grading and authentication company in Texas, to prove the coin was indeed authentic and they encased the coin in plastic with their authentication seal.
Darron Meares, of Meares Auctions, commented, "this is the reason people with coin collections should not go to just anyone to 'sell' their coins. We have heard stories of coin companies, pawn shops and jewelry stores buying coins at spot prices - which in this case would have yielded the consignor $22.67. Of course this would be a lot for a one dollar coin - but far from its collectibility pricing." Meares went on to add, "we have also heard stories of people being willed a collection and trying to split it between family members - going coin for coin is NOT the fair way to split a collection, as you can see by this coin's selling price."
In addition to selling the Morgan over 400 other lots were sold including a 1909-S VDB Lincoln cent. Coins from several consignors and one estate were sold during the event - the first coin auction of 2011 for the auction company. Meares Auction Group is always taking consignments of one coin up to the largest collections - the largest they have offered at auction took 12 auctions to complete.
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