# irrational exuberance



## alterego (Jan 27, 2013)

I went to a estate auction yesterday. They had about 106 coins all circulated Morgans peace and walking liberty.
The Morgans peace and liberty were sold for 37.50 there were franklin halfs that were selling for 22.50. And a few 1964 Kennedy halfs were going for mid 20 s.
All coin sales had an auctioneers 10 % buyers premium on top of the bid price.
This was absolutely crazy.

My wife and I bought two franklins for 8.50 a couple weeks ago to put under my daughters pillo she looses a tooth. I bought some really clean Morgans a month ago for 22.50.
The price of silver has dropped in the last month.
If you can buy these at a coin shop for half. This proves

Irrational exuberance.


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## paraquack (Mar 1, 2013)

I have seen bidders at auctions make bids over retail for an item. I can't help but wonder if it is a carry over from E bay where they say "You Win". As if paying more that retail is winning??????


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## PalmettoTree (Jun 8, 2013)

You get people at auctions that just want to buy something with no idea about the current value.


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## alterego (Jan 27, 2013)

PalmettoTree said:


> You get people at auctions that just want to buy something with no idea about the current value.


The Money That Was Being Spent Would Usually Rule Out The Small Time Crowds. Some Were Taking Ten To Twenty At A Time.


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## Ripon (Dec 22, 2012)

I went with a buddy who got so lucky once at one of those storage house auctions. They opened it and a significant table saw was present near the front, and behind it a canvass was over a large tool chest we were sure. He budgeted to go to $1200 and was out bid and once he stopped it nearly ended and I gave him a few bucks so he bought it for $1325.

Behind the tool box was a beautifully restored 1973 super beetle or something like it. He had to pay $460 in back fees on the thing but sold it for several thousand. People leave the darnedest things behind in the oddest places,


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## PalmettoTree (Jun 8, 2013)

There are more stupid people with money than stupid people without money.


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